Business News Round Up (06/06/2024)
UK economic growth forecast upgraded as optimism rises
The UK economy is set to grow faster than previously expected, according to the latest forecasts from the British Chambers of Commerce (BCC). The business and industry lobby group now predicts the economy will expand by 0.8% this year, up from an earlier estimate of 0.5%. For 2025, the growth forecast has been revised upwards to 1%, compared to a previous projection of 0.7%. This positive adjustment follows stronger-than-anticipated performance at the start of the year, with the UK registering its fastest quarter of output growth since 2022 at 0.6%. Although the UK economy briefly entered a technical recession at the end of 2023, it is now on a path to modest recovery. The BCC noted that while long-term growth prospects remain tempered, the current indicators show there is potential for economic momentum if properly supported.
https://bmmagazine.co.uk/news/uk-economic-growth-forecast-upgraded-as-optimism-rises/
Scotland’s flagship startup programme joins forces with business funding competition
Scotland’s flagship startup programme has joined forces with the nation’s biggest business funding competition. Techscaler, the Scottish Government’s £42 million tech education and mentoring programme, will work with Scottish EDGE – which is backed by Scottish business mogul Sir Tom Hunter. The aim of the partnership is to drive Scotland’s ‘maturing entrepreneurial ecosystem’ – allowing businesses that receive EDGE funding to also access Techscaler support. Run by CodeBase, Techscaler provides courses on Startup Basics, Startup First Steps, Startup Next Steps, and world-class tech education from Silicon Valley-based Reforge. Under the deal, early stage startups engaged with Techscaler will also get the mutual benefit of being able to receive support from Scottish EDGE. In the 11 years since its founding, EDGE has supported over 630 early-stage Scottish businesses with over £26.5 million of funding, and is itself funded by the Hunter Foundation, Royal Bank of Scotland, the Scottish Government, and Scottish Enterprise.
North West business confidence rose 12 points in May, finds Lloyds Bank survey
Business confidence in the economy in the North-west rose sharply in May, according to the Lloyds Banking Group’s Business Barometer survey. The monthly survey of 1,200 businesses nationwide saw a 12 point increase in business confidence in the region, with a headline confidence reading of 48%. The survey also saw an increase in the number of businesses anticipating an increase in headcount over the coming year. Lloyds Bank’s Business Barometer also identified that over the next six months businesses expected to see growth coming primarily from evolving their offering (41% of those surveyed), entering new markets (33%) and introducing new technology (30%). Nationally, business confidence also rose eight points to 50%, slightly ahead of the North-west and at its highest level since 2015. Data indicates the rise in confidence is largely down to improved outlook business regarding their own trading prospects as well as the wider economy.
Glasgow office certified as one of the healthiest places to work in the UK
CBRE’s Scottish headquarters has been awarded WELL Certification™ at Platinum Level, recognising the global real estate advisor’s commitment to promoting employee wellbeing. The ground floor office at 177 Bothwell Street in Glasgow is the first project in the UK to be certified under the newest version (WELL version 2) of the International WELL Building Institute’s standard. Designed with the health and wellbeing of employees at its heart, CBRE’s workspace includes a choice of standard and standing desks to help improve posture, incentivise movement and reduce back pain, as well as plants to increase biophilic connection, and access to free fresh fruit and vegetables. A multi-purpose room offers a comfortable place for team members to take a break, recharge and connect with colleagues, and there are huddle boards to encourage collaboration. The office also benefits from the building’s rooftop running track, spa quality changing facilities and cycling racks.