Business News Round Up (16/08/2024)
SMEs suffer as North West overdue invoices hit 2024 high
The level of overdue invoices in the North West has reached its highest level this year, according to R3. R3’s analysis of data provided by Creditsafe shows that businesses in the North West had 583,133 unpaid invoices on their books last month, the highest monthly total in 2024 so far. Overdue invoices in the North West increased by almost 28,000 in July 2024, when compared with July 2023’s figure of 555,144 – a 5% increase. Fran Henshaw, Chair of R3 in the North West, said: “The yearly increase in overdue invoices in the North West reflects the continued cost pressures businesses have faced this year. Rent, raw materials and wages are rising, and these increased expenses have made it very difficult for businesses to stay on top of their bills, and there’s a real concern this trend could lead to a domino effect and push even more companies into financial difficulty.”
EY: Scotland forecast revised upwards with GDP at highest since pandemic
Scotland’s economic recovery is gaining momentum, suggesting fertile conditions for growth, but pace remains ‘anaemic’, according to the latest EY ITEM Club Scottish Summer forecast. The latest quarterly GDP data indicates that the Scottish economy grew by 0.5% in Q1 2024, and the most recent estimate indicates that GDP output is at its highest level since before the COVID-19 outbreak. Sectoral data confirms growth was wide-ranging as most sectors expanded, but consumer-facing sectors enjoyed the strongest growth in Q1. Monthly data adds a further degree of optimism that Scottish economic growth is now on sounder footing after the disappointing end to 2023 and the stop-start pattern of growth that has plagued the last two years. The most recent estimate of GDP shows that output from the Scottish economy is at its highest level since the start of the COVID-19 pandemic.
UK retail sales add to increasingly encouraging economic outlook
UK retail sales for July came in at 0.5%, signalling underlying health of the UK consumer after a questionable June reading raised fears of a slowdown in activity. The data adds to a raft of encouraging UK economic data, which suggests that the UK economy is very much on the front foot. UK GDP rose 0.6% in the second quarter as the economy continued its rebound from a shallow recession late last year. In addition, the latest round of inflation data hinted that the Bank of England would cut rates twice again this year. The UK economy is far from booming, but it’s much better than the doomsayers would have you believe. “Retail sales volumes were bang in line with expectations in July, bouncing back from a worse than expected June,” said Wealthclub’s Charlie Huggins.
Scottish salmon on track for record export year
Scottish salmon exports are on course for a record year after strong growth in Asia and the US helped overseas sales jump by 41% in the first half to £431 million. France remains by far the top international destination for Scottish salmon, with sales nearly doubling following a post-pandemic recovery in demand and tight supplies during the same period last year. Salmon Scotland said that if current growth continues, 2024 could set a record for international sales. Within the EU, Poland, Ireland, and the Netherlands are significant markets. Overall, EU export sales rose by 57% to £272m, while non-EU sales surged by 21% to £159m. Trade Policy Minister Douglas Alexander praised the sector’s contribution to the economy. “These figures are hugely encouraging and show strong demand for our high-quality salmon in Asia and America – some of the most exciting markets in the world,” he said.
https://dailybusinessgroup.co.uk/2024/08/scottish-salmon-on-track-for-record-export-year/