Economic growth in Scotland has slowed, according to Lloyds TSB Scotland's latest Business Monitor, but businesses are expecting things to improve in the next six months. The survey found that in the three months to the end of February, 36% of firms increased turnover, 36% maintained turnover, while 28% reported a decrease.

The net balance of plus 8% was down on the previous quarter and was less than a third of that recorded for the same period one year ago. However, the survey found that expectations of increasing turnover in the next six months have improved, rising to 23%, up on the 17% of the previous quarter.

Professor Donald MacRae, chief economist at Lloyds TSB Scotland, said that despite slowing economic growth, consumer confidence "remains robust" and unemployment is at its lowest level for over 33 years.

"Business expectations for the next six months have improved," he concluded.