2008 Credit Crunch Time:Scottish Economy
Published / Last Updated on 10/01/2008
Ernst and Young
Ernst and Young have predicted that the Scottish economy is set for a rough ride in 2008 as the impact of the credit crunch hits financial services. They believe that the Scottish economy will underperform the rest of the UK for the next three years.
Economic Adviser of Ernst and Young Dougie Adams says “while financial services face a tough short-term outlook in the current climate, longer-term it has been an undoubted success story in Scotland”.
Our view
We suggest that interest rates in 2008 will fall and property is actually not going to be as bad as predicted. Scottish property is only just entering property market slowdown so it is natural that the credit crunch will bite the Scottish economy last.
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