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Scottish businesses ‘joint most confident’ in May

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Scottish businesses ‘joint most confident’ in May

Business confidence in Scotland was the joint highest of any UK nation or region in May, according to the latest Business Barometer from Bank of Scotland Commercial Banking.

Companies in Scotland reported higher confidence in their own business prospects month-on-month, up 16 points at 60%. When taken alongside their optimism in the economy, up 13 points to 53%, this gives a headline confidence reading of 57% (vs. 42% in April) – the joint highest overall confidence reading in May, alongside the south east of England (also 57%).




A net balance of 50% of businesses in Scotland also expect to increase staff levels over the next year, up eight points on last month.

Looking ahead to the next six months, Scottish businesses identified their top target areas for growth as investing in their team, for example by investing in training (44%), evolving their offering (40%) and introducing new technology (36%).

There were particularly strong results reported in the construction and services sectors this month.

Prospects in the construction sector jumped to 58% – up 20 points – the highest for 14 months, while in services, expected output increased to 57% – up 12 points. On the latter, it is the highest level since the survey was expanded in 2018. Expected business activity in the retail sector also improved to 49% – up three points.

Although trading prospects in manufacturing eased slightly to 49% – down three points – the underlying trend over the last three months remains positive.

Martyn Kendrick, director for Scotland at Bank of Scotland Commercial Banking, said: “Along with longer nights and warmer days, summer is ushering in a new wave of confidence among Scottish businesses.

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