Business News Round Up (08/11/2024)
Start Up Loans empowers over 320 Scottish entrepreneurs with £3m in funding
Since 2012, the British Business Bank’s Start Up Loans programme has provided over 320 entrepreneurs in Scotland with £3 million in funding to launch their own businesses. The loans have gone to founders who were previously considered economically inactive or unemployed, supporting them to turn ideas into viable new businesses all over the country. According to the most recent ONS figures, an estimated 133,000 people are unemployed in Scotland, equivalent to 4.9% of the working-age population. Start Up Loans aims to fund groups in society who would otherwise struggle to access finance, including those who are economically inactive, young and out of education, or post-retirement.
The Nort West sees permanent placements fall rapidly in October
The latest KPMG and REC, UK Report on Jobs: North of England survey saw recruitment trends diverge again in October. There was a steeper reduction in permanent staff appointments, while temp billings rose fractionally in October. There were signs that staff supply continued to outweigh demand. Staff availability rose substantially again, while vacancy growth remained subdued by historical standards. With that, October signalled only marginal increases in pay for both types of staff across the North of England. The UK Report on Jobs: North of England is compiled by S&P Global from responses to questionnaires sent to around 150 recruitment and employment consultancies in the North of England. As has been the case in each month since July 2023, the number of staff placed into permanent roles in the North of England declined in October. The rate of contraction was not only marked, but the quickest seen for four months.
Scotland’s construction sector shows signs of recovery, led by infrastructure upturn
Expectations for Scotland’s construction market in the year ahead have improved off the back of an upturn in infrastructure activity, according to the latest Royal Institution of Chartered Surveyors (RICS) Construction Monitor. Overall construction workloads fell flat in Scotland through the third quarter of the year, which is an improvement from the -9% that reported a fall in Q2. Infrastructure was the only sub-sector to see an uplift, with a net balance of 27% of surveyors noting a rise, which is the highest this balance has been since mid-2022. The net balances of the rest of the subsectors were all reported to have fallen public housing (-5%), private housing (-5%), private industrials (-6%) and other public works (-8%) with the exception of private commercial which was reported to have fallen flat. Although workloads overall remain subdued, surveyors are now optimistic on the 12-month horizon.
IBM moves to new Manchester City Centre office to help drive innovation
As part of a new regional strategy, international technology company IBM has announced its move to a new office in Manchester City Centre. This strategic investment underlines its commitment to actively engage and serve clients, partners and the local communities in the Greater Manchester region. With the new location, IBM aims to be more accessible, supporting local businesses and driving innovation in the heart of the city. The Manchester office will be a space for collaboration, where IBM can work side by side with clients and partners to fuel growth, spark new ideas, and help shape the region’s tech landscape. This move is an important step in IBM’s journey to support and invest in Greater Manchester’s future.