Business News Round Up (11/04/2023)
New investment boosts UK’s digital connectivity
New plans and investment to boost digital connectivity and put the UK at the forefront of future telecoms technologies have been unveiled by Technology Secretary Michelle Donelan – unlocking growth, innovation, and potential across the country. As part of the new Wireless Infrastructure Strategy, the Government has set out its ambitions to blanket the country with the fastest, most reliable wireless coverage available – with an ambition for all populated areas to be covered by ‘standalone’ 5G (what some companies call 5G-plus) by 2030. 77% of the population already has access to basic 5G from one provider. This next iteration of 5G coverage across the country will unlock new technologies that will change our lives and the way businesses operate, at a time when the connectivity we depend on is significantly evolving and is woven further into the lives of us all. From driverless vehicles, robots, and drones on the factory floor to making our cities smarter, cleaner, and less congested; innovation is set to be supercharged. Today’s announcement also commits £8m to delivering high-speed broadband for up to 35,000 of the UK’s most remote properties. Under the new scheme, homes and businesses in the most remote areas that are unable to be connected to gigabit-capable broadband will be given funding to link them up to satellites orbiting the globe, giving them a broadband connection that will be up to ten times faster than what is currently available to them. Additionally, a £40 million 5G innovation fund will promote investment and adoption of 5G by businesses and public services, helping them unlock opportunities to use advanced wireless connectivity, generating value, innovation, and growth at a local level.
https://www.gov.uk/government/news/new-investment-boosts-uks-digital-connectivity
Optimism builds amid easing cost pressures
Business sentiment has ticked up on the back of an improving outlook for inflation, energy prices and supply chains. The latest business trends survey from BDO, the professional services group, reported a rise in business output and employment last month, continuing a run of largely optimistic surveys from companies and consumers. The BDO data is based on a “poll of polls”, analysing business surveys for an overall picture of economic trends. It summarises responses from more than 4,000 businesses in all sectors. Its inflation index marked its lowest score since March 2022, but still high by historical standards as the cost of living continues to bite households and costs rise for businesses. BDO said that pressures in companies’ supply chains had eased and wholesale energy prices have fallen, reducing some of these pressures. However, businesses are not out of the woods. At the beginning of this month, government support with energy bills was sharply reduced. There were also a series of changes to the tax regime, some of which will add pressure on some companies.
https://dailybusinessgroup.co.uk/2023/04/optimism-builds-amid-easing-cost-pressures/
Bruntwood SciTech secures £100m in green funding to aid expansion plans
The joint venture between property giant Bruntwood and Legal & General has secured a £100m boost. Bruntwood SciTech has received the funding through its financing facilities from HSBC UK, Lloyds Bank, NatWest and Santander UK. The money will allow the organisation to continue with its expansion plans “at pace to support the burgeoning demand from life science, tech and innovation businesses across the UK with world-class infrastructure and specialist support”. Bruntwood SciTech added that the terms of the loan are “intrinsically linked” with its sustainability targets. These include improving the EPC ratings of buildings, a year-on-year reduction in carbon intensity, a reduction in embodied carbon across new build developments, and an increase in renewable energy procurement. Specific to its expansion plans, £50m of the funding will be used for the next phase of development to get underway at the new Circle Square neighbourhood within the Manchester Oxford Road Corridor innovation district.
https://www.business-live.co.uk/commercial-property/bruntwood-scitech-secures-100m-green-26640829
Tech partnership boosts health innovation in Scotland
Innovative companies will be able to trial new health products in clinical settings across Scotland following a link-up between the Scottish Government’s £42 million Techscaler programme and the NHS. Participants in the programme, which provides world class expertise and support to young businesses with high growth potential, are being offered access to NHS Regional Test Beds. These enable entrepreneurs to work alongside clinicians and have access to patients and anonymised data to test ideas, products, and services. And in a reciprocal agreement, firms already using the NHS Test Beds will automatically become part of the Techscaler network. Wellbeing economy secretary Neil Gray announced the move during a visit to Bioliberty in Edinburgh, which uses robotics to provide rehabilitation and assistance for stroke survivors. The company will be one of 14 firms in sectors including healthtech and life sciences to join a Scottish Government-funded visit to New York to showcase their work. Mr Gray said: “Scotland’s life sciences sector has an annual turnover of more than £8 billion and is one of our key sectors for transformative economic growth. This partnership will be able to leverage our world-leading universities, life sciences hubs and excellent healthcare systems to support the growth of the sector and development of entrepreneurs.”