Business News Round Up (04/04/2024)
UK startup funding down by a fifth in Q1 2024
New research has shown that UK startup funding is down from 2023, for both late and early stage startups. Startup funding in the UK faced a 19% drop in 2024’s first quarter, with late-stage investments taking the hardest hit. This is according to new research from Tracxn which found that British startups as a whole raised $2.5bn in the year’s first quarter, a drop from Q4 2023’s $30.9bn (£24.57bn). Late-stage startups took the largest hit, according to the data, and only managed to gain 33% less funding than at the end of 2023. Early-stage startups funding also dropped, but only 7% from last quarter, but this also represented a 24% year-on-year decrease in funding. When looking specifically at seed investments, however, there were signs of growth. Seed investments were up 12% compared to 2023’s last quarter, pointing to some potential germination among innovators in their earliest stages.
https://www.digit.fyi/uk-startup-funding-down-by-a-fifth-in-q1-2024/
Made in Britain: demand for UK manufactured goods on the rise
Nearly 80 percent (79%) of UK companies today recognise the official Made in Britain Trademark amid rising business demand for British products, according to nationwide research conducted by OnePoll in March 2024. The surge in Made in Britain Trademark recognition comes as almost six in ten (57%) of businesses say they prefer to buy British-made products over alternatives imported from other countries, Made in Britain’s fifth annual Buying British survey has found. Preference for British products has risen by more than 20% over the past year. The two key drivers of buying British sentiment among UK companies are ‘to help the British economy/support British jobs’ (68%) and environmental reasons (62%). Against this backdrop of rising economic patriotism among UK companies, procurement policies have been changing too. Almost half (48%) of British companies say they have a procurement target for British-made products – up 20% from a year ago.
NW ‘UK industrial hotspot’ due to tight supply, rising population and transport links
The North West region is increasingly interest from investors and developers in industrial property due to its stable occupier market and above-average rental growth prospects, alongside other tailwinds. CoStar Group, a US-based provider of information, analytics and marketing services to the commercial property industry, says that, while the Midlands golden triangle and London are often the first stop for buyers seeking industrial property, the North West is emerging as a hotspot. The region’s availability rate of 4.5% is among the lowest in the UK regions, not just across the sector as a whole but across multiple size bands. The small- and mid-box segments are particularly tight, as is the smaller end of the big box market, whose 4.8% availability is around half the rate of London and the South East.
Network Rail to spend almost £5bn on Scotland’s railways
Network Rail says it is investing almost £5bn in Scotland’s railways to improve train travel over the next five years. Between now and March 2029 bosses plan to spend £4.8bn on improving punctuality, cutting delays, and making the network more resilient to bad weather. More than £2bn will be spent on renewing key infrastructure, with some £1bn to go on maintenance work. More remote monitoring equipment will be installed to give an early warning of potential problems, while there will be investment in drainage and other technology to monitor the impact of extreme weather. Network Rail is also pledging “dedicated plans” to cut the carbon footprint of Scottish railways and is proposing to reduce costs by adopting new ways of working.
https://www.insider.co.uk/news/network-rail-spend-almost-5bn-32502348