Scottish Business and Economy Coverage

Business News Scotland

Independent news and analysis on the Scottish economy, energy, finance and technology.

Business News Scotland

Business News Scotland

Scottish Business and Economy Coverage

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Independent Reporting on Scottish Business

Business News Scotland reports on the companies, markets and policy decisions that shape the Scottish economy. It is written for founders, directors, advisers and anyone who needs to understand how business is changing north of the border.

Business Insights for the Scottish Market

News, Analysis and Practical Guidance for Scottish Business Community

Almost everyone doing business across the island of Ireland ends up planning Dublin-to-Belfast travel, usually more often than they expected, and usually having underestimated the journey the first time.

The distance is around 100 miles. There is no border check, no passport control, and nothing to mark the crossing except road signs changing from kilometres to miles.

It is still a genuine journey, and the number of people who treat Dublin to Belfast travel as a short hop and then have a bad afternoon is considerable.

Here are the realistic options.

OptionJourney timeBest forMain drawback
Enterprise train2h 15mCity centre to city centre, solo travelLimited services, fixed to timetable
Coach2h 30m to 3hBudget travel, flexible timingSlowest, limited luggage
Hire car1h 45m to 2hMulti-stop trips, rural destinationsUnfamiliar roads, parking, cross-border policy
Private transfer1h 45mGroups, tight schedules, airport connectionsHigher cost than the alternatives

The Train

Intercity train on the coastal line between Dublin and Belfast, running beside the Irish Sea

The Enterprise train runs between Dublin Connolly and Belfast Lanyon Place several times a day and takes a little over two hours. It is comfortable, follows the coast for part of the way, and you can work throughout.

Its limitation is frequency. There are not many services, so a meeting that overruns by twenty minutes can cost you two hours, and the train puts you in the city centre at either end, which is ideal if that is where you are going and inconvenient otherwise. For a single traveller going between the two city centres, it is usually the right answer.

The Coach

Passengers boarding a coach for the Dublin to Belfast route at a city centre bus station

Several operators run the Dublin to Belfast coach route, and it is considerably cheaper than everything else. Journey times stretch towards three hours depending on traffic and stops, and luggage capacity is limited, so it suits a flexible solo trip with a small bag rather than anyone going straight to a meeting.

The Hire Car

Hire car on the M1 near the border, used for cross-border travel between Dublin and Belfast

A hire car is sensible when the trip involves multiple locations, particularly rural ones, and when you want the freedom to change plans. Before booking, confirm the hire company permits cross-border travel, because policies and insurance vary and some restrict it.

Fuel is priced in euros in the Republic, and sterling in Northern Ireland, and the M1 tolls south of the border take euros.

Belfast city centre parking is expensive, and the one-way system is unhelpful to newcomers, although the roads themselves are straightforward, with the M1 running most of the way.

The Private Transfer

Private transfer driver loading luggage outside Dublin Airport for a business trip to Belfast

The private transfer is the option most people dismiss on cost and reconsider after a bad experience with one of the others. It makes sense when a group is travelling and the cost is divided, when the schedule is tight and a missed train would be costly, and when the journey connects to a flight, which is the most common case.

That third point is the one worth understanding properly. Dublin Airport carries considerably more long-haul routes than either Belfast airport, so a great many people flying into or out of Ireland for business use Dublin and then travel north.

The transfer becomes part of the flight rather than a separate journey, and operators running the Belfast to Dublin Airport route will track the flight and adjust the collection, which removes the risk of an aircraft landing ninety minutes late into a booking that has already gone.

For travel through the Belfast airports instead, there are direct Belfast City and Belfast International transfers, and both of those are much shorter runs at around ten and thirty minutes from the city.

A Note on Taxis

Taxi meter in a car on the motorway, showing the cost of a long taxi journey from Dublin to Belfast

People occasionally take a metered taxi from Dublin to Belfast, usually having arrived somewhere with no plan.

Over 100 miles, this is expensive, and the meter keeps running in traffic on the M1. A fixed-price private transfer booked in advance is generally cheaper and more comfortable, so a phone call before getting into the taxi is worthwhile.

