Business News Round Up (14/03/2025)
Twenty Scottish businesses share £400,000 Regional Edge prize to boost local economies
Twenty high-growth businesses set to make a positive impact on Scotland’s economy are celebrating being named shared winners of the Regional EDGE prize fund of £400,000. This new pilot award, aimed at businesses in Aberdeen, Perth & Kinross, Dundee and Angus, and the Highlands and Islands, is the latest initiative in the long-standing relationship between the Scottish Government and Scottish EDGE. Funds were allocated through a competitive process, which involved pitching to a panel of judges and delivered in collaboration with local partners Opportunity North East, Elevator, GrowBiz and Highlands and Islands Enterprise. The award ceremonies took place across four weeks in each of the regions’ hometowns, with industry leading keynote speakers in attendance including First Minister of Scotland John Swinney for the Perth and Kinross awards.
UK economy shrank unexpectedly in January
The UK economy shrank unexpectedly by 0.1% in January, with a slowdown in manufacturing one of the main reasons for the dip. The performance was weaker than expected, and came after the economy had grown by 0.4% in December. It will be seen as a blow to the government, which has said its number one priority is to boost UK economic growth. The figures come ahead of the chancellor’s Spring Statement, which is expected to include government spending cuts. Liz McKeown, ONS director of economic statistics, said: “The economy shrank a little in January but grew in the latest three months as a whole, with the overall picture continuing to be of weak growth.” Construction and oil and gas extraction had a “weak month”, she said. But this was partially offset by retail, particularly food shops, “as people ate and drank at home more”, she said.
https://www.bbc.co.uk/news/articles/cly3mdlk70no
Reeves boosts arms exports in focus on defence
Chancellor Rachel Reeves is providing a further £2 billion to support UK firms exporting arms and military equipment, as defence becomes a key focus for stimulating economic growth. The Chancellor, who visits a defence company in Scotland today, says the extra lending will unlock opportunities across the supply chain. UK Export Finance’s lending capacity will be raised from £8bn to £10bn for an industry which supports 650 exporters and 41,000 employees. UKEF recently included an £8.8bn guarantee for exports of air defence systems to Poland, support for the export of Typhoon aircraft to Qatar and support for the sale of ex-Royal Navy mine hunting vessels to the Ukrainian Navy. Today’s news follows the recent £1.6bn commitment announced by the Prime Minister to supply thousands of advanced air defence missiles to Ukraine, boosting the UK economy and support 700 existing jobs.
£4.5m boost empowering Greater Manchester businesses with essential skills support
Businesses across Greater Manchester can now access free, tailored skills development support to help address workforce challenges, boost productivity, and invest in staff training. The £4.5 million expansion, funded by Greater Manchester Combined Authority (GMCA), allows GM Business Growth Hub to offer businesses access to specialist training in essential workplace skills, including English, Maths, Digital Literacy, and English for Speakers of Other Languages (ESOL). The programme also supports broader skills development, helping businesses shape the training they need to future-proof their workforce. Already a successful business support organisation, GM Business Growth Hub is expanding its services to offer more flexible workforce development in response to employer demand. This means businesses can now access training that enhances core workplace skills, develops leadership capability, and provides sector-specific training. A team of dedicated Skills Coaches will provide one-to-one guidance, helping businesses and employees identify skills gaps and access the right training opportunities.