Scottish Business Briefing – November 27th 2013
ECONOMY
Control over all tax and spending ‘will better reflect Scottish priorities’
The independence white paper section on the economy acknowledges that “as with most developed countries – including the UK – Scotland is currently running an estimated fiscal deficit, which means that revenues from taxation fall short of public spending”. It adds that, as it recovers from the financial crunch, “Scotland will inherit a challenging fiscal position that will require careful stewardship in the first years immediately following independence”.
(Scotsman)
FINANCE
RBS: Carney ‘troubled’ by firm to collapse claims
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Hide AdClaims that small firms have been driven to collapse by Royal Bank of Scotland are “deeply troubling” and should be pursued “to the fullest extent of the law”, the Bank of England’s governor said yesterday. During a sometimes-tetchy session in front of the Treasury select committee, Mark Carney said a report on RBS’s actions, compiled by Business Secretary Vince Cable’s adviser Lawrence Tomlinson, was “extremely serious”.
(Scotsman)
TRANSPORT & INDUSTRY
Scotgold faces funding challenge for Cononish mine
Scotgold Resources has suffered a setback in its plans to create Scotland’s only commercial gold mine after a major shareholder ruled out any further investments in the company. The Aim-quoted firm said the funding environment remained “difficult” and it was considering scaling back its ambitions for its Cononish project, near Tyndrum, as it announced plans to raise about £470,000 through a rights issue. (Scotsman)
North Sea sales lift electrical firm’s turnover to £140m
A Scottish firm that supplies electrical equipment for use in hazardous areas has predicted it will increase turnover by about 40% to a record £140 million in the year amid buoyant oil and gas activity levels in the North Sea and overseas. MacLean Electrical said it was on course to record a £40m rise in sales in the year to March. (Herald)
Quarrying firm Breedon’s performance ahead of expectations
ONE of Scotland’s largest quarrying and aggregates businesses has signalled it will post profits “somewhat ahead” of market expectations mainly because of improvements in the construction sector. Breedon Aggregates, which has 29 quarries plus dozens of concrete and asphalt plants in Scotland, said its trading performance has been “very encouraging”. (Herald)
MEDIA, TECH & LEISURE
Award for electronics firm ends year of strong trading
A GLASGOW-based electronics company is aiming to finish its current trading year on a high after picking up a prestigious product engineering award. Future Technology Devices International (FTDI) designs USB chips, which serve as a “bridge” between computers and industrial control products such as test and measurement equipment. (Herald)