SJD Accountancy

Contractors north of the border could benefit from economy reaching pre-recession levels

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Contractors based north of the border will be pleased to hear that the Scottish economy is currently performing at pre-recession levels.

The Bank of Scotland’s latest Business Monitor has revealed that turnover trends are showing the best results in seven.

According to the Bank of Scotland report, expectations for the rest of the year remain high, at levels comparable to 2007.

In the three months ending August 2014, 49% of Scottish firms reported increased turnover, 32% experienced static turnover, and 19% experienced a decrease. 

This gave a net balance of +30%, continuing the robust +28% of the previous quarter and a considerable improvement on the +23% of the same quarter one year ago, making this the best result in over seven years and returns the net balance figure to pre-recession levels. 

The report also found that businesses’ assessment of their immediate prospects in the next six months was on a rising trend throughout 2013, and reached record levels in the first two quarters of 2014.

This is great news for both businesses and highly skilled contractors looking for job opportunities from such firms.

Donald MacRae, chief economist, Bank of Scotland commented on the findings, “The surge in economic activity identified in summer 2013 has been maintained into summer and autumn this year. Expectations have fallen slightly but are at pre-recession levels, suggesting the recovery will continue throughout 2014 and into 2015. Further increases in investment by firms would enhance the recovery.”

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