Economy 'grinding to a halt'

Sep 25 2008

The Scottish economy is "grinding to a halt" as the effect of the credit crunch takes hold, experts said.

Lloyds TSB Scotland said the country had been stung by slowing output and increasing costs, leading to some of the poorest results ever recorded by its Business Monitor.

Economic forecasts for the country are also gloomy, with the overall turnover for Scottish businesses predicted to drop by 28% in the next six months.