Lloyds TSB: Recession slowing down for businesses

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Lloyds TSB: Recession slowing down for businesses

Wed 18th Mar 2009

Lloyds TSB has published research which suggests that the recession may be lessening for businesses in Scotland.

The latest edition of the bank's Business Monitor showed that while turnover decreased for many Scottish companies last month, overall it decreased at a slower rate than in January.

Lloyds TSB also found that, while overall expectations for increased turnover among businesses remains low, the overall balance for turnover for the next six months stands at -28 per cent, a marked improvement on the -44 per cent of the previous quarter.

Professor Donald MacRae, chief economist Lloyds TSB Scotland, said: "This edition of the Business Monitor shows the Scottish economy in the grip of recession, but the grip has relaxed.

"Whether this relaxation is temporary or permanent remains a crucial question."

Earlier today, the Office for National Statistics revealed that total unemployment across the UK had risen to more than two million.

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