Tag: Royal Bank of Scotland

New programme launches to help Scottish businesses cut costs and protect the planet

Environmentally conscious SMEs are being offered the chance to reduce their carbon footprint and lower energy bills thanks to a new partnership between Royal Bank of Scotland, the Edinburgh Climate Change Institute (ECCI) and the University of Edinburgh.

The free course allows businesses to identify the simple, cost-effective steps they can take to reduce emissions and save on outgoings while also helping the planet at the same time. 

Successful applicants will take part in three 2-hour workshops that begin by helping SMEs to understand their own energy and carbon usage data and how they can build their own tailored ‘Carbon Reduction Plan’.  

The free workshops also explain how taking positive environmental action can result in lower energy usage and therefore lower bills. Organisations can become more cost efficient by making positive changes such as changing boiler settings, installing smart lighting systems, swapping to sustainable suppliers and upgrading insulation. 

The scheme is currently accepting applications from all sectors, having already supported over 60 participants from industries such as manufacturing, charity and education.  

Applications for the next cohort close on 3rd October, with a later session set to launch at the start of November also welcoming candidates.  

Code Hostels completed the course earlier this year and has used the learnings from the programme to make sustainable improvements across the business, including buying more produce from local suppliers and switching to eco-friendly cleaning products. 

Talking of his experience, Jamie Greig, Operations and Design Consultant at Code Hostels, said: “The programme was a game changer for us. As a business, when you start looking at reducing emissions it can seem like an incredibly daunting process, and net zero targets can seem a long way off.  

“We found it really valuable to chat to the other groups on the cohort, and we quickly realised we weren’t alone in the challenges we were facing. 

“Sustainability in the hospitality industry is a personal passion of mine and we know that many other SMEs across the hospitality sector are experiencing the same challenges as we had at Code. I now run my own separate business, Our Property Bear, using energy monitors to help hotels and hostels monitor and reduce their energy consumption.” 

Judith Cruickshank, Chair, One Bank Scotland said: “Royal Bank of Scotland is delighted to work with the University of Edinburgh’s Edinburgh Climate Change Institute to deliver a programme which can make a real difference to SMEs across all sectors. 

“It offers the insight, learnings and access to experts to help businesses see the opportunities it can offer them – and see the potential tackling climate change could make.”  

Prof Dave Raey, Executive Director of ECCI, University of Edinburgh said: “The Climate Springboard programme is inspiring. The great engagement and responses from participating businesses is a testament to the fantastic work of the team here at Edinburgh Climate Change Institute and our partners at the Royal Bank of Scotland.  

“In simultaneously helping to cut energy costs and carbon emissions for such a wide array of businesses, they are delivering exactly the kinds of cost-effective climate action so desperately needed in every sector.” 

The scheme is currently accepting applications from all sectors, having already supported over 60 participants from industries such as manufacturing, charity and education.  

Applications for the next cohort close on 3rd October, with a later session set to launch at the start of November also welcoming candidates.  

SMEs looking to learn more about their emissions and how they can start reducing them are invited to register their interest here. More information about the programme is available here.  

Scottish entrepreneurs invited to apply for free business accelerator

Royal Bank of Scotland is inviting ambitious entrepreneurs and business owners to apply for a place on its Entrepreneur Accelerator Hub. 

The bank is currently accepting applications to its fully funded support programme for Scottish businesses looking to scale and succeed. 

Successful applicants will benefit from full use of the Hub’s modern coworking spaces in the city centres of Glasgow and Edinburgh, as well as access to a calendar of networking events and one-to-one coaching.   

Since its launch, the programme has empowered over 1,000 businesses in Scotland and also includes a Digital Accelerator which offers a virtual programme of support to entrepreneurs based across the country.  

Karen Robinson, founder of oat milk brand, Three Robins, has been a member of the Accelerator Hub since 2021. The busy mum of three started the business after noticing a gap in the market for a high-quality, healthy alternative to traditional dairy products when her son developed a lactose intolerance.  

The product range was officially launched to the market in May 2022 and has proven an immediate hit with children and adults alike, particularly appealing to families looking for a milk-alternative that doesn’t compromise on nutritional value.  

