Business News Round Up (05/07/2024)
Scotland ‘best of a weak bunch’ for retail footfall
Scottish retail footfall increased by 0.2% year-on-year in June, up from -5.4% in May – significantly higher than the UK average decrease of 2.3%. The latest Scottish Retail Consortium (SRC) and Sensormatic IQ data showed that shopping centre footfall rose by 1.2% year-on-year in June – 3% better than May. In June, footfall in Edinburgh increased 2.4%, while Glasgow’s footfall increased 2.2%. Ewan MacDonald-Russell, deputy head of the SRC, said that a welcome combination of concerts, events and the European Championship football offset the cool weather. “Despite this stronger performance high streets remain in a parlous condition. As we move into the summer holidays retailers will be hoping for a sustained improvement in footfall to help offset the previous difficult months. They’ll also be hoping that the end of the General Election will mean the new UK Government can work with the Scottish Government and local authorities to prioritise economic growth.”
https://www.insider.co.uk/news/scotland-best-weak-bunch-retail-33166937
Second quarter confidence on the rise among GM businesses
The latest Quarterly Economic Survey (QES) conducted by Greater Manchester Chamber of Commerce shows businesses are much more positive than they were in the first quarter of the year. While the previous survey for Q1 2024 showed a sharp decline in economic performance, this survey paints a more optimistic picture with increased sales and growth in both business and consumer confidence. The Greater Manchester Index, a composite indicator made up of key QES measures is now at 30.6, which is a 27-point increase from the previous quarter. Although headline CPI has now come down and is at the two per cent target, businesses are still concerned about inflation. In fact, businesses reported that inflation was their main concern although the proportion of businesses worried about inflation has gone down relative to 2023. Wage inflation remains a particular concern.
Research points to strength of region’s construction and development market
Construction and property development firms around the North West of varying sizes and specialisms are forecast to grow, according to data from Red Flag Alert. Using parameters set by Insider, including a minimum turnover of £5m, predictive software from Red Flag Alert has identified construction and property development firms in Manchester, Liverpool and Preston – with at least five employees – which are ‘likely’ or ‘very likely’ to grow over the next 12 months. In the Manchester list was a company linked to Bruntwood Sci-Tech bringing forward the Circle Square development, alongside other well-known businesses including Ask Real Estate and Urban Splash. Liverpool was also represented by household names like Vermont Property Group and Downing, one of the largest privately owned property investment and development companies in the UK.
Offshore Energies UK responds to General Election result
Offshore Energies UK (OEUK) has congratulated Sir Keir Starmer on this morning’s General Election result, with the representative body expected to formally acknowledge this in engagements with the new government in the coming days. OEUK said it is committed to working with the new government on the next steps to a homegrown energy transition, to safeguard energy security, jobs and skills and create an irresistible investment environment here in the UK. However, OEUK warned many of the industry’s skilled people and investors remain deeply concerned about Labour proposals for a further windfall tax on homegrown oil and gas production and to end new oil and gas licences in UK waters. OEUK says such measures would not create the investment conditions the UK needs to deliver the homegrown energy transition needed to kickstart economic growth.