Economy

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The Scottish Government has confirmed the members of an expert panel providing advice as part of its emergency budget review (EBR). Sir Anton Muscatelli, Professor Frances Ruane and Professor Mike Brewer will assess the impact on Scotland of the UK Chancellor’s fiscal approach and held their f

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The Bank of England and HM Treasury released updates as the Pound fell greatly in value following the government's fiscal announcements. The Chancellor of the Exchequer, Kwasi Kwarteng, announced that he will outline further regulatory reforms to the UK’s financial services in the next mo

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Today, Kwasi Kwarteng, the chancellor of the Exchequer revealed his fiscal plans in his emergency 'Mini Budget' aimed at boosting the economy to reach his 2.5% growth target. Mr Kwarteng's announced tax cuts and reforms, "the biggest package in generations", were met with mixed reactions.

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The Bank of England (BoE) has raised interest rates again, from 1.75% to 2.25%, as it attempts to curb rising inflation and return to its standard 2% target. The vote was close as the bank’s Monetary Policy Committee (MPC), by a majority of 5-4, passed the measure to increase the bank rate by

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The Office for National Statistics (ONS) has reported a fall in retails sales volume of 1.6% for August continuing a downward trend since summer 2021 and significantly worse than expectations. This follows the lifting of restrictions on hospitality which has likely caused a shift in where consu

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The new UK government has ordered the treasury to audit existing and new anti-obesity policies which were to be introduced next month. The sugar tax, officially known as the Soft Drinks Industry Levy (SDIL), was introduced in 2018 as a measure to deter people from consuming unhealthy drinks high in

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As the the recent increases in petrol prices slightly unwound, the Consumer Price Index (CPI) recorded a 0.2% drop in inflation for August, bringing inflation to just below 10% at 9.9%. The drop was largely influenced by a 6.8% month-to-month fall in petrol prices, but at the same time food prices r

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The latest figures from the Office for National Statistics (ONS) have shown that the economy grew by 0.2% in July and output dropped by 0.6%. Services grew by 0.4% in July 2022, after a fall of 0.5% in June 2022, and was the main driver to the rise in GDP. Information and communication grew by 1.5%

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Accounting and business advice firm Wylie & Bisset has advised hospitality sector operators to plan and project to survive or exit a perfect storm of increasing energy bills just as winter approaches, higher supply and staffing costs, and inflation resulting in a fall-off in consumer spending. W

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New data from the Office for National Statistics (ONS) has shown a recent slowdown in monthly mergers and acquisitions (M&A) activity, as domestic M&A deals were valued at £2.9 billion for Q2 2022 - £0.9bn less than Q1 (£3.9bn). Data suggests M&A activity has been

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Figures compiled by Highlands and Islands Enterprise (HIE) have shown that businesses and communities supported by the agency achieved a strong performance in 2021/22 despite considerable economic disruption and uncertainty. Investments during the year supported businesses and social enterprises to

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