Business News Round Up (11/01/2024)
World Bank predicts global economic growth to slow throughout 2024
The World Bank has warned that global economic growth is expected to slow down throughout 2024, capping a poor few years for global economic development. “As the world nears the midpoint of what was intended to be a transformative decade for development, the global economy is set to rack up a sorry record by the end of 2024 —the slowest half-decade of GDP growth in 30 years,” the World Bank said in a press release accompanying the report. Global economic growth is projected to slow for the third year in a row, falling from 2.6% in 2023 to 2.4% in 2024, almost three-quarters of a percentage point below the average of the 2010s, according to the report. The poor economic outlook was driven by weak growth in international trade, tight monetary policy and continued conflict in the Middle East, the latter of which has sent shudders through commodity markets.
Scottish Budget will cause ‘self-inflicted economic harm’ to retailers
The impact of Scotland’s Budget on retailers is a “recipe for self-inflicted economic harm”, the Scottish Retail Consortium (SRC) has warned ministers. In a seven-page submission, the industry body has published a detailed response to what it described as a “muddled” Budget for 2024-25. David Lonsdale, director of the SRC, said the announcements were particularly disappointing given the “low ebb” of retail sales in recent years. The consortium previously criticised Scottish Government ministers for failing to plug the estimated £1bn deficit through cuts to government costs amid expanding civil service numbers. Instead, the SRC has argued the buck is being passed to retailers as the freeze to the basic property rate falls to medium and larger commercial properties. Deputy First Minister Shona Robison announced the poundage on the basic property rate would be frozen for small businesses with a value up to £51,000.
https://www.insider.co.uk/news/scottish-budget-cause-self-inflicted-31850280
‘Digital Innovation policies must benefit all UK regions’
The UK Tech Cluster Group has launched a report outlining how the government can harness the potential of the country’s tech ecosystems to support businesses and people across the UK. Launched at a Parliamentary reception, the in-depth report sets out four ways in which development of the tech industry can support social mobility and economic growth. Katie Gallagher OBE, chair of the UKTCG and managing director of Manchester Digital, said: “In launching the report and our ‘Four Big Ideas’, we’re calling for Government to harness the huge potential of technology and the tech industry to unlock the potential in every region of the UK. Across the UK, we have numerous strong and individual tech ecosystems. By creating a digital and innovation policy which supports business and individuals in each region, we can support true social mobility and see real opportunity for businesses to grow alongside the fast-moving innovation within tech.”
Two Scottish companies feature in The Startups 100 2024
The UK’s longest-running index of the most promising new startups, the Startups 100, has released its 2024 lineup and this year it includes two Scottish startups, OK Positive and Ujaama Spice. The Startups 100, run by Startups.co.uk, showcases the top 100 new UK businesses which exhibit innovation, solid financials, opportunity in their market, a great concept and a strong customer base or following. The Startups 100 Index has been running for the last sixteen years, spanning all industries with the final list championing a huge range of inventive and original ideas. Ujamaa Spice was also nominated for this year’s Startups 100 Just Started award, which celebrates fast-growth firms founded in the year before their application was submitted. To support the launch of this year’s list, Startups.co.uk also surveyed 546 UK small businesses on their outlook for 2024. Scottish customers were identified as being the best at supporting local businesses.