A NEW survey of 600 businesses throughout the south of Scotland has revealed optimism for the future despite current economic challenges.

Almost four in five businesses and social enterprises who took part in the third business panel organised by South of Scotland Enterprise (SOSE) were optimistic for their own prospects over the next 12 months.

The survey tracks business confidence, performance and the approach to various key themes such as workforce, new technologies and net zero.

The latest survey was carried out in February and March against the backdrop of increased inflation, higher interest rates, record fuel prices and the start of the war in Ukraine.

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Businesses expressed concern about rising fuel and energy costs and to deal with the situation half of firms were increasing prices.

However, there were signs of recovery from Covid with two-thirds operating at or above pre-pandemic levels.

The survey also found that 71 per cent of businesses were using or planning to use new technologies, with low carbon the most common type of technology to be used, although the cost of introducing new technology was proving a barrier to going ahead with the plans.

Jane Morrison-Ross, chief executive of SOSE, said: “Despite the challenges, the survey indicates high levels of optimism amongst our business community, which is testament to their resilience and determination.”