The survey sampled over 500 firms – from across the Scottish economy – over the period 30th of June to 14th of July.
The findings come at a time when many lockdown restrictions are beginning to ease. But as the economy opens back up again, businesses are preparing for a ‘new normal’ which will look quite different from the pre-COVID period.
Our survey continues to show that day-to-day activity in the economy remains well below trend. We also find that many businesses are only planning to operate at a fraction of their usual capacity for the next
Many businesses have significantly increased their debt burden to get through the lockdown. Therefore, whilst the outlook has ‘improved’,
it remains hugely challenging.
Of course, much will depend upon how the virus is contained over the coming months and how policy reacts. A majority of firms plan to cut employment once the furlough support schemes are unwound.