The ongoing impact of the pandemic and the war in Ukraine are having a significant impact on the economy with inflation (CPI) in July up to 10.1% from 9.4% in June, with further increases forecast over the rest of 2022, driven by increasing demand and corresponding supply shortages. This has led to 6 interest rate rises by the Bank of England this year, with further increases up to 2.5% by 2023 predicted.
Recent market surveys continue to indicate a slowdown in the rate of growth over the last quarter both in Scotland and throughout the UK economy overall, but with the construction sector expected to continue to benefit from moderate growth over the next twelve months giving rise to continuing optimism.
Recent market surveys indicate a significant slowdown in the rate of growth over the last quarter both in Scotland and throughout the UK economy, but with the construction sector expected to continue to benefit from strong growth over the next twelve months giving rise to continuing optimism.
