Economy

The Monetary Policy Committee (MPC) of The Bank of England has announced an increase to the base interest rate from 4.5% to 5%, marking the 13th consecutive rise. The decision was supported by a 7-2 majority, with members having preferred to maintain rate at 4.5%.

The Bank of England is expected to again hike the base rate tomorrow as UK inflation remained at a stubborn 8.7% last month, with core inflation, which excludes volatile items such as food and energy, reaching its highest level in 30 years at 7.1%.

In the first half of 2023, the UK economy has demonstrated a greater resilience than initially expected, and is set to steer clear of a recession, according to the CBI's most recent economic forecast. With a GDP growth of 0.4% anticipated over 2023, set to escalate to 1.8% in 2024, these figures mar

Scotland's private sector has recorded a mild expansion in activity in the second quarter of 2023, but its growth appears to be losing momentum, according to RBS' latest PMI data. Following a ten-month peak in April with a business activity index of 54.3, the index for May showed a downturn to 50.7,

Scotland's economy demonstrated robust growth in the first quarter of 2023, outpacing the UK average, according to recent data released by the chief statistician. From January to March 2023, the Scottish economy saw a 0.4% growth, an improvement over the previous quarter's 0.2% expansion. This rate

Recent inflation figures have pushed lenders to consider increasing fixed-rate mortgages to 5% and above.

The Deputy First Minister, Shona Robison, has announced a strategy for economic growth, progressive taxation, and targeted spending, aiming to bolster the country's economy and enhance public services amidst mounting financial challenges. The medium-term financial strategy outlines the Scottish Gove

April's UK inflation rate was reported at 8.7%, slightly higher than Bank of England's (BoE) forecast of 8.4%, but a drop from March's 10.1%. The deceleration in inflation was smaller than anticipated, leading to bond market sell-offs and mounting expectations for further interest rate hikes. The re

In the wake of Brexit, UK firms have significantly upped their investments in Germany, contributing over €750 million (c.£650m) in 2022 alone.

A comprehensive report has been issued by International Scotland, a consortium led by law firm CMS and the Fraser of Allander Institute, urging the Scottish Government to take immediate action to stimulate economic growth. The report outlines several key business sectors including sustainable touris

A report, sponsored by Scottish Enterprise and conducted by Deep Knowledge Analytics, has forecast blockchain technology contributing £4.48 billion to Scotland's GDP by 2030. The study, Blockchain Industry in Scotland Landscape Overview: Companies, Investors, Influencers and Trends, is the fir

Andy Haldane, the former chief economist at the Bank of England, and now adviser to both the Conservative and Labour parties, has criticised the UK's political leadership for their lack of fiscal ambition, while also urging the bank to pause interest rate increases.

Scottish private sector firms have shown strong growth in the second quarter, according to the Royal Bank of Scotland's latest PMI survey for April. The Business Activity Index reported a ten-month high of 54.3 in April, a rise from March's 52.9, fuelled by increased customer activity and a consiste

The Bank of England's Monetary Policy Committee (MPC) has today raised interest rates by a quarter of a percentage point to 4.5%, marking the 12th consecutive increase in borrowing costs.

According to the latest data from the Royal Bank of Scotland Report on Jobs, hiring conditions across Scotland deteriorated at the start of the second quarter.