BoS: Scottish business confidence soars as growth opportunities rise

BoS: Scottish business confidence soars as growth opportunities rise

Scottish business confidence has surged by 28 points to reach a 50% mark in June, revealed by the recent Business Barometer survey from the Bank of Scotland Commercial Banking.

This confidence is reflective of firms’ optimism in both their individual prospects, which jumped 22 points to 52%, and the broader economy, rising 34 points to a noteworthy 48%.

Scottish businesses identified their top target areas for growth in the next six months as evolving their offer (41%), investing in their team, and entering new markets (both 34%).

Scottish businesses’ expectations of boosting staff levels have also seen an increase, with a net balance of 49% anticipating a rise over the next year, reflecting a 20 point month-on-month increase.

Chris Lawrie, area director for Scotland at Bank of Scotland Commercial Banking, said: “It’s great to see confidence among Scottish firms on the rise. Many businesses will be looking forward to a busy summer period, especially with large events like the Edinburgh Fringe on the horizon which will no doubt bring excellent trading opportunities for the hospitality and leisure industry.

“It’s encouraging to see leadership teams looking to evolve their offering and making plans to invest in their colleagues too. This should go hand in hand with carefully managed working capital to ensure that businesses have the financial headroom to go after the growth opportunities that come their way.”

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