Business News Round Up (21/12/2023)
Scottish business confidence dips in December, but remains in positive territory
Business confidence in Scotland fell 10 points during December to 31%, according to the latest Business Barometer from Bank of Scotland Commercial Banking. Companies in Scotland reported lower confidence in their own business prospects month-on-month, down seven points at 44%. When taken alongside their optimism in the economy – down 14 points to 18% – this gives a headline confidence reading. Scottish businesses identified their top target areas for growth in the next six months as evolving their offer (39%), investing in their team (37%) and entering new markets (24%). A net balance of 30% of businesses in Scotland expect to increase staff levels over the next year; up five points on last month. Overall, UK business confidence fell two points in December to 35%, the first decrease since August, driven largely by firms’ outlook on the overall UK economy, which dipped by eleven points from 38% to 27%.
https://www.insider.co.uk/news/scottish-business-confidence-dips-december-31717046
UK Government announces plans to establish competitive carbon capture market
The UK Energy Secretary has revealed plans to make the country a global market for carbon capture, usage, and storage (CCUS) by the year 2035. The strategy – entitled CCUS Vision – outlines the UK’s roadmap for evolving from initial projects supported by government backing to establishing a competitive market in this sector. This means that UK companies will compete to construct carbon capture facilities and sell their services across the globe. This marks the most recent advancement in implementing the recently revealed £20 billion investment for the development of CCUS technologies. The goal is to store 20-30 million tonnes of CO2 annually by 2030, fostering the creation of 50,000 jobs by the same year.
Shortage of recruits amid green finance boom
Scotland has the UK’s highest proportion of green financial job openings, according to new evidence which is now pointing to a shortage of recruits to fill new roles. The latest report by PwC in its Green Jobs Barometer series says 5.6% of openings are classed as ‘green’, creating jobs such as sustainable investment analysts, climate strategists and ESG analysts, and the greening of existing jobs. The report, produced in collaboration with the Financial Services Skills Commission (FSSC) and the Aldersgate Group, finds the proportion of job vacancies in the sector that are identified as green increased from 0.25% between 2019-2020 to 2.2% in 2022-2023. This has grown from 4,900 jobs to 16,700. Given the scale of the green investment needed to meet net zero goals, in the UK and globally, this growth is expected to accelerate.
https://dailybusinessgroup.co.uk/2023/12/shortage-of-recruits-amid-green-finance-boom/
‘Unlikely’ visitor levy would have detrimental impact on tourism
A visitor levy in Scotland would be “unlikely” to have a detrimental impact on local authority areas, according to a report. The Scottish Parliament’s local government, housing and planning committee published its stage one report on the Visitor Levy Bill on Thursday. If passed, it would allow local authorities to introduce an overnight accommodation levy in order to reinvest locally in facilities or services used by tourists. The majority of committee members have supported the Bill and said it was “unlikely” the levy would have a detrimental effect on certain local authority areas, as long as the rate was relatively modest. Scottish Conservative members Miles Briggs and Pam Gosal did not support several of the report’s conclusions, or the general principles behind the bill. There was general agreement that the introduction of the levy had the potential to bring “significant benefits” to visitors, the tourism sector, and local residents.
https://www.insider.co.uk/news/unlikely-visitor-levy-would-detrimental-31722574