Business News Round Up (08/03/2022)
Scotland makes Women in Work Index gains, but slips in rankings
Scotland has improved its performance in PwC’s Women in Work Index, thanks to advances in the country’s gender pay gap and an increased share of women in full-time employment. But in spite of an improved score, Scotland slipped one place to third in the rankings, largely due to a much-improved year for Wales, which moved from seventh to second. The South West of England remained in first place. The Women in Work Index measures progress in women’s employment outcomes across 33 OECD countries, including across 12 nations and regions in the UK. The UK climbed from 16 to nine on the overall index, as a result of the gender pay gap temporarily narrowing during the coronavirus crisis. However, the pandemic has set back progress towards gender equality in work across the OECD by at least two years, according to the research carried out by PwC. The index is derived from a weighted average of five indicators with Scotland either in line with, or above, the UK average in all measures. The proportion of working-age women in the labour force in Scotland is 74%, the same as the UK overall. There is a 6% difference in male and female participation rates, better than the UK difference of 8%. The female unemployment rate is in line with the UK, at 4%, while the share of females in full-time employment is 61%, the same as the UK. The gender pay gap is 11% compared to the UK’s 14%.
https://www.insider.co.uk/news/scotland-makes-women-work-index-26404892
Women in self-employment on the rise in Greater Manchester
Thousands more women are choosing self-employment in Greater Manchester in comparison to surrounding regions, new analysis from GC Business Growth Hub has revealed ahead of International Women’s Day. The latest data from the Office for National Statistics also shows that the conurbation’s percentage of women in self-employment has risen above the North West figure for the first time in 17 years. In September 2021, 53,100 workers or 5.6 per cent of economically active women were in self-employment*. In comparison, 3.9 per cent (20,700 women) were self-employed in Liverpool, and in Lancashire, 4.8 per cent (24,400 females) were in self-employment**. The North West percentage stood at 5.5 per cent and it is the first time since 2004 – which is when data is available from – that Greater Manchester has ever risen above the North West. Figures show that while the number of women in self-employment dipped in the first half of the pandemic, last June the figure started to increase again.
UK braces for historic living standards shock on Russia-Ukraine conflict sending inflation skyrocketing
Households are set to absorb the worst shock to their living standards in recent history driven by the Russia-Ukraine conflict sending energy prices skyrocketing, reveals fresh research published today. Gas prices have surged to their highest level ever on concerns over Moscow squeezing energy flows in retaliation to Western sanctions, which could push UK inflation to levels not seen in decades. Each household in Britain will suffer a £1,000 hit to their income this year as a result of inflation averaging 7.6 per cent across the whole of this year, according to the economic think tank the Resolution Foundation (the Foundation). That would be the worst reduction in living standards since the 1970s, according to calculations by the Foundation. “Britain has stepped out of a global pandemic, and straight into a cost of living crisis,” Adam Corlett, principal economist at the Foundation, said. The income squeeze is likely to choke consumer spending due to Brits slashing purchases amid severe pressure on their budgets, casting doubt over the strength of the UK’s economic recovery from the pandemic this year.
Start-up eyes growth following global investment
The University of Strathclyde is a leading international technological university based in the centre of Glasgow. A Glasgow life science company is aiming to become a R&D hub for digital medical technologies after receiving early-stage support from Scottish Enterprise. IDCP Scotland will explore developing a suite of new ophthalmology products to support clinicians and patients alike after receiving a SMART grant of £85,000 from Scotland’s national economic development agency. A collaboration between Dutch distribution and marketing company, IDCP Group and University of Strathclyde alumnus, Jamie Thomson, IDCP Scotland aims to commercialise technology to “revolutionise” a clinician’s workflow by producing more accessible, easier, and accurate systems.