Business News Round Up (10/09/2024)
Marked improvement in skills levels in region’s cities according to Good Growth for Cities report
The cities of the North West have seen a marked improvement in skills, according to the annual Demos-PwC Good Growth for Cities Index. The Index ranks 51 of the UK’s largest cities, based on the public’s assessment of 12 economic measures. But an unprecedented need for co-operation between the new government, local authorities and businesses in the regions will be needed to achieve sustainable and inclusive growth. PwC’s chief markets officer Carl Sizer said an ambitious legislative agenda seeks to turn the dial on key issues holding back the UK’s economic growth, but noted this is against a backdrop of a challenging fiscal environment. The report estimated that the North West is in line with the UK average, and is expected to grow by 1.1% in 2024 and 1.8% in 2025, making it the fifth fastest growing region out of 12 in the UK next year.
PwC: Edinburgh and Glasgow rise in economic wellbeing rankings
Two major Scottish cities have improved their performance in PwC’s Good Growth for Cities Index. Of the three Scottish cities included in the analysis, Edinburgh climbs six places to ninth overall while Glasgow moves up four places to 31st. The report also highlights Scotland’s capital as the fourth most improved city on the Index. Aberdeen, meanwhile, is relatively the weakest of the cities, slipping from 31st place last year, to 37th place. The Good Growth for Cities Index ranks 51 of the UK’s largest cities based on the public’s assessment of 12 economic measures. While all three Scottish cities perform above the UK average when it comes to the ratio of house-price-to-earnings and skills among 16–24-year-olds and over-25s – with Edinburgh and Glasgow also tracking above the UK average for work-life balance – the report highlights that Scots place more value on other indicators measured by the Index.
Scottish unemployment rate drops to 4.2%
Unemployment in Scotland has fallen slightly in the last quarter. Data from the Official for National Statistics showed that the unemployment rate north of the border for those aged 16 and over was 4.2% between May and July this year. This was 0.5% down on the previous quarter, but above the UK-wide unemployment rate of 4.1%. The figures showed that 118,000 people in Scotland were out of work between May and July, down from 121,000 over the previous three-month period. The employment rate for those aged 16 to 64 was 74.2%, up 1.2% on the previous quarter. This was below the UK-wide rate of 74.8%. In Scotland there were 2,548,000 people in that age group in employment, up from 2,520,000 in the previous three months.
https://www.insider.co.uk/news/scottish-unemployment-rate-drops-42-33632966
Scottish businesses face ‘significant challenges’ exporting goods to EU, committee finds
Scottish businesses are experiencing “significant challenges” in exporting goods to the EU under the post-Brexit trade agreement, according to a new report by the Scottish Parliament’s Constitution, Europe, External Affairs and Culture Committee. It has found the challenges are being created by “considerable” non-tariff barriers that have arisen due to the post-Brexit UK-EU trading relationship. The committee has said improvements must be negotiated by the UK to better facilitate UK-EU trade. The report highlights “considerable administrative, resource and cost pressures on businesses” which have been caused by non-tariff barriers, adding it has “harmed exports”. It cites the requirements for customs formalities and regulatory checks for all exports from the UK to the EU as a key issue and argues that the UK will need to seek closer regulatory alignment with the EU to address the barriers.