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Economics

Royal Bank of Scotland Regional Growth Tracker report for March 2025

Improved business growth in some UK regions in March but economic uncertainty continues.

The Royal Bank of Scotland Growth Tracker – a seasonally adjusted index that measures the monthon-month change in the combined output of the region’s manufacturing and service sectors – registered below the neutral 50.0 mark for the fourth consecutive month in March, signalling lower activity. At 45.9, down from 49.0 in February, the latest reading signalled the strongest rate of decline since November 2022.

Commenting on the Tracker’s findings, Sebastian Burnside, Royal Bank of Scotland Chief Economist, said: "According to March’s report, London continued to lead in March, with the South West also making a sizeable contribution to UK economic growth. We saw growth broaden out slightly, as both the South East and Yorkshire & Humber enjoyed renewed upturns in business activity. "Market conditions remain challenging and recent tariff announcements suggest we could see continued challenges in the coming months. 

 

"Firms up and down the country are looking to control costs, which is feeding through to staffing decisions. “Price pressures remain high across the board, though they did at least subside slightly in most areas in March, on the eve of the changes to national insurance contributions and national minimum and living wages.”

 

Please see the regional reports in full:

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