Talking of her experience on the Hub, Karen said: “Prior to starting Three Robins, my background was in international development, and I spent over 20 years working in women’s rights. This involved a lot of travelling to war impacted areas and after a while, it just wasn’t working with family life.  

“The idea for Three Robins came about when my son, Christopher, developed a lactose intolerance. We’d be buying several different milk products to suit everyone’s needs and tastes and I remember thinking, it shouldn’t be this complicated to find a product that suits everyone – so I decided to make one. 

“Since launching the business, we’ve grown from strength to strength and the support we’ve received from the Edinburgh Accelerator Hub has been invaluable. Having access to a group of like-minded business owners gives you a sounding board to bounce ideas off, and the one-to-one mentoring has given me insight I wouldn’t have otherwise had having not come from a business background. 

“We were recently awarded funding from Scottish Edge to fuel our next chapter of the business and were also able to exhibit our products alongside the Bank at this year’s Royal Highland Show. This allowed us to introduce our range to an entirely new audience and I’m excited to keep working alongside Royal Bank of Scotland as we continue to grow.” 

Mandy Bailey, Regional Eco-System Manager at Royal Bank of Scotland added: “We are champions of Scotland’s entrepreneurial talent and want to give all business owners the tools they need to scale and succeed.  

“Entrepreneur Accelerator is currently accepting applications for its next cohort, and we’re excited to welcome the best and brightest businesses into our Edinburgh and Glasgow Hubs as well as our virtual community.” 

The Royal Bank Accelerator programme supports and empowers entrepreneurs across Scotland to scale their businesses to the next level, offering one-to-one coaching, a calendar of thought leadership and events, access to a network of like-minded peers, and full-time use of a modern coworking space.  

Based out of the bank’s state-of-the-art city centre offices in Edinburgh’s St Andrew Square and Glasgow’s Queen Street, the programme is currently accepting applicants for its next intake.

Ambitious business owners are invited to apply here before applications close on 18th August.  

Royal Highland Show celebrates its largest-ever attendance

A limited number of early bird discounted tickets to the 2024 Royal Highland Show were released at 6pm last night as the gates closed on this year’s event – which welcomed the world’s best sheep shearers amongst the 217,000 people who flocked to the show over the four days.

The eyes of the world were on Ingliston this year with over 140,000 views across 113 countries on the Show’s streaming platform, RHS TV, to watch show jumping, traditional skill displays, livestock judging and of course the excitement around the Golden Shears World Sheep Shearing & Woolhandling Championships.

And for those who are already planning a return to the Show next year, a limited number of Super Early Bird tickets for the 2024 Royal Highland Show (20th – 23rd June) will be released today via the Show’s website (royalhighlandshow.org), priced at just £30 with children 15 and under free to attend.

Celebrating the best of Scotland’s food, farming and rural life, high-profile figures attending included: HRH Anne, the Princess Royal; First Minister of Scotland Humza Yousaf; Minister of State at the Department for Environment, Food and Rural Affair, Mark Spencer; Secretary of State for Scotland, Alister Jack; and Cabinet Secretary for Rural Affairs, Land Reform and Islands, Mairi Gougeon.

26,500 children attended for free in line with the Royal Highland and Agricultural Society of Scotland (RHASS) charitable remit – this includes school visits organised by the Royal Highland Education Trust (RHET) and kids aged 15 and under free entry tickets.

Two girls running in the grass Description automatically generated with low confidence

Ian Georgeson Photography

Highlights for this year’s show included over 280 trophies, awarded to the over 5,000 cattle, sheep, horses, and goats competing. Including the Queen’s Cup that went to the Hanna family from Northern Ireland, a back-to-back winner for the first time.

The Flock to the Show campaign also concluded at the Show – after travelling the length and breadth of Scotland, the 38 decorated sculptures came together to form a trail around the Showground. The Flock will be auctioned off on 7th September, with all proceeds going towards the RHASS Bicentenary Fund, which supports projects in the rural sector dedicated to mental health, sustainability, succession, and women in agriculture.

Furthermore, respected industry accolades were awarded to agri-tech pioneers in the RHASS Technical Innovation Awards, sponsored by Hillhouse Group. Murray Machinery and Lely UK won Gold awards this year.

