Business confidence in Scotland is among the highest in the UK thanks due in part to continued growth in profits, new data has found.
Scottish business confidence remained firmly positive in the third quarter at +9.9, well above the UK average of -0.2 and second only to the West Midlands, according the latest business confidence monitor from ICAEW, the Institute of Chartered Accountants in England and Wales.
The report cited Scotland’s growth in exports and domestic sales, which showed a year-on-year rise of 4.9 per cent and 3.6 per cent, respectively, as likely reasons for positive sentiment north of the Border. Both of these figures outstripped the UK average. Scottish companies projected further improvements in exports, domestic sales and profits over the coming year, but expressed concerns about potential problems regarding slowing investment growth, changing regulatory requirements and high staff turnover.
ICAEW Scotland president Neil Strong said: “It is always encouraging to see positive results in Scotland, especially when this is part of an ongoing trend. The fact that Scotland has at least matched, if not exceeded, the average UK confidence score for so long now is welcome news, although the concerns raised by respondents concerning factors such as recruitment, slowing sales and increased regulation should not be dismissed lightly.”