Economy

The UK's CPI inflation rose to 2.3% in October, exceeding economists' predictions of 2.2% and putting pressure on the Bank of England to postpone further interest rate cuts. The Office for National Statistics (ONS) attributed the increase primarily to higher energy bills, offsetting lower oil prices

The UK economy barely grew in the third quarter of 2024, registering a meagre 0.1% increase, according to the Office for National Statistics (ONS). This marks a significant slowdown from the 0.5% growth seen in the previous quarter and places the UK sixth in the G7 growth league.

Scotland's labour market demonstrated continued resilience in the third quarter of 2024, despite a challenging economic environment.

Despite forecasting that the Chancellor's recent budget will prolong the fight against inflation, The Bank of England has cut the base interest rate a further 0.25 percentage points, bringing the interest rate to 4.75% and marking the second cut this year. The bank predicts that the budget's £

Scottish retail sales saw minimal growth in October 2024, increasing by just 0.1% in real terms compared to the previous year, continuing a trend of stagnant growth observed since June, according to the Scottish Retail Consortium (SRC). Total sales dipped by 0.7% compared to October 2023, when they

Scotland's GDP fell by 0.3% in August, following growth of 0.5% in July (revised from 0.3%). This represents a concerning slowdown in the Scottish economy, particularly as the UK as a whole saw growth of 0.2% in August.

Scottish business confidence dipped to 44% in October, a four-point drop from September, according to the Bank of Scotland. The bank's latest Business Barometer shows that this mirrors a UK-wide trend, with confidence falling three points to 44%.

UK inflation fell to 1.7% in September, dropping below the Bank of England's 2% target for the first time since April 2021. This was driven by lower fuel prices and base effects from an unusually strong September 2023. However, economists expect inflation to rebound in October as energy prices rise

A new analysis from the Scottish Retail Consortium has suggested shops in Scotland could see a £13 million hike in their business rates bills from April. The latest ONS Consumer Price Index reveals that inflation stood at 1.7% last month. September’s inflation rate is what UK Ministers t

Scotland's job market remains strong despite the ongoing cost of living crisis and predictions of upcoming employment law reforms. The employment rate rose to 73.7% while unemployment fell to 3.9% between June and August 2024. However, Scotland still lags behind the UK's overall employment rate of 7

The UK economy grew by 0.2% in August, following two months of stagnation. This growth was seen across all major sectors, with a particularly strong rebound in manufacturing, construction, and professional services. While monthly figures can fluctuate, this rise, coupled with positive business surve

As the UK's Labour government celebrates 100 days in office, ACCA (the Association of Chartered Certified Accountants) has urged the new government to stick to its priorities of putting economic growth at the heart of its agenda for the country. The accounting body also asks for more clarity on its

Scotland has recorded its ninth consecutive month of growth, with data, from the latest Royal Bank Regional Growth Tracker, showing that the country has continued on a positive growth trajectory in 2024, but at a slower rate in the four weeks to September. Headline Business Activity Index fell to 51

Following a positive start to 2024, economic growth in the summer months has been more hesitant for the UK and Scotland according to the latest economic assessment from the Fraser of Allander Institute at the University of Strathclyde. In the Deloitte-sponsored Economic Commentary, the Strathclyde r

Scottish shopper numbers rose slightly in September, but this hasn't translated into increased sales, according to the Scottish Retail Consortium (SRC).