Business News Round Up (03/06/2024)
Seven Innovation Zone projects set for approval
The first seven Liverpool City Region Innovation Zone projects, which include building robotic labs and expanding Sci-Tech Daresbury, look set for approval. £26.5m of Innovation Zone funding is being sought to support the seven projects which will cost nearly £83m in total. The projects include the creation of new £21m high-containment labs by the Liverpool School of Tropical Medicine-led iiCON, which will be equipped with robotics and AI that will dramatically accelerate the development of new treatments to fight deadly infections. Other schemes include £9.5m to support a £24m expansion of lab and office space at Sci-Tech Daresbury. Elsewhere, the Embedded Skills Development Programme will be brought forward by Inovus and will facilitate 250 practical, skilled work experience placements. The Microbiome and Infectious Disease Innovation Hub is another project being considered, which will drive forward preventative medicines and alternatives to antibiotics, helping address antimicrobial resistance.
https://www.insidermedia.com/news/north-west/seven-innovation-zone-projects-set-for-approval
NatWest seeks 2,500 entrepreneurs for UK-wide accelerators
Entrepreneurs looking to grow and scale their businesses are being urged to apply to join NatWest’s accelerator programmes across the UK in September. Up to 2,500 places will be available for the programmes, recently ranked as the third best startup hub in Europe for networking, and which have supported thousands of entrepreneurs to grow their businesses. Businesses with high growth potential benefit from a range of support through the NatWest Accelerator hubs. This includes expert coaching, access to a wide network of like-minded peers, and a programme of thought leadership and events. The programme is free for participating businesses and entrepreneurs do not need to give up any equity in their business to take part. NatWest operates 13 physical and one digital accelerator hub spread across the UK, in Belfast, Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, London, Manchester, Milton Keynes, Newcastle, Southampton and Warwick.
Private sector forecasts growth as activity stabilises
Private sector activity stabilised in the three months to May with expectations for growth over the next three, according to the CBI’s latest growth indicator. Performance to the end of last month was flat at just +2% but compared favourably to -14% in the three months to April and marks the firmest out-turn since July 2022. The improvement in activity was driven partly by a stabilisation in services business volumes (-1% from -21% in April), reflecting marginal growth in business & professional services (+4%), offset by a continued decline in consumer services (-23%). Distribution sales were also flat (+1% from -10%) – the firmest result in over a year – while manufacturing output rose for the first time since November 2022 (+14% from +3%). Firms’ expectations for growth over the next three months remain positive (+7%), albeit easing a little on the two months prior.
https://dailybusinessgroup.co.uk/2024/06/private-sector-forecasts-growth-as-activity-stabilises/
Regional business confidence on the rise says Lloyds survey
Business confidence in the North West rose by 12 points during May to 48%, according to the latest Business Barometer from Lloyds Bank Commercial Banking. Companies in the region reported higher confidence in their own business prospects month-on-month, up eight points at 56%. When taken alongside their optimism in the economy, up 16 points to 40%, this gives a headline confidence reading of 48% (vs. 36% in April). A net balance of 49% of businesses in the region also expect to increase staff levels over the next year, up 13 points on last month. Looking ahead to the next six months, North West businesses identified their top target areas for growth as evolving their offering (41%), entering new markets (33%) and introducing new technology (30%). In May, overall UK business confidence reached its highest level since 2015 – rising by eight points to a net balance of 50%.