Business News Round Up (01/04/25)
Scottish workers set for pay rise with new National Minimum Wage
Up to 220,000 workers in Scotland will today receive a pay rise, as the new National Living Wage and National Minimum Wage rates take effect. Full-time workers on the National Living Wage will see a real-terms pay increase of £1,400 per year. The full increases from 1 April are: National Living Wage (21+) has increased 6.7%, from £11.44 to £12.21 per hour. National Minimum Wage (18-20) has a record increase of 16.2%, from £8.60 to £10 per hour. National Minimum Wage (under 18) has increased 18%, to £7.55 per hour. Apprentice Rate has the largest increase of 18%, from £6.40 to £7.55 per hour. Accommodation Offset of £10.66 per day. The Labour government in Westminster recently instructed the Low Pay Commission, the body which recommends wage rates, to include the cost of living and inflation in its assessment for the first time.
https://www.insider.co.uk/news/scottish-workers-set-pay-rise-34964199
ScotlandIS: optimism remains high for Scottish tech sector
The outlook for the Scottish tech sector remains positive according to the latest industry report from ScotlandIS, the membership and cluster management organisation for Scotland’s digital technologies industry. Despite a challenging economic and geopolitical climate, almost three quarters (73%) of firms expressed optimism for the year ahead, a feeling driven by expectations of growth and the promise of new opportunities for the sector. While a slight decline from last year’s 78% optimism, the figure remains high, reflecting an overall positive outlook for the next 12 months. Perhaps unsurprisingly, the biggest expected growth area for 2025 is in AI and machine learning (ML). The expansion of this technology subsector has continued steadily, going from 62% of firms expecting to see new opportunities in the sector in 2024 to 69% in 2025.
https://www.digit.fyi/scotlandis-optimism-remains-high-for-scottish-tech-sector
Bruntwood SciTech complete £580m sustainability-backed facility to support future growth projects in the Knowledge Economy
Bruntwood SciTech has secured an additional £100m funding package from Barclays, HSBC UK, Lloyds, NatWest and Santander UK – taking their total facilities to £580m. Bruntwood SciTech’s financial package has been extended to three-years and consists of a £530m investment facility – of which £450m is a term loan and £80m is a revolving credit facility – and a £50m development facility. Already the country’s leading developer of city-wide innovation ecosystems, and now the UK’s largest property platform dedicated to the growth of the science, tech and innovation sectors, Bruntwood SciTech aims to create a £5bn UK platform of specialist workspace by 2033. The green funding terms of the refinance aligns with Bruntwood SciTech’s ESG commitments, specifically: improving the EPC ratings of buildings; a year-on-year reduction in carbon intensity; a reduction in embodied carbon across new build developments, and an increase in renewable energy procurement.
Economic survey reveals inflation is ‘number one concern’ for Greater Manchester businesses
Greater Manchester Chamber of Commerce has released the findings of its Quarterly Economic Survey, providing a decisive snapshot of the region’s economic health amidst a backdrop of national and international challenges. The survey, a key indicator of business sentiment and confidence, reveals a complex picture with both areas of concern and pockets of resilience. Results showed that businesses are uneasy about inflation, with many respondents saying it is their number one concern due to rises in pay. Concerns were also raised about input costs and taxes. There is a decreasing trend in planned workforce additions and recruitment activity, with levels at their lowest since this time last year. National employment data for January 2025 shows stability, with unemployment at 4.4%, but the UK also faces skills mismatches and the challenge of over 9 million economically inactive people.