Business News Round Up (10/10/24)
UK sets up Regulatory Innovation Office to speed up tech adoption
The UK government has announced the establishment of the Regulatory Innovation Office (RIO) to accelerate economic growth and foster technological innovation. The new initiative aims to streamline the regulatory process for emerging technologies, such as AI, biotechnology, and drones. According to the government, the RIO will play a crucial role in supporting businesses to bring cutting-edge technologies to market more efficiently. By working with existing regulators, the office will help to expedite the approval process, reduce regulatory burdens, and create a more favourable environment for innovation. One of the key focus areas for RIO will be AI training software. The office will support the development and deployment of AI training software for surgeons, enabling more accurate surgical treatments and improving patient outcomes. Moreover, it will work for the integration of AI into healthcare delivery, improving diagnosis, patient care and hospital efficiency.
https://www.computing.co.uk/news/2024/uk-sets-up-regulatory-innovation-office
Bruntwood SciTech completes Manchester office acquisition
The joint venture between Bruntwood, L&G, and the GMPF has bought the 28,000 sq ft The Pinnacle on King Street. Bruntwood SciTech’s acquisition of the 10-storey Manchester office means the JV will be able to expand the neighbouring Pall Mall, which is currently undergoing a £30m overhaul that is due to complete next summer. The purchase price was not disclosed. The building last traded for just shy of £10m in November 2009. The Pinnacle deal, first reported earlier this year, sees Bruntwood SciTech’s pipeline of development increase to 8.4m sq ft. SciTech announced last year its intention of ammas a portfolio of innovation workspaces valued at £5bn by 2032. Currently, Bruntwood SciTech has more than £314m of investment underway across Birmingham, Manchester, Leeds, and Liverpool. Manchester alone accounts for £243m of that amount.
Scottish job growth accelerates to 16-month high, according to latest Royal Bank Regional Growth Tracker
Scotland enjoyed its ninth consecutive month of growth during September. The data, from the latest Royal Bank Regional Growth Tracker, shows that Scotland has continued on a positive growth trajectory in 2024, but at a slower rate in the four weeks to September. Headline Business Activity Index fell to 51.2, from 52.7 in August, owing to cooling growth in the services sector. However, the negative impact from manufacturing nearly disappeared, as output fell only fractionally. Modest growth in output was supported by a sustained, albeit mild increase in new business. The labour market remained a strong point for the Scottish private sector. Outstripping the UK-wide average, the rate of job creation hit a 16-month high and signalled a sharp rise in staffing levels. Growth was driven by services firms as manufacturing employment was broadly stable.
University of Manchester launches Unit M to supercharge inclusive growth
The University of Manchester has created a new function called Unit M, to support the region’s innovation economy. In one of the first major outward facing initiatives by new President and Vice Chancellor Duncan Ivison, the ambition of Unit M is to convene different capabilities from around the campus to “connect and catalyse the innovation ecosystem” in Manchester and the wider region to accelerate inclusive growth. “The transformative potential of fully embracing innovation cannot be understated, both for the region and for the UK more widely,” Ivison said. Ivison added: “Unit M lies at the heart of the University’s ambition to power an inclusive economy, positioning Manchester as a central player on the global stage to accelerate growth for all in society.” The Unit M team is seeking to connect with entrepreneurs, investors, changemakers and business leaders who are interested in partnering with the University.