Economy

The UK economy showed meagre growth of 0.1% in November, following a decline in the previous month.

UK inflation unexpectedly dropped to 2.5% in December, down from 2.6% in November, boosting prospects for an interest rate cut by the Bank of England next month. The decline, driven by lower hotel and tobacco prices, surprised City economists who had anticipated unchanged inflation figures.

The pound plummeted to a 14-month low against the dollar on Monday, driven by a global market downturn sparked by expectations of a single interest rate cut from the US Federal Reserve this year. Sterling fell as much as 0.7% to $1.211, underperforming other major currencies.

Chief financial officers (CFOs) are prioritising cost reduction in the face of falling business optimism, which has reached a two-year low in Q4, according to Deloitte. The Big Four firm's latest survey of UK CFOs has shows that a net 26% of CFOs are feeling more pessimistic about their business pro

Scottish retail sales experienced a slight uptick in December 2024, with a 0.8% increase compared to December 2023, when sales grew by 1.9%.

The Scottish economy shrank slightly in October, according to the latest GDP estimates. Scotland’s onshore GDP is estimated to have contracted by 0.2% in October, following unrevised 0.3% growth in September.

Scotland's labour market remained relatively stable from August to October 2024 despite economic challenges, ONS figures have revealed. In this period, the employment rate was down 0.4%, reaching 73.2% – slightly lower than the UK rate of 74.9%. However, Scotland's unemployment rate of 3.6% wa

The UK economy unexpectedly contracted by 0.1% in October, marking the second consecutive month of decline. The downturn raises concerns about the Labour government's ability to achieve its growth targets.

The EY ITEM Club has predicted the Bank of England will maintain the Bank Rate at 4.75% at its December Monetary Policy Committee (MPC) meeting next week. This pause in the rate-cutting cycle is anticipated to be temporary, with the EY ITEM Club expecting a return to rate reductions in the new year,

Short-term lets (STLs) contribute positively to Scotland's economy, generating almost £1 billion in gross value added (GVA) and supporting nearly 30,000 jobs, according to BiGGAR Economics. BiGGAR's analysis claims the economic impact of Scotland’s self-catering industry has a negligible

Scotland's private sector maintained growth in November 2024, driven by the service sector, although manufacturing output continued to contract, according to RBS. The Scotland Business Activity Index remained above 50, with a reading of 51.1, indicating expansion, but eased slightly from October's r

Sales rose during Black Friday week as Scottish shoppers embraced deals both online and in-store, providing a much-needed boost to retailers. The Scottish Retail Consortium (SRC) has published data on shopping patterns on the Black Friday week (Sunday to Saturday sales figures) compared to the equiv

Scotland’s economy recorded strong growth in the first half of 2024 broadly keeping pace with the UK, but there are signs that growth is slowing in the second half of the year, according to the latest EY ITEM Club Scottish Forecast. GVA should expand by 0.7% over the course of 2024, slightly b

Scotland’s onshore GDP grew by 0.3% in September 2024, according to statistics announced by the Chief Statistician. This follows contraction of 0.6% in August 2024. In Q3 2024, GDP is estimated to have grown by 0.3% compared to the previous three month period. This follows growth of 0.4%

UK government borrowing hit £17.4 billion in October, the second-highest figure for the month on record. This surge, driven by increased public sector wages and rising debt interest payments, raises concerns about potential future tax hikes.