Business News Round Up (12/05/2025)
£100 billion potential of ‘transformational’ Highlands and Islands projects
The scale of transformational opportunity facing the Highlands and Islands economy has been quantified for the first time by a new report. The study suggests there are 251 planned development projects in the pipeline of what it refers to as regional transformational opportunities (RTOs). Together they represent a potential total investment value of up to £100.35bn – and could bring around 16,000 jobs at the peak of construction and development – along with 18,000 operational jobs by 2040. The study was commissioned by Highlands and Islands Enterprise (HIE) in partnership with the Highlands and Islands Regional Economic Partnership (HIREP) and carried out by research firm ekosgen. The dual purpose of the study was to better understand the breadth of economic opportunities with the greatest potential to bring transformational change to the region’s economy and society, and to inform planning and decision-making by HIREP partners to maximise benefits.
https://www.insider.co.uk/news/100-billion-potential-transformational-highlands-35198800
Latest UK labour market data highlights need for clearer guidance on employment reforms
CIPD data shows that UK employers are facing rising costs, global uncertainty and record-low hiring confidence. We outline what the UK government must do in response – and how people professionals, with the CIPD’s support, can help businesses adapt and thrive. The latest CIPD Labour Market Outlook reveals that employer confidence has fallen to its lowest point on record outside the pandemic. People professionals have a key role to play in helping organisations plan and build resilience, and we offer practical guidance for those navigating these challenges. As organisations navigate economic headwinds, they are also preparing for significant regulatory change. The Employment Rights Bill is landing at a time of heightened costs and caution. Many employers are hesitant to invest without further clarity. We’re calling on the government to work closely with employers, especially SMEs, to ensure the Bill is implemented in a way that supports business growth and good work.
Four UK regions set for £30m funding to create spinouts
Four innovative UK hubs across Merseyside, East Anglia, the Midlands and North East England are set to get fresh backing to grow more spinouts. A fresh £30m in funding will support a taskforce of world-leading universities and industry experts across the locations to take advantage of the opportunity. This has been announced in an attempt to create new jobs, develop the industries of tomorrow and drive economic growth through the UK Government’s Plan for Change. The investment is set to support efforts to incubate and spin out new companies to create a more attractive environment to investors and entrepreneurs. Universities including Newcastle University and the Universities of Liverpool, Cambridge and Birmingham are all poised to benefit from the backing. The government is also priming the public sector with first ever guidance to put fresh groundbreaking ideas on the path to investment.
https://businesscloud.co.uk/news/four-uk-regions-set-for-30m-funding-to-create-spinouts
Greater Manchester Chamber of Commerce hails UK-US deal – but says more details needed after months of ‘turmoil’
Greater Manchester Chamber of Commerce has broadly welcomed the historic US-UK trade deal – but says its true impact will only be known when more details are revealed. Donald Trump and Sir Keir Starmer confirmed the deal in a call broadcast live on Thursday. Import taxes that could have hit high-end carmakers were cut from 27.5% to 10%, with the 25% tariff on steel has also been removed entirely. US import taxes which had threatened to cripple British high-end carmakers were cut from 27.5% to 10%, while the 25% tariff on steel removed entirely. While the blanket 10% tariff on imports announced by President Trump on his “liberation day” announcement stays in place, talks are ongoing to ease them. The Chamber also welcomed the Bank of England’s decision to cut UK interest rates to 4.25%.
https://www.business-live.co.uk/manufacturing/greater-manchester-chamber-commerce-hails-31602243