Economy

The chief statistician has released statistics showing that the Scottish economy fell by 0.2% during the third quarter of 2022, covering the period July to September. Monthly statistics also show that GDP is estimated to have contracted by 0.6% in September, with decreases across the construction an

The latest EY Future Consumer Index has found that nearly half of UK consumers (43%) expect to spend less over the festive season compared to 22% for the same period last year. The 11th edition of the survey of over 1,000 UK consumers found that falling consumer confidence due to the cost-of-living

The government's support all households with energy bills over the first three months of 2023 will cost £16 billion in taxpayer money, according to Resolution Foundation analysis. Ofgem revealed yesterday that the annual energy bill of a typical household would have risen to £4,279 betwe

Equity investment levels in Scotland’s smaller businesses continued to rise during the first half of 2022, despite well-publicised economic headwinds, according to new research published as part of the British Business Bank’s annual Nations and Regions Tracker. A total of £411 mill

Financial experts have warned the Scottish Government against introducing "less competitive rates of tax" in the wake of tax increases and spending cuts announced by Chancellor Jeremy Hunt this morning. In his first Autumn Statement, Mr Hunt extended the freeze on key allowances and thresholds, incl

Inflation has reached 11.1%, a 41-year high, the newest figures from the Office for National Statistics (ONS) shows. A jump in energy costs, despite the Energy Price Guarantee (EPG), and rising food prices, which rose by 16.4% — the biggest annual increase since 1977 — pushed C

A return to austerity would have significant consequences for people and public services, deputy first minister John Swinney has warned ahead of the UK government’s autumn statement. Mr Swinney has called for an alternative to austerity to avoid the UK Government “prolonging” the r

Analysts from the Resolution Foundation (RF) have shown that the mini-budget put forward under Liz Truss cost the country an estimated £30 billion. It resulted in a doubling of the fiscal hole the Treasury has said Jeremy Hunt will have to fill with this week's expected range of tax rises and

The latest figures from the Office for National Statistics (ONS) have shown that the UK economy contracted 0.2% in Q3 between July and September. The UK's GDP fell by 0.6% in September alone. The information and communication sector was the worst affected and services output dropped 0.8%, causing th

Profit warnings issued by UK-listed companies with a defined benefit (DB) pension scheme increased by 38% year-on-year in the third quarter of 2022. EY-Parthenon’s latest Profit Warnings analysis finds that the number of profit warnings issued by UK-listed firms with a DB scheme rose from 13 i

Executive pay levels at FTSE 100 companies have largely returned to pre-pandemic levels, PwC analysis following the end of the 2022 AGM season shows.

UK mortgage lending is expected to fall slow sharply in 2023 with just 0.7% growth due to rising mortgage rates and falling real household incomes, according to the latest EY ITEM Club Outlook for Financial Services. This comes after lending is projected to rise 4% this year, following strong demand

Investors in UK publicly listed companies are set to receive £5.7 billion more in dividends as a result of the weakening of the Pound Sterling against the US Dollar. The boost to dividends shows how UK companies with a significant portion of their earnings coming from abroad are benefiting fro

Real savings’ returns have plummeted to their lowest level since February 1976 due to the effects of rising inflation, new figures reveal. The study by Scottish Friendly and the Centre for Economics and Business Research (CEBR) reveals the real annual return on savings fell to -9.0% in July &n

The chancellor, Jeremy Hunt, has announced that the government's fiscal statement will be delayed from October 31 to November 17. The new prime minister, Rishi Sunak, and chancellor agreed on the new date when they will set out a detailed plan to reduce debt and put in place a growth strategy for th