Business News Round Up (16/12/2024)
Firms pause EU trade as new consumer rules kick in
Some small UK companies are pausing their sales into the EU amid concern that they may fall foul of new consumer rules coming into effect today. Firms that export non-food products to the EU and Northern Ireland are now subject to the bloc’s General Product Safety Regulation (GPSR) which aims to give consumers better protection when shopping online. It also aims to improve rules around product recalls. There are stricter rules across the entire product lifecycle, from design and testing to labelling and supply chain management (with some product exemptions). The new regulations place heavier emphasis on safety standards, and non-compliance could lead to penalties and disrupt a business’s EU sales. The GPSR will require businesses to provide more detailed safety documentation, with further traceability, and appoint an EU-based “Responsible Person” to manage compliance.
North West among most active regions for rebound in office leasing activity
Office leasing across the UK’s ‘big six’ cities hit 1.3 million sq ft in Q3 as activity rebounded to its highest levels since the end of 2022, according to JLL. The ‘Big Six’ research, which tracks office take-up, vacancy rates and grade A rental growth across Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester, showed leasing has now reached 3.3 million sq ft, 24% ahead of the same point last year. JLL expects the total amount of space leased across the whole of 2024 will exceed the five-year average of four million sq ft, representing an increase of 8% on 2023. Activity was boosted by significant deals in Birmingham, which saw an increase of more than 100% on Q2, and Manchester, where the largest deal of the year was recorded with Bank of New York Mellon leasing nearly 200,000 sq ft at 4 Angel Square.
Easing cost pressures breed confidence among Scottish firms
Around 90% privately-owned Scottish firms feel optimistic about their growth prospects as they head into 2025, according to KPMG UK’s Private Enterprise Barometer. The new survey captured insights from 1,500 private business owners across the UK, including 125 from Scotland, spanning sectors such as professional services, finance, technology, industrial manufacturing and retail. Easing cost pressures emerged as the primary driver of this positive outlook, cited by nearly half (46%) of respondents, alongside improved access to finance (43%) – both results significantly exceeding the UK average of 32% and 31% respectively. Looking ahead, Scottish firms are charting ambitious growth strategies, with 70% setting their sights on international expansion and 35% planning to diversify through new products or services within the next five years.
https://www.insider.co.uk/news/easing-cost-pressures-breed-confidence-34319844
Funding boost for Made Smarter Adoption North West
Made Smarter Adoption North West, a trailblazing digital technology adoption programme, has secured an additional £230,000 to help more SME manufacturers access transformational technology. The allocation from the Department for Business and Trade (DBT) will fund at least 10 new companies to adopt technologies such as sensors, robotics and 3D printers to increase productivity, growth, create new high value jobs and support decarbonisation. This cash boost is more good news for the business support initiative that will continue from April 2025 as part of the government’s £16 million commitment to expand into all English regions. Made Smarter offers SME manufacturing and engineering companies access to technology advice, leadership and skills training, as well as grant funding for digital internships and technology projects. The programme was created to accelerate technology adoption in SME manufacturing and engineering businesses lacking in-house resources and know-how.
https://businesscloud.co.uk/news/funding-boost-for-made-smarter-adoption-north-west