Business News Round Up (04/12/2023)
UK Manufacturing PMI: Industry downturn eases in November
The UK manufacturing industry downturn eased in November, with industry potentially turning a corner as the end of the year approaches, according to the latest S&P Global/CIPS UK Manufacturing PMI®. In November, the seasonally adjusted UK Manufacturing PMI rose to 47.2, up from October’s reading of 44.8 and higher than the earlier flash estimate of 46.7. A reading below 50 suggests contraction in the sector and we have now been in this territory for 16 months. Despite all five PMI sub-components remaining consistent with a deterioration in operating conditions in November, the rate of decline eased sharply. In fact, November’s PMI of 47.2 is the highest we’ve seen since March’s PMI of 47.9. So, although production and new orders both contracted again last month, we are slowly climbing towards the no-change mark of 50.
https://www.themanufacturer.com/articles/uk-manufacturing-pmi-industry-downturn-eases-in-november/
£90 billion of investment in green industries signals need for net zero skills
A new report has assessed the known investment, the skills demand now and in the future, and current training and learning support for green skills in Scotland. CESAP Pathfinder: An Evidence Based Approach to Supporting the Transition to Net Zero states that green investments currently underway, or planned to commence within the next three years, total just under £90 billion. Published by Skills Development Scotland (SDS), the national skills agency, the latest research follows on from Scotland’s first Climate Emergency Skills Action Plan (CESAP) published in 2020. The new report shows that the bulk of the money is being spent in energy transition, transport, and construction. Agriculture and manufacturing (including engineering) are the other sectors that will drive demand for skills. It also says that competition for key skills across these main industries, along with retirement and existing skills shortages, are key challenges that need to be met.
Greater Manchester Combined Authority sets out cyber strategy
Greater Manchester Combined Authority (GMCA) has laid out a strategy to grow the cyber security capabilities of the city-region. The Greater Manchester Cyber Strategy 2023-28 includes a series of partnerships between government, private sector organisations and academia to strengthen the resilience and diversity of the cyber sector. It says the city-region is already a sought-after location for cyber orientated businesses, with more than 150, and assets such as the Digital Innovation Security Hub and Cyber Advisory Group. The latter will play a leading role in delivering the strategy, providing strategic oversight and management. GMCA pointed to the siting of the National Cyber Force at nearby Samlesbury, saying it has the potential treble cyber roles in Greater Manchester to 20,000 by 2035 and contribute £2.7 billion per year to the regional economy of the North West.
https://www.ukauthority.com/articles/greater-manchester-ca-sets-out-cyber-strategy/
Scotland is the ‘most entrepreneurial’ of the UK’s devolved nations
Scotland stands out as the most entrepreneurial of the UK’s devolved nations, with a high number of well-established entrepreneurs. That’s according to research from YFM Equity Partners, which suggests that these Scottish founders contribute £52bn in revenue, despite constituting only 7% of the nation’s small and medium-sized enterprises (SMEs). The firm’s inaugural Entrepreneur Economy report stated that as the third fastest growing part of the UK, Scotland holds “significant potential for future growth”. YFM and the Centre for Economics and Business Research forecast 8.4% growth in the value generated by the production of goods and services – or gross value added (GVA) – in Scotland between 2023 and 2028. However, these Scottish entrepreneurs face numerous challenges – not least access to funding, with 88% of respondents to YFM’s survey reporting that they had faced at least one barrier to accessing capital.
https://www.insider.co.uk/news/scotland-most-entrepreneurial-uks-devolved-31573026