Business confidence in Scotland was the joint highest of any UK nation or region in May, according to the Bank of Scotland Commercial Banking.

The bank’s latest Business Barometer showed companies in Scotland reported higher confidence in their own business prospects month-on-month, up 16 points at 60%. When taken alongside their optimism in the economy, up 13 points to 53%. This gives a headline confidence reading of 57% (vs. 42% in April) – the joint highest overall confidence reading on the Business Barometer in May, alongside the South East of England (also 57%).

A net balance of 50% of businesses in Scotland also expect to increase staff levels over the next year, up eight points on last month.

The bank’s latest Business Barometer showed companies in Scotland reported higher confidence in their own business prospects month-on-month, up 16 points at 60%. When taken alongside their optimism in the economy, up 13 points to 53%. This gives a headline confidence reading of 57% (vs. 42% in April) – the joint highest overall confidence reading on the Business Barometer in May, alongside the South East of England (also 57%).

A net balance of 50% of businesses in Scotland also expect to increase staff levels over the next year, up eight points on last month.

Looking ahead to the next six months, Scottish businesses identified their top target areas for growth as investing in their team, for example by investing in training (44%), evolving their offering (40%), and introducing new technology (36%).

The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide. The data for this edition was collected between 1 and 16 May, before the UK general election was announced.

In May, overall UK business confidence reached its highest level since 2015 – rising by eight points to a net balance of 50%.