Business News Round Up (12/03/2024)
More than a fifth of UK adults not looking for work
More than a fifth of adults in the UK are deemed not to be actively looking for work, official figures suggest. The UK’s economic inactivity rate was 21.8% between November and January, marginally higher than a year earlier. It means 9.2 million people aged between 16 and 64 in the UK are not in work nor looking for a job. The total figure is more than 700,000 higher than before the coronavirus pandemic. Concerns have been raised over worker shortages affecting the UK economy. The health of the UK economy is in the spotlight with the general election set to be called in the coming months and both major political parties pledging to boost growth. The UK fell into recession at the end of last year when the economy shrank for two consecutive three-month periods, but latest official statistics showed the level of unemployment remained steady.
https://www.bbc.co.uk/news/business-68534537
Scotland to benefit from industrial decarbonisation funding boost
The UK’s Industrial Decarbonisation Research and Innovation Centre (IDRIC) has been awarded £1 million in new funding from the Engineering and Physical Sciences Research Council (EPSRC) part of UK Research and Innovation, to continue its vital work in catalysing industrial decarbonisation in the UK. The funding will allow IDRIC to maintain momentum and maximise its impact through continued knowledge sharing, supporting skills development, and providing key evidence to policymakers to accelerate industrial decarbonisation. Since its launch in 2021, IDRIC has made major strides on the UK’s Road to net zero by supporting challenge-led research projects, industry engagement activities, and policy initiatives. To date, IDRIC has funded 100 research projects across 34 universities, creating an industrial decarbonisation ‘Knowledge Hub’ for research projects and cluster activities across the Black Country, Humber, Northwest, Scotland, Teesside, Solent, and South Wales.
Two Scottish regions among nation’s most entrepreneurial
Scottish regions have broken into two of the top five spots named as the UK’s most entrepreneurial regions in a new study. A recent study conducted by ClickSlice has unveiled the top ten most entrepreneurial hotspots in the UK, where business formation outpaces population growth. The study based the top ten on the number of businesses per 1000 people, across the UK, to which Dumfries & Galloway and Stirling ranked 2nd and 5th respectively. According to the study, Dumfries & Galloway boasts 188 businesses per 1000 people, while Stirling has 102, both above the National average of 100 per 1000. The other regions breaking the top five were Chichester at first with 203, Winchester at second with 163, and Guildford at 5th with 99. Despite London’s reputation as a global financial powerhouse, it falls short in entrepreneurship per capita.
https://www.digit.fyi/two-scottish-regions-among-nations-most-entrepreneurial/
Strathclyde Business School and Scottish National Investment Bank launch scale-up initiative
A new programme to address the growth barriers faced by Scottish businesses attempting to scale-up has launched. The Scottish Impact Investor Readiness Programme is being delivered by Strathclyde Business School, in partnership with the Scottish National Investment Bank. It was developed following research into the challenges that businesses with a focus on environmental and societal impact face when looking to take growth to the next stage. The programme aims to help business owners grow their businesses responsibly, with a focus on helping them develop a better understanding of environmental, social and governance (ESG) considerations and measure impact. It will be delivered by experts from across the university – including the Scale Up Institute-endorsed Hunter Centre for Entrepreneurship and the Centre for Sustainable Development – utilising internationally-recognised research and real-world practitioners.
https://www.insider.co.uk/news/strathclyde-business-school-scottish-national-32331619