Economy

The Bank of England (BoE) has voted to maintain the base interest rate at 5.25% for the second consecutive time, signalling a continued tight monetary stance into the foreseeable future against a backdrop of persistent inflation and subdued economic growth. Despite the grim economic outlook, the cen

In the latest economic update, Scotland's onshore GDP reported a slight increase of 0.1% in August. This modest rise follows a 0.2% growth in July and compensates for the 0.1% dip experienced in June. The service sector, which accounts for around three quarters of the economy, saw a 0.5% increase af

Subdued growth prospects for the Scottish economy have been highlighted, with predicted growth rates of 0.2% in 2023, 0.7% in 2024, and 1.2% in 2025, according to the University of Strathclyde's Fraser of Allander Institute. Notably, the 2023 forecast is a downward revision from June's figures,

High interest rates are preventing investment in the Scottish economy, according to the latest Scottish Chambers of Commerce Quarterly Economic Indicator. Concern over interest rates has seen a significant increase over the quarter, rising from 37% of firms in the last quarter to half of firms, whic

Scotland has witnessed superficial growth in retail sales, increasing by 6.1% in the five weeks leading up to 30 September 2023, compared to the same period in 2022, slightly down from the previous year’s 6.5% growth. However, when adjusted for the prevalent inflation, with both the SPI and CP

CPI Inflation in the UK has remained steady at 6.7% in September, defying the Bank of England's prediction of 6.9%. This consistent figure, primarily influenced by a rise in petrol costs counterbalanced by a decrease in food prices, reinforces expectations that the Monetary Policy Committee (MPC) wi

August has witnessed a sustained surge in wages, one of the fastest since records began in 2001, according to the Office for National Statistics (ONS), sparking concerns over persistent inflation contrary to the Bank of England's expectations.

In light of heightened interest rates, Deloitte's Q3 CFO survey has revealed a significant strategic shift among finance leaders of the UK’s largest businesses, including those based in Scotland.

Despite prevailing economic challenges, the UK is poised to evade a recession, although growth is anticipated to be slow through 2023 and 2024, the EY ITEM Club's Autumn Forecast has revealed. Following a better-than-expected start to the year, GDP growth expectations for 2023 have been upgraded sli

The UK economy has demonstrated a slight recovery with a 0.2% month-on-month increase in GDP in August, a modest upswing following July's significant 0.6% decline, according to the latest ONS figures.

Both permanent staff appointments and temp billings contracted sharply in September, according to the latest Royal Bank of Scotland Report on Jobs survey.

Scotland’s private sector experienced a decline in September, with output falling for the first time since January, according to Royal Bank of Scotland's (RBS) latest PMI survey.

Scottish retail destinations displayed an encouraging uptick in footfall for September, according to recent SRC-Sensormatic IQ data. The data reveals a 1.0% increase year-on-year (YoY), performing 0.6 percentage points better than August and notably outstripping the UK average, which exper

Scotland’s onshore GDP grew by 0.1% in July, following 0.0% growth in June 2023, according to statistics announced by the Chief Statistician. This follows 0.0% growth in June 2023. In the three months to July, GDP is estimated to have contracted by 0.1% compared to the previous three month per

High interest rates, continued uncertainty and low productivity could see the UK struggle to keep its head above water in the second half of the year – with GDP growth forecast at 0.4% in 2023 and 0.3% in 2024, according to KPMG’s latest UK Economic Outlook.