Scotland’s Food & Drink Sector Tipped to Create Thousands of New Jobs
September 1, 2015
Scotland’s food and drink industry will create as many as 14,000 new jobs around the country over the course of the next five years.
That’s according to a report from the Bank of Scotland, which estimates that producers within the Scottish food and drink sector will see their turnover increase by an average of 19 per cent between 2015 and 2020.
Innovation is expected to be key to the industry’s progress, with 62 per cent of food and drink firms around the country apparently aiming to introduce new products and new ways of working.
At present, Scotland’s food and drink sector has an estimated value of roughly £14 billion but the Bank of Scotland expects to see that figure increase significantly in the coming years.
According to the bank’s report, close to half (46 per cent) of Scotland’s food and drink firms view job creation as an important means of boosting revenues and overall performance, which looks set to be good news for employment around the country.
“Scottish food and drink manufacturers of all sizes are making ambitious plans for significant growth, cementing the sector as one of Scotland’s key economic contributors,” said Graham Blair, an area director of commercial banking at Bank of Scotland.
“Collaboration is high on the agenda for firms looking to invest in R&D over the next five years, a positive sign that the industry can continue to build on its already strong reputation for more traditional Scottish food and drink produce, while exploring exciting new products and ventures.”
James Withers from the industry body Scotland Food and Drink cites “our heritage and tradition” as a key reason for Scotland’s success as an internationally-renowned producer of food and drink.
However, Withers also expects to see companies in the industry and throughout the country continuing to innovate in terms of how Scotland’s food and drink offerings are produced and marketed worldwide.
He said in response to the Bank of Scotland’s forecasts that collaboration as well as competition among Scottish food and drink firms has already helped take the industry from a position of “static growth” to being “Scotland’s best performing sector” in recent years.
If you are worried about your employment position and struggling to cope with debts call Scotland Debt Solutions to find out how we can help.
The start of a new year is the perfect time to take stock of your finances and put plans in place for a financially savvy year ahead. While you may feel your problems are insurmountable, there are always things you can do to help, most of them surprisingly easy. Here are 7 ways you can […]
If you have credit card debt which is attracting a high level of interest, moving this balance onto a lower interest card could save you a considerable amount of money. This process is known as a ‘balance transfer’, and if done correctly, this process could save you money and also reduce the time it takes […]
Many thousands of young Brits are being actively encouraged towards taking on debt and spending borrowed money even before they reach their 18th birthdays. That’s according to the price comparison website comparethemarket.com, whose research suggests that roughly one in four 16 and 17 year olds in the UK have been offered credit cards or asked […]
If you’re in serious debt with no hope of repaying your unsecured creditors, you don’t have to wait for a creditor to take legal action against you. You may be able to take matters into your own hands and apply for sequestration (bankruptcy in Scotland). This also prevents your situation from worsening. There are two […]
If you’re looking to save some money it’s a good idea to make a detailed budget that lets you see where your cash is currently being spent, and offers an overall view of your finances. You’ll need to collect together your income and expenditure details, including annual costs such as insurance, car expenses, birthdays and […]
Scotland has a number of formal debt solutions that can help you deal with a difficult financial situation. It’s advisable to take action as soon as possible, however, to prevent your levels of debt escalating when interest and other charges are added. Obtaining professional advice is key in this respect. An approved money advisor or […]