The Scottish Championships saw food and drink producers and craftspeople recognised for outstanding produce across competitions in Dairy, Honey, and Handcrafts categories – with St Andrews Farmhouse Cheese Co and Graham’s the Family Dairy amongst the winners.

The Royal Highland Hoolie was a new addition to the evening entertainment schedule on the Friday and Saturday nights. Presented in partnership with Farmers Bash, the Hoolie saw country music legends like Skipinnish, Skerryvore and Derek Ryan perform to the 4500 strong crowds.

The Royal Highland Show is the flagship fundraising event for organisers the Royal Highland & Agricultural Society of Scotland (RHASS).

RHASS Head of Show, David Tennant, commented: “As we wrap up another phenomenal Royal Highland Show, we are delighted to have welcomed a record-breaking number of visitors pass through the gates.

“The strong demand is testament to the fact that the Show has major appeal way beyond the loyal farming community – anyone and everyone can find something to enjoy, no matter your interest.

“Our thanks go out to the hundreds of staff who make this possible, and the RHASS Directors who give up their time year-round to make this incredible event possible. And, if you had a great day out this year, the good news is you can grab a bargain with the Super Early Bird tickets for 2024, on sale now.”

Sponsored by Royal Bank of Scotland, next year’s Royal Highland Show will take place at the Royal Highland Centre, Ingliston, Edinburgh, 20-23 June 2024.

Families enjoyed complimentary ice cream, face painting and origami rooster folding lessons at the Royal Highland Show this weekend at Royal Bank of Scotland’s Ingliston branch.

Royal Bank of Scotland, which sponsors the Royal Highland Show, was on hand to bring the fun and advise families of the support offered by Royal Bank of Scotland and NatWest Rooster Money – an innovative pocket money app that allows parents to manage their children’s allowance via their phones while instilling positive money management habits.  

NatWest Rooster Money’s recent Pocket Money Index – a study of over 125,000 children – reveals that kids’ average earnings have increased by 11% since 2022, outpacing inflation for the same period.

However, instead of sticking to regular recurring payments, parents are now more often offering one-off payments and using special occasions and good behaviour as opportunities for handing out extra pocket money. 

For further information and to purchase tickets please visit royalhighlandshow.org.

Robyn levels up online fitness brand with app launch

A Scottish personal trainer who created her own online fitness community during lockdown is preparing to take her business to the next level with the official launch of a new app. 

27-year-old Robyn Drummond, who started the business ‘accidentally’ after pivoting her in-person sessions to an online alternative at the start of the pandemic, has built up a loyal following thanks to her unique approach to fitness and exercise.  

The award-winning entrepreneur launched Robyn Drummond Fitness after growing frustrated with existing approaches to personal training, focussing instead on encouraging her customers to ditch fad diets in favour of healthy eating habits and empowering people of all shapes and sizes to give exercise a go. 

Fife-based Robyn worked as a personal trainer for over five years prior to lockdown and decided to offer on demand, virtual workouts when local gyms had to shut their doors. Within eight months, her online community had grown to over 1,000 members – leading her to take the plunge and quit her administrative job to pursue the business fulltime. 

Her gamble quickly paid off, with Robyn being crowned Young Businesswoman of the Year by the Women’s Business Club, along with taking home the title of Newcomer of the Year at the Scottish Health and Fitness Awards. 

Robyn has been a member of Royal Bank’s Accelerator Hub for the past year, working fulltime from its Edinburgh co-working space, allowing her to avoid the additional cost of renting office space while benefiting from the one-to-one mentoring on offer.  

The new app launched earlier this month and will enable Robyn’s close-knit virtual community to access a range of bespoke healthy meal plans, tailored fitness programmes and a means of connecting with likeminded users. 

Commenting on the milestone, Robyn said: “When I look back at what I’ve achieved in the past three years, I honestly need to pinch myself. I started Robyn Drummond Fitness at just 24 so to now be at the stage where I’m launching my own app and have users from all around the world is unbelievable.  

