Business News Round Up (17/03/2025)
Scots Gov courts investors for £100bn offshore wind market
The Scottish Government is hosting an Edinburgh event today aimed at unlocking new private investment in the country’s rapidly growing offshore wind industry. The Global Offshore Wind Investment Forum, which will be attended by stakeholders including investors and developers, will be hosted by first minister John Swinney. The Forum is taking place following a Green Industrial Strategy Commitment to raise the profile of Scotland as a desirable destination for capital investment—with the Strategy identifying offshore wind as one of the five priority areas for Scottish Government resource and investment. The government is investing up to £500 million over five years in the Scottish offshore wind supply chain to leverage an expected £1.5 billion of private investment. Recent funding made as part of the Scottish Government’s commitment of up to £500m include the Scottish National Investment Bank’s investment in subsea cable manufacturer XLCC and anchor manufacturer Subsea Micropiles.
https://www.digit.fyi/scots-gov-courts-investors-for-100bn-offshore-wind-market
Reeves to meet regulators in drive to cut red tape
Measures to speed up economic growth are set to be discussed in a meeting of industry regulators with the chancellor on Monday. Rachel Reeves is expected to outline more plans for cutting the cost of regulation, including environmental measures, as well as scrapping some bodies in their entirety. It comes as the Organisation for Economic Co-operation and Development (OECD) cut its UK growth forecast for 2025 and 2026 as it downgraded prospects for the global economy because of worries over the mounting trade war. The government has made boosting growth its main priority, but the Conservatives said Labour’s taxes were harming growth and called on Reeves to set out a “real plan”. In its latest forecast, the OECD cut its predictions for UK growth to 1.4% in 2025, from its previous forecast of 1.7%, and to 1.2% in 2026, down from 1.3%.
https://www.bbc.co.uk/news/articles/crmj14d220vo
Port of Nigg receives £10m boost for offshore wind expansion
Highlands and Islands Enterprise (HIE) has approved up to £10 million in public investment for a major redevelopment at the Port of Nigg. This funding will support the development of the port’s Inner East Quay, creating a new heavy-duty quayside and introducing roll-on roll-off capabilities. The project, which is subject to formal approval by Global Energy Nigg Limited, will increase capacity and capabilities at the port, attracting new companies and investment while supporting operations across the country’s growing offshore wind operations. HIE’s investment forms part of the Scottish Government’s commitment to strategically invest up to £500m over five years to anchor the nation’s offshore wind supply chain. Port of Nigg is recognised by developers as a prime location for the manufacturing and assembly of offshore wind components and has a significant track record within Scotland’s offshore wind industry, having managed over 3.5GW of assets through the facility.
UK pledges £2 billion in defence support
The UK has committed to providing £2 billion in support for defence initiatives. This significant pledge underscores the country’s ongoing commitment to strengthening its military capabilities and contributing to global security efforts. The announcement highlights the UK’s role in bolstering defence systems, both domestically and internationally, through substantial financial investments. This move is part of broader strategic plans to enhance national security and collaborate with international partners on defence matters. Details of how the funds will be allocated are expected to be disclosed in due course, with a focus on enhancing military infrastructure, technology, and personnel development. The investment is seen as a crucial step in maintaining the UK’s position as a major player in global defence. This commitment reflects the UK’s dedication to maintaining robust defence capabilities, ensuring readiness to address emerging security challenges and support allies in various regions.