Carmichael welcomes positive economic report

Posted on 11/08/2014 by


money-001A report highlighting positive signs for Scotland’s economy has been welcomed by Scottish Secretary Alistair Carmichael.

The Bank of Scotland’s latest Purchasing Managers Index (PMI) survey says business activity rose at the fastest rate in six months in July, supporting continued employment growth. It also reports a ‘robust increase’ in overall new business and adds that Scotland’s private sector output increased at a “sharp and accelerated rate”.

The bank’s Purchasing Managers Index (PMI) – a measure of the month-on-month change in combined manufacturing and services business activity – was at a six-month high of 56.8, up for the second straight month from 55.9 in June and 54.0 in May.

Commenting on the latest economic report, Mr Carmichael said: “Today’s PMI report shows that being part of the UK with its larger market, stronger and growing economy and stable currency is creating more jobs and better opportunities for Scotland.

“As we move into the second half of 2014, this report shows that Scottish employment has grown for the 20th straight month. This builds on the encouraging economic signs so far this year, such as reaching a record high in employment, more Scottish women in work than ever before and the UK’s economy being predicted to grow faster than any other G7 economy.

“It is also very encouraging to see a rise in the number of new Scottish businesses. Backing small businesses is a vital part of the government’s long term economic plan. Since 2010, 3,300 entrepreneurial Scots have moved from Jobseekers Allowance to becoming their own boss and since its introduction in April this year, 57,000 Scottish businesses have already taken advantage of our employment allowance.”

Scotland Office