“I always say to people that I just sort of fell into being an entrepreneur. It all happened so quickly, and I didn’t have a business background or people in my family that I could go to for advice on things like accounting or securing funding.  

“The support I’ve received as part of the Accelerator has really been invaluable. From mentoring, to sharing connections and facilitating introductions with the right people, being a part of the Hub has helped me grow and develop as an entrepreneur as my business continues to expand.  

“Before I joined, I was considering renting an office space so having full access to the coworking space in the Edinburgh hub has been a game changer and means I can avoid another costly outgoing as I look to take Robyn Drummond Fitness to the next level.” 

Tara Cusack, Local Enterprise Manager at Royal Bank of Scotland, said: “This app launch marks a huge milestone in Robyn Drummond Fitness and we’re all excited to be a part of this new chapter.  

“Robyn’s balanced approach to fitness brings something new to the space, and her constantly growing user community is testament to the dedication and expertise she brings to every area of her business.  

“Royal Bank of Scotland is committed to helping scaling entrepreneurs to thrive and take their business to the next level. Members of our Edinburgh Accelerator Hub have access to one-to-one coaching with experienced Acceleration Managers as well as full use of our co-working spaces and the chance to book onto our programme of events throughout the year.” 

Royal Bank of Scotland Report on Jobs

Hiring activity across Scotland falls again in March

  • Permanent placements fall for second month running
  • Further marked drop in supply of permanent labour
  • Pay pressures moderate but remain strong overall

The latest data from the Royal Bank of Scotland Report on Jobs survey signalled a fall in permanent staff placements across Scotland for the second consecutive month in March.

The reduction was fuelled by ongoing economic uncertainty, which resulted in increased hesitancy among companies to commit to new hires. Additionally, temp billings fell for the sixth month running.

In terms of labour supply, there was a further sharp fall in the number of candidates for permanent vacancies, while temp staff availability fell at the weakest pace in the current 25-month period of contraction. At the same time, growth of demand for permanent staff moderated in March, with vacancies rising at the slowest pace in just over two years.

Furthermore, demand for temp workers contracted for the third consecutive month. In terms of pay, pressures on starting salaries and wages remained marked, partly due to the cost-of-living crisis, but also competition for workers amid ongoing labour shortages.

Downturn in permanent staff hires softens from February

Permanent placements across Scotland fell for the fifth time in the past six months in March. According to recruiters, the latest downturn was largely driven by economic uncertainty and hesitancy to commit to new hires.

While the rate of contraction across Scotland moderated notably from February, it was stronger than that recorded for the UK as a whole.

A sixth straight monthly decline in temp billings was reported across Scotland in March. That said, the respective seasonally adjusted index picked up from February’s 32-month low, indicating the softest decrease in billings since December last year.

However, at the UK level, temp billings continued to increase and at the quickest pace since September 2022.

Marked contraction in permanent staff supply

A further drop in permanent labour supply was recorded across Scotland in March, thereby stretching the current run of contraction to 26 months. The pace of decrease was broadly similar to that seen in February and stronger than the series average. According to anecdotal evidence, fewer permanent candidates were available partly due to economic uncertainty and the subsequent reduction in active job seekers.

In contrast, the UK as a whole recorded the first rise in permanent labour availability in over two years, albeit one that was mild overall.

March data revealed a fractional drop in temp staff availability across Scotland. Notably, the pace of contraction moderated further from December last year and was the weakest seen in the current 25-month sequence of reduction. A preference for permanent positions and hesitancy to switch roles reportedly weighed on availability. However, fewer work opportunities and the completion of projects helped to improve short-term labour supply in some areas.

Meanwhile, the availability of candidates for temporary vacancies at the UK level increased for the first time in 25 months.

Growth in starting salaries moderates, but remains rapid

Salaries for new permanent hires rose rapidly across Scotland in March. Competition for skilled staff, the cost-of-living crisis and labour shortages were said to have driven up salaries. While the rate of inflation was stronger than the historical and UK-wide averages, the pace of growth was the softest seen in 23 months.

March data pointed to a sharp rise in hourly wages for temporary workers across Scotland, thereby extending the current run of growth to 28 months. While the pace of temp wage inflation intensified from February, the upturn was among the weakest in the aforementioned sequence, and broadly in line with the historical average.

