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Scottish firms showing increased confidence

Category: Scottish Economy — Paul Morgan on December 18, 2013

Businesses in Scotland are growing in confidence when it comes to the economy of the country, according to the results of two new studies.

The surveys, one by the Bank of Scotland and the other by the Federation of Small Businesses (FSB), were conducted independently.

The first, the Bank of Scotland’s November Report on Jobs, showed that the total number of people finding work had risen sharply. Meanwhile the FSB’s Voice of Small Business Index found that plans for hiring more staff are on the agenda for growing numbers of small firms.

Whilst the Bank of Scotland report pointed to increases in both temporary and permanent positions, indications suggested that there was a significant move into permanent placements. The report showed the fastest rate of take up since the survey first appeared in 2003. At a national level, these placements fell.

The results are also indicative of a growing confidence with the public; with a significant number of those polled linking their confidence with increased demand.

Commenting on the results, Donald MacRae, the chief economist for the bank, said:

“Employers are demonstrating their growing confidence in the continuation of the recovery in the Scottish economy.”

Job vacancies are also on the increase, while the salaries of permanent employees continued to grow.

The FSB report showed that SMEs are looking to increase their capital investment, as refreshed financial strategies such as invoice factoring continue to prove effective.

Responding to the findings, Andy Willox from the FSB said that the new year will be one of growth for companies across Scotland.

'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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