Business News Round Up (04/06/2024)
Hydrogen tech could bring £3.4bn to North West economy by 2030
A new report from the North West Hydrogen Alliance (NWHA) predicts that the region could see an economic boost of £3.4bn GVA and 11,500 jobs created by 2030 (equating to over 37,000 employment years) from the hydrogen sector. The report looks to understand the economic impact of hydrogen activity in the North West across the hydrogen value chain – including production, infrastructure and end use – with hydrogen production estimated to have the greatest impact on employment and GVA. Thousands of jobs will be created in construction manufacturing and engineering for building essential hydrogen infrastructure with wider employment impacts to be found in professional services and business roles. Earlier this year the NWHA revealed that demand for low carbon hydrogen in the North West could support up to 2GW of hydrogen production by 2030 – a fifth of the Government’s target for the whole of the UK.
https://www.prolificnorth.co.uk/news/hydrogen-tech-could-bring-3-4bn-to-north-west-economy-by-2030/
CBI wants government investment plan within 100 days
The defining challenge for the new Government’s first 100 days will be to develop a credible plan to attract investment through the tax system, says the CBI. As public spending is squeezed and monetary policy is likely to remain tight, growth across the next Parliament will come from the private sector, the organisation says in its business manifesto. It wants the next government to unlock the power of the UK regions, aligning UK industrial and trade strategy with the transformative role of mayors. Rain Newton-Smith, CBI chief executive, said: “The UK economy has spent the last five years buffeted by a series of ‘one-off’ shocks – from the aftermath of Brexit, to Covid, to global conflict and the subsequent energy crisis. As a result, our economy has understandably focused more on shock absorption than on boosting growth.”
https://dailybusinessgroup.co.uk/2024/06/cbi-wants-government-investment-plan-within-100-days/
New partnership aims to boost Scottish productivity
A Memorandum of Understanding (MoU) has been signed between Peer Works, The Productivity Institute – at the University of Manchester – and its Scotland Productivity Forum – led by the University of Glasgow. The three organisations will collaborate to drive increased productivity across businesses and help deliver the ambitions of the Scottish Government. The MoU will formalise the existing working partnership, which includes research projects and events. It will also see the partners working more closely on policy initiatives, events, collaborative research and in the communication of good practice to employers around ways to increase their productivity. Clare Reid, director of policy and public affairs at Prosper, which is behind Peer Works, said: “For every part of Scotland to thrive, we need the business base to be as efficient and competitive as possible. Research evidence shows that peer-to-peer learning is an effective way to support businesses, particularly smaller businesses. “
https://www.insider.co.uk/news/new-partnership-aims-boost-scottish-32954627
Manchester could unlock £18.2bn by decarbonising heating
Greater Manchester could unlock £18.2 billion of new investment by decarbonising the heating of homes and buildings through heat networks, according to the Association for Decentralised Energy (ADE). The ADE’s latest research explores the potential of heat networks and their value to the region, emphasising the need for new energy infrastructure to meet legally binding net zero targets. The ADE suggests that city-scale heat networks are essential for decarbonising homes and buildings in Greater Manchester, moving away from gas boilers to cleaner solutions. Heat networks use underground pipes to distribute heat from a central source to multiple buildings, which can be harvested from rivers, waste plants or the metro system. This method is less emissions-intensive and more efficient, potentially meeting the majority of Greater Manchester’s heat demand and attracting substantial investment to the local economy.