The pace of wage growth across the UK as a whole was quicker than that seen for Scotland.

Softer upturn in demand for permanent staff

Permanent job openings grew solidly across Scotland in March. However, the latest upturn was the softest seen for just over two years and weaker than that at the UK-wide level.

Of the eight monitored sectors, Nursing/Medical/Care saw the strongest upturn in permanent staff demand, with IT & Computing ranking second.

Demand for temporary workers across Scotland fell for the third month running in March. The rate of contraction was marked overall, and contrasted with a modest increase in temp vacancies across the UK as a whole. 

The steepest drop in temp staff demand was seen for Blue Collar roles, followed by Executive & Professional.

Sebastian Burnside, Chief Economist at Royal Bank of Scotland, commented: “March data revealed a further decline in hiring activity across Scotland, as ongoing economic uncertainty weighed on firms’ appetite for new staff.

“Moreover, with growth in permanent vacancies weakening further, and temp vacancies falling for the third month running, it appears unlikely that recruitment trends will improve much in the coming months. Nevertheless, despite the slowdown in hiring, pay pressures remained acute.

“This was in part fuelled by the cost-of-living crisis, but also increased competition for scarce candidates.”

Royal Bank of Scotland & Code First Girls partner to offer displaced Ukrainian women opportunities in Coding & Software Engineering 

Royal Bank of Scotland has partnered with Code First Girls, the largest provider of free coding courses and linked employment opportunities for women in the UK, to launch a bespoke recruitment drive for displaced female Ukrainians.

The programme is a first-of-its-kind in Scotland and will provide valuable career opportunities for displaced women in coding and software engineering. 

Opportunities for up to 60 women will be available from Wednesday, 22nd March with recruitment centres taking place at the Ukrainian Community Centre, Royal Terrace Edinburgh as well as the Leith Ukrainian refugee accommodation aboard the MS Victoria cruise liner.  

The programme will provide training and skills development over an initial 8 week period, with the opportunity for trainees to study for a full Code First Girls degree and secure permanent roles with Royal Bank of Scotland. 

The partnership with Code First Girls is an extension of Royal Bank’s commitment to helping displaced Ukrainians. The war in Ukraine has created an urgent need to support thousands of displaced families and individuals.

Throughout the past year, the bank has partnered with Edinburgh City Council and the Scottish Government to open a Welcome Centre within their headquarters. To date, the site has distributed over 10,000 welcome packs and will typically see up to 2000 children’s toothbrushes, 4,000 books and 2,000 sanitary packs handed out in one month alone. 

Code First Girls is dedicated to reducing the gender diversity gap in tech globally by giving more women the opportunity to learn new skills and pursue great careers in tech. To date, they have delivered £75 million worth of free technology education in the UK and have provided free education and employment opportunities for more than 110,000 women. 

Wincie Wong, Head of Workforce Technical Capability, Digital X at Royal Bank of Scotland said: “As a bank we recognise that we have a unique opportunity to utilise our resources and influence real change to improve lives in Scotland.  

“Our latest partnership with Code First Girls allows us to continue our commitment to helping displaced Ukrainians and empowering women in their careers. Through the programme, we will provide bespoke coding and software engineering as well as opportunities to gain work experience and be supported into employment. 

“We’re a relationship bank in a digital world and we recognise the need to continually attract and retain a talented and diverse technology workforce. Building Scotland’s coding and software engineering sector will be vital to reach our full potential as a nation and we can’t wait to see what our inaugural group will achieve”. 

Anna Brailsford, CEO of Code First Girls, said: “We are thrilled to partner with Royal Bank to offer this new opportunity for displaced Ukrainian women to learn new skills and embark on a career path in coding and software engineering. 

“We believe that by empowering women in technology, we can help to build a more diverse and inclusive industry that is better equipped to meet the demands of today and innovate for the future.”

Royal Bank of Scotland announces £160K fund to support communities affected by cost of living crisis

A £160,000 fund to help local charities and good causes supporting communities affected by the cost of living has been announced by the Royal Bank of Scotland.

