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Businesses continue to grow despite economic weaknesses

Category: Scotland Business News — Paul Morgan on July 8, 2012

The latest results of a survey by the British Chambers of Commerce (BCC) has suggested that in Scotland and throughout the UK, businesses are growing in the face of a continued weak economy.

Despite this good news, the organisation has warned that the pace of growth is still far too slow. As such, a sustained recovery is a long way off.

The survey, which questioned nearly 8,000 SMEs, showed the BCC that greater action is needed by the government.

John Longworth, the director general of BCC, said:

“Growth cannot wait. The government must take an imaginative and brave approach to stimulating the economy and helping businesses thrive.

“The creation of a business bank, for example, would ensure that new and growing companies can access the finance they need to invest in new products and services…”

The limited access to finance is a continued problem in Scotland. Factoring companies here are helping though, allowing companies of all sizes to access working capital.

Foreign investment is also on the rise, as are the levels of exported goods and services. In Scotland in particular, the last year has seen significant increases in Salmon and Whiskey sales abroad.

Confirming this, Mr Longworth went on to say:

“While domestic growth continues to bump along the bottom, the silver lining is an increase in firms looking for export opportunities, and in many cases, with countries outside Europe.”

The secret therefore is boosting domestic activity which, according to Mr Longworth, will be greatly helped by public investment in the country’s transport, communications and energy infrastructure.

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

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