Business News Round Up (08/04/2025)
Public procurement ‘contributing £13bn’ to economic growth
Scotland’s known public sector procurement spend in 2022-23 delivered an estimated 120,000 full-time equivalent jobs and £7.5 billion to Scottish GDP, according to new figures. The sixth annual report on procurement activity in Scotland shows that known procurement spend generated an estimated £13.7bn in economic activity. Small or medium size enterprises (SMEs) in Scotland benefited from more recorded procurement spend compared to the previous year. 61 pence in every pound spent in Scotland was with SMEs, up from 55 pence in every pound the year before. Under the Procurement Reform (Scotland) Act 2014, public bodies including local authorities, universities, NHS health boards and housing associations must consider and act on opportunities to achieve economic, social and environmental benefits through spending on goods and services.
Cyber-attacks cost UK SMEs £3.4bn a year, Vodafone says
Inadequate cybersecurity measures are costing small and medium-sized enterprises (SMEs) in the UK £3.4 billion, according to a new report from Vodafone Business. The new report, Securing Success: The Role of Cybersecurity in SME Growth, also found that the average cost of a cyber-attack for a small business in £3,398 with the figure rising to £5,001 for those with 50 or more employees. The findings highlight the necessity for businesses to safeguard against rising cybersecurity threats, which result in financial losses each year due to data breaches, system downtime, and reputational damage. Cyber-attacks against SMEs have surged in recent years, with studies revealing that more than a third (35%) experienced a cyber incident in 2024 alone. More than a quarter (28%) suffered between one and five attempted attacks, while 6% were targeted up to 10 times a year.
https://www.digit.fyi/cyber-attacks-cost-uk-smes-3-4bn-a-year-vodafone-says
Edinburgh office take-up remains steady in Q1 as supply tightens
Office take-up across Edinburgh was steady in Q1 as occupiers continued to navigate an increasingly competitive marketplace, according to property services firm JLL. The latest JLL research calculates that just under 140,000 sq ft of space was transacted across Edinburgh in Q1– which is in line with the 5-year average for the same period. It also noted just 20,000 sq ft of regears were completed in Q1 across Edinburgh – a marked contrast to previous quarters, where regears made up a large proportion of activity as tenants sought to negate uncertain market conditions by renegotiating existing terms. There were no deals over 10,000 sq ft this quarter, where typically JLL would expect to see between three and five deals reaching this size bracket. However, several notable deals did complete including Tetra Tech taking space in Quay 2 of Fountainbridge and BDO taking a floor in the redeveloped 30 Semple Street.
Public sector procurement with small and medium sized businesses on the rise in Scotland
Public sector procurement with small to medium-sized businesses (SMEs) has risen by 11 per cent in the most recent financial year in Scotland. Spending with small firms rose from 55p in the pound to 61p, new figures released by the Scottish Government have shown. Total known public procurement in 2022-23 delivered an estimated 120,000 full-time equivalent jobs and £7.5 billion to Scottish gross domestic product (GDP). The sixth annual report on procurement activity in Scotland shows that known procurement spend generated an estimated £13.7 billion in economic activity. Small or medium size enterprises (SMEs) in Scotland benefited from more recorded procurement spend compared to the previous year. 61 pence in every pound spent in Scotland was with SMEs, up from 55 pence in every pound the year before.