Business News Round Up (22/08/19)
Government finances weaker than expected in July
Increased government spending and weak revenues have left the UK government in a weaker position. The Exchequer borrowed £16 billion in the first quarter of the financial year, £6 billion more compared to the same period last year taking the deficit to nearly £50 billion, according to the Office for National Statistics (ONS).
https://www.bbc.co.uk/news/business-49418751
Scottish deficit shrinks again
Scotland’s national deficit is falling at a faster rate than the UK as the public spending deficit decreases by a further £1.2 billion, according to the Government Expenditure and Revenue Scotland (GERS). Onshore revenues have increased by 5.1% to reach £61.3 billion in 2018 to 2019.
https://planetradio.co.uk/borders/local/news/scottish-deficit-falls-again/
No-deal Brexit ‘could cost North West England £20bn’
Confederation of British Industry (CBI) director, Carolyn Fairbairn, has warned a no-deal Brexit could cost the North West economy £20 billion over the next 15 years.
https://www.bbc.co.uk/news/uk-england-manchester-49414253
Scotland one of the most productive parts of Britain
Research conducted by Durham University has found that Scotland is one of the most productive regions of the United Kingdom. The study claims Scotland is 46% more productive than Wales, which was recorded as least productive.