Business News Round Up (05/09/2024)
UK tops G7 in Digital Connectivity Readiness Index
The UK is ahead of the rest of the G7 countries in terms of digital connectivity readiness, according to a new report from Edinburgh-based FarrPoint. The report, International Digital Connectivity Readiness Index, measures performance across both digital infrastructure – such as broadband, gigabit, 4G, and 5G connectivity – and digital adoption, which includes metrics like digital skills, online security, access to public services, affordability, and innovation. According to FarrPoint’s digital economics team, the UK tops the new index, with the US and Germany sharing second place on the overall readiness score. Canada, Japan, and France share fourth place, with Italy coming last overall. The UK had a score of 84, while the US and Germany both had scores of 83, showing a narrow difference in terms of digital readiness.
https://www.digit.fyi/uk-tops-g7-in-digital-connectivity-readiness-index/
Boost for UK growth as start-up investment schemes extended
Thousands of entrepreneurs and start-ups are set to benefit from the extension of two leading government investment schemes to help them grow the economy and rebuild Britain. The Enterprise Investment Scheme (EIS) and the Venture Capital Trust (VCT) scheme were both set to end on 6 April 2025 and have now been extended by ten years to 5 April 2035. The schemes are designed to encourage investment into new or young companies through tax-relief incentives, encouraging innovation, creating jobs and stimulating economic growth. The government is focused on restoring economic stability, taking the tough decisions to fix the foundations of our economy, rebuild Britain and make every part of our country better off. The extension, announced via a Written Ministerial Statement today in the House of Commons, will provide the confidence to continue investment into high-risk, early-stage businesses in the UK, supporting long-term growth and the development of their trades.
https://www.gov.uk/government/news/boost-for-uk-growth-as-start-up-investment-schemes-extended
UK business leaders ahead of curve in integrating technology expertise
As businesses worldwide grapple with the rapid rise of AI, a new study suggests that UK businesses are best at bringing technological expertise into their leadership roles. The growing portion of women in the c-suite and boardroom is supercharging the process, according to Accenture. Looking at 2,506 of the largest firms by revenue, headquartered in North America, Europe and APAC, Accenture analysed the professional background of all board members, including CEOs, to determine how many of 27,820 inside and non-executive directors were proficient in technology. UK business leaders are already ahead of the curve in integrating technology expertise at the highest levels, by Accenture’s reckoning. More than 23% of UK business leaders are now proficient in technology – having risen quickly from 17% in 2021. This level of technology experience means the UK market continues to lead the acumen of Europe’s 16%, and North America’s 22% of executives.
The Manchester start-up advocating for more anonymous surveys in UK workplaces
Gallup’s State of the Global Workplace 2023 report reveals that the UK remains one of the most disengaged workforces in Europe, ranking 33 out of 38 among peer countries. Manchester based start-up Stribe is on a mission to change this, by empowering more workplaces and employee voices with anonymous surveys. Co-Founded by Kieran Innes, a seasoned tech leader and Forbes 30 under 30 recipient, Stribe launched in 2020 and has grown to one of the UK’s leading employee engagement platforms. CEO Kieran Innes says organisations that aren’t making use of anonymous employee feedback in 2024 are doing themselves and their employees a disservice. “The research is unequivocal, when people feel safe to speak up at work about their challenges and experiences – everything else improves for that business. Trust in leadership, retention, motivation, productivity – all of it.”