Business News Round Up (17/01/2025)
Scottish City and Region Deals to reach £3 billion in investments
The Secretary of State for Scotland, Ian Murray, has confirmed that following the Autumn Budget, UK Government investments in Scottish City Region and Growth Deals will reach £1.5 billion. Added to the £1.6 billion that the Scottish Government has also pledged to invest, more than £3 billion will now go into the City Region and Growth Deals programme north of the border. Of the UK Government contribution, £527 million was part of a nearly £1.4 billion package of local growth investment signed off by the Chancellor, with a further £840 million to go towards dozens of local growth projects and programmes across Scotland. Giving evidence to the Scottish Parliament’s Economy and Fair Work Committee this week, Murray said: “This is our Plan for Change in action, and this funding will drive economic growth and improve living standards right across Scotland.
https://www.digit.fyi/scottish-city-and-region-deals-to-reach-3-billion-in-investments
Hospitality drives economic growth according to latest official figures
Food and beverage had the strongest November in the economy, demonstrating the growth potential of hospitality, say UKHospitality. According to November GDP estimates released by the Office for National Statistics today, food and beverage was the highest performing sector of the economy in November. Accommodation activity was the third highest performing consumer service. UKHospitality is again urging the Government to harness the economic growth potential of hospitality but warns that the £3.4 billion hitting the sector in April threatens businesses’ ability to invest and grow. Kate Nicholls, Chief Executive of UKHospitality, said, “Hospitality has been the engine behind economic growth in November. This clearly demonstrates the potential the sector has to help drive recovery and prosperity nationwide. It’s a timely reminder to the Government about why they should be looking to invest in and back hospitality businesses to help them deliver its growth agenda.”
Perth and Kinross crowned UK’s stop spot for business growth
Perth and Kinross has been identified as the top local authority in the UK for having the strongest growth potential among its businesses. The recognition, announced at an event today, follows analysis of the expected distribution and value of business growth across the UK for the year ahead. Considering the proportion of businesses in each area expected to achieve high growth, the average value of these businesses, and the relative risk of these businesses, the analysis identified Perth and Kinross as the top area in the UK with the strongest growth potential among local businesses. Over 12% of businesses in Perth and Kinross are expected to achieve 20% growth over the next year, with higher levels in some parts of Perth and Strathallan ward area. This is significantly higher than the national average of 10% of businesses and demonstrates the strong environment for businesses across Perth and Kinross.
Scotland’s fastest-growing tech companies revealed
Utopi, a smart sensors firm based in Glasgow, has been named Scotland’s fastest-growing technology firm. That’s according to the inaugural Sunday Times 100 Tech list, which ranks Britain’s fastest-growing private tech companies. Student accommodation providers with high heating bills are among the businesses increasingly using Utopi’s property sensors. Four co-founders started it in 2019: Ben Roberts, 37, Falk Bleyl, 55, John Trower, 58, and Jonathan Burridge, 45, who leads as its chief executive. Sales hit £6m in 2024, when the business reached a landmark of 100,000 devices installed globally at sites owned by the likes of Lloyds Banking Group and Vita Student. There are three companies out of the top 100 based in Scotland. The other two are Skyrora, also based in Glasgow, which is preparing to launch rockets from the SaxaVord spaceport, and Safer Group, a site security technology firm based in Inverclyde.
https://www.insider.co.uk/news/scotlands-fastest-growing-tech-companies-34493993