Economy dips

Scots confidence reverses from earlier survey findings

Business confidence is fluctuating

Renewed economic uncertainty in Scotland has emerged in new data showing it is the only UK nation or region to record a lower confidence reading than last month.

The figures contrast with a more optimistic survey just two weeks ago.

According to the Bank of Scotland Barometer, companies in Scotland reported lower confidence in their own business prospects month-on-month, down three points at 42%.

The findings follows a Royal Bank of Scotland which reported Scotland’s business owners at their most confident in six months.

The sudden changes of sentiment may be explained by changes in Covid rules and rising costs, though there was no explanation as to why Scotland’s businesses were more pessimistic than other parts of the UK.

The Business Barometer captured responses between 1 and 15 February before the removal of various Covid restrictions across the UK’s nations.  

On 14 February the Royal Bank of Scotland’s Business Activity Index showed an expansion in monthly output for the eleventh consecutive month.

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