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Business confidence in Scotland surges amid Covid-19 pandemic

Scotland’s 33% of the business are expected to cut down staffs in 2021

Scotland’s 33% of the business are expected to cut down staffs in 2021

Business confidence in Scotland has rebounded and has surged to its highest point since the outbreak of the Covid-19 pandemic, media reports said.

The country’s firms’ optimism towards the economy surged 38 points month-to-month to minus 12 percent, while the confidence among the firms’ business prospects surged 20 points to minus 7 percent. The reports are produced by the Bank of Scotland Commercial Banking.

Scotland’s 33 percent of the business are expected to cut down staffs in 2021, down to 10 points on last month. 1,200 businesses including 98 businesses in Scotland took part in the survey. Furthermore, there was the largest monthly surge of overall confidence across the UK, following Covid-19 vaccine announcements.

The economic optimism level surged 23 points to minus 5 percent, while the trading perspective of the firms’ surged 11 points to minus 3 percent. The most marked improvements were recorded in Scotland followed by the South west and the West Midlands.

Fraser Sime, regional director for Scotland at Bank of Scotland Commercial Banking, told the media, “The roll-out of the vaccine should buoy spirits further as it helps to bring light to a Covid-19 exit strategy, but this optimism could falter in coming months with continued uncertainty over lockdown restrictions.”

The confidence level in the South West were 5 percent, while 4 percent was recorded in the West Midlands and South West. The lowest confidence level was recorded in the North West at minus 13 percent.

The global economy has been battered by the pandemic. However, it may take more than expected time to rebound.

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