Business News Round Up (14/12/2023)
UK commits £2bn in green hydrogen support
The UK government has committed £2bn in funding over the next 15 years to support green hydrogen projects. Energy Security Secretary Claire Coutinho (pictured) has announced backing for 11 major projects to produce green hydrogen and confirmed suppliers will receive a guaranteed price from the government for the clean energy they supply. In return for this government support, the successful projects will invest over £400m in the next three years, generating more than 700 jobs in local communities across the UK and delivering 125MW of new hydrogen. Following the launch of the first hydrogen allocation round (HAR1) in July 2022, the 11 projects include the 21MW Barrow Green Hydrogen project, being developed by Carlton Power, in north-west England, Hygen’s 24.5MW Bradford Low Carbon Hydrogen and H2 Energy and Trafigura’s 14.2MW West Wales Hydrogen project.
https://renews.biz/90110/uk-commits-2bn-in-green-hydrogen-support/
Scottish Chambers calls on government to ‘reverse cycle of low growth’
The Scottish Chambers of Commerce has urged the Scottish Government to use next week’s Budget statement to incentivise businesses, investment, and job creation, breaking the cycle of low growth. Business leaders have also called on Holyrood ministers to prioritise non-domestic rates relief and avoid additional income tax burdens. In its pre-Budget submission, the chambers set out three key priorities for the government: Replicate the 75% discount on business rates for retail, hospitality, leisure firms for businesses in Scotland as recently extended by the UK Government for those in England and Wales. Rule out any further divergence from the rest of the UK on income tax bands. No anti-business regulatory policies to be introduced for the remainder of this Parliamentary term. Liz Cameron, chief executive of Scottish Chambers of Commerce, said: “A shift in mindset is needed in Scotland which promotes entrepreneurship and incentivises business growth and job creation.
https://www.insider.co.uk/news/scottish-chambers-calls-government-reverse-31665778
Half of UK organisations using transactions to keep up with change
The UK M&A market looks set to pick up in 2024, with firms increasingly looking beyond organic growth to transform their operations. More than half of UK business leaders are considering transactions to keep pace with changes and challenges in their markets, according to a new study from PwC. A growing body of evidence suggests that the UK M&A market is poised to turn a corner. Following 18 months of lacklustre business, multiple studies suggest that 2024 will once again see a boom of deals across the national market – as firms look to boost their results through acquisition campaigns. Indeed, some research asserts that the change is already occurring. According to WTW’s quarterly deals performance benchmark, global deal activity increased in the third quarter of 2023, with volume rising by 16%.
University links with global industrial giant in £10m R&D partnership
The University of Manchester has signed up Indian conglomerate, Tata, in a research deal worth £10m over four years. Tata Steel has signed a Memorandum of Understanding (MoU) with the university’s Henry Royce Institute for Advanced Materials to set up a Centre for Innovation in Advanced Materials. The two parties are joining forces on a collaborative research and development programme which will see Tata Steel investing £10m over four years. The Centre for Innovation will be set up at the Institute’s headquarters at the University of Manchester. The new centre aims to link up on advanced materials with the broader UK innovation eco-system involving multiple universities, catapult centres and the National Health Service. The research programme will get the benefit of participation of leading academics and technologists of the broader eco-system through the partner network of the Henry Royce Institute.