Business News Round Up (11/10/2024)
UK economy grows in August after two flat months – growth welcomed by Chancellor Rachel Reeves
The UK economy grew in August after it was flat in the previous two months, according to the latest official figures. The Office for National Statistics (ONS) said gross domestic product (GDP) recorded 0.2% growth in August, up from no growth in June or July, news agency PA has reported. It was in line with economist predictions but is nevertheless a boost for Chancellor Rachel Reeves ahead of this month’s autumn Budget. In August, accountancy, retail and many manufacturers had strong months while construction also recovered from July’s contraction. These were partially offset by falls in wholesaling and oil extraction.” The services sector was the main contributor to growth, up 0.1% in August after a similar rise in July. Meanwhile, the smaller production sector swung to 0.5% growth after a 0.7% contraction in July, revised from a 0.8% estimate in last month’s figures.
https://www.insidermedia.com/news/national/economy-grows-in-august-after-two-flat-months
ScottishPower aims £12 billion more at UK clean energy
ScottishPower is to invest £12bn extra in UK clean energy projects, citing the UK Government’s move to push through a clutch of divisive solar projects earlier this year as a key motivator. Chief executive Keith Anderson, who will meet Sir Keir Starmer in Edinburgh on Friday, told the PA news agency the controversial approach to planning is “what we want to see as an investor”. In Labour’s first weeks in government, Energy Secretary Ed Miliband waved through a handful of Britain’s largest solar farms in Lincolnshire, Suffolk and Cambridgeshire, overruling local opposition. The decision sparked outcry from regional campaigners and even a legal challenge from two councils, which was later withdrawn. But Anderson said it “sends a clear message” to ScottishPower’s parent company, Spanish giant Iberdrola, about the UK’s green prospects, alongside wider plans to decarbonise the power grid.
https://www.insider.co.uk/news/scottishpower-aims-12-billion-more-33868437
UK Government Employment Reforms set to impact Scottish workers
The UK government has announced significant reforms to employment rights that will affect millions, including workers in Scotland. These changes aim to enhance job security and working conditions, particularly for those on zero-hours contracts and in precarious employment. Key reforms include the end of exploitative zero-hours contracts, a ban on ‘fire and rehire’ practices, and the introduction of a single status of ‘worker’ for all but genuinely self-employed individuals. Employees will also gain protection from unfair dismissal from their first day of work, and flexible working arrangements will become the default unless otherwise justified by employers. While these reforms are welcomed, the Scottish Government has long called for the devolution of employment law to tailor policies to Scotland’s specific needs. A spokesperson stated that while they support improvements, local context is crucial. As these reforms progress through Parliament, Scottish businesses and workers should prepare for the changes ahead.
Scotland’s tech trade body opens applications for digital technology awards
ScotlandIS – the tech trade body – has opened applications for its annual digital technology awards ceremony next year. The Digital Technology Awards 2025 event will be held on March 20, 2025, in Glasgow – and will celebrate ‘scale, innovation and talent in the nation’s digital economy’. Nominations are open until 9 January with winners in 10 different categories – including the new Outstanding ITMSP [IT Managed Service Provider] – being announced on the night. Karen Meechan, CEO at ScotlandIS said: “There’s no denying the past few years have, at times, been challenging for businesses. But, amidst a tough economic climate, the Scottish tech industry continues to show its resilience, with plenty to be excited about across space, cybersecurity and renewables. Scotland is quickly making its way up the global leaderboard and that’s something to celebrate.”