Economy

Scotland's food and drink industry has achieved record high exports despite the impact of Brexit, according to HMRC trade statistics. The industry's global exports were worth £8 billion in 2022, a 30.6% increase from the previous year and 8.1% higher than the pre-pandemic peak in 2019.

In today's Spring Budget announcement, the Chancellor of the Exchequer, Jeremy Hunt, did not reveal many surprises as expected policies were confirmed. The Chancellor began his speech by noting that the UK economy will not enter a "technical recession this year" saying that “our plan is workin

As the Chancellor prepares his Spring Budget, new research has revealed the policy areas that Scottish mid-market business leaders hope to see prioritised. The Grant Thornton UK LLP’s latest Business Outlook Tracker found that incentives to support low carbon business strategies and incentives

GDP figures for January have shown a 0.3% increase month-on-month, recovering some of the ground lost in December when output fell by 0.5%. Experts have said the figures provide some "hope that the UK economy may finally be kicking into gear" after the economy stagnated and went into negative g

Scotland’s fish farms have delivered a £3.3 billion boost to the country’s economy over the last decade, official figures have revealed.

The Post Office generates an economic impact of £292 million, and has a particularly strong per capita impact originating from rural constituencies in Scotland such as Ross, Skye and Lochaber, and Argyll and Bute, according to a new independent report by London Economics.

The Scottish Government has voted to provide an additional £223 million to local authorities to support pay awards to staff as part of the 2023-24 Scottish Budget. Deputy First Minister John Swinney said an improving financial position enabled him to address some pressing asks. The extra money

The Scottish Government has announced that trade minister Ivan McKee will meet global industry leaders during a visit to Indonesia and Singapore aimed at unlocking new trade and investment opportunities. At the Global Space and Technology Convention in Singapore he will highlight the success of Scot

The Scottish private sector reported a further fall in total activity during January according to the latest Royal Bank of Scotland PMI data. The Business Activity Index - a measure of combined manufacturing and service sector output - fell from December's five-month high of 48.3 to 47.1, signalling

The UK technically dodged a recession at the end of 2022, however the outlook is bleak as growth is expected to remain close to zero during 2023, new figures from the Office for National Statistics (ONS) show. In December, GDP fell 0.5% following growth of 0.1% in November which resulting in GD

Scotland’s economy will contract throughout most of 2023, researchers at the Fraser of Allander Institute have revealed. In the Deloitte-sponsored economic commentary published today, the Strathclyde researchers have set out their new forecasts for the Scottish Economy.

The Local Area Economic Profile published by Fife Council shows that Dunfermline is performing relatively well against not just other parts of Fife but in cases, better than Scotland as a whole. Dunfermline has a growing economy, good median earnings and economic inactivity is down.

Experts have said the Bank of England's Monetary Policy Committee may not increase interest rates by a further 50 basis points (bps) as previously expected, due to the likelihood of a deep recession lessening.

Fears grow of a worse recession than previously thought as experts predict lower GDP growth for the next three years.

The governor of the Bank of England (BoE), Andrew Bailey, has suggested that the base rate will peak at 4.5%, down from a previously expected 6% or higher. The UK economy is will still enter a recession but the BoE's newest projections show that inflation is set to fall rapidly from spring.