Business News Round Up (19/11/2024)
Survey reveals more than 72% of UK SME owners believe business is becoming more difficult
As business leaders from across the country gather in London for this year’s Allica Bank Great British Entrepreneur Awards, a new survey reveals that many remain uncertain about the future, despite an improving economic outlook. Nevertheless, the survey also reveals that SME sights are set firmly on growth. The survey of more than 450 SME owners carried out by The Allica Bank Great British Entrepreneur Awards headline sponsor Allica Bank reveals that despite inflation and interest rates having stabilised in recent months, 72% of SMEs believe running a business has become more difficult over the past twelve months. When it comes to what’s driving this sentiment, 42% of respondents see ongoing economic uncertainty as weighing on their business while 41% identify higher costs as a cause of concern. A quarter of respondents see poor consumer confidence as an issue. The survey also reveals SME concerns about the recent Autumn Statement.
Scotland sees surge in green hydrogen projects
Green hydrogen projects in Scotland have risen by two-thirds in just two years as the country makes progress in being a major exporter. According to figures from Scottish Enterprise, more than 100 projects are now in various stages of development, up from 61 in 2022. Speaking to key industry figures in London ahead of the Hydrogen For Life conference, Deputy First Minister Kate Forbes confirmed the country’s growing potential for hydrogen production and export. She also reiterated the Scottish Government’s desire to work with international investors and partners. A Hydrogen Sector Export Plan will be published shortly. The Deputy First Minister said: “As a nation with a proud industrial heritage, Scotland can lead the energy transition while preserving and creating high-quality jobs. The development of Scotland’s hydrogen economy can provide economic and social benefits as well as helping us realise our net zero ambitions.”
BAE Systems’ Air Business adds 5 billion to UK GDP and supports over 70,000 jobs
A new report by Oxford Economics has outlined the substantial economic contribution of BAE Systems’ Air business, which supported over 70,700 jobs across the UK and contributed £5 billion to the nation’s GDP in 2023. The report also highlighted the company’s strong export performance, with revenues reaching £2.6 billion, doubling since 2016. The Air business operates across 21 UK locations and collaborates with 1,400 UK suppliers, injecting nearly £2.5 billion into the domestic supply chain. The report indicates that the business has an average productivity rate 15% higher than the national average and contributed £220 million in tax revenues to the UK government. Simon Barnes, Group Managing Director of BAE Systems Air, stated: “At a time of great uncertainty around the world, our core focus is to serve, supply and protect those who serve and protect us. This report demonstrates how we are boosting national economic growth and job creation.”
Strathclyde Union transforms into £30m Digital Entrepreneurial Hub
The University of Strathclyde’s former Student Union building will be transformed into a digital, entrepreneurial and social engagement hub following an alumnus donation. Named Charles Huang Advanced Technology and Innovations Centre (CHATIC) in recognition of a £30 million contribution to the project by Dr Charles Huang, a founder of private equity firm Pasaca Capital Inc, as part of a £50m donation he made through his foundation to Strathclyde in 2021, marking the largest philanthropic gift seen by the university. Situated in the Glasgow City Innovation District, CHATIC will provide additional facilities for advancing Health Technologies, 5G Communications, Industrial AI, FinTech, Quantum Technologies and Space research, alongside housing an Innovation & Entrepreneurship Hub and a Social Innovation Hub. With space for businesses to co-locate within the University, CHATIC will create a critical mass of companies and innovation support organisations, alongside community engagement facilities that will deliver increased economic and social impact.
https://www.digit.fyi/strathclyde-union-transforms-into-30m-digital-entrepreneurial-hub