Economy

Chancellor Jeremy Hunt has announced a slew of financial measures aimed at bolstering the economy by aiding businesses, pensioners, the hospitality industry, and the self-employed.

Resilient consumer spending may have helped the Scottish economy avoid a recession, but economic growth has been flat since Q2 of 2022 and will remain into 2024 when GVA is expected to rise by 0.3%, according to the EY ITEM Club Scottish Autumn forecast. The forecast adds that sentiment among busine

Amidst the economic turbulence of high inflation, soaring public debt, and the highest tax burden since World War Two, Armstrong Watson's experts comment on what to expect as the Autumn Statement approaches with high anticipation. Chancellor Jeremy Hunt is poised on a tightrope, balancing calls for

Scottish consumers have begun to increasingly display a diminishing interest the Black Friday sales, with a mere 35% expressing intent to participate in 2023, signalling a significant drop from the previous year's national interest of 61% to 44%.

Scottish retailers have faced a daunting start to the crucial festive period, with total sales rising a modest 2.9% in October 2023 compared to the same month last year, falling below both the three-month and twelve-month average increases.

The UK's inflation rate has dipped to a two-year low of 4.6%, signalling a favourable turn in the country's economic landscape.

The Scottish labour market has shown signs of stability and incremental change, according to the latest official figures.

The UK's economy has displayed resilience in the Q3 of 2023, with the GDP managing to remain steady, thus averting the risk of a technical recession.

Scotland's economic outlook remains cautious, with growth anticipated to be subdued through 2023 and 2024, according to the latest PwC UK Economic Outlook report. The Scottish economy is expected to see real gross value added (GVA) growth of just 0.3% in 2023, aligning with some regions but falling

Scotland's labour market experienced a continued decline in recruitment activities, with a particular slowdown in permanent staff placements and temp billings, as reported in the Royal Bank of Scotland's latest Report on Jobs for October 2023. This contraction, the most moderate in three months, coi

Scotland's retail sector felt the brunt of severe October storms, with shopper footfall witnessing a significant drop, according to the latest data from SRC-Sensormatic IQ.

The Bank of England (BoE) has voted to maintain the base interest rate at 5.25% for the second consecutive time, signalling a continued tight monetary stance into the foreseeable future against a backdrop of persistent inflation and subdued economic growth. Despite the grim economic outlook, the cen

In the latest economic update, Scotland's onshore GDP reported a slight increase of 0.1% in August. This modest rise follows a 0.2% growth in July and compensates for the 0.1% dip experienced in June. The service sector, which accounts for around three quarters of the economy, saw a 0.5% increase af

Subdued growth prospects for the Scottish economy have been highlighted, with predicted growth rates of 0.2% in 2023, 0.7% in 2024, and 1.2% in 2025, according to the University of Strathclyde's Fraser of Allander Institute. Notably, the 2023 forecast is a downward revision from June's figures,

High interest rates are preventing investment in the Scottish economy, according to the latest Scottish Chambers of Commerce Quarterly Economic Indicator. Concern over interest rates has seen a significant increase over the quarter, rising from 37% of firms in the last quarter to half of firms, whic