A business group is urging the UK and Scottish governments to make clear what support they will give firms in the face of "a looming recession".
The Scottish Chambers of Commerce said the economy was "struggling against a growing whirlwind of pressures". It added that frozen investment, faltering confidence, falling cashflow and profits "paint a concerning picture" for businesses in Scotland.In the survey, energy bills were cited by firms as the top cost pressure, followed by labour and fuel costs, while about 90% of respondents expressed concern over inflation.Firms also reported a fall in confidence, compared with the previous quarter.
Eighty per cent of the survey's 280 respondents said they intended to raise prices in the next quarter in the face of increased costs and inflationary pressures.suggested that Scotland's economy was likely to be already in recession. The Fraser of Allander Institute said economic output was falling for a second quarter and forecast it would continue until the end of 2023.
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