Day: December 5, 2022

Business confidence in Scotland is highest in the UK

Bank of Scotland Business Barometer for November 2022 shows:   

·       Business confidence in Scotland rose 19 points during November to 24% – the highest reading since July 2022 and highest of all UK nations and regions 

·       Scottish businesses identify top growth opportunities as investing in their teams (43%), evolving their offering (40%) and introducing new technology (35%) 

·       Overall UK business confidence remains robust at 10% with all regions and nations reporting a positive confidence reading apart from the South East 

Business confidence in Scotland rose 19 points in November to 24% – the highest reading since July 2022 and highest of all UK nations and regions, according to the latest Business Barometer from Bank of Scotland Commercial Banking.  

The survey was conducted between 1st-15th November, before the Chancellor’s Autumn Statement announcement on Thursday the 17th November. 

Companies in Scotland reported higher confidence in their own business prospects month-on-month, up eight points to 30%.  When taken alongside their optimism in the economy, up 30 points to 16% this gives a headline confidence reading of 24%.  

Scottish businesses identified their top target areas for growth in the next six months as investing in their teams (43%), evolving their offering (40%), and introducing new technology (35%).   
 
The Business Barometer, which questions 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide. 
 
A net balance of 8% of Scottish businesses expect to increase staff levels over the next year, down eight points on last month. 
 
Overall UK business confidence fell five points during November, but remained positive at 10%. Firms’ outlook on their future trading prospects was down two points to 25%, and their optimism in the wider economy dropped four points to -2%. Despite a seven-point dip, UK businesses remained positive about hiring intentions with 14% of firms aiming to create new jobs in the next 12 months. 

All UK regions and nations, apart from the South East, reported a positive confidence reading in November, with seven recording a month-on-month increase in confidence. Of those recording an increase in confidence, Scotland, Wales (up 12 points to 17%) and the South West (up nine points to 5%) saw the largest monthly changes. 

Chris Lawrie, area director for Bank of Scotland, said: “It’s encouraging to see confidence among firms in Scotland reach the highest in the UK, as they show their trademark resilience in the face of numerous headwinds and a challenging economy. 

“As firms look to the year ahead, they’ll have a close eye on managing rising prices, and keeping a close eye on working capital will help firms as they try to mitigate the effects of inflation on their operations. We’ll be by their side to ensure they are in the best position possible in the months ahead and they look to capitalise on opportunities for growth.” 

Business confidence in retail increased to 15% (up from 9%), perhaps reflecting a renewed confidence in trading prospects ahead of the festive season. However, business confidence in the manufacturing sector fell for the sixth month in a row, to 4%, down 9 points, the lowest confidence level since early 2021. 

The construction sector held gains made in October, remaining unchanged at 20%, although this level still remains weaker than in the first half of the year. 

Paul Gordon, Managing Director for SME and Mid Corporates, Lloyds Bank Business & Commercial Banking, said: “The fall in confidence shows just how tough it is for businesses right now. 

“Pressures from rising costs continue and businesses are starting to feel the burden of higher energy bills. However, the tentative easing of wage expectations should provide some solace although we know the labour market is still tight. 

“We would encourage businesses to keep a keen eye on their costs and cash flow as we head into the festive period. If any businesses are struggling, we would encourage them to reach out for support. At Lloyds Bank we remain by the side of businesses to help navigate these challenging times.” 

Hann-Ju Ho, Senior Economist Lloyds Bank Commercial Banking, said: “Given the recent political and economic landscape, it comes as little surprise that economic optimism and business confidence have fallen this month.

“Pay growth expectations remain high by historical standards, which could signal ongoing difficulties ahead for businesses to fill vacancies.

“Looking ahead, it will be interesting to see if the clearer policy picture provided by the Autumn Statement will lead to business confidence moving in a more positive direction as we go into 2023.” 

Charity calls for urgent Government action to combat abuse of older people

At the start of Safer Ageing Week, Hourglass (Safer Ageing) calls on the Government to meet with the charity as calls to helpline surge

After months of trying to secure a meeting with the Safeguarding Minister, delayed due to changes in Ministers and turmoil in the heart of Government, Hourglass is frustrated that the Home Office has now cancelled another scheduled meeting with Minister Sarah Dines for Wednesday 14 December.

The meeting has been cancelled due to the Home Office launching a commercial competition for funding as part of Violence Against Women and Girls VAWG) strategy. Hourglass (Safer Ageing) is the only specialist UK wide charity supporting older victim-survivors of abuse, with 40% of the casework being with older men.

Hourglass, the only UK-wide charity focused on ending the abuse and neglect of older people, believes there needs to be a separate strategy and funding pool to address abuse of older people, as they have specific needs that a different to other demographics.

Hourglass has seen a 96% increase in calls to its 24/7 helpline this year. It is unacceptable that every request made by the charity to meet with Ministers has fallen on deaf ears when older people are suffering.

On 29 July this year, the Ready for Rishi Campaign made the following commitment to Hourglass: “If he is fortunate enough to be elected as Prime Minister, a Rishi-led government would seek to engage with organisations supporting victims, such as Hourglass, in order to ensure that no one is left behind and the needs of all those who need help are met.”

The Prime Minister now needs to honour his campaign pledge and ensure his Ministers meet with Hourglass to tackle abuse of older people.

Richard Robinson, CEO of Hourglass, said: “With Safer Ageing Week looming, it is incredibly sad that the charity has had this vital meeting cancelled once again. This is not just disappointing; it is a dereliction of duty.

“We are seeing significant increases in calls to our helpline and casework referrals, yet the government still do not take this issue seriously. 

“The Violence Against Women and Girls strategy is designed to address this important issue. The criteria for VAWG funding applications will obviously be based on addressing violence against women and girls, not abuse of older people which needs a separate strategy and funding model.

“Support to stem sexual violence in the Ukraine was this week confirmed at £3.45 million with an additional £12.5 million to tackle sexual violence in conflict globally. These, like the equally essential child abuse and domestic abuse charities deserve this support, we are simply asking why are older people last in line? The £300k committed to date seems to underline how far towards the bottom of the list of priorities the 2.7m people affected by elder abuse seem to be.”

The charity confirms it will apply for Government funding from their newly announced VAWG grant scheme.

However, with the enormous pressures of the cost of living crisis and a huge spike in calls to the Hourglass 24/7 helpline, the organisation believes it needs to be at the heart of a Safer Ageing Strategy for older people.

The charity is urging those keen to support the charity to make a donation by visiting www.wearehourglass.org.uk/donate or Text SAFER to 70460 to donate £10.

Texts cost £10 plus one standard rate message and you’ll be opting in to hear more about our work and fundraising via telephone and SMS. If you’d like to give £10 but do not wish to receive marketing communications, text SAFERNOINFO to 70460.