Business News Round Up (14/10/2022)
Scottish financial services sector enjoys decade long surge in exports – TheCityUK report
Scottish financial and related professional services accounted for some £8.8 billion of exports in 2020, an 86 per cent surge over the previous decade, a new report has revealed. The study from TheCityUK also found that financial services exports from Scotland accounted for 7.6 per cent of Britain’s total financial services exports in 2020. The industry body estimates that related professional services exports from north of the Border accounted for 4.2 per cent of Britain’s total related professional services exports. All regions and nations across the UK generated trade surpluses in financial services in 2020, according to the report. London had the largest financial services trade surplus of £34bn, followed by the South East of England (£5.1bn) and Scotland (£4.6bn). Anjalika Bardalai, chief economist and head of research at TheCityUK, said: “As London is one of the world’s leading international financial centres, it inevitably leads the UK’s exports of financial and related professional services. But the idea that only London sells these services overseas and the rest of the UK focuses on domestic activity is misleading. Scotland makes an important contribution to exports of financial and related professional services, demonstrating the vital economic role the industry plays across all parts of the country. In addition, as the UK braces for an economic storm, the surplus generated by financial and related professional services provides an important buffer against the risks of a widening trade deficit.”
Scotland’s innovation magnet attracts global tech firms as it opens its membership programme
THE National Manufacturing Institute Scotland (NMIS), one of the UK’s fastest growing manufacturing research and development organisations, is today welcoming its first group of official members from around the global manufacturing, engineering, and technology sectors. The NMIS Group, based at the heart of the Advanced Manufacturing Innovation District Scotland (AMIDS) in Renfrewshire has attracted investment, commitment and support from US tech trailblazer, Infor; oil and gas giant Baker Hughes along with seven other major manufacturing related firms: Fanuc, ATS Global, Sandvik, Skyreal, Hybrid Manufacturing Technologies, Beckhoff and Nikken. The companies are the first to sign-up to the NMIS membership programme which will see them work together to innovate, access world leading expertise and technical capability and form a supportive network to ultimately tackle the global manufacturing challenges of tomorrow. Welcoming the commitment shown by the companies, National Manufacturing Institute Scotland’s Chief Commercial Officer, Dr Lynne O’Hare said: “It is great news for Scottish manufacturing and the wider UK sector that the National Manufacturing Institute Scotland can attract companies of this calibre as industrial members.
Business park’s SME-focus leads to 16 new tenants in first half of 2022
Sixteen new tenants have signed up to Birchwood Park in the first half of 2022, committing to more than 8,000 sq ft of space. The site, the North West’s largest out-of-town business destination, has welcomed a range of new organisations as demand for small suite space remains strong. In addition, 34 businesses have committed to remain part of the Birchwood Park community after agreeing to lease renewals on small suites in the same time period, which equates to a combined space of more than 13,500 sq ft retained by current occupiers. Medical communications company Simplifying Science, school software provider October Resolutions, trade union Prospect, health and safety practice PM Connections and recruitment provider LivRecruit are among the new wave of occupiers to have joined the park in 2022. In addition to demand from the SME marketplace, Birchwood Park also secured two significant lettings for larger office space within Chadwick House, which houses more than 40 organisations.
Alcohol markets ‘worth £100m’ unlocked after UK trade talks
The UK government says it has unlocked export markets worth GBP100 million for the alcohol industry after negotiating an end to trade barriers with several African and South American nations. However, the Scotch Whisky Association says ongoing trade talks with India are a “once in a generation” opportunity to unlock business on an even larger scale. On Thursday, Trade Secretary Kemi Badenoch visited the Glenkinchie Distillery in East Lothian, which is owned by drinks giant Diageo. The Department for International Trade says it has intervened to end a number of barriers recently. In Argentina, whisky tariffs were reduced from 35% to 20% following negotiations. The department said Morocco removed 48% tariffs which were mistakenly imposed on UK spirits, and Angola cancelled a planned tax on whisky.