Business gazetteer: Banking on savers' nest-eggs?

Published on Sunday 12 October 2008 20:57

MONEY MATTERS

THERE may be a credit crunch on, but quite a few of us don't seem to have realised it.

According to a new survey from HBOS suitor Lloyds TSB, around two-thirds of Scots have not changed their spending habits as a result of the economic downturn and the looming lack of cash that may accompany it in coming months. Around 41 per cent of those living north of the Border are saving less than they were six months ago, while 21 per cent admit they have less than 500 in their savings.

Mark Cockburn, retail network director at Lloyds TSB Scotland, proclaims: "With economic conditions set to become more challenging, having the comfort of a savings nest-egg could be a lifeline for many Scots families during these difficult times."

Is it too cynical to think that the collective-nest egg tucked away in savings accounts at Lloyds TSB and HBOS could also be a lifeline for banking bosses?

FACT OF THE DAY

184m

TURNOVER in the Glasgow software sector rose to 184 million from 126m last year, according to a survey by technology consultant Targeting Innovation. The sector is bucking the current economic trend in terms of growth and profit – which was up by 5 per cent to 9m. George Boag, Targeting's chief executive, said: "The Scottish software sector is quietly winning new business."

KILLER QUOTE

"PEOPLE are fed up with reading about doom and gloom. The underlying foundations of the UK economy are strong and we should not allow anything from what is a global situation to send us off track"

Sir Philip Green, entrepreneur behind the Arcadia Group

GOOD DAY

Value grocers

ALDI and Morrisons have topped the chart of favourable news coverage in the past year, according to research group Taylor Nelson Sofres.

Asda and Lidl also appeared in the top ten.

BAD DAY

Ineos workers

MORE than 100 jobs are at risk after the oil refineries giant announced plans to close its G4 ethylene cracking plant at Grangemouth.

But the firm is to invest 50 million into its other plant.