Economy news

Latest news on CBI Scotland political engagement through July and August. 

The ONS’ preliminary estimate of UK Q2 GDP showed that growth picked up slightly to 0.4% after a weather-addled Q1. Prior to the release, surveys and official data pointed to firmer economic momentum in Q2, and the outturn was in line with the Bank of England’s forecasts. Partly as a result, the Monetary Policy Committee (MPC) voted unanimously to raise rates by 25 basis points to 0.75% in August. However looking ahead, growth momentum in early Q3 looks to be more mixed.

The ONS’ latest labour market data paints a familiar picture —strong employment growth and falling unemployment.

There were a wide variety of economic data released over the last couple of weeks, which painted familiar themes for the UK economy. While the labour market continues to grow strongly, real wage growth remains weak and living standards are still under pressure. Recent CBI surveys indicate some pick up in momentum in the three months to July, but growth remains relatively tepid overall and expectations are for a slight softening in growth in the near-term.

We responded to the Bank of England’s decision to raise interest rates from 0.5% to 0.75%.

Read the latest insights from the quarterly SME Trends Survey. 

Growth in the UK’s private sector picked up in the three months to July, according to the latest CBI Growth Indicator. 

Read all about the recent political developments and FDI inflows in India in the latest issue of India Update.

We're encouraging companies to consider a range of measures to keep employees comfortable during the heatwave.