Practical Points That Catch People Out

Euro and sterling coins with a phone and bank card, prepared for Dublin to Belfast travel

Currency. Euro in the Republic, sterling in Northern Ireland. Card works everywhere; cash does not cross.

Mobile roaming. Check your plan. Some UK contracts treat the Republic as roaming, and some do not, and the phone will switch networks somewhere around Newry whether you want it to or not.

Timing. Leaving Dublin between four and six in the evening will add forty minutes before you have left the city.

Distance beyond Belfast. If the destination is further north again, add another hour and a half to Portrush or the Causeway Coast. Belfast is not the end of the island.

The journey is easy. It simply is not short, and planning it as though it were is the only thing that reliably goes wrong.

Scottish exports to countries outside the EU were worth £21 billion in 2023, broadly the same as in 2018 once inflation is taken into account, according to Export Statistics Scotland. The United States remained the largest single non-EU market. Growth has come mainly from services, while the volume of goods sent beyond the EU has fallen sharply since 2019-20.

Scotland’s trade with the rest of the world has been through a turbulent period. Brexit, the pandemic, the energy price shock after Russia’s invasion of Ukraine and new US tariffs have all affected what Scottish companies sell abroad and where.

The latest official figures, brought together by the Scottish Parliament Information Centre in August 2026, show a mixed picture. Scottish exports beyond the EU have held their value, but the mix has shifted from goods towards services.

The Headline Figures on Scottish Exports

Export Statistics Scotland, published by the Scottish Government, is the most complete source. It covers goods and services, and exports to the rest of the UK as well as to other countries. Its latest edition covers 2023.

Total Scottish exports were worth £93.1 billion in 2023, a fall of 3.3 per cent on 2022 in cash terms and 7.0 per cent after inflation. Exports to non-EU destinations were valued at £21 billion, broadly similar to 2018 in real terms. Exports to the EU fell by 11 per cent in real terms over the same period, to £17 billion.

Among international markets, the EU single market accounted for 45 per cent of Scottish exports in 2023, the United States for 17 per cent and China, the third largest partner, for 3 per cent.

Services Are Driving Growth Beyond the EU

Services are where the growth in Scottish exports has come from. Scottish service exports were worth £45.4 billion in 2023, almost half of all exports. Most go to the rest of the UK, which took 66 per cent, but international sales have grown.

Between 2019 and 2023, service exports to countries outside the EU rose by £1.4 billion, or 18 per cent. Service exports to the EU rose by £1.2 billion, or 21.5 per cent. Much of that recovery happened in 2022.

Three sectors dominate service exports: financial and insurance activities, at 25.1 per cent of the total, wholesale and retail trade, at 22.6 per cent, and professional, scientific and technical activities, at 19.3 per cent. The professional and technical share has grown from 12.4 per cent in 2008, while financial services have fallen from more than a third to around a quarter. Edinburgh’s role in financial services and fintech is covered in the analysis of Edinburgh’s fintech cluster.

Goods Sent Beyond the EU Have Fallen

The goods side of Scottish exports is weaker. HMRC regional trade statistics, which measure goods only, show the value of Scotland’s international goods exports peaked in 2022-23 at £37.3 billion, boosted by high gas prices.

The physical volume tells a different story. By 2025-26, the mass of Scottish goods exports to non-EU destinations was 75 per cent below its 2019-20 peak. The mass of EU exports fell by 26.1 per cent over the same period. Much of the non-EU decline reflects lower exports of petroleum products.

Food and drink remain central to Scottish exports. Beverages, mainly whisky, were worth £4.9 billion in 2025-26 and seafood £1.1 billion. Together they made up 86.2 per cent of Scotland’s food and drink exports. Scotland accounted for 27.4 per cent of the UK’s food and drink exports by value. Even so, beverage exports have fallen by 5.9 per cent in real terms since 2016-17.

What Scottish Exports to the US Look Like

The United States is Scotland’s largest non-EU market. In 2025-26, three sectors made up most Scottish goods exports to the US: machinery and transport equipment, at 36.4 per cent, beverages and tobacco, at 23.6 per cent, and chemicals and related products, at 17 per cent.

