Business News Round Up (16/11/2023)
UK scale-ups growing in size but less are being created
The number of scale-up companies in the UK has declined in the past year, although the size of the average scale-up business has increased, according to new research from the ScaleUp Institute. These findings come from the ScaleUp Annual Review 2023, which provides an overview of the UK’s scale-up sector. According to the review, the number of scale-up businesses – defined by the Institute as having grown their sales or employment by more than 20% a year for the past three years – has fallen to 28,410, down from 33,955, over the past year. The ScaleUp Institute, a not-for-profit company focused on making the UK the best place to scale up a business, attributes the decline to the pandemic, geopolitics, and supply chain issues.
Rates rise threatens future of town and city centres
A coalition of leading hospitality, retail and leisure organisations have written to the Chancellor urging him to freeze the business rates multiplier and extend existing reliefs for a further year at the upcoming Autumn Statement. UKHospitality, British Retail Consortium, Association of Convenience Stores, British Independent Retail Association and ukactive are warning that businesses, jobs, and the future of high streets are at risk without the measures. The sectors combine to pay more than £10 billion in business rates a year. The inflation-linked increase to the business rates multiplier will cost retail businesses £480m and hospitality businesses £234m. An end to current relief will cost hospitality £630m and retail £750m.
Vacancies fall as pay growth cools
Job vacancies in the UK have continued to fall while pay growth has slowed slightly, according to new data from the Office for National Statistics (ONS). Vacancies fell by 58,000 between August and October 2023, falling for the 16th consecutive period. They fell in 16 of the 18 sectors measured. Pay excluding bonuses grew by 7.7% between July and September, slightly down on the previous periods, but is still among the highest annual growth rates since comparable records began in 2001. Annual growth in employees’ average total pay (including bonuses) was 7.9%. This total annual growth rate is affected by the Civil Service one-off payments made in July and August 2023. Inflation dropped to 4.6% from 6.7% in September.
https://www.hrmagazine.co.uk/content/news/vacancies-fall-as-pay-growth-cools/
North to receive multimillion pound 5G boost
Greater Manchester, Sunderland and Cumberland will receive £10.6m between them to boost 5G-enabled innovation. They are among the 10 regions sharing the Department for Science, Innovation and Technology’s £36m grant to promote the technology. The 5G Innovation Regions (5GIRs) will use the cash to invest in local projects to boost advanced wireless connectivity across a wide range of sectors, including public services, sustainable farming, and road safety. Greater Manchester Combined Authority will receive over £3m, part of which will be used to 5G-enable hundreds of air source heat pumps across social housing in the region, the rest will be invested in a digital road network to reduce congestion and carbon emissions.
https://www.prolificnorth.co.uk/news/north-to-receive-multimillion-pound-5g-boost/