Business News Round Up (08/12/2023)
Investment a key issue for Scottish firms as business conditions deteriorate
Nearly half of firms in Scotland have cancelled or delayed planned investments in the past 12 months, according to the latest Scottish Business Monitor (SBM) report, produced in partnership with Addleshaw Goddard. The findings come as firms reported deteriorating business conditions across every measure – with more firms seeing a decline in activity than have seen a rise. However, looking ahead there is a positive balance of businesses expecting the volume of activity to increase in the next six months. Produced in partnership with the University of Strathclyde’s Fraser of Allander Institute, the report on the third quarter of 2023 surveyed 323 firms from across the economy in September and October.
Scottish tech industry views sought for annual ‘state of the nation’ report
The Scottish tech industry is being encouraged to contribute to annual ‘state of the nation’ report – put together by tech trade body ScotlandIS. The survey provides a vital health check for the sector and is used by the cluster management organisation to spotlight issues that need to be addressed. In this year’s report, it was found that 83% of companies expected to increase their headcounts between 2023-24, and a rising number of firms reported turnover of higher than £1m. Having first launched in 2008, the report was originally designed to fill a gap as there were limited figures available relating to the overall health, growth, and development of the Scottish tech industry. Since then, both the report and the sector have grown significantly with the 2023 version putting the value of the Scottish digital sector’s economic contribution at £6 billion.
NPIF – FW Capital reaches Cheshire and Warrington milestone
Close to £17.5m of investment has been provided to businesses across Cheshire and Warrington by NPIF – FW Capital Debt Finance. Managed by FW Capital and part of the Northern Powerhouse Investment Fund, the finance has been deployed to 50 growing businesses and has attracted co-investment of nearly £19.5m from the private sector. This has resulted in an impact on companies in the region of close to £37m. The loans represent a huge milestone since the fund was first established in 2017, and underlines FW Capital’s long-term economic impact in the region. Carol Bolland, investment executive at FW Capital, said: “Achieving this funding milestone is testament to the strong businesses we have across Cheshire and Warrington and one great example of this is Warrington-based B-Engineering Group. Their growth story is impressive and demonstrates how the right investment can make a real difference.”
Edinburgh ranks high among UK cities most concerned about cost of living crisis
A recent study by investing comparison website Investing Reviews has identified Edinburgh as the sixth-most worried city in the UK about the ongoing cost-of-living crisis. The research analysed Google search data, combining over 280 common search terms related to the issue to determine the average monthly search volume per 10,000 of the population over the past 12 months. Edinburgh’s average monthly search volume, with a staggering 306 searches per 10,000 people, placed it among the top areas expressing concern about the cost-of-living crisis. The city exhibited the highest overall monthly search volume, reaching 15,717, outpacing any other city in the top 10. It also holds the distinction of being the most concerned area in Scotland. The study revealed that, in almost all cities and towns, the most searched-for term was ‘top savings accounts.’ However, in five locations, including Edinburgh, public interest predominantly focused on the term ‘interest rate.’