Tariffs have caused some unusual swings. Exports of non-ferrous metals to the US averaged about £96 million a year from 2016-17, but reached £389.3 million in 2024-25, with £339.2 million of that between January and March 2025. Future Economy Scotland has suggested that companies may have brought shipments forward to avoid expected tariffs.

The Government’s Target and New Priority Markets

The Scottish Government’s export strategy, A Trading Nation, aims to raise the value of international exports from the equivalent of 20 per cent of Scottish GDP to 25 per cent by 2029. According to the Scottish Parliament Information Centre, little progress had been made towards that goal in the years to 2023.

In 2025, the Scottish Government revised its list of target markets. It now identifies 20 priority markets, up from 15 under the original strategy. Saudi Arabia has been added as a priority market, while Turkey and Nigeria are no longer treated as priorities.

What It Means for Exporters

The figures suggest two different stories. For services firms, particularly in professional, technical and financial services, markets beyond the EU have been growing. For goods exporters, the picture is tougher, shaped by commodity prices, tariffs and the long decline in petroleum exports.

Exporters to the EU face their own rules, set out in the Q&A on EU trading conditions for Scottish exporters. Some companies can use customs sites and tax reliefs in the green freeports, explained in the article on how Scotland’s green freeports work. The wider economy behind Scottish exports is covered in the report on Scottish GDP growth, and the new Scottish Government’s economic portfolios are set out in the article on what the new Scottish Government means for business.

This article gives general information rather than trade, tax or legal advice. Businesses planning to enter new export markets should take advice from a customs adviser, accountant or trade specialist, and can seek support from public export programmes.

More coverage of the Scottish economy is collected in the Economy section.

Frequently Asked Questions

Why Do Different Export Statistics Give Different Figures?

Export Statistics Scotland covers goods and services, includes sales to the rest of the UK, and is published annually with a delay of around two years. HMRC regional trade statistics cover international goods only, are published quarterly, and assign exports to Scotland based on where businesses are located, so the two sources measure different things.

Are Oil and Gas Included in Scottish Export Figures?

Export Statistics Scotland excludes the extraction of oil and gas from the North Sea, so its totals do not include crude oil or gas produced offshore. HMRC goods statistics include fuel products such as refined petroleum and gas exported from Scotland, which is why those figures move sharply with energy prices.

How Have US Tariffs Affected Scottish Whisky?

Since April 2025, most UK goods entering the United States, including Scotch whisky, have faced a baseline tariff of 10 per cent. The whisky industry has argued for its removal, and the effect on sales varies by product and price point.

Where Can Exporters Get Help to Reach New Markets?

Scottish Development International, the international arm of Scotland’s enterprise agencies, offers advice and market support. The UK Department for Business and Trade also runs export programmes, and chambers of commerce provide export documentation and local advice.

The Scottish National Investment Bank is a publicly owned development bank that invests £1 million to £50 million in Scottish businesses and projects on commercial terms. It backs companies and projects aligned to three missions: net zero, regeneration of places, and innovation. By its latest annual report, it had committed £1.2 billion, with a further £1.9 billion invested alongside it.

The Scottish National Investment Bank was launched in November 2020, after the Scottish National Investment Bank Act was passed in February 2020. The Scottish Government committed £2 billion to capitalise it over its first 10 years.

It is not a grant body and not a high street lender. It invests on commercial terms, alongside private investors, in businesses and projects that the private sector alone can be reluctant to finance. For founders and project developers, that makes it a distinct source of capital with its own expectations. The Scottish National Investment Bank does not award grants, and it does not invest to rescue businesses that are failing.

What the Bank Invests In

The Scottish National Investment Bank describes itself as a mission impact investor, seeking commercial, social and environmental returns from each investment. Its three missions are achieving a just transition to net zero by 2045, extending equality of opportunity through improving places, and harnessing innovation to enable people to flourish.

According to its investment strategy for 2025-26, it invests between £1 million and £50 million in each business or project, mainly through debt and equity. From time to time, it also invests in funds aligned with its missions. Investments carry covenants and protections in line with market norms and the risk involved.

