Business News Round Up (03/02/2020)
UK’s cyber security industry worth £8.3bn according to government report
A new report from by the Department for Digital, Culture, Media and Sport (DCMS) has found the UK’s cyber security industry is worth an estimated £8.3 billion to the economy, with total revenues up by 46% from £5.7 billion in 2017. The UK Cyber Security Sectoral Analysis 2020 showed the sector now employs 43,000 people, an increase of 37%, and in 2019 alone attracted £348 million of investment in early stage companies, with industry investment topping £1.1 billion over the past four years.
https://futurescot.com/uks-cyber-security-industry-worth-8-3bn-according-to-government-report/
Scotland’s deficit rises as economic output falls
Official figures released by the Scottish Government have revealed Scottish GDP has fallen by 3%, reducing the overall value of the economy by £5 billion. The revision of the Scottish Government’s quarterly national accounts show Scotland’s national deficit of £12.6 billion (7% of GDP) has now risen to 7.2% of GDP. The revision to total GDP pushes Scotland further away from the European Union’s 3% deficit limit.
https://www.insider.co.uk/news/scotlands-deficit-rises-economic-output-21417667
New ecommerce body aiming to catalyse Scots economy
A new organisation focused on ecommerce has been established to fuel growth in Scotland, partnering with the Business School at the University of Strathclyde to deliver the first ecommerce course of its kind in the UK. The Institute of Ecommerce has been formed by a group of practitioners and aims to capitalise on the £55 billion sales opportunity ecommerce represents to Scotland. The Institute of Ecommerce represents a public-private partnership straddling the public sector, business and the education sector, helping to deliver support and training to thousands of Scottish businesses over the next five years.
https://www.scotsman.com/business/new-ecommerce-body-aiming-to-catalyse-scots-economy-1-5084103
Lancaster University providing £11.4m in support to regional businesses
Businesses in the North West and the regional economy are set to benefit form £11.4 million of support in the form of three new programs designed to drive innovation by Lancaster University. The programs will be part funded by the European Regional Development Fund (ERDF) and aims to drive innovation and help create new products and services working with SMEs, with a focus on the key industrial and technological areas of next generation chemistry, smart materials and cyber security. The new programs are; Greater Innovation for Smarter Material Optimisation (GISMO), Next Gen Chem, and Lancashire Cyber Foundry. A 2019 independent evaluation across Lancaster University’s regional SME innovation support programmes projected economic impact return of £18-28 for each £1 of public investment and 2.6 new jobs created for each business supported.