Business News Round Up (14/04/2023)
US-UK trade talks won’t begin until 2025
Talks on a post-Brexit trade deal between the US and the UK are not expected to resume for another two years, according to government sources. US President Joe Biden avoided the issue during his brief visit to Northern Ireland, thereby maintaining the low priority he adopted towards bilateral talks with the UK when he took office in 2020. Prime Minister Rishi Sunak, who met Mr Biden in Belfast, is being forced to target smaller, sector-specific deals, or deals with individual US states instead of a comprehensive free trade pact with the UK’s biggest trading partner. Ahead of the meeting, National Security Council Senior Director for Europe Amanda Sloat said: “I don’t anticipate that the two leaders are going to be talking about a free trade agreement on this trip.” But she added: “We’re continually looking for ways to engage with the UK on a range of economic issues.” She confirmed that Mr Biden has invited Mr Sunak to Washington in June, where they will discuss economic topics. Despite failing to secure talks on a free trade pact, the PM insisted the UK’s relationship with the US is “in great shape” and described the two countries as “very close partners and allies”.
https://dailybusinessgroup.co.uk/2023/04/us-uk-trade-talks-wont-begin-until-2025/
Scottish National Investment Bank committed to investing in Scotland’s future
As a development bank, the Scottish National Investment Bank invests in diverse projects that align with its missions to deliver economic benefit to Scotland. The bank invests commercially and is focused on ensuring that it not only delivers a fair return, but that its investments will deliver positive social, environmental, and economic impacts that support the delivery of its missions. Set by Scottish Ministers on behalf of the people of Scotland, its missions are: Achieving a Just Transition to net zero by 2045. It seeks to invest in rebalancing the economy towards leadership in sustainable technology, services and industry; Extending equality of opportunity through improving places by 2040. Investing in places and regeneration to reduce inequalities and improve opportunities and outcomes for people and communities; Harnessing innovation to enable our people to flourish by 2040. Focused investment on innovation and industries of the future for a heathier, more resilient, and productive population. The Scottish National Investment Bank seeks to invest widely and diversely in businesses and projects based in Scotland, or businesses seeking to move to Scotland, and as a patient investor is able to invest over longer terms to support sustainable business growth. Its investments in debt and equity are made based on the needs of individual projects or businesses, as it typically invests where the private sector is not fully able to provide the investment required, with the aim of accelerating in capital from other investors.
https://www.insider.co.uk/partner-stories/scottish-national-investment-bank-committed-29644347
Fall in permanent placements contrasts with sustained uplift in temporary billings
The latest KPMG and REC, UK Report on Jobs: North of England survey signalled a renewed drop in permanent staff appointments across the region during March. However, temp billings growth was sustained, with recruiters registering another solid monthly rise in billings for short-term workers. Notably, the availability of candidates for both permanent and temporary roles improved for the first time in over two years amid a softening in the demand for staff. Nonetheless, pay pressures remained elevated, with the North of England recording the fastest monthly increases in rates of pay. The KPMG and REC, UK Report on Jobs: North of England is compiled by S&P Global from responses to questionnaires sent to around 150 recruitment and employment consultancies in the North of England. Warren Middleton, Office Senior Partner at KPMG in Manchester, said: “The latest findings reflect the ongoing turbulence of the region’s job market, with the continued uptick in temporary hires undermined by another drop in permanent appointments. This downturn is also being felt throughout much of the UK, as businesses grapple with talent shortages across a variety of sectors. Similarly, while candidate availability is showing signs of improvement, firms are needing to offer inflated pay packages in order to compete and attract the best talent, with the North recording the fastest rise in salaries last month. The tendency of jobseekers to stay put during times of economic uncertainty like the current cost-of-living crisis is putting pressure on companies needing to recruit.”
Free handbook published to help small Scottish firms tackle cybercrime
A free new handbook has been produced to help Scottish small and medium-sized firms (SMEs) to tackle the growing threat cybercrime. The CyberScotland Partnership released the new ‘Cyber Strategy for Small Organisations’ guide aimed at people with no technical background in the subject. Available now on the CyberScotland Portal, the pamphlet was created by ethical hackers at the Cyber and Fraud Centre – Scotland, one of the Partnership’s founding partners. Its publication comes as latest research from Vodafone reveals that more than half (54 per cent) of UK SMEs experienced some form of cyber-attack in 2022, up from 39 per cent in 2020. The guidebook outlines short, medium, and long-term priorities SMEs should consider when developing their own cyber security strategy, with tactics ranging from password protection and backups, to undergoing a security audit and obtaining certifications. Jude McCorry, Chair of the CyberScotland Partnership, said: “All types of business are at growing risk of a cyberattack. But unlike larger organisations, SMEs may not have the internal resources to maintain operations during an incident – so an attack could potentially shut them down or certainly have damaging long-term effects on their reputation.