Business

The Scottish whisky industry has achieved a remarkable feat in 2023, as it recorded the highest ever value and volume of exports in its history. According to the latest figures from the Scotch Whisky Association (SWA), the total value of Scotch whisky exports reached £5.6 billion, an increase of 12% from 2022. The total volume of exports also rose by 8% to 1.4 billion bottles, equivalent to 41 bottles per second. Strong demand from emerging markets One of the main drivers of the growth in Scotch whisky exports was the rising demand from emerging markets, especially in Asia and Africa.…

CBI Scotland, the leading business organisation in the country, has called on the Scottish government to take urgent action to improve the planning system and reduce the tax burden on businesses ahead of the Scottish Budget on December 16. Planning system ‘restrictive and costly’ The group said that the current planning system was restrictive and costly, and that it was holding back investment and growth in key sectors such as housing, infrastructure, and renewable energy. It urged the government to simplify and streamline the planning process, and to align it with the national economic strategy. CBI Scotland director Tracy Black said: “Scotland’s planning system…

Baxters Food Group, a historic Scottish firm known for its soups and preserves, has confirmed that it has made a number of staff layoffs due to “unprecedented” inflationary pressures. Rising costs and supply chain issues The company, which was founded in 1868 and is based in Fochabers, Moray, said that it had to take “difficult decisions” to protect its long-term future and competitiveness. It did not disclose how many jobs were affected, but said that it had consulted with the employees and their representatives. Baxters said that it was facing rising costs of raw materials, packaging, energy and transport, as…

The RAC has claimed that fuel retailers are ‘refusing’ to pass on the full savings from lower wholesale prices to motorists, resulting in drivers being overcharged by £5m a day in December. Wholesale prices drop but pump prices remain high According to the RAC, the average price of petrol in the UK fell by just 2p a litre in December, from 147.47p to 145.48p, despite wholesale prices dropping by 12p a litre. Diesel also fell by less than 2p a litre, from 150.80p to 148.92p, when it should have been around 142p. The RAC said that retailers took an average…

The case for a second referendum Scotland’s First Minister and leader of the Scottish National Party (SNP), Nicola Sturgeon, has renewed her call for a second referendum on Scottish independence, arguing that it is time to offer the prospect of progress on the issue. She said that the UK government’s handling of Brexit and the Covid-19 pandemic has shown that Scotland needs to have the power to make its own decisions and chart its own course. She also accused Prime Minister Boris Johnson of being “frightened of democracy” and ignoring the will of the Scottish people, who voted overwhelmingly to…

The Faroe Islands’ success story The Faroe Islands are a small archipelago of 18 islands in the North Atlantic, with a population of about 50,000 people. They are an autonomous territory within the Kingdom of Denmark, but have their own parliament, flag, currency, and language. They are also home to one of the most successful and innovative banking sectors in Europe. The Bank of the Faroe Islands, or BankNordik, is the largest bank in the country, with a market share of over 60%. It was founded in 1906 as a cooperative bank, and has since grown to become a modern…

A family business in Scotland announces its closure A family-run hardware store in Bridge of Weir, Scotland, has announced that it will be closing its doors after 142 years of serving the local community. Gibb Stuart Home Hardware, which has been operating since 1881, revealed that it was unable to find a viable buyer to continue the business as a going concern. The store, which sells a variety of household items, gardening tools, and DIY supplies, has been a fixture in the village for generations. The owners said that it was their “greatest privilege” to be part of the community…

The Culture Secretary has issued a notice to examine the potential impact of the proposed takeover of The Telegraph by a fund backed by Abu Dhabi on press freedom and media plurality in the UK. The deal and the notice The Telegraph, one of the UK’s oldest and most influential newspapers, is currently under the control of Lloyds Banking Group, which seized the media assets from the Barclay family in June 2023 after they failed to repay £1.2 billion in loans. The Barclay family, who had owned The Telegraph since 2004, have agreed to a deal with RedBird IMI, a…

Hundreds of whisky workers are set to go on strike during the busy festive period after rejecting a pay offer from Chivas Brothers. The workers, who are members of the GMB and Unite unions, voted overwhelmingly in favour of industrial action following a breakdown in negotiations with the company, which is part of the Pernod Ricard group. The unions said the workers were offered a 1.5% pay rise for 2023, which they described as “insulting” and “derisory” in light of the company’s profits and performance during the pandemic. Impact on production and supply The strike will affect 10 sites across…

A large forest in Aberdeenshire, Scotland, that includes the remains of a World War One airship station, is on the market for offers over £3.9 million. Lenabo Forest: A productive and historic site Lenabo Forest, located near Mintlaw, is a mixed-aged commercial forest that covers 890 acres of land. It has well-established crops of conifer and broadleaf trees, and offers long-term investment security. The forest is being sold by Goldcrest Land and Forestry Group, a specialist agent in woodland and forestry sales. The forest also contains a special extra: the site of the former Lenabo Airship Station, also known as…