A recent survey conducted by the Bank of Scotland has revealed a significant boost in confidence among Scottish businesses for the upcoming year. The bank’s business barometer poll indicates that 73% of Scottish businesses anticipate an increase in turnover for 2025, marking a substantial rise from the 60% reported in 2023.
The survey, which has been consistently polling 1,200 businesses monthly since 2002, provides valuable insights into economic trends across the UK. Key findings from the poll include:
- Nearly a quarter (23%) of businesses expect their revenue to rise by 6% to 10% over the next 12 months
- Just over a fifth (21%) of businesses project even higher growth rates
- 70% of businesses express confidence in becoming more profitable in 2025, a 2% increase from the previous year
Martyn Kendrick, Scotland director at Bank of Scotland commercial banking, said:: “Scottish businesses are looking ahead to 2025 with stronger growth expectations, and setting out clear plans to drive this expansion through investments in new technology, new markets and their own teams.”
The survey also highlighted key priorities for Scottish businesses in the coming year:
- 52% of firms cite revenue and profitability growth as their top priority
- 40% aim to improve productivity
- 29% plan to enhance their technology through automation or AI, while an equal percentage intends to upskill their staff
- 22% want to improve their environmental sustainability
Additionally, the poll revealed that 24% of businesses plan to invest in expanding into new UK markets, while 23% intend to allocate resources for staff training.
Kendrick added: “As we enter the new year, we’ll continue to be by their side to help them pursue their ambitions and seize all opportunities that lie ahead.”
This optimistic outlook from Scottish businesses suggests a positive economic trajectory for Scotland in 2025, with firms demonstrating a clear focus on growth, innovation, and sustainability.
