Business confidence in Scotland fell sharply in November and at a much faster pace than in the UK as a whole, a survey reveals, but it remained in positive territory and firms flagged investment aimed at growth.
Bank of Scotland’s business barometer confidence reading for Scotland fell by 13 points during November to 31%.
This overall percentage balance for business confidence opinion weighs up the percentage of firms that are positive in outlook against those that are negative. It gives a net balance on a scale of -100% to 100%, where a score of zero would mean there was an even balance of positive and negative sentiment.
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Scottish firms’ optimism in their own trading prospects fell two points to 43% in November, while optimism in the economy dropped 25 points to 18%.
Overall UK business confidence dropped by three points in November to 41%.
In the UK as a whole, firms’ confidence in their own trading prospects strengthened two points to a net balance of 55%, but their confidence in the economy fell nine points to 26%.
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Looking ahead to the next six months, Scottish businesses identified their top target areas for growth as investing in their team, for example through training (57%); evolving their offering such as by introducing new products or services (41%); and introducing new technology such as artificial intelligence and automation (28%).
Martyn Kendrick, Scotland director at Bank of Scotland commercial banking, said: “While business confidence has fallen this month, Scottish firms are identifying fresh avenues for growth - whether that’s by investing in new technology, or developing new skills.”
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