Business News Round Up (14/04/2022)
Research finds remote work could be key to Britain’s ‘Levelling Up’ plan
Remote work could enable over 13 million Brits to seize the opportunity to live and work outside the major cities, helping to spread economic opportunity across the UK, according to research released today by ClickUp, the all-in-one productivity platform. The research found that 45% of the UK workforce believe working remotely from wherever they’d like on a permanent basis is a realistic option. More than half (53%) of Brits believe that living in a major city is important to their career advancement – however if they had the same career prospects living elsewhere as they do now, only 15% of people would choose to continue living in the city. The UK government recently announced its Levelling Up plan, which aims to bring gigabit broadband to 85% of the UK, and £1 billion to deliver 4G coverage to 95% of the country by the end of 2025, amongst other measures to reduce regional inequality. The new research from ClickUp suggests that remote work could play a major role in helping the government achieve its key objective and level the economic playing field across the country.
Pressure mounts on Scottish firms as rising prices hit bottom lines
Seven in 10 Scottish businesses have said they are set to put up their prices as record levels of concern over inflation are reported. According to the Scottish Chambers of Commerce’s latest business survey, firms are also starting to feel the impact of reduced spending, as consumers tighten their belts and disposable income drops, hitting cashflows and profits. Stephen Leckie, president of the chamber, warned: “Firms are becoming increasingly anxious about rising inflation, energy prices and cost pressures. “For too many businesses, the focus is still simply on survival.” The report, has been running since 1990 and is the longest running economic survey of its kind, stated that the period of strong growth is now levelling off and retail footfall remained considerably below pre-pandemic levels. With inflation in the UK reaching highs not seen for decades, there is record concern among businesses about its impact, with many indicating they would up prices in response. Around 70% of financial, business services and retail firms said they were concerned about the reported record high inflationary pressures, with 80% of tourism firms, and 90% of construction and manufacturing businesses telling the survey the same.
https://www.insider.co.uk/news/pressure-mounts-scottish-firms-rising-26709109
Big business holds key to reviving town centres, says FSB
A small firms leader says big businesses need to re-invest in struggling town and city centres which have been blighted by the closure of stores and bank branches. A report on reviving Scotland’s high streets has proposed a range of measures, including an online sales tax and restrictions on out of town developments. But Andrew McRae, Scottish policy chairman of the Federation of Small Businesses, put the blame for the decimation of many high streets partly on big businesses withdrawing investment and shutting down operations which have caused people to stay away. “Scotland’s town centres and high streets have long been associated with independent and local businesses. “But to ensure these important local places have a bright future, they need to see public sector and big business investment,” he said.
Scotland leads the way in UK space sector jobs
Scotland has seen a boost in space jobs and now accounts for a fifth of the UK space workforce, according to a report.
A survey of firms by the UK Space Agency showed employment in the sector north of the border grew by nearly 9.6% in 2020, to 8,440. The UK sector as a whole saw its jobs total rise by 6.7%, to 46,995. The announcement comes as the UK’s first vertical small satellite launches are set to take place from Scottish spaceports. In February, planning permission was granted for the construction of a spaceport in the far north of Scotland. Shetland Islands Council said work to prepare the Saxavord Spaceport could proceed, provided Scottish ministers did not call the project in for review. Under the plans, three rocket pads are to be built at the Lamba Ness peninsula in Unst. Meanwhile, plans for a spaceport near Tongue in Sutherland cleared a major legal hurdle in September when a Scottish Land Court judge approved a change of use of an area of croft land for the building of the facility. The UK Space Agency said Scotland was “leading the way” in space sector jobs growth. It said spaceports were likely to lead to further jobs in the coming years, fuelled by the growth of regional space clusters, international investment, and emerging technologies.
https://www.bbc.co.uk/news/uk-scotland-scotland-business-61081756