Economy

Reflecting wider trends, the Scottish economy is currently in a fragile state, exacerbated by the US's recent announcement of 10% tariffs on all imports, which has dampened business and consumer confidence, according to the latest EY ITEM Club Scotland forecast. The US tariffs are likely to have an

A Bank of England (BoE) rate-setter has played down the recent surge in UK inflation, reiterating his call for additional interest rate reductions. Alan Taylor, a member of the Monetary Policy Committee (MPC), attributed the latest inflation increase to "one-off factors", specifically citing US Pres

UK government borrowing unexpectedly rose to £20.2 billion in April, the first month of the new tax year, according to figures from the Office for National Statistics (ONS). This figure is an increase from the £19.1bn shortfall recorded in April 2024 and surpassed economists' forecasts o

UK inflation jumped more sharply than anticipated during April, reaching 3.5% – its highest level in over a year. The Office for National Statistics (ONS) reported that the surge in the consumer prices index (CPI) for April was largely driven by dramatic increases in regulated household costs,

ScottishPower's parent company, Iberdrola, has agreed to sell its UK smart meters business, SP Smart Meter Assets (SPSMA), to the Australian financial services group Macquarie in a deal valued at approximately €1,060 million (c. £900m). The transaction is currently awaiting approval from

The UK economy demonstrated its strongest growth in a year during the first quarter, expanding by 0.7% and surpassing City forecasts. This unexpected upturn was significantly driven by businesses increasing investment and exports, reportedly to pre-empt the impact of anticipated US tariffs under Don

Scotland's unemployment rate rose to 4.3% in the three months to March 2025, an increase of 0.5 percentage points from the previous quarter, according to Office for National Statistics (ONS) data.

Firms have reported that increased global economic uncertainty, particularly related to US tariff announcements, is significantly impacting demand across various regions. The Royal Bank of Scotland Growth Tracker – a seasonally adjusted index that measures the month-on-month change in the comb

Scotland’s economic growth is being held back by a chronic shortage of housing, and urgent action is required to remove this barrier to investment and jobs, a new report from Prosper (Scottish Council for Development and Industry) has warned today. Drawing on insights from over 100 stakeholder

Scottish shopper footfall experienced a significant rebound in April, largely driven by the Easter holiday period falling within the month, in contrast to March 2024.

The Scottish salmon industry has called for further negotiations with the United States to eliminate a 10% tariff on its exports, following the newly announced UK-US trade deal. Salmon Scotland, the trade body for the UK's largest food export, voiced concerns that the existing tariff will continue t

The UK government has secured a trade agreement with the United States, providing some relief from punitive tariffs recently imposed by President Donald Trump. The pact, announced by President Trump and UK Prime Minister Sir Keir Starmer, will see cuts to tariffs on UK car and steel exports. However

A one-day trade mission to Scotland, led by Ireland's minister of State for Trade Promotion, Digital and Company Regulation, Niamh Smyth, has concluded, focusing on strengthening economic links between Ireland and Scotland. The visit to Edinburgh and Glasgow prioritises strengthening trade ties

UK Business and Trade Secretary, Jonathan Reynolds (right) welcomes Indian Minister of Commerce and Industry, Piyush Goyal (left) to London for trade talks The United Kingdom and India have concluded a significant trade deal aimed at bolstering economic growth and increasing prosperity in both natio

Scotland's onshore economy experienced a slight contraction in February 2025, with GDP falling by 0.2%, according to official statistics. This followed upwardly revised growth of 0.4% in January, up from 0.3%.