Scottish Business Briefing – Thursday 21 July, 2011

ECONOMY

Record levels of Scottish firms failing fuels fears for recovery

A RECORD number of Scottish firms went bust in the past three months as fragile consumer confidence and difficulties with bank lending continued to strangle the economic recovery.

Interest rates to stay 'on hold into 2012' on concerns over recovery

Interest rates will stay at their record low until well into 2012, economists said yesterday, after the Bank of England flagged concerns about the faltering economic recovery.

Read all today's economics news from scotsman.com

ENERGY & UTILITIES

Scottish & Southern Energy to raise its prices

Scottish & Southern Energy (SSE) has become the latest gas and electricity supplier to announce a rise in prices. Its household electricity bills will increase by an average 11%, and its household gas bills by an average 18%, from 14 September.

Read all today's energy and utilities news from scotsman.com

BANKING & INSURANCE

Standard Life axes a further 60 UK posts

NEARLY 60 staff at Standard Life have been told their jobs are at risk as the pensions and insurance giant continues to cut costs. A total of 58 posts are involved, the vast majority of which are based in the company's Edinburgh head office.

Read all today's banking news from scotsman.com

FOOD, DRINK & AGRICULTURE

Retailers in fruit and veg pledge

Eight of Scotland's biggest food sellers, including Tesco and Asda, have signed a pledge to help customers eat more fruit and vegetables. The supermarkets have signed up to implementing measures such as keeping fruit and vegetables "affordable".

Read all today's food, drink and agriculture news from scotsman.com

RETAIL

Kingfisher's B&Q and Screwfix units see sales fall 5.5%

Sales have fallen at DIY store chain B&Q and trade tools seller Screwfix due to "challenging" trading conditions. Parent group Kingfisher said like-for-like sales across the two businesses fell 5.5% in the 11 weeks to 16 July.

Read all today's retail news from scotsman.com