BUSINESS confidence in Scotland has risen during the first six months of the year, a new survey has revealed.
Bank of Scotland researchers found confidence among firms, based on the outlook for sales, orders and profits, rose by three points to 20%.
The study reports that companies are upscaling their investment and recruitment plans, with the number of firms looking to increase investment in the next six months rising by 11 points to 13%, compared with figures from January.
The bank’s Business in Britain report found that more Scottish companies are looking to hire, but the number reporting difficulties recruiting skilled staff rose two points to 45%. The number of firms expecting to implement pay increases rose by six points up to 21%.
Fraser Sime, regional director for Scotland at Bank of Scotland, commented: “Businesses in Scotland have shown great resilience and have continued to adapt to these turbulent times.
“Despite firms starting to feel more confident as the landscape shows signs of levelling out, Brexit uncertainty is still at the forefront of minds across Scotland.
“We are, however, seeing businesses begin to take cautious steps towards growth, with plans to increase investment and recruit more staff.
He added: “Now we need to continue to support those businesses to ensure they seize every opportunity being created by the current climate in order to grow and achieve success.”
The survey asked companies to identify the single greatest risk to business in the next six months.
Almost one third (29% ) of respondents cited The UK’s departure from the European Union.
Just under a half (45%) of those who answered said that they expect a negative impact on their business if no trade agreement is reached with the EU.
The bank analysed responses from 1516 UK firms, of which 136 are based in Scotland.
The latest figures represent signs of encouragement for the Scottish business community after figures released in January suggested confidence in the Scottish sector was among the lowest in the UK.
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