Business News Round Up (01/04/2022)
Demand for tech talent soars as Scotland faces ‘fierce competition’ for workers
Demand for tech talent has skyrocketed in Scotland over the past 12 months – but the nation is facing “fierce competition” when it comes to attracting skilled workers, according to research. New figures show during the past year there were more than 11,200 advertised roles in Edinburgh and 10,100 in Glasgow, an increase of five and seven-fold respectively. Data from global consulting giant Accenture also found that Scotland is struggling to compete with other UK regions when it comes to attracting workers with the right skills. The company’s ‘tech talent tracker’ – which analyses LinkedIn’s Professional Network data – revealed demand for IT professionals has increased across all four nations since 2021, as the jobs market recovers from the Covid-19 pandemic. London continues to have the lion’s share of the nation’s open technology roles, at 68,000, with demand increasing by 89 per cent from last year. The research also showed slower growth in the number of people with technology skills in Scottish cities compared with other UK regions outside London.
Over a quarter of UK businesses do not feel prepared for a customs audit, poll finds
Over a quarter of UK traders have said they would not feel prepared for a customs audit from HMRC were one to happen in their business tomorrow, a new poll has found. On an IOE&IT webinar yesterday (30 March) focussing on firms’ customs compliance requirements following the submission of a declaration, 23% of attendees said they were ‘not very prepared’ and 3% ‘not at all prepared’ for an official inspection. Just under a third (31%) of businesses on the webinar said they were either ‘not very aware’ or ‘not at all aware’ of their post-declaration compliance requirements. The majority (62%) said they were aware of their obligations. “We’ve seen in the 18 few months a lot of communications about new customs processes and opportunities to streamline these processes, following the departure from the EU,” said IOE&IT customs and trade specialist Rob Booth on the webinar.
Scottish business confidence falls amid cost challenges
Business confidence in Scotland fell 18 points during March to 17%, according to the latest Business Barometer from Bank of Scotland Commercial Banking. Companies in Scotland reported lower confidence in their own business prospects month-on-month, down 24 points at 18%. When taken alongside their optimism in the economy, down 12 points to 16%, this gives a headline confidence reading of 17%. Despite the dip in confidence, Scottish businesses have identified a range of growth opportunities for the next six months, including investing in their teams (39%), diversifying into new markets (30%) and evolving their offering, such as introducing new products or services (28%). The Business Barometer, which questions 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide. A net balance of 9% of businesses in Scotland expect to increase staff levels over the next year, down 22 points on last month. Overall, UK business confidence dropped 11 points during March, from 44% to 33%. Firms’ outlook on their future trading prospects (down from 45% to 34%) and optimism in the economy (down from 43% to 32%) both also fell by 11 points on February’s reading. The net balance of businesses planning to create new jobs decreased slightly, by six points to 32%.
Brewin Dolphin set to be acquired by RBC in £1.6bn deal
Wealth manager Brewin Dolphin is set to be acquired by the Royal Bank of Canada (RBC) in a deal valuing the business at £1.6bn. The firm – which has offices in Edinburgh, Glasgow, Aberdeen, and Dundee – has recommended an offer to shareholders by subsidiary RBC Wealth Management. The two firms announced they had reached agreement on the terms of a recommended all cash offer, through which shareholders will be entitled to 515 pence per Brewin Dolphin share. The deal values Brewin Dolphin at 2.8% of its £55bn assets under management, as of 28 February. In a stock market announcement explained that directors have been advised by Barclays and Lazard as to the financial terms of the acquisition and consider them to be fair and reasonable. RBC stated that it is strategically focused on opportunities to grow its wealth management operations in its core markets of North America and Europe, with the deal representing “an exciting strategic opportunity” to combine its existing wealth business in the UK and the Channel Islands with Brewin Dolphin to create a business with £64bn of assets under management.
https://www.insider.co.uk/news/brewin-dolphin-set-acquired-rbc-26599896