Business News Round Up (04/10/2024)
North West hydrogen cluster to share in billions of government backing
The Government has announced that HyNet, in the North West, has been given the green light, unlocking the decarbonisation of industry and growth across the North West and North Wales industrial heartlands. It is part of a £22bn pledge, over the next 25 years, for projects to capture and store carbon emissions from energy, industry and hydrogen production, focused on two “carbon capture clusters” on Merseyside and Teesside, which will create thousands of jobs, attract private investment and help the UK meet climate goals. The significant milestone will be officially announced by the Prime Minister, Chancellor and Secretary of State for Net Zero and Energy today at Encirc, an international glass production plant and partner of HyNet. Bottle manufacturer, Encirc, is situated at Elton, in Cheshire, which will create the world’s first net zero glass bottles at scale, by 2030.
Scottish retailers saw ‘steady’ rise in shopper footfall last month
Footfall in Scottish shops increased last month as stores saw “steady if unspectacular growth” in visits by customers. The latest Scottish Retail Consortium (SRC) and Sensormatic data shows footfall increased 0.7% in September year-on-year, though this was below the UK average rise of 3.3%. However, retail experts cautioned an increase in customer browsing does not necessarily mean shoppers will buy more. They urged Chancellor Rachel Reeves to inject some “much-needed confidence” back into the economy in her upcoming Budget to encourage shoppers to spend. The latest Scottish figures show shopping centre footfall decreased 2.4% year-on-year in September. The data, which covers the period from 25 August to 28 September, also showed footfall in Edinburgh increased by 2.8% year-on-year, but in Glasgow it decreased 1%.
https://www.insider.co.uk/news/scottish-retailers-saw-steady-rise-33815171
Economic growth stutters after a steady start to 2024
Following a positive start to 2024, economic growth in the summer months has been more hesitant for the UK and Scotland according to the Institute’s latest Economic Commentary. In the Deloitte-sponsored quarterly assessment, we are forecasting growth for Scotland of 0.9% in 2024, 1.1% in 2025 and 1.2% in 2026. The forecast has been revised up from 2024 due to stronger than expected growth in the Spring, but the forecasts for 2025 and 2026 have remained unchanged from the previous set in June. Inflation has continued to come down over the year, with the latest data for the Consumer Prices Index for August showing prices have grown by 2.2%, unchanged since July. The Bank of England will be closely monitoring core inflation (that is, inflation excluding food and energy), which is currently at 3.6%, in considering any further rate changes over the Autumn.
Kao Data begins construction of £350m Manchester data centre
Developer and operator of data centres, Kao Data, has announced the commencement of work on its £350 million data centre in Stockport, Greater Manchester. Kao Data said the new facility, scheduled to be operational by 2026, is set to become a cornerstone of the region’s digital infrastructure. This follows the UK Government’s designation of data centres as Critical National Infrastructure. The data centre, located on an ex-industrial site, intends to further strengthen Manchester’s position as a major hub for digital infrastructure. The initiative aligns with the Greater Manchester Combined Authority’s (GMCA) Digital Blueprint, which seeks to elevate the region’s digital capabilities. “As we continue our mission to ensure world-class digital infrastructure for the region, this new data centre will play a pivotal part in our fast-growing and diverse technology ecosystem, reinforcing our position as a global leader in AI and data centre capacity,” said Andy Burnham, Mayor of Greater Manchester.