Royal Bank of Scotland’s frontline colleagues in local branches and offices will be nominating good causes that they have chosen from their communities, to save charities from finding time to nominate themselves, or individuals on their behalf

The fund is part of a £1 million fund announced by the NatWest Group, which will be distributed by the bank’s boards across the UK, and forms part of a wider £5.7 million commitment to provide cost of living support across the country through partner organisations including the Federation of Small Business, the Trussell Trust, and Responsible Finance.

Over the last year, NatWest Group has provided £40 million cost of living support to its personal customers and community partners and this latest fund reaffirms its commitment to help people, families, and businesses with the rising cost of living.

Judith Cruickshank, Scotland Chair, Royal Bank of Scotland, said: “This local funding is a real opportunity for us to tailor the support we provide to Scottish charities and organisations who are delivering vital support to our communities.

“Our colleagues across the country will be shaping how the money is donated, nominating the good causes that are making a difference in their towns and villages.”

Raghu Narula, NatWest Group’s Managing Director of Customer Engagement & Distribution, said: “We are a bank driven by our purpose and values and right now that is to help our colleagues, customers and the communities they live in through the challenges faced with cost of living.

“The funding we are providing directly to our boards across the UK means that we are targeting support on a local level where it can have maximum impact.”

Royal Bank of Scotland Report on Jobs

February sees renewed downturn in permanent placements

  • Permanent staff appointments fall for fourth time in five months
  • Pay pressures ease
  • Steep downturn in candidate availability 

The latest data from the Royal Bank of Scotland Report on Jobs survey showed that recruitment consultancies saw a notable drop in the number of people placed in permanent roles during February amid ongoing market uncertainty and hesitancy to commit to new hires.

The seasonally adjusted Permanent Placements Index slipped from 54.7 in January to 42.1, signalling a renewed contraction in permanent staff hires. Meanwhile, the downturn in temp billings accelerated, with the pace of decrease the fastest in the current five-month period of reduction.

At the same time, the supply of both permanent and temporary staff shrank rapidly amid tight labour market conditions and skills shortages. Recruiters also commented that workers were increasingly hesitant to seek out or switch roles due to an uncertain economic climate.

Despite ongoing labour shortages, February data pointed to a notable cooling in the rates of both starting salary and temp wage inflation.

Renewed contraction in permanent placements

After posting in expansion territory in January, the seasonally adjusted Permanent Placements Index fell back below the neutral 50.0 level during the latest survey period, indicating a fall in permanent staff appointments for the fourth time in the last five months. Moreover, the rate of reduction was sharp overall and stronger than that seen for the UK as a whole. Recruiters often linked the decline to delayed hiring decisions and greater market uncertainty. 

Recruitment consultancies in Scotland recorded a reduction in temp billings in February, thereby stretching the current sequence of decrease to five consecutive months. The overall pace of contraction accelerated to one that was the most marked since June 2020. The fall also contrasted with a mild upturn in billings across the UK as a whole. According to panellists, a slowdown in market conditions had impacted clients’ appetite to take on short-term hires.

Availability of permanent staff falls rapidly

February data highlighted a quicker reduction in permanent staff availability across Scotland. The rate of decrease was rapid overall and quicker than the series average. Surveyed recruiters often cited skills shortages and a tight labour market when explaining the latest drop in supply.

The decline in permanent candidate numbers across Scotland outstripped that recorded for the UK as a whole.

As has been the case in each month over the last two years, temporary staff availability declined across Scotland in February. The pace of contraction was quicker than the UK-wide trend and historically sharp, with anecdotal evidence often linking the fall to a generally low unemployment rate and reluctance amongst workers to switch roles. That said, the respective seasonally adjusted index ticked-up for a second month running to a 22-month high.

Softest upturn in starting salaries for four months

Salaries awarded to newly-recruited staff rose across Scotland in February, thereby extending the current upward trend observed since December 2020. Tight labour market conditions and skill shortages continued to drive pay higher as firms competed to secure talent, according to recruiters. However, the rate of salary inflation eased further from December, signalling the joint-softest upturn in 20 months. 

Nevertheless, the rate of pay growth in Scotland outstripped that seen across the UK as a whole for the fifth successive month.

