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Xero Small Business Index Shows Scotland Leading Economic Growth

TODAY, Xero has announced the latest findings of its quarterly Small Business Index (XSBI). The index reveals that Scotland is surpassing the rest of the UK in terms of growth, making a significant contribution to the overall economic development of the country.

Despite the success seen in Scotland, small businesses nationwide are still facing challenges such as a decline in sales and ongoing issues with late payments. This has put a strain on SMEs across the country.

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Scotland Leading the Way in Growth

SMEs in Scotland have seen remarkable wage and sales growth compared to the rest of the UK. With a 3.6% year-on-year wage increase and a 5.7% year-on-year rise in sales over January and February, Scotland has outperformed national averages.

National Sales Downturn and Late Payment Issues Persist

Despite the success in Scotland, overall sales growth for small businesses in the UK remains stagnant, with only a 0.5% year-on-year increase in the March quarter. The challenges are further exacerbated by the prolonged issue of late payments, with small firms waiting an average of 28.7 days to receive payment.

Accelerating Growth and Addressing Challenges

Xero’s Managing Director for the UK & Emerging Markets, Alex von Schirmeister, emphasizes the importance of addressing issues such as late payments to support small business growth. By holding large firms accountable for timely payments, the government can play a crucial role in fueling the recovery and success of small businesses across the UK.

In conclusion, while there are pockets of strong performance in regions like Scotland and the North of England, addressing common challenges such as late payments and stagnant sales growth is essential to ensure a robust recovery for small businesses nationwide.

For more detailed insights, you can access the full Xero Small Business Index report here.

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