Scottish business confidence is the highest among all the UK nations and regions, a survey has revealed.
Companies in Scotland have reported sharp rises in confidence about both their own business prospects, with this balance up 11 points to 68% month-on-month in February, and the wider economy, with this reading up 19 points to a net 46%.
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Taken together, this gives a headline confidence reading of 56% for Scotland, up from 42% in January and the highest recorded in the UK this month.
The confidence balances are calculated by subtracting the percentage of firms that are negative about the outlook from the proportion of companies that are positive, with readings on a scale of between -100% and 100%.
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In the UK as a whole, overall business confidence dipped two points month-on-month to 42% in February.
Martyn Kendrick, director for Scotland in Bank of Scotland's commercial banking business, said: “Such high levels of confidence in the face of what are still challenging economic conditions is a testament to the Scottish business community’s resilience and ambition.
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“The focus on innovation, together with widespread investment in people, is particularly encouraging. This will not only help futureproof firms’ specific offerings, but also strengthen the skills base that is the bedrock to our economy - helping firms make the most of new opportunities and weather any future downturns in trading.
“We’ll continue to be by [businesses'] side as they look to capitalise on this confidence over the months ahead.”
Looking ahead to the next six months, Scottish businesses identified their top target areas for growth as evolving their offering including new products or services, investing in their team, and introducing new technology.
A net balance of 26% of businesses in Scotland said in the latest survey they expect to increase staff levels over the next year, down 16 points on last month.
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