Business News Round Up (12/04/2024)
Nearly half of Scottish consumers say they have cut non-essential spending so far in 2024
Nearly half of consumers (49%) in Scotland say they have cut non-essential spending in the first quarter of the year, according to new research from KPMG UK. KPMG UK’s Consumer Pulse survey tracks the quarterly confidence and spending behaviour of 3000 consumers across age and income groups and UK regions, of which 281 or 9% were in Scotland. When asked what they would most likely do should prices of goods and services drop: 47% said put the money into savings; 17% said put the money toward essential costs; 14% said increase non-essential spending; 14% weren’t sure. Non- essential spending was also brought into focus elsewhere in the research when consumers were asked about their spending so far in 2024. Nearly half of Scottish respondents said that their essential cost levels have meant that they have had to cut their non-essential spend in the first quarter of the year.
£160m LCR Investment Zone officially launches
The Liverpool City Region Life Sciences Investment Zone, which could unlock up to £800m of public and private investment – has officially launched. It follows the signing of a Memorandum of Understanding (MOU) between Liverpool City Region Combined Authority and the Department of Levelling Up, Housing and Communities. The government will contribute £160m to the zone, which could create 8,000 jobs. An initial 21 projects will benefit from the funding, including at Sci-Tech Daresbury, Knowledge Quarter Liverpool, Maghull Health Park, the St Helens Manufacturing and Innovation Campus and Earlsfield Park Knowsley. Other projects will drive breakthroughs in children’s health, infection control, vaccine production, personalised medicine, and long-acting therapeutics.
https://www.insidermedia.com/news/north-west/160m-lcr-investment-zone-officially-launches
Interest rate cut a close call as UK GDP rises
Early interest rate cuts remain on a knife edge after Britain’s economy grew by 0.1% in February, according to new data which also saw January’s reading revised higher to 0.3% from 0.2%. The country entered a shallow recession in the second half of last year, and the latest data should confirm that it has returned to growth, providing some relief for the Conservative government in an election year. However, analysts are divided on whether the data, including a slowing of price growth, confirms the likelihood of rate cuts in the summer or if such action would rekindle inflation. Chancellor Jeremy Hunt said: “These figures are a welcome sign that the economy is turning a corner, and we can build on this progress if we stick to our plan.”
https://dailybusinessgroup.co.uk/2024/04/interest-rate-cut-a-close-call-as-gdp-rises/
28% global cyber-attack increase in Q1 2024
The Hardware Vendor industry saw a substantial rise of 37% cyber-attacks YoY, as the Education/Research, Government/Military and Healthcare sector maintained their leads as the most heavily attacked sectors. The realm of cybersecurity is an ever-evolving battlefield. As we step into 2024, the shadows of 2023’s massive cyber-threats still loomed, setting a precedent for what is to come. Q1 2024 has seen an intriguing shift in the landscape of cyber-attacks, both in frequency and in the nature of threats. In Q1 2024, Check Point Research (CPR) witnessed a notable increase in the average number of cyber-attacks per organisation per week, reaching 1308, marking a 5% increase from Q1 2023 and a 28% increase from Q4 2023. This escalation is not just a number but a stark reminder of the persistent and evolving threat landscape, and the substantial increase from Q4 2023 accentuates a worrying trend of rapid escalation in cyber-threats.
https://www.digit.fyi/report-28-global-cyber-attack-increase-in-q1-2024/