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Scottish recovery set to be more ‘robust’

Category: Scottish Economy — Mark on May 18, 2013

A new report has suggested that the Scottish economic recovery could be more robust than seen for quite some time, with national demand driving domestic success.

The Bank of Scotland’s purchasing managers’ index (PMI) for the last month also showed that Scotland is outperforming the national picture.

The index showed that April had the biggest increase in business activity for 12 months in the service and manufacturing industries.

The PMI also revealed that employment was increasing at its fastest rate in nine months.

A spokesman for HBoS said that it was demand from the whole of the UK that was driving the increases. However, with basic prices of fuel, food and many imports also on the increase, coupled with hostile exchange rates against Sterling, there are still issues faced.

In order to manage cash flow better, many companies in Scotland are also changing their financial strategies.

Many are moving away from new credit lines, for example, preferring the flexibility and accessibility that invoice discounting and factoring have to offer.

The results of the survey have been welcomed by the Finance Secretary, John Swinney, who said that the PMI is further evidence that the economy in Scotland is improving.

Swinney went on to say:

“We note that private sector business activity in Scotland expanded for the seventh consecutive month in April, reaching a 12-month high.”

He continued to explain that Holyrood is still committed to creating an ever more competitive environment for businesses to work.

Another report into the country’s economy, by accountancy firm BDO LLP, also showed increased confidence in the business world.

'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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