Business News Round Up (19/09/2024)
‘Significant action’ needed to stabilise UK finances, warns OECD
The Organisation for Economic Co-operation and Development (OECD) has warned that “significant action” is required to stabilise the UK’s public finances, urging Chancellor Rachel Reeves to reform fiscal policy. The OECD recommends scrapping stamp duty, scaling back the pension triple lock, and updating the council tax system. The report highlights mounting financial pressures from healthcare, pensions, and climate change, which come on top of high debt, rising interest payments, and sluggish economic growth. It follows warnings from other institutions about Britain’s unsustainable debt, with the Office for Budget Responsibility recently forecasting that debt could reach 270% of GDP over the next 50 years. Reeves, set to present her first budget on 30 October, is expected to increase taxes to tackle £22 billion in government overspending. The OECD suggests revising the pension triple lock, inflation, or wage growth, by aligning it with an average of inflation and wage growth.
https://bmmagazine.co.uk/news/significant-action-needed-to-stabilise-uk-finances-warns-oecd/
Scots Government backs six R&D projects with Catalyst Fund
Six research and development projects borne from business/academia collaborations have been awarded funding through the Scottish Inward Investment Catalyst Fund (IICF). The fund was set up by Interface and the Scottish Government to attract companies from out with Scotland to collaborate with Scottish academic institutions to create future opportunities in R&D and manufacturing and grow the economy. IICF has awarded just under £60k to six projects involving universities and a college. Business Minister, Richard Lochhead, said: “Scotland is open for business, and we are committed to attracting further overseas investment to help boost economic growth. Scotland remains the UK’s top location for inward investment outside of London and our world-class universities and academia have a vital role to play in helping attract potential inward investors to Scotland. The latest round of the Inward Investment Catalyst Fund has attracted an array of innovative projects, aligned with the Inward Investment Plan.”
https://www.digit.fyi/scottish-inward-investment-catayst/
New Glasgow campus aims to become Europe’s largest ‘smart things’ hub
The Smart Things Accelerator Centre (STAC) has launched ‘thebeyond’ campus at Skypark in Glasgow, featuring product development labs and a 250-desk co-working space. The 22,000 square foot hub comprises an electronics lab, fabrication lab and a research and development ‘makerspace’, in addition to a media lab, event space and hot-desking areas. STAC chief executive and co-founder Paul Wilson said: “The launch of thebeyond takes STAC to the next level as we continue on our mission to build world-class start-ups who can compete on a global level. We support our companies through mentorship, access to talent, funding, and networks, and it’s a model which is unique on the Scottish tech scene. We now have a comprehensive environment to accelerate the entire product development process, providing inventors and developers with the tools and resources needed to bring their ideas to life, from concept to prototype.”
https://www.insider.co.uk/news/new-glasgow-campus-aims-become-33701904
Second phase of Greater Manchester start-up programme launches in October
A Greater Manchester-wide programme, which offers free support for start-ups, is set to launch its second phase called Initiate. The programme, run by Manchester Digital and funded through the Barclays Eagle Lab project by the government, offers fully funded places for 100 start-ups and founders across six months. Initiate launches in October and is inviting founders and entrepreneurs from right across Greater Manchester to join the sessions, which include expert advice, in-depth masterclasses, a knowledge hub and tailored support. The first phase saw a number of roadshows for start-ups and founders across the boroughs of Greater Manchester. Katie Gallagher OBE, managing director at Manchester Digital, said: “Our Start-up Activator was launched to foster a community and provide guidance from experts and experienced founders. We strongly encourage founders, from ideation stage through to early traction, from across Greater Manchester to sign up and take part in the new Initiate programme.”