Savings account provider Lloyds TSB highlights Scottish recovery

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Savings account provider Lloyds TSB highlights Scottish recovery

Tue 28th Sep 2010

Research by Lloyds TSB has shown that Scotland is continuing its economic recovery, but a source from the firm has suggested growth remains weak.

Donald MacRae, chief economist at the firm, made his remarks after the Lloyds TSB Business Monitor for the three months to the end of August was published.

It showed a net balance of growth of minus seven per cent, up from -13 per cent during the same period of 2009.

Mr MacRae noted that there are positive signs, but the improvements are "muted".

"Both consumer and business confidence remain at low levels. Growth in the Scottish economy of between 0.5 per cent to one per cent is expected for 2010," he said.

Lloyds TSB observed that an improvement in new business was particularly encouraging for the country.

Last month, the same organisation indicated that the housing market in Scotland has stalled in its recovery, with house prices seeing a quarter-on-quarter fall of 2.9 per cent.

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