WELCOME to scotsman.com’s Scottish Business Briefing. Every morning we bring you a comprehensive round-up of all news affecting business in Scotland today.
Scotland’s economic performance ‘as bad as that of Spain since crisis’
THE Scottish economy has performed as badly as Spain since the financial crisis, according to an influential think-tank that is forecasting Scotland’s recovery will continue to lag behind the rest of the UK throughout next year (Scotsman).
Chancellor promises £2bn a year blitz on tax avoidance
George Osborne will today unveil a major clampdown on both tax evasion and tax avoidance, in an attempt to claw back an extra £2 billion for the Treasury every year. The Chancellor will say it is “unacceptable” that some companies and individuals fail to pay “their fair share” of tax (Scotsman).
ENERGY & UTILITIES
Rigmar to use Tay wharf for rig upgrading
Aberdeen firm Rigmar Services has bought a majority stake in one of Dundee’s oldest fabrication companies, Riverside Engineering, in a six-figure deal. Rigmar, which provides support services to the energy industry, is rebranding the £3million turnover business as Rigmar Fabrication (P&J)
Engineering sector reports rise in output
THE engineering sector has weathered the economic downturn in the wider Scottish economy, with the latest report showing the industry continued to increase output during the third quarter. According to the latest report from Scottish Engineering, the support group for the industry, orders and output have both improved, while staffing levels are being maintained (Scotsman).
Economic uncertainty dogs sales at Sterling Furniture
Sterling Furniture, one of Scotland’s best-known retailers, said hikes in VAT and ongoing economic uncertainty delivered a 12 per cent hit to sales which fell to a “disappointing” £41.7 million last year (Scotsman).
Valvona & Crolla wins new hamper business
DELICATESSEN and restaurant chain Valvona & Crolla is taking over the Christmas hamper business of department store House of Fraser. The Edinburgh company has created a range of hampers, ranging from £30 to £100, including a Taste of Scotland set featuring its own coffee and wine alongside other local products (Herald).