Business News Round Up (22/03/2022)
Scotland has more entrepreneurs over 55 than anywhere else in the UK
Scotland is home to more micro-business owners over the age of 55 than anywhere else in the country. GoDaddy analysis of 2.3 million micro-business owners in the UK, alongside research into correlations with data from the Office for National Statistics and the UK Household Longitudinal Study, led by Professor George Saridakis from Kent Business School, showed that Scotland also has the highest proportion of female business owners among all areas of Great Britain, when compared to the national average (40% vs 34%). This was complemented by a survey of 2,045 UK micro-business owners, conducted by Advanis in December – 102 of which were located in Scotland. Nearly a quarter (23%) of business owners in Scotland are over the age of 55, compared to the national average of 18%. The findings show that those aged between 55 and 64 are particularly entrepreneurial when compared to other areas Great Britain, with over a fifth (21%) of Scottish business owners falling into this age bracket. By mapping the concentration of micro-business owners against local population sizes, GoDaddy was able to produce a ‘venture density’ ranking. The Scottish constituencies with the highest venture densities are Glasgow Central (1.79%) and Edinburgh North & Leith (1.66%), which both fall within the top 50 constituencies nationwide.
Report shows digitalisation of trade can bring huge UK economy benefits
The Institute of Export & International Trade (IOE&IT) has launched a new report setting out the opportunities and challenges of digitalising trade. The report, Trade Data, and Digitalisation, takes a comprehensive look at the benefits of adopting full digitalisation of trade. It crystallises some of that thinking by setting out the areas where trade is changing and what that will mean for the wider economy. Marco Forgione, director general of the IOE&IT said: “Digitalisation of trade is the most significant issue in international trade today. This report sets out a clarion call for governments, intergovernmental organisations, and businesses to really seize the opportunities of the digitalisation of trade information. “When we talk about the digitalisation of trade, we are not referring to a scanning and emailing PDFs; it is about a proper integration of trade and customs data. This will mean that the speed at which goods are transported and processed will increase and there will be fewer delays at borders. The flows of documentation involved in the transportation of goods and services haven’t really been impacted by the digital revolution yet.
https://www.pesmedia.com/report-shows-digitalisation-of-trade-can-bring-huge-uk-economy-benefits
ScotGov pledges £3.9 million investment in rural tourism
MORE than 200 seasonal countryside rangers and operations staff posts will be created to support sustainable and responsible rural tourism. The rangers will help tackle issues such as littering, antisocial behaviour and public toileting in rural tourism hotspots through patrols, liaising with local communities, landowners, and police. Operations staff will manage popular rural tourism sites with issues such as pressures on parking and camping sites. The funding includes £1.5 million for NatureScot Better Places Fund Round 3 which opens today. The countryside rangers and operations staff will ensure visitors can enjoy all that Scotland has to offer while reducing disturbance on communities and the environment during the coming 2022 season.
Revealed: only 175 UK companies managed to grow revenue 20 per cent or more in each of last five years
Just 175, or approximately 0.0007 per cent of all UK companies have managed to grow their revenue by 20 per cent or more in each of the last five years, according to new research shared with City A.M. today. The findings show the difficulties in producing fast-growing companies that can maintain significant growth rates over the medium and long term. Some commentators have said that the UK, unlike the US, is not producing enough companies like Amazon or Google which have been able to deliver fast and sustainable growth year after year. The research by accountancy and advisory firm Hazlewoods shows that out of the 240,000 private sector UK companies in the study, only around 1,000, or 0.004 per cent, have managed 10 per cent or more revenue growth in each of last five years. “Being able to continue growing year after year is a major challenge for any business. Only a very small number are able to achieve this consistently,” said Ryan Hancock, Director at Hazlewoods. “Perhaps there needs to be an even more deliberate focus from the Government on helping UK businesses scale up and continue their trajectory of growth,” he told City A.M.