More Scottish businesses enjoyed rising turnover in the three months to May than at any time since 1998, according to a closely watched survey.
In a poll of more than 2,000 Scottish companies by LloydsTSB Scotland, 47 per cent said they experienced rising turnover between March and May. Just 20 per cent suffered a decline, giving a net positive balance of 27 per cent.
Lloyds had not recorded such a buoyant result since the second quarter, five years ago. Earlier this year the barometer stood at just 13 per cent.
Donald Macrae, Scottish chief economist at the bank, said the recent rise in turnover stemmed from three key factors. "Sterling fell against the euro, boosting manufacturing. War-worries retreated, helping oil markets. And the possibility emerged that interest rates might be cut even lower", he said.
