Scottish firms set to do well in 2008 - commercial mortgages

04 January 2008

The Scottish economy is likely to be in good shape in 2008, which may offer encouraging news for firms with commercial mortgages in Scotland.

A survey by Lloyds TSB Scotland has concluded that businesses are well prepared to deal with the effects of the credit crunch and deliver successful growth for the economy.

It noted that in the three months to November 2007 42 per cent of firms reported an increase in turnover with 32 per cent remaining static.

While this represented a slowdown the bank did not see it as a sign that the economy in Scotland was going into a tailspin.

Lloyds TSB Scotland chief economist Donald McCrae pointed to the underlying strength of Scottish business and consumer confidence as factors that would maintain buoyancy.

He commented: "In 2007 the Scottish economy should grow at around 2.3 per cent. Despite the credit crunch the Scottish economy is in good shape to face the challenge of 2008."

The Scotsman reported today that the economy in the country now enjoys one of the top five employment rates in the world, at 77.2 per cent.