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UK economy on its way to “normal”

UK economy on its way to “normal”

Good news on the UK economy came in twos yesterday as employment showed record levels of growth and GDP moved closer to regaining its pre-recession level.

The number of Scots in work reached a new high, with a record 2.6million people across the country now in employment.

The total, which covers the period January to March this year, is the highest since records began in 1992.

Employment was up by 29,000 over the quarter and is 67,000 higher than the same time last year, figures from the Office for National Statistics (ONS) revealed.

Liz Cameron, chief executive of Scottish Chambers of Commerce, said: “This is good news to hear that Scottish unemployment is falling. The overall figure shows that Scottish businesses are becoming more confident to invest in new talent for the growth of their company.

“However, digging deeper with these figures, we can see that males have experienced an increase in employment, but this is not the same case for women who experienced a fall in employment by 5,000.

It is crucial that our businesses prioritise a diverse skills base to maximise the opportunities available to the Scottish economy. For our members, championing the necessity to grow and nurture our talent is a priority and by leading the national conversation on what the business needs are to rejuvenate Scotland’s talent, we can create a positive environment for Scottish businesses.”

Overall UK employment also reached record levels, although the employment rate in Scotland continued to be above that for the UK as a whole, with 73.5% of the population in work north of the border, compared to 72.7%.

Bank of England governor Mark Carney said GDP was close to regaining its pre-crisis level.

He said: “The UK economy continues to perform strongly. The economy has started to head back towards normal.”

GDP is set to grow by 3.4% this year – unchanged from its previous prediction. But the “Old Lady of Threadneedle Street” has increased the target for next year from 2.7% to 2.9%.

However, the forecast for 2016 has fallen from 2.9% to 2.8%.

Meanwhile, the Bank sharply revised down its expectations on unemployment, predicting that the rate would fall to 5.9% in two years.

Mike Franklin, chief investment strategist at Beaufort Securities said, “The Bank of England governor shows an understandable reluctance to raise interest rates despite the pressures mounting on him from the growing evidence of a strong economic recovery and the attendant concerns about inflation rising.”