Business News Round Up (21/03/2025)
Innovation Action Plan launched for Edinburgh & SE Scotland
An Innovation Action Plan has been launched to help businesses based in Edinburgh and South East Scotland leverage regional strengths to support future growth. The plan, developed in collaboration between Edinburgh and South East Scotland City Region, Scottish Enterprise, and Innovate UK, aims to build a more resilient and investment-attractive economy by focusing on key innovation clusters in the region. The Action Plan has identified several initial areas as high innovation potential that could position firms in Edinburgh and South East Scotland as leaders in advanced manufacturing, life sciences and financial services. Among the three priority innovation clusters the City Region will focus on first is the Financial Services and Fintech cluster in central Edinburgh; the Health cluster in Edinburgh’s BioQuarter; and the Sustainable Advanced Manufacturing cluster based at the Forth Green Freeport, which alone is predicted to generate £7.9bn of public and private investment across the next decade.
https://www.digit.fyi/innovation-action-plan-launched-for-edinburgh-se-scotland
Scotland’s financial centres shin in latest Global Financial Centres Index
Edinburgh and Glasgow have strengthened their positions as prominent global financial centres, according to the latest Z/Yen Global Financial Centres Index. Edinburgh’s improved score and Glasgow’s impressive five-place jump underscores the continued growth of Scotland’s world-class financial services sector. The results are evidence that the sector growth strategy launched at the end of 2023 is delivering results. Edinburgh retained its 29th place overall, with an improved score, while Glasgow is placed at 32nd, up five places on last year and up from 51st the year before. The results highlight the strength of the financial services sector in Scotland, with the expansion of global firms establishing significant regional hubs in Scotland including Barclays, Blackrock and JP Morgan. This, combined with Glasgow and Edinburgh’s proximity to London, a growing expertise in fintech and AI, and a strong pool of talent, provides a valuable asset in the development of the sector.
https://www.scottishfinancialnews.com/articles/scotlands-financial-centres-climb-in-global-rankings
Mayor signs space deal to ‘unlock billions’ for North West
A giant leap for the North West of England is on the cards with a landmark deal focused on the future of space innovation. Liverpool City Region Mayor Steve Rotheram and Greater Manchester Mayor Andy Burnham have signed a groundbreaking agreement with Axiom Space, developer of the first commercial space station. The Memorandum of Understanding (MoU) will establish a framework for collaboration on space-based research, development, and manufacturing, helping to position the North West as a global centre for innovation in microgravity science and space technology. With in-space manufacturing, biotech, and communications poised to revolutionize industries worldwide, this partnership will ensure the UK – and the North West in particular – plays a leading role in this rapidly growing sector, which is expected to be worth £490 billion globally by 2030.
https://businesscloud.co.uk/news/mayors-sign-space-deal-to-unlock-billions-for-north-west
University of Dundee to receive £22 million support
The Scottish Funding Council (SFC) has approved a £22m support package for the University of Dundee, via grants and low-cost loans. It meets the request made by the university for help in a recovery plan drawn up in a bid to plug a £35m deficit – with bosses also seeking to cut 632 full-time equivalent posts to help make savings. The funding comes after the Scottish Government announced an additional £25m was being made available to help the higher education sector. SFC chief executive Francesca Osowska stated: “We are committed to supporting the university and the funding approved by the SFC board will support the university as it develops its financial recovery plan to return to a position of financial health.” It follows Tricia Bey, acting chair of the university’s governing court, told MSPs on Holyrood’s Education Committee that insolvency at the institution is a “real possibility”.
https://www.insider.co.uk/news/university-dundee-receive-22-million-34904254