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Scottish businesses begin 2024 with rise in confidence

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Scottish businesses begin 2024 with rise in confidence

Business confidence in Scotland rose 11 points during January, according to the latest Business Barometer from Bank of Scotland.

Companies in Scotland reported higher confidence in their own trading prospects month-on-month, up 13 points to 57%. When taken alongside their optimism in the economy – up nine points to 27% – this gives a headline confidence reading of 42%, versus 31% in December.




Scottish businesses identified their top target areas for growth in the next six months as investing in teams (41%), evolving products and services (28%) and introducing new technology (27%).

A net balance of 42% of Scottish firms also expect to increase staff levels over the next year; up 12 points on last month.

The barometer surveyed 1,200 companies – including 106 in Scotland – between 3 and 17 January.

Overall, UK business confidence rose nine points in January to 44% – its highest level since February 2022 and its strongest start to a year since 2016. Firms’ outlook on the overall UK economy rose ten points from 27% to 37%, while businesses’ optimism in their own trading prospects also climbed three points month-on-month to 51%.

Companies’ hiring intentions increased marginally, with 33% of firms intending to increase staff levels over the next 12 months, up four points on the month before.

Three of the four sectors tracked in the barometer reported rises in confidence.

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