12 The rates of earnings growth during the pandemic need to be interpreted with caution as base effects, compositional factors and the furlough scheme have all influenced the data.

13 Earnings and employment from Pay As You Earn Real Time Information, UK - Office for National Statistics (ons.gov.uk)

14 The latest consumer sentiment survey was undertaken between 1 – 27 June 2022.

15 Scottish Consumer Sentiment Indicator : Monthly Data - gov.scot (www.gov.scot)

16 Retail sales, Great Britain - Office for National Statistics (ons.gov.uk)

17 GDP Quarterly National Accounts: 2022 Quarter 1 (January to March) - gov.scot (www.gov.scot)

18 Money and Credit - June 2022 | Bank of England

19 Consumer price inflation, UK - Office for National Statistics

20 Producer price inflation, UK - Office for National Statistics (ons.gov.uk)

21 Bank Rate increased to 1.25% - June 2022 | Bank of England

22 World Economic Outlook Update, July 2022: Gloomy and More Uncertain (imf.org)

23 Forecasts for the UK economy - GOV.UK (www.gov.uk)

24 Scotland’s Economic and Fiscal Forecasts – May 2022 | Scottish Fiscal Commission

25 https://fraserofallander.org/publications/fai-economic-commentary-2022-q2/

Contact

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