Savings account provider Bank of Scotland issues note of caution regarding economic recovery

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Savings account provider Bank of Scotland issues note of caution regarding economic recovery

A Bank of Scotland finance expert has suggested the potential impact of cuts to government spending may be affecting the economic recovery in the UK.

Donald MacRae, chief economist at the firm, made his comments following the publication of the company's index of leading indicators, which is compiled by Markit.

The report predicted the economic recovery in Scotland could slow down towards the end of the third quarter of 2010.

Mr MacRae claimed consumer and business confidence is currently being negatively impacted by austerity cuts promised by the new coalition government in the UK.

However, he added: "The Bank of Scotland PMI showed that the Scottish private sector has been growing for 13 successive months, beginning in July of last year."

This month, Bank of Scotland announced that permanent employment in Scotland fell in July for the first time in ten months, according to research carried out for the institution by Markit.

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