Business News Round Up (02/12/2024)
Scottish business confidence falls, but growth ambitions remain
Business confidence in Scotland fell 13 points during November to 31%, according to the latest Business Barometer from Bank of Scotland. Companies in Scotland reported lower confidence in their own business prospects month-on-month, down two points at 43%. When taken alongside their optimism in the economy, down 25 points to 18%, this gives a headline confidence reading to 31% (vs 44% in October). Looking ahead to the next six months, Scottish businesses identified their top target areas for growth as investing in their team, for example through training (57%), evolving their offering, for example by introducing new products or services (41%) and introducing new technology, such as AI and automation (28%). The Business Barometer, which surveys 1,200 businesses monthly and which has been running since 2002, provides early signals about UK economic trends both regionally and nationwide.
https://www.digit.fyi/scottish-business-confidence-falls-but-growth-ambitions-remain
North West business confidence dips in November, but outpaces UK average
Business confidence in the North West fell by four points during November to 49%, according to the latest Business Barometer from Lloyds. Companies reported lower confidence in their own business prospects month-on-month, down one point at 65%. When taken alongside their optimism in the economy, down eight points to 32%, this gives a headline confidence reading of 49% (vs. 53% in October). Looking ahead to the next six-months, North West businesses identified their top target areas for growth as investing in their team, for example through training (49%), evolving their offer, for instance by developing new products or services (45%), and entering new markets (44%). The Business Barometer, which surveys 1,200 businesses monthly and which has been running since 2002, provides early signals about UK economic trends both regionally and nationwide. Overall UK business confidence dipped slightly in November to 41% but remained above the long term average of 29%.
UK marks progress on creating digital ID for businesses
A coalition of leading financial institutions and technology companies, led by the UK’s Centre for Finance and Innovation Technology, has worked to design a digital company ID to make securing finance and conducting day-to-day business quicker and less vulnerable to fraud. The coalition’s proposed model would empower the finance sector and CFIT to create a working prototype, in the form of a virtual passport, for UK businesses. Over seventy organisations are participating in the work, including proof of concept partners Lloyds Bank, NatWest Group and Monzo. Research undertaken by the coalition since its launch has indicated that widespread adoption of a digital company ID would help prevent fraud, boost efficiencies for banks and other financial institutions by saving them time, reduce financial services compliance costs and enable the creation of a secure smart-data economy.
https://www.finextra.com/newsarticle/45150/uk-marks-progress-on-creating-digital-id-for-businesses
BAE Systems unveils record £1bn skills investment
BAE Systems is set to make a landmark £1 billion investment in education and skills by the end of 2025, building on its ambitious recruitment and training programmes. The defence giant plans to hire more than 2,400 new apprentices, undergraduates, and graduates next year, bringing the total number in training to a record-breaking 6,500 – around 15% of its UK workforce. Charles Woodburn, Chief Executive of BAE Systems, emphasised the importance of investing in talent to support the company’s cutting-edge projects. “As the UK’s largest defence company, we rely on the skill and ingenuity of those who deliver our programmes, which is why it’s so crucial we continue to invest in our people,” he said. BAE’s focus on skills development includes the establishment of a new multi-million-pound skills academy in Glasgow, complementing existing facilities in Barrow and Samlesbury. Partnerships with colleges, universities, and initiatives aim to further broaden its talent pipeline.
https://ukdefencejournal.org.uk/bae-systems-unveils-record-1bn-skills-investment