After registering the second-fastest increase in the survey’s history in January, temp wage inflation slowed notably in the latest survey period. Moreover, the rate of growth was the softest seen since April 2021. While persistent candidate shortages reportedly drove up pay, recruiters mentioned that the current economic climate limited the upturn.

The rate of wage inflation across Scotland was also weaker than the UK-wide trend.

Demand for permanent staff expands at softest rate for two years

Permanent job openings grew solidly across Scotland in February. However, the latest upturn was the softest seen for two years and below the historical average.

Of the eight monitored sectors, the strongest upturn in permanent staff demand was seen for Nursing/Medical/Care, with IT & Computing placing second.

Temp vacancies across Scotland fell for the second month running in February. The pace of contraction quickened from January and was marked. The decrease noted in Scotland contrasted with a further expansion in temp job openings at the UK level.

Blue Collar roles led the decline, followed by Engineering & Construction.

Sebastian Burnside, Chief Economist at Royal Bank of Scotland, commented: “The renewed expansion in permanent placements during January did not carry through to February, as the latest survey data from recruiters signalled a fresh reduction in permanent new hires.

“Furthermore, the contraction in temporary billings persisted, indicating a steep fall in short-term staff recruitment. The downturn in hiring activity was often linked to uncertainty around the outlook and hesitancy among clients to commit to new staff. At the same time, ongoing skills shortages made it difficult to acquire candidates for those that did want to fill roles.

“Vacancy data highlighted a relatively subdued increase in permanent roles, while temp staff demand fell for the second month running, which helped bring down rates of inflation for starting pay. Growth in permanent starters’ salaries was weaker than the trend seen over the past two years, while hourly rates of pay rose at the slowest pace since April 2021.”

Scottish private sector remains in downturn in January

  • Private sector activity falls at a quickened pace in January
  • Downturn in new orders extends to seventh month
  • Marked drop in service sector new business

The Scottish private sector reported a further fall in total activity during January according to the latest Royal Bank of Scotland PMI® data.

The Business Activity Index – a measure of combined manufacturing and service sector output – fell from December’s five-month high of 48.3 to 47.1, signalling a quickened contraction in private sector output, and extended the current run of contraction to six consecutive months.

The rising cost of living, supply chain disruptions and a slowdown in the housing market all contributed towards the latest downturn in activity.

At the sector level, January data revealed that service firms led the decline, registering faster rates of reduction in both business activity and new orders compared to their manufacturing counterparts.

New business received across the Scottish private sector posted a further contraction in January. Moreover, the pace of decrease quickened from December’s three month low, signalling a sharp reduction in new work.

The downturn was led by a faster fall in new business received at service providers, while goods producers reported the softest decline in eight months. A slow housing market, transport strikes and squeezed disposable incomes were all in part blamed for the drop in new orders.

Of the 12 monitored UK regions, Scotland registered the sharpest pace of contraction in incoming new business.

After weakening for the second month running, business expectations across Scotland improved during January and printed a six-month high. Optimism largely stemmed from anticipation of new projects and increased activity. That said, the latest reading continued to post below the survey average as worries over the war in Ukraine, energy crisis, slowdown in the real estate sector and the cost-of-living crisis weighed on growth expectations.

Additionally, business sentiment across Scotland registered the third-weakest in the UK, ahead of Northern Ireland and the North East of England.

For the second month running, workforce numbers contracted across the Scottish private sector in January. The rate of job shedding was modest overall and only fractionally quicker than that seen in December. Where a drop in employment was noted, firms cited resignations, redundancies and retirements.

The drop in workforce numbers across Scotland contrasted with the no change seen at the UK-level.

The levels of unfinished work fell during January across Scotland’s private sector, thereby extending the current trend seen since last June. Moreover, the respective seasonally adjusted index ticked down from December’s four-month high, signalling the fastest rate of depletion in the aforementioned sequence. According to anecdotal evidence, lower orders allowed firms to work through previous contracts.

The rate of backlog depletion across Scotland was the fastest of all the 12 monitored UK regions.