Recent examples show the range. The bank committed £45 million to Highview Power’s long-duration energy storage facility at Hunterston and £50 million to Octopus Capital’s Affordable Housing Fund. It led a £3 million Series A round for Bioliberty, a healthtech company, and invested £10 million in Pulpex, a sustainable packaging manufacturer. With the National Wealth Fund, it put £50 million into Haventus, the owner of Ardersier Port.

The Latest Scottish National Investment Bank Results

The bank published its annual report and accounts for the year to 31 March 2026 in August. It committed £374 million in the year, the most in any single year since it opened, with a further £445 million from other investors committed alongside.

The year also brought losses. According to reporting by the Financial Times, the loss was driven by portfolio writedowns and the failure of five companies the bank had backed. Chief executive David Ritchie said 90 per cent of the losses related to investments made in the bank’s first three years, before it tightened its approach in 2023.

Excluding investment losses, the bank reported an operational profit of £12 million. Its income has consistently exceeded its operating costs, an important step towards running without further support for its day-to-day operations.

The tighter approach matters for anyone seeking investment now. Ritchie said it brought a greater focus on later-stage technologies and stronger commitments from co-investors.

How to Approach the Scottish National Investment Bank

The starting point is fit. The bank looks for businesses and projects that serve at least one of its missions, can show a credible commercial case, and need investment within its £1 million to £50 million range.

Co-investment is central. The bank’s role is to crowd in private capital, not replace it, so a proposal with committed or interested private investors is likely to be stronger than one without. Companies earlier in their funding journey may find angel investors or venture capital firms a more natural first step.

Proposals need the same groundwork as any serious investment case. That usually means a clear business plan, financial forecasts, evidence of demand and an explanation of how the bank’s money will be used and repaid or returned.

Expect scrutiny. The bank invests public money on commercial terms, and its due diligence reflects both. The process can take time, particularly for larger or more complex investments.

Where the Bank Fits Alongside Other Support

The Scottish National Investment Bank sits alongside other public sources of finance. For growing companies seeking grants, research and development support or account management, the agency route is set out in the guide to applying for Scottish Enterprise funding. Start-up founders building their first company can find education and investor connections through the programme described in the guide to Scotland’s tech start-up programme.

The bank’s net zero investments connect with the wider energy transition, including the green freeports, explained in the article on how Scotland’s green freeports work, and the grid capacity behind energy storage projects, covered in the analysis of grid connection reform.

This article gives general information rather than financial or investment advice. Businesses considering an approach to the bank, or any investor, should take advice from an accountant, corporate finance adviser or solicitor on the terms and implications.

More guides on finance for Scottish firms are collected in the Finance section.

Frequently Asked Questions

Is the Bank Part of the Scottish Government?

No. It is a public limited company wholly owned by Scottish Ministers, but it operates independently of the government in its investment decisions. Its shareholder relationship with ministers is set out in a formal framework.

How Is It Different From the National Wealth Fund and the British Business Bank?

Both are UK-wide bodies. The National Wealth Fund invests mainly in large infrastructure and clean energy projects, while the British Business Bank supports smaller firms largely through lenders and fund managers. The Scottish bank focuses only on Scotland and invests directly against its three missions.

Does the Bank Invest in Companies Based Outside Scotland?

Its investments must support the Scottish economy. A company based elsewhere would need a substantial presence, operations or project in Scotland to be considered.

Can Members of the Public Invest in or Bank With It?

No. Despite its name, it is not a retail bank and does not take deposits or sell shares to the public. Its capital comes from the Scottish Government and from returns on its own investments.

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Editorial

Business News Scotland is edited in Glasgow by a former regional newspaper reporter who has covered Scottish industry for fifteen years. Every article names its sources, figures link to the original release where possible, and corrections are published with the date they were made.Guides are reviewed when the rules they describe change. News tips and pitches from contributors can be sent through the contact form."

Iain MacPherson, Editor

Business News Scotland

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Economy, Energy, Finance, Technology
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Coverage is organised into four sections. Economy follows GDP, jobs, trade and the Scottish Budget. Energy covers the North Sea, offshore and onshore wind, and the grid. Finance reports on Scottish banks, investors and the funding open to growing firms. Technology follows start-ups, university research and the investors behind them.

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