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Signs of a stronger economy in Scotland, according to report

Category: Scottish Economy — Gary Cain on July 16, 2013

An official report into the strength of the Scottish economy has suggested that despite clear frailties in the recovery, there are signs of stronger economic activity.

According to the Scottish Chambers of Commerce (SCC) report, the worst of the recession in the country could be over.
The news will be welcomed by many firms in Scotland, particularly those who have struggled to survive over recent years. However, it has seen many firms completely overhaul their financial strategies, often with excellent results.

Many firms, for example, have moved from traditional commercial finance in Scotland onto new facilities. Invoice discounting and factoring are increasingly being used, for example, to boost cash flow without extending credit lines.

The new financial strategies have contributed to cross-sector business confidence too. In a contrast to the same measurements in 2012, this is high in almost all sectors. Construction and manufacturing are enjoying strong years, for example. Tourism too is on the up, with confidence at its highest rate here since 2006.

The head of policy at the SCC, Garry Clark, said:

“Our latest survey indicates stronger signs of an economic recovery, with more positive trends and expectations compared to a year ago.”

However, Clark was eager to stress that there was still a weak demand, particularly affecting sectors such as retail.

Clark went on to say that the work by both Holyrood and Westminster abroad had helped boost exports too. However, he said that greater work from the state is needed in order to sustain the embryonic recovery.

'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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