Analysing the Scottish economy to better equip you financially

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There is no denying that Scotland is capable of being independent and can sustain its citizens’ needs. This is vouched by the Scottish referendum bill last 2014. Although most of the Scottish citizens have rejected the bill and chose to stay in the 307-year union with the UK, the country has proved to have produced enough income to qualify for independence.

However, to better equip you financially, personal effort is also needed to achieve financial freedom and to live comfortably. It is your responsibility to analyze the country’s economy especially the financial situations and use the information gathered to your own advantage.

 What are the major industries in the country?

Aside from the country’s construction industry which secures an estimated 48,135 enterprises, global food and drinks manufacturing exports and tourism industry, the banking and financial service is among the major sources of the country’s impressive GDP status.

What is Scotland’s banking and financial services status?

One of the leading contributors of Scotland’s wealth is its solid financial foundations. The strength of Scotland’s Financial Services Industry has also been acknowledged internationally as one of the most important financial centers in the world.

Scotland’s financial sectors have helped about 85, 400 people with their financial problems. The government has also taken a significant step in modifying its credit system to accommodate the fewer privilege borrowers. One essential benefit of this affordable credit is that people have more access to banks and loan companies and can easily avail short term loans in case of emergencies.

How can you apply for a fast loan?

As part of the initial steps to support the provision of quick and affordable credit, the Scottish government has strengthened its short term loan policy to help out as many people as possible. With this, short-term loan companies are now easily available online.

One of the most commendable loan companies online is Peachy. It is a leading loan company in the UK which offers short term loans with multiple repayment options. This gives customers flexibility in their payment options. Applying for a short term loan with peachy is also quite easy.

Availing a loan online is a fast and easy way of getting financial help in case of emergency. However, it is highly suggested to be keen and vigilant in choosing the right company to trust.

What are the essential keys to access affordable credit in Scotland?

In line with the surge of Scotland’s banking and financial services are the inequalities in terms of affordable credits. According to The Carnegie UK Trust’s Affordable Working Group, its credit industry has created a financial cycle which excludes the country’s deprived borrowers. To break down the barriers and put an end on these inequalities, these four keys are highly suggested as initial steps.

  1. Creation of Minister for financial inclusion
  2. Easy access to basic bank accounts and community development financial institutions (CDFIs)
  3. Partnership with trusted local credit unions
  4. Additional investment to provide for Scotland’s CDFIs’ growth