Business News Round Up (22/07/2021)
North-South divide worsened by Covid-19, says Nucleus
Over a third (35%) believe that the regional inequality across the UK will never be resolved. Back in February, the Kalifa report outlined a plan to strengthen regional fintech hubs outside of London and the SouthEast, but it seems like the hill just got a little steeper. According to new data from Nucleus Commercial Finance, 56 per cent of SME leaders think that the UK’s regions are unequal, with 44% saying that economic inequality has worsened as a result of the pandemic. Looking into the numbers a bit deeper, the divide becomes clearer. Business leaders in the North are most concerned about regional inequality, with nearly three quarters (72%) saying they are worried about the North-South divide. In the South, just under half (49%) agree that the regions are unequal. The East Midlands feel the UK is most unequal, with 78% noticing the divide, closely followed by the North West (77%) and Yorkshire and Humberside (69%). Nearly a third (32%) of SMEs also believe that the location of their business has negatively impacted their ability to access funding throughout the pandemic.
https://www.altfi.com/article/8135_north-south-divide-worsened-by-covid-19-says-nucleus
New Innovation Strategy sets out plans to put UK at front of global innovation race
Long-term plan to boost private sector investment across the UK and create the right conditions for all businesses to turn world-leading science into new products and services and cement the UK’s position as a world-leader in science, research, and innovation. New plans to boost private sector investment to put the UK at the front of the global innovation race have been set in a new Innovation Strategy launched by Business Secretary Kwasi Kwarteng today (Thursday 22 July). Today’s Innovation Strategy is the Government’s long-term vision to put innovation at the heart of building back better, as a key pillar in our Plan for Growth. It aims to boost private sector investment in R&D across the whole of the UK and create the right conditions for all businesses to innovate so they have the confidence to do so. The UK is committed to increasing annual public investment on R&D to a record £22 billion, but the private sector also plays a key role in boosting spending on R&D, which is an essential part of our country’s future prosperity and key to achieving key domestic priorities, from tackling climate change and boosting productivity, to levelling up opportunities across the UK and supporting businesses out of the pandemic.
CBRE consolidates Scottish teams at 177 Bothwell Street office
Property advisor CBRE has announced it will relocate its teams based in three offices into a new office in Glasgow city centre, creating a central hub in the West of Scotland. CBRE has secured the ground floor at 177 Bothwell Street, extending to almost 18,000 sq ft. It is currently being developed by HFD Property Group and is due for completion in the fourth quarter of this year. CBRE is expected to take occupation in April 2022. Almost 300 CBRE staff will relocate together, including its advisory services business, based at Sutherland House on St Vincent Street; its property management accounting team, which operates from Pacific House on Wellington Street; and its global workplace solutions team, which is run from International House at Hamilton International Park. A number of CBRE teams have been advising on the relocation and subsequent fit-out of the new office including the office advisory and transactions team, the design hub and the project management, quantity surveying, sustainability, and engineering services teams.
https://www.insider.co.uk/news/cbre-consolidates-scottish-teams-177-24590118
New funding to unlock £580 million of investment in the north of England
Research England is investing over £5.5 million of Connecting Capability Fund (CCF) money to strengthen commercialization and job creation in the north of England. Announced today in support of the government’s ambitious new Innovation Strategy, this investment is part of a wider £25 million boost to the CCF, following on from £86.4 million invested from 2018 to 2021 that stimulated growth and innovation across the country. In total, eleven projects based in all regions of England are receiving further funding. They include projects relating to green economic growth in line with the UK’s COP26 priorities, treating infectious diseases, and drug discovery, with a focus on commercialization. One of the main aims of this investment is to drive economic growth through university-business innovation. Two of the biggest projects being funded through the latest round of CCF are the Northern Gritstone initiative and the Northern Accelerator. Northern Gritstone are receiving £2 million to deliver an ambitious £500 million venture fund in the North West and Yorkshire. This brings their total CCF funding to £7 million.