Scottish businesses receive over £2bn from UK Government COVID-19 support schemes

UK Government financial support schemes to aid businesses recovering from coronavirus have paid out £2.3 billion to 65,000 firms in Scotland, according to the Treasury.

Published 7 August 2020

RBS: Hiring activity continues to drop in Scotland throughout July

Hiring activity in Scotland continued to decline substantially in July, although the labour market downturn softened slightly compared to previous months this year, according to the latest Royal Bank of Scotland Labour Market Report.

Published 6 August 2020

UK economic downturn ‘less severe’ than expected but recovery will be slower, says BoE

The UK economic decline caused by the coronavirus pandemic will be less severe than first anticipated, however, recovery will also take longer, according to the latest data from the Bank of England (BoE).

Published 6 August 2020

Metro Bank reports over £240m loss in first half of the year

Metro Bank has posted a pre-tax loss of £240.6 million in the first six months of this year.

Published 6 August 2020

New car registrations rise by over 11% in July

UK new car registrations rose for the first time this year as pent-up demand from the coronavirus lockdown helps to lift the market, according to figures published today by the Society of Motor Manufacturers and Traders (SMMT).

Published 5 August 2020

KPMG: Venture Capital investment increased in Scotland throughout lockdown

Venture Capital (VC) investment in Scottish scale-ups remained robust and resilient in the second quarter of 2020, as the number of deals increased during lockdown despite growing economic and political uncertainty.

Published 4 August 2020

BDO: 90% of Scottish medium sized businesses will struggle with current funding arrangements

The majority (90%) of medium-sized businesses in Scotland can only continue trading for up to nine months with current funding arrangements, according to new research from accountancy and business advisory firm, BDO.

Published 4 August 2020

KPMG: Scotland sees complete halt in prosecution of fraud cases during first half of 2020

The closure of courts due to the coronavirus lockdown led to a complete halt in the prosecution of high-value fraud cases in Scotland during the first half of 2020, according to data from KPMG.

Published 4 August 2020

Highlands and Islands business survey highlights decline in confidence

A survey of more than a thousand businesses across the Highlands and Islands shows a marked decline in confidence in Scotland’s economic outlook.

Published 4 August 2020

NatWest Group allocates £2.8bn for bad COVID-19 loans

NatWest Group has allocated an extra £2.8 billion to cover potential losses from an increase in bad loans issued during the coronavirus crisis.

Published 31 July 2020

TSB posts £66m losses as it allocates over £87m for bad loans

TSB Bank has posted a £66 million pre-tax loss for the first half of this year as it allocates £87.5m for bad coronavirus loans.

Published 31 July 2020

Majority of Scottish companies planning redundancies when furlough runs out

The majority of Scottish firms say they plan to make redundancies once the UK Government's furlough scheme comes to an end, according to Addleshaw Goddard's latest survey of Scottish companies.

Published 30 July 2020

Scottish Government announces £15m of further funding for tourism sector

Two new funding packages from the Scottish Government worth £15 million will support the tourism sector as it continues to feel the impacts of the coronavirus (COVID-19) pandemic.

Published 30 July 2020

Lloyds allocates £2.4 billion for bad COVID-19 loans

Lloyds Banking Group, the owner of Bank of Scotland, has posted a £602 million pre-tax loss for the first half of this year, as the bank set aside £2.4 billion for bad loans.

Published 30 July 2020

ACCA: Governments must take a balance sheet approach to managing finances during COVID-19

The coronavirus pandemic means government spending has increased immensely, with the IMF calculating it to be a staggering $9 trillion. For ACCA, the World Bank and IFAC, the concern is that public sector fiscal commitment and interventions are not being captured accurately by governments due to the way they account for this.

Published 30 July 2020