SJD Accountancy

UK Contractors: 2015 sees Scottish economy continuing to recover

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Contractors and Limited company owners based north of the border will be pleased to hear that Scottish economy recovery is set to continue into 2015.

Figures from the Bank of Scotland’s latest Business Monitor report shows that the Scottish economy is growing at pre-recession levels.

Although the pace of recovery has eased since spring and summer, predictions for the next six months remain positive.

In the three months ending November 2014, 41% of firms surveyed increased turnover, 34% experienced static turnover, and 25% experienced a decrease.

This gave a net balance of +16%, down from the +30% of the previous quarter but marginally up on the +15% of the same quarter one year ago.

This is the fifth best result in seven years and provides further evidence of the embedding of the recovery.

Donald MacRae, chief economist, Bank of Scotland said, “The surge in economic activity identified in summer 2013 has been maintained throughout 2014. Expectations have fallen slightly but are close to pre-recession levels, suggesting the recovery will continue into 2015 but the rate of growth will ease. Further increases in investment by firms would enhance and embed the recovery.”

The Bank of Scotland Report on Jobs has also revealed positive news for contractors north of the border, with the rate of growth in temporary staff demand showing a three-month high.

Figures show that growth of hourly pay rates were found to be the quickest in Dundee, while Edinburgh led growth in temp billings for the second month in a row.

The strongest increase in demand for temporary staff was once again the Nursing/Medical/Care sector, followed by IT & computing and engineering and construction.

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