Business News Round Up (21/09/2023)
UK economy downgraded as oil heads to $100
Britain will be the second worst performing economy in the G20 next year, according to the Organisation for Economic Co-operation and Development. The OECD expects a growth rate to 0.8% in 2024, meaning the UK’s performance will only be stronger than Argentina’s economy, which is projected to contract by 1.2%. The global economy has also been downgraded, with China, France, and Germany, and the wider eurozone likely to see slower than expected growth. The OECD says growth is being held back by high core inflation and restrictive monetary policy, which central banks have warned will persist into next year. Inflation data for the UK is due out on Wednesday while the US Federal Reserve and Bank of England will decide this week whether to impose a further rise in interest rates. The European Central Bank raised its three benchmark interest rates last week. Responding to the OECD forecast, Chancellor Jeremy Hunt said: “Today the OECD have set out a challenging global picture, but it is good news that they expect UK inflation to drop below 3% next year. “It is only by halving inflation that we can deliver higher growth and living standards. We were among the fastest in the G7 to recover from the pandemic, and the IMF have said we will grow faster than Germany, France, and Italy in the long term.” The OECD’s prediction comes amid forecasts that oil prices could soon top $100 a barrel on the back of Saudi Arabia and Russia reducing production.
https://dailybusinessgroup.co.uk/2023/09/uk-economy-downgraded-as-oil-heads-to-100/
A quarter of Scottish firms report rising levels of staff sickness
Almost one in four employers in Scotland have seen an increase in staff being off sick compared to a year ago. The Advisory, Conciliation and Arbitration Service (Acas) commissioned YouGov to ask more than 1,000 employers at the end of August if they had seen any changes to the number of employees being off sick compared to 12 months ago. For employers in Scotland, the poll found that 24% had seen an increase in sickness absence, while only 11% had seen a decrease. Almost three in five (57%) said that the number of staff being off sick had roughly stayed the same and 8% didn’t know or were not sure. Acas chief executive Susan Clews said: “Bosses that handle sickness absences effectively can help to reduce it, prevent any unnecessary disputes at work and stay within the law. Acas has advice and training for Scotland businesses on how to prevent sickness absences and address the causes.” The non-departmental public body advised that Scottish companies should have an absence policy that is clear on what is expected of managers and their staff if they need time off work.
https://www.insider.co.uk/news/quarter-scottish-firms-report-rising-30984902
Six areas across UK set to receive seven-figure funding to trial new smart tech
Smart streetlamps that can charge electric vehicles and boost wireless coverage will be rolled out in towns and cities across the UK, as part of a £1.3m pilot to test next-generation digital technologies. With the rising demand for wireless services, companies are increasingly exploring opportunities to install infrastructure on lamp posts, traffic lights, CCTV columns, benches, bins, and bus stops. That is why six areas from across the UK will receive funding to trial new multi-purpose street columns which will house equipment to support the rollout of advanced wireless networks like 5G or free public Wi-Fi, boosting connectivity for people out and about in town and city centres. The successful pilots will match government funding for this programme, receiving a total investment of over £4m to help boost local connectivity. The government will provide £1.3m, while the local authorities will invest a further £2.7m, helping to deliver better services in communities. These pilots can also be adapted to carry out a range of functions, from charging EVs to monitoring air quality, and displaying public information to saving energy with street lighting, that will enable councils and combined authorities to unlock new opportunities and improve public services. The six authorities which will receive government funding through the Smart Infrastructure Pilots Programme (SIPP) are: Cambridgeshire County Council (£220k); Tees Valley Combined Authority (£202.5k); Royal Borough of Kingston upon Thames (£245.7k); Westminster City Council (£165k); Oxfordshire County Council (£250k); North Ayrshire Council (£242.8k). By trialling different uses across these areas, the aim is to show how ‘state-of-the-art’ wireless technology can become an integral part of UK infrastructure, connecting public services and businesses in new ways to realise the full benefits of 5G and advanced connectivity.
Scottish landlord’s recycling scheme diverts 400 tonnes of furniture from landfill to tenants
Launched in 2016, Wheatley Group’s Home Comforts programme takes donated pieces of furniture which may have been dumped otherwise, upcycles them and distributes them to tenants who need it. Since then, 406 tonnes of furniture have been recycled and passed on to Wheatley Homes Glasgow and Loretto Housing tenants in the west of Scotland. Wheatley Group, which is investing £100m in sustainability initiatives as part of its Greener Homes, Greener Lives campaign, said the scheme has helped 4,339 households across central Scotland with 15,952 pieces of furniture, white goods, or electrical items. Professor Paddy Gray, chair of the Wheatley Foundation, said: “It is great to hear the difference Home Comforts has made to thousands of Wheatley customers across the country since it launched. Home Comforts is a great example of the circular economy, helping extend the life of quality furniture and appliances, and avoiding an unsustainable waste of resource. It helps tackle our throw-away culture, by making best use of what we already have and avoiding yet more consumption.”