Scotland’s economy is currently underperforming compared to the rest of the UK, according to the latest GDP figures.

Kevin Brown, Savings Specialist at Scottish Friendly, comments on the most recent Scottish GDP figures: “It is concerning that the Scottish economy is lagging behind the UK’s in these latest figures.

“However, any such faltering could be short-lived as rate setters begin to look at lowering the base rate in order to ease conditions for the economy.

“Despite this lag, with interest rates finally heading in the other direction, and inflation back at normal levels, it could be that Scottish households begin to start feeling better off for the first time since the cost-of-living crisis really took hold.

“While that is certainly a good thing, households need to think carefully about how they might weather any future storms.

“There is some way to go yet and the path is unlikely to be a smooth one, so building greater financial resilience to protect against future shocks is sensible.”