Scottish economy ‘remains sluggish’

<p>A report has indicated the Scottish economy is still sluggish.</p>

Scottish economic growth remains weak, according to a new report, with many firms reporting disappointing revenues.

The Lloyds TSB Scotland Business monitor found 36 per cent of companies experienced lower turnover in the three months to August, while one-third of organisations reported this figure was higher and 31 per cent claimed it was static over this period.

Predictions for the coming six months are not encouraging with three in ten businesses expecting turnover to slide.

Chief economist for Lloyds TSB Scotland Donald MacRae stated, however, that it does not appear the situation will get much worse.

"While the Scottish economy has continued to deliver a sluggish performance over the summer, there are no signs of a relapse into deep recession," he explained.

At 11:05 BST, the pound was holding firm in forex trading, rising marginally versus the dollar to £1 for every $1.623 and making gains of 0.3 per cent against the euro to €1.258.

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