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.
If your credit score has been affected by problem debt, you may be looking for ways to start rebuilding it and getting on with your financial future. Whether you are still struggling with your debt or have entered into an official debt management or insolvency procedure such as a Debt Arrangement Scheme (DAS), Trust Deed […]
If you’re worried that the council might take action against you for non-payment of council tax, entering into a Scottish trust deed can be a beneficial step. It stops legal action by all creditors included in the arrangement, and provides a ‘safe haven’ from which to regain control of your finances. As council tax arrears […]
A debt payment programme (DPP) remains on your credit file for six years, along with other default markers and court judgments that have been made against you. This can seriously affect your ability to borrow for this period of time, and longer. Even if you can secure borrowing, lenders are only likely to offer unfavourable […]
If you owe a debt of £5,000 or less, your creditor may send you a Simple Procedure Notice of Claim. This is a relatively new procedure that was brought in by the Scottish government and commenced on 28th November 2016 – their intention being to make it easier to resolve debt disputes. So if you’ve […]
A Bankruptcy Restriction Order may be made against you if it’s believed that you acted dishonestly, recklessly or unlawfully before you were made bankrupt, or during your bankruptcy. Your Trustee will inform the Accountant in Bankruptcy (AiB), and if their suspicions are upheld, a BRO of 2-15 years can be made depending on the seriousness […]
Debt payment programmes (DPPs) are an intrinsic part of the Debt Arrangement Scheme, which allows you to pay off unsecured debt at an affordable rate. If a debt payment programme is rejected by one or more creditors, the DAS Administrator can apply their discretion on whether to approve the plan, after using a test to […]