Business News Round Up (09/01/2025)
Edinburgh set to introduce Scotland’s first Visitor Levy
Edinburgh councillors are a week away from potentially approving Scotland’s first Visitor Levy, a scheme aimed at raising up to £50 million annually through a 5% charge in addition to the cost of overnight accommodation. Dubbed a “once in a lifetime opportunity” by City of Edinburgh Council leader Jane Meagher, the latest proposal follows years of campaigning and a wide-ranging consultation with residents, businesses and visitors that garnered over 4,500 responses, largely supportive of the initiative. Following support from councillors in August and the results of a 12-week public consultation, updated officer proposals will be considered by the Policy and Sustainability Committee on Friday, 17 January and by all councillors at a special meeting on Friday, 24 January. If approved the scheme will officially launch on 24 July 2026.
Private equity investor closes successful £75m fundraising to help NW businesses
YFM Equity Partners has closed its British Smaller Companies Venture Capital Trusts (VCTs) fundraising, raising £75m in just 11 weeks, which will help North West firms. The initial target of £50m was surpassed within the first month, prompting an over-allotment to £75m to meet overwhelming investor demand. It said this milestone highlights the appetite for growth equity from investors to match the demand from North West businesses. The successful close of this fundraising round brings the British Smaller Companies VCTs’ total growth funds to £500m, with £150m currently available for new investments. YFM said it remains dedicated to fostering innovation and supporting businesses across the North West, helping to shape a thriving regional economy. It said the North West has all the ingredients for entrepreneurial success – ambitious leaders, a thriving business ecosystem, and a culture of resilience.
UK invests £1.9m in cyber resilience projects to boost skills and protect economy
More than 30 projects across England and Northern Ireland will deliver targeted support to boost the UK’s cyber resilience as the government drives forward its Plan for Change to grow the economy and ensure the UK’s digital security. Announced this week, the new projects will receive a share of £1.9m in UK government and private funding to bolster the UK’s cyber defences and make sure the country has the cyber workforce it needs as the threat of attacks rises, with schemes in Northern Ireland, the Midlands, Yorkshire and Humber, the South West, North East and North West of England set to benefit. The UK’s cyber sector is a true success story, contributing £11.9 billion to the British economy. The increasing number of threats we face online though means demand for trained cyber professionals is continuing to rise, with almost half of UK businesses currently reporting a cyber skills shortage.
Fintech Scotland cluster sees 8% growth in 2024
The FinTech Scotland Cluster recorded an 8% year-on-year employment growth in 2024 bringing the total number of people working in fintech to over 11,300. This growth has been underpinned by increasing technology adoption and fintech partnerships with established financial firms, highlighted by the tenfold increase in the number of fintech SMEs since 2018 in Scotland. According to the organisation, a significant cluster development in 2024 has been Fintech Scotland’s implementation of the Financial Regulation Innovation Lab (FRIL) which has delivered new jobs and investment to the local economy, achieving £18m investment for the region in its first year. This has been achieved by bringing together twenty-five financial and technology institutions from across the UK to address over twenty industry challenges, attracting local and global fintech SMEs to create new products.
https://www.digit.fyi/fintech-scotland-growth-2024