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PREMIUM
Boris Johnson and Sajid Javid, who has returned to the Cabinet, during the election campaign in December 2019 Picture: Stefan Rousseau/PA WITH every day that passes, the danger signals arising from the miserably uneven nature of the economic recovery from the huge pandemic fall-out flash ever-more alarmingly. Scottish Chambers of Commerce’s latest quarterly survey published this week, in partnership with the University of Strathclyde’s Fraser of Allander Institute, confirmed overall recovery is well under way with the easing of coronavirus-related restrictions. This is a relief. However, we must keep in mind how sharply economic output tumbled last year – it fell by 9.6 per cent in Scotland and 9.8% in the UK as a whole.
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Export slump threatens to put the brakes on Scottish economic recovery
© Shutterstock / smshoot
Parts of the Scottish economy are bouncing back quicker than expected – but many businesses are still suffering pandemic and Brexit-induced export woes.
These are among the findings of the latest Scottish Chambers of Commerce (SCC) Quarterly Economic Indicator Survey.
Reporting “positive growth” in all sectors covered by the survey today (July 6), SCC says Scottish firms are seeing the first shoots of recovery in more than a year as Covid-19 constraints ease.
Route to economic recovery ‘a marathon, not a sprint’
But caution is still the watchword, SCC president Tim Allen warns, adding: “The success of the vaccine rollout has enabled the easing of restrictions and the gradual reopening of the economy, unleashing pent-up demand.