Business News Round Up (05/08/2024)
Britain set for economic growth with International Investment Summit
The UK will host a major International Investment Summit on 14 October 2024, advancing opportunities for investment and growth across the country. Economic growth is said to be the government’s top priority, with investment being one of the key pillars of the chancellor’s growth strategy. At the summit it will be made clear that the UK is “open for business” as the government resets relations with trading partners around the globe and creates a pro-business environment. Coming two-weeks ahead of the budget, it will build on the UK’s strong reputation as a global trading centre, and ensure investment is at the heart of the UK’s economic vision. Jonathan Reynolds, business and trade secretary said: “Long-term, sustainable and inclusive economic growth is this government’s central mission. The summit is an opportunity to engage with the world’s leading businesses and investors, and to continue to build long-term relationships that will drive investment.”
Scotland property investment boom continues
Edinburgh is the top city for those investing in properties across the UK. That’s according to Colliers’ UK residential investment cities report for the first half of 2024, which revealed that the Scottish capital kept its position from the previous report at the end of 2023. Meanwhile, Glasgow was named the second-ranking city again amid resilient property valuations. Manchester finished third in the rankings, with an improvement helping to mark it as the strongest city in the England, according to the report, which analyses cities within the UK against 24 indicators, including GDP, population growth and leisure facilities. Andrew White, head of UK residential and international properties at Colliers, said: “Manchester has gone through a significant transformation including redevelopment in recent years across the housing tenure mix, so it’s only natural that it would rank highly in our analysis.”
https://www.insider.co.uk/news/scotland-property-investment-boom-continues-33394416
North set to become UK’s investment capital for women
A female-focused investment network is on a mission to establish the North of the UK as the premier investment capital for women. With a strong commitment to fostering economic growth and gender equality, Lifted Ventures spearheads initiatives empowering female entrepreneurs and investors, ensuring that the North becomes a thriving hub for women’s success. The team behind Lifted Ventures is dedicated to supporting women-led startups by providing critical funding, mentorship, and resources. Through strategic partnerships, nationwide events and education programs, the organisation aims to dismantle barriers that have historically hindered women’s access to capital. By focusing on the North, Lifted Ventures is ensuring that female entrepreneurs in this region receive the support they need to scale their businesses and drive innovation. Lifted Ventures is committed to growing a robust network of women investors to help address the gender investment gap and promoting financial independence among women.
https://businesscloud.co.uk/news/north-set-to-become-uks-investment-capital-for-women/
Error and fraud in business tax schemes cost the UK 4.1bn
Billions of pounds of taxpayer money have been lost to error and fraud in tax schemes designed to encourage research and development in business. Critics say some companies are claiming the tax breaks even if they are not doing any research or development. HMRC’s latest accounts reveal £4.1bn has been squandered since the schemes were introduced in 2020. It said the levels of error and fraud were “unacceptable”. The figures come as the new government rows with the old one about a “hole” in the public finances. Labour says it must make cuts and raise taxes because of hidden spending by the previous administration, but the Conservatives say that they were “open” about the state of the public finances. The Corporation Tax Research and Development tax relief scheme, and the Research and Development Expenditure Credit, were designed to reward companies investing in innovation and new ideas.
https://www.bbc.co.uk/news/articles/c9788qjr21mo