Business News Round Up (10/11/2023)
Scottish economic growth ‘subdued’
The Scottish economy is predicted to remain subdued, with real gross value added (GVA) expected to only be 0.3% higher across 2023 relative to last year. The latest PwC UK Economic Outlook revealed that while the rate of growth north of the border is greater than that predicted for the West Midlands and in line with rates for the North East and East Midlands, it lags behind the rest of the UK’s nations and regions – particularly London at 0.8% – and Northern Ireland, Wales, East of England and the North West, all of which are predicted to close out the year with growth of 0.6%. Regional growth disparities highlight growth in the services sector, which has positively impacted London’s economic activity, and strong growth in the public sector experienced in Northern Ireland.
https://www.insider.co.uk/news/scottish-economic-growth-subdued-31398149
North West insolvency related activity rises by eight per cent
Insolvency-related activity in the North West rose by 8% in October, compared with the previous month, says research by insolvency and restructuring trade body R3. Its analysis of data, provided by Creditsafe, shows there were 391 insolvency-related activities in the region during October, which was also three per cent higher than the same month last year. However, the figure remained below the peaks seen earlier this year in August (409) and March (476). Fran Henshaw, North West chair of R3 and head of corporate recovery and insolvency at Beever and Struthers, said: “These figures reflect the continued pressure facing businesses, with inflation and the rise in interest rates pushing up costs, and consumers cutting back on spending due to the cost of living crisis.
Hospitality group calls for business rates relief
Hospitality leaders are calling for a cut in business rates for the sector as more bars and restaurants continue to struggle with cost pressures. The Scottish Hospitality Group has launched a Save Our Scottish Hospitality campaign which demands 75% emergency business rates relief to match support being offered in England and Wales. It also wants a new category of business rates to be applied to the sector as well as a ‘new partnership’ with ministers to address ongoing issues. It says the Scottish Government’s own survey reveals that three in five (60%) hospitality businesses have seen production, suppliers or both affected by higher energy prices and almost half have been forced to pass these higher costs on to consumers.
https://dailybusinessgroup.co.uk/2023/11/hospitality-group-calls-for-business-rates-relief/
Scottish Enterprise supports record number of spinouts
The national economic development agency, Scottish Enterprise, has supported the highest-ever number of academic spinouts via its High Growth Spinout Program (HGSP), figures for the 2022-23 financial year reveal. Scottish Enterprise supports research teams to commercialise ideas and projects, helping to transform them into commercial businesses. In total, 33 research teams were supported by the development agency in FY22/23, receiving £2.06 million in grant funding. The projects come from research institutions including the universities of Strathclyde, Edinburgh, Aberdeen, Glasgow, Heriot-Watt, Napier, and the James Hutton Institute. Scottish Enterprise also supported the creation of six new spinout companies, with four of these going on to receive tailored wrap-around support to help further their scaling journey.
https://www.digit.fyi/scottish-enterprise-supports-record-number-of-spinouts/