Economic growth in Scotland will accelerate this year but will trail that in the UK as a whole marginally, the EY ITEM Club forecasts.
The think-tank meanwhile said yesterday that, in an already “constrained” labour market in Scotland, “the incremental increases in income tax have created a meaningful cross-border divide”, declaring this was now a “major concern for employers”.
The EY ITEM Club predicts the Scottish economy will grow by 0.7% this year on the gross value added measure, following estimated expansion of 0.1% in 2023.
Read Ian McConnell's story here.
Hundreds of Scots affected as Tesco Bank sells to Barclays
Tesco has sold a huge swathe of its retail banking operations to Barclays in a deal worth an initial £600 million that will affect hundreds of Scottish staff in Glasgow and Edinburgh.
The retail giant has retrenched further from the financial services sector after agreeing to sell its Tesco Bank operations in credit cards, loans and savings to the high-street lender. Tesco Bank had previously withdrawn from the current account and mortgages markets, with the bank retaining services in insurance, ATMs, travel money, and gift cards.
Read Scott Wright's story here.
BT moves 450 EE office jobs from Greenock to Glasgow
Mobile phone operator EE has announced plans to close its Greenock call centre and move 450 jobs to parent group BT's offices in central Glasgow.
Staff were told Thursday morning that the company is consulting on plans to shut the Main Street office in Greenock by the end of November. It is claimed that the building is in need of substantial investment to bring it up to standard, and comes amid a push by BT to consolidate its office workers into a smaller number of locations throughout the UK.
Read Kristy Dorsey's story here.
UK homes builder Barratt to buy Redrow for £2.5 billion
Hundreds of jobs are at risk after Barratt Developments announced Wednesday morning that it is poised to take over Redrow in a deal that values its fellow housebuilder at more than £2.5 billion.
Shares in Redrow surged nearly 15% on the day after it emerged directors will recommend shareholders accept the all-share approach from its rival. Barratt shares closed down nearly 6%.
The deal comes amid a challenging period for UK housebuilders, which have seen sales come under pressure from rising interest rates, though recent figures have suggested the market was beginning to show signs of recovery.
Read Scott Wright's story here.
Alba Bank announces immediate departure of chief executive
Glasgow-based Alba Bank has this morning announced the immediate departure of chief executive Rod Ashley after six years in the post.
Mr Ashley has been with Alba - Scotland's first new bank since Edinburgh's Hampden & Co launched in 2015 - since Alba's inception in 2017.
Read Kristy Dorsey's story here.
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