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Scottish businesses find renewed optimism

A survey by the Clydesdale and Yorkshire Banks has today cast a very different light on the Scottish economy to that which has been portrayed in the recent financial press. The survey confirms that 56% of Scottish businesses expect to grow over the next 12 months with just 10% expecting a reduction in business levels. This would seem to be at direct odds with recent comments about the Scottish economy and the forecast that it would be the last area of the UK to recover.

This news comes only hours after the Scottish Executive confirmed that its export agency had increased Scottish exports to the tune of £500 million over last 12 months. It would also appear that the historic dependence upon the oil industry is being diluted by the introduction of new business sectors and the growth of existing business groups.

Whether or not this renewed optimism in the Scottish economy will strengthen the case for independence in the short to medium term is open to debate as there are also suggestions of new taxes from the Scottish executive in the future. Over taxation of the Scottish population and the Scottish business arena would be highly detrimental to the economy as a whole and could hold back any strong recovery.

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