Firms across Scotland’s private sector recorded a sharp rise in prices during January, thereby stretching the current run of inflation to 32 months. While the rate of incline measured the softest since May 2021, the latest upturn was still marked and historically elevated. According to anecdotal evidence, the incline in input costs was linked to higher prices for raw material, energy and transport, inflation and higher wages.

The pace of input price inflation across Scotland was the second-softest among the UK regions, behind the North West of England.

Private sector firms across Scotland raised their charges for goods and services for the twenty-seventh month running in January. Though the pace of charge inflation slowed to a three-month low, it remained stronger in context of survey data. The rise in charges reflected increasing cost pressures.

Adjusted for seasonality, the Prices Charged Index for Scotland posted below the UK-wide figure.

Source: Royal Bank of Scotland, S&P Global

Judith Cruickshank, Chair, Scotland Board, Royal Bank of Scotland, commented: “The start of the year revealed that the downturn in Scottish private sector activity that began last August was extended into 2023.

“Moreover, the latest decline in private sector activity accelerated. It seems unlikely that the sector will bounce back anytime soon as services firms were severely impacted by the depressed demand conditions and the current economic climate.

“The step back in client activity has also resulted in firms trimming their workforce numbers for the second month running. Alongside an ongoing drop in the level of unfinished work, a further reduction in payroll numbers can be expected.

“However, the latest figures indicate that perhaps the worst of inflation has passed. Nonetheless, the current rates of input price and output charge inflation are still elevated and can be detrimental to the health of the Scottish private sector.”

Royal Bank of Scotland formally hands over New Town site for Edinburgh’s new concert hall

  • Royal Bank of Scotland transfers the ground behind Dundas House in the final step before work begins on site
  • City’s first new concert hall in over 100 years will complete James Craig’s plans for Edinburgh’s iconic New Town

IMPACT Scotland and Royal Bank of Scotland today marked the transfer of the land behind the Royal Bank of Scotland’s iconic Dundas House, clearing the final step to allow work to begin preparing the New Town site for the construction of Dunard Centre which will begin later in 2023. 

The music venue, which was given the green light by Edinburgh’s planning authorities in November 2021 is set transform the city’s cultural offering with the construction of its first purpose built concert hall in over 100 years.

Alison Rose, Chief Executive of the NatWest Group, of which the Royal Bank of Scotland is part, visited the site with Gavin Reid, Co-Chair of IMPACT Scotland and Chief Executive of the Scottish Chamber Orchestra, to mark the moment the site was handed over.

Alison Rose said: “Edinburgh is a global capital and world stage for international arts, culture and music. The Dunard Centre will provide further space to continue that tradition and offer further opportunity for more musicians and artists to develop and create.

“This project is a great example of what can be achieved with close collaboration across the city’s public and private sectors.  Royal Bank of Scotland is delighted to play a part in helping bring this project to life.”

Gavin Reid said: “Together, we are building a bold and brilliant venue which is an expression of faith in our city, our country and our future. The Dunard Centre will be a place where musicians and audiences come together to create and share extraordinary experiences.

“Through this final design stage we are enjoying the challenge of ensuring excellence in every surface, corridor, seat and handrail. Every detail of the building will be finely tuned to make sure that concert going is an inspirational and exhilarating experience.”

RBS as per order of itinerary , Copyright photo Paul Chappells

A specialist team led by award winning David Chipperfield Architects and Nagata Acoustics has designed the Dunard Centre to rival any in the world for design, intimacy and clarity of sound. 

With seating for 1000 people, the venue will be a transformational new home for Scottish Chamber Orchestra, an iconic new venue for Edinburgh International Festival and a gift to music lovers and performers of all genres. 

It is expected that all clearance work will complete later in 2023 and that work will begin on the new concert hall soon after.   

Dunard Centre is being funded through substantial philanthropic donations, including the visionary support of Dunard Fund, and underpinned by £25 million support from the Scottish and UK governments and the City of Edinburgh Council, as part of the City Region Deal. 

Royal Bank of Scotland is supporting the project by providing a long-term lease for the land which sits directly behind Dundas House on St Andrew Square.  A campaign is well underway to secure the remaining funds required before construction begins later in 2023.

PICTURES: Paul Chappells