Business News Round Up (10/03/2023)
UK economy returns to growth in January
The UK economy returned to growth in January, according to data released on Friday by the Office of National Statistics, raising hopes that a recession will be avoided. GDP grew 0.3% on the month following a 0.5% contraction in December, coming in ahead of consensus expectations for 0.1% growth. Growth was driven by the services sector, which expanded 0.5% after a 0.8% contraction in December. The biggest contributors were education, transport and storage, human health activities, and arts, entertainment and recreation activities, all of which rebounded after falls in December. ONS director of economic statistics, Darren Morgan, said: “The economy partially bounced back from the large fall seen in December. Across the last three months as a whole and, indeed over the last 12 months, the economy has, though, showed zero growth. “The main drivers of January’s growth were the return of children to classrooms, following unusually high absences in the run-up to Christmas, the Premier League clubs returned to a full schedule after the end of the World Cup and private health providers also had a strong month.”
Region leads UK-first trade and cultural mission to US business hub
A high profile leadership team from Greater Manchester headed to the USA today (March 9) to promote trade, tourism and investment opportunities. Mayor Andy Burnham and Greater Manchester Economy Lead Cllr Bev Craig, leader of Manchester City Council, jetted to Raleigh, North Carolina, in partnership with the Government as part of a mission which is the first of its kind since the UK agreed a new economic pact with North Carolina. The visit to the state, which has a GDP of $550bn – roughly the same as Sweden – is being coordinated by the UK Government Office in Raleigh and supported by the two North Carolina chapters of the British-American Business Council, the largest transatlantic business network with more than 2,000 member companies based throughout North America and the UK, including many of the world’s largest multinationals. The Mayor and Cllr Craig will meet Governor Roy Cooper and take part in trade and investment sessions with local business groups. In Charlotte, the state’s largest city and the second most significant financial centre in the US after New York, the Mayor’s delegation will also meet with Mayor of Charlotte, Vi Lyles, and leading business executives at a Charlotte FC football match. In July 2022 the UK Government signed a trade and economic MoU with North Carolina. Following a similar agreement with Indiana, the MoU aims to streamline trade and investment between UK and North Carolinian businesses, and lay a framework for increased cooperation in areas including clean tech and energy infrastructure. UK and North Carolinian representatives met for the inaugural working group session under the MoU in January this year, ahead of the Greater Manchester trade mission.
UK businesses could save money under new data laws
New UK data protection laws, introduced by the government this week, are aimed at reducing costs and burdens for British businesses and charities, removing barriers to international trade, and cutting the number of repetitive data collection pop-ups online. A government news release said that the UK version of the EU’s General Data Protection Regulation (GDPR) would save the economy £4.7 billion over the next ten years. The news release said that the Data Protection and Digital Information Bill, first introduced last summer, will take “the best elements of GDPR and [provide] businesses with more flexibility about how they comply with the new data laws.” The bill also would: Reduce the amount of paperwork organisations need to complete to demonstrate compliance; Support more international trade without creating extra costs for businesses if they’re already compliant with current data regulations; Provide organisations with greater confidence about when they can process personal data without consent; and Increase public and business confidence in artificial intelligence technologies by clarifying the circumstances when robust safeguards apply to automated decision-making.
Six figure boost set to help businesses get Eurovision ready
Liverpool BID Company has made a six-figure investment to support businesses and ensure that the benefits of the Eurovision Song Contest 2023 are felt across the city centre. The private, not-for-profit organisation, which represents more than 1,000 levy paying businesses across the city centre, has programmed a series of free marking workshops, language classes and first aid courses to ensure that businesses can share their Eurovision story with the tens of thousands of visitors which are expected to descent on the city in May. The increased football is expected to boost Liverpool’s hospitality, retail and leisure industries as well as raising its global profile. Bill Addy, chief executive of Liverpool BID Company, said: “We took the decision to make a six-figure investment from Liverpool BID to support Eurovision to help ensure its benefits are felt throughout the city centre. Eurovision is not just one night, it is two weeks of opportunity to share Liverpool’s creativity, cultural prowess and the passion and enthusiasm of its business community and private sector.