Scottish Business Briefing – November 7th 2013
SCOTLAND will finally complete its recovery from the financial crash and the great recession in 2014, new economic analysis says today. The paper by the Centre for Economics and Business Research (CEBR) markedly revises upwards its prognosis for Scottish growth over the coming two years, predicting a healthy 2.2 per cent increase next year, the best rate since 2007.
RETAIL
Morrisons’ sales hit by lack of online service
Morrisons, the UK’s fourth-largest supermarket chain, has reported a 2.4% fall in like-for-like sales, excluding fuel, in the three months to November. The supermarket said its sales were continuing to suffer because it does not yet offer online deliveries, and it has only a small number of convenience stores. Convenience stores are a currently a major growth area for supermarkets. Morrisons is planning to launch its online service in January next year
TRANSPORT & INDUSTRY
BAE Systems job cuts: Political storm over shipyards
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Hide AdSHIPYARD cuts provoked a political storm on Wednesday amid claims Clyde bases had been spared at the expense of Portsmouth because of the upcoming Scottish independence referendum. Around 800 jobs are to go from two Glasgow yards, but the cuts announced by BAE Systems will see shipbuilding end at Portsmouth after 500 years with the loss of almost 1,000 jobs.
Scotland’s new car sales accelerate ahead of rest of UK
SALES of new cars north of the Border are accelerating ahead of the rest of the UK as confidence in the economy gathers pace. Industry leaders yesterday expressed surprise at a near-10 per cent year-on-year jump in Scottish car sales during October, defying expectations for only a modest gain following September’s busy plate-change month.
Pledge to keep investing as Pringle losses fall
PRINGLE of Scotland, the knitwear favoured by celebrities such as Scarlett Johansson, Madonna and Tilda Swinton, has narrowed its annual losses despite suffering a 30 per cent slide in sales. The firm’s owners, the Hong Kong-based Fang family, also admitted they do not expect it to deliver a profit in the near future but pledged to keep investing in the business.
Dawn Group’s profits hope as homes business grows
DAWN Group has forecast increased profits for its housing business amid signs the Help to Buy scheme has provided a big boost to demand in Scotland, following the company’s costly withdrawal from the construction sector. While the housing market remains challenging, the group said it had seen an increase of around 40% in the weekly number of new home reservations since the Scottish Government started providing support for home buyers under the Help to Buy Scheme on 30 September.