Business News Round Up (05/04/2022)
UK unveils bid to become ‘global hub’ for crypto
The UK government has laid out plans to become a “global hub” for the crypto industry, proposing new regulations for stablecoins, a Royal Mint NFT and a suite of other measures to court digital asset companies. City minister John Glen said in a speech on Monday that the government was determined to show “the UK is open for business and open for crypto businesses”. The speech marked the most emphatic message from the government so far in support of cryptocurrency businesses setting up shop in Britain, after criticism from the industry that the UK’s stringent regulatory approach and indifference from the government was throttling innovation. “We see enormous potential in crypto,” Glen said. “We aren’t going to lower our standards, but we are going to sustain our technological neutral approach.” The minister added that the government would study the possibility of issuing government debt using distributed ledger technology. He said chancellor Rishi Sunak had commissioned the Royal Mint to issue a digital collectible, known as a non-fungible token (NFT), by the summer as “an emblem of the forward looking approach we are determined to take”. The UK’s crypto push comes as firms operating in financial hubs such as the UK and US are ratcheting up pressure on governments, regulators, and lawmakers to offer clearer rules and regulations on digital assets.
University of Edinburgh and abrdn announce £7.5 million investing innovation centre
The University of Edinburgh and abrdn have formed a partnership to deliver innovation in the investment sector. This aims to deliver a new Centre for Investing Innovation, with funding of £7.5m over five years from the asset manager. It will be based within the University’s Edinburgh Futures Institute, which is focused on addressing the critical challenges facing society. Alan Coutts, investment chief operating officer at abrdn, will chair the centre’s strategic opportunities and futures board, with Sotirios Sabanis, director of knowledge exchange at the School of Mathematics, acting as centre director. Academic and business expertise across multiple disciplines will feed into collaborative research, supporting investment strategy at abrdn and driving investment-related social and environmental sustainability issues. The partnership has been supported by Edinburgh Innovations, the university’s commercialisation service. Three core priorities will shape the initial work of the centre: sustainability, thematic investing, and technological innovation.
https://www.insider.co.uk/news/university-edinburgh-abrdn-announce-75-26637036
Northern Powerhouse Investment Fund exceeds job creation target
The Northern Powerhouse Investment Fund (NPIF) has exceeded targets for helping businesses since its launch in 2017. A report by independent research company, SQW, published today (April 5) found that: 6,071 new high-quality jobs have been created through the fund, almost 1,000 more than planned; 73% of businesses had increased workforce skills; 62% reported additional investment in R&D; 74% of businesses saw an increase in sales with the help of NPIF funding; NPIF has made 1,324 investments to date, into 983 companies totally £317m to the end of January 2022; The Fund has also generated £437m in private sector leverage. The analysis was based on 274 SMEs that have benefited from NPIF funding. It found that for 68% of surveyed businesses, the NPIF investment had funded the development of new products or services. Of these, 48% said their innovations would reduce carbon emissions, 52% said that they would lead to broader environmental benefits, and 42% said they would improve health or the delivery of health services.
Glasgow: funding for city centre’s recovery, including ‘deep clean’
Glasgow Chamber of Commerce chief executive Stuart Patrick has welcomed £1.95 million of funding for the city, to aid its recovery from the pandemic effects. The funding from the Scottish Government’s £6m City Centre Recovery Fund, awarded to Glasgow City Council, was announced by Mr Patrick in his capacity as co-chair of the City Centre Task Force. The task force and Glasgow City Council will work together to invest in improvements. Glasgow Chamber said: “The money will be used to bring footfall back to the city centre through measures such as discounted public transport, a deep clean of the city, an action plan for vacant units, a visitor campaign, and a framework for the city’s style mile.” It added that the visitor campaign would “look to encourage footfall from consumers both locally and further afield to enjoy the city centre’s retail, hospitality, and leisure offerings”.