Business News Round Up (15/12/2023)
Rise in consumer confidence offers Christmas cheer
A rise in consumer confidence is offering some Christmas cheer to hard-pressed retailers who are hoping for a late rush to the shops. While remaining in negative territory, GfK’s Consumer Confidence Index increased two points, while expectations for the general economic situation over the next 12 months rose by one point. Consumers feel particularly more confident about their personal finances as households see improvements in their ability to control their budgets. The major purchase index also rose, by one point to minus 23. The uplift coincides with the Bank of England holding interest rates for a third successive month and a fall in inflation to 4.6%.
https://dailybusinessgroup.co.uk/2023/12/rise-in-consumer-confidence-offers-christmas-cheer/
UK business growth rises to six-month high – PMI
Activity in the UK private sector hit a six-month high in December, boosted by a pick-up in the services sector, figures showed Friday. At 51.7 in December, up from 50.7 in November, the headline seasonally adjusted S&P Global/CIPS Flash UK PMI composite output index pointed to the fastest rise in private sector business activity since June. “Higher levels of business activity were supported by a renewed improvement in order books, alongside efforts to work through post-pandemic backlogs,” the survey said. The UK services PMI business activity index registered 52.7 compared to 50.9 in November, a six-month high, but manufacturing remained subdued. The manufacturing PMI hit a two-month low at 46.4 compared to 47.2 in November.
Over 400 Scottish hospitality businesses and workers urge First Minister for support
More than 400 hospitality businesses and workers in Scotland have penned an open letter to First Minister Humza Yousaf, appealing for urgent support. The letter warns of an impending crisis in Scottish hospitality, without new assistance in the upcoming Scottish Budget, many businesses may face closure. The plea comes a week before the Scottish Budget, with pressure mounting on the government to match the support provided by the UK Government for hospitality businesses in England. The UK Government announced a 75% business rates relief for English hospitality businesses in the next year during the Autumn Statement. The signatories include well-known bars, pubs, restaurants, and hotels across Scotland. The Save Scottish Hospitality campaign emphasises the need for fresh support, calling for a 75% emergency business rates relief, the creation of a new hospitality category for business rates, and a partnership between the industry and government to develop a plan for growth.
Major boost for hydrogen as UK unlocks news investment and jobs
Over 700 jobs will be created across the UK in a world-leading hydrogen industry from the South West of England to the Highlands of Scotland, backed by £2 billion in government funding over the next 15 years. Energy Security Secretary Claire Coutinho announced backing for 11 major projects to produce green hydrogen – through a process known as electrolysis – and confirmed suppliers will receive a guaranteed price from the government for the clean energy they supply. This represents the largest number of commercial scale green hydrogen production projects announced at once anywhere in Europe, helping to place the country at the forefront of this emerging industry. Unlike blue hydrogen, which is formed using fossil fuels and capturing the carbon emissions, green hydrogen is made by using renewable energy to split water – helping provide cleaner fuel for energy intensive industries and transport.
https://www.gov.uk/government/news/major-boost-for-hydrogen-as-uk-unlocks-new-investment-and-jobs