Confidence falls behind UK figure

JOB cuts and a slowdown in export growth have seen business confidence in Scotland fall behind that for the UK as a whole, according to a survey published today.

However, the survey of 1,000 accountants by Grant Thornton and the Institute of Chartered Accountants in England and Wales also found that Scottish firms expect to see turnover rise by an average of 3.8 per cent over the coming year, with profits predicted to grow 4 per cent.

Profits and sales have risen by the slowest rates since early 2010, with the overall fourth-quarter confidence score for Scotland dropping to 1.7, down from 10.3 in the previous quarter and well below the UK average of 4.2. A reading of 100 would indicate that firms are “much more confident” about their prospects than a year ago.