Business News Round Up (22/10/2021)
Trade with UK helped Scottish exports surge £3.5 billion in 2019
Scottish exports rose in 2019 by more than £3.5bn, buoyed by trade with the rest of the UK, new figures show. Statistics published by the Scottish Government show exports of £35.1bn outside the UK, an increase of £1.1bn (3.4%) during that year. Trade with the rest of the UK totalled £52bn, an increase of £2.5bn (5%). The increase to the rest of Britain was driven by a boost in electricity exports of around 33.6% (£1.8bn), while the services sector accounted for a £725m jump, the agricultural sector exported £1.1bn – an increase of £230m – while manufacturing exports dropped by £350m. The rest of the UK accounted for 60% of the total exports of Scotland. Of international exports, £16.4bn was to the EU, an increase of £420m, while £18.7bn was outside the EU, an increase of £730m. Exports to the EU increased due to a 33.9% jump in information and communication (£140m), 25% in transportation and storage (£185m) and 32.1% in pharmaceutical products.
https://www.insider.co.uk/news/trade-uk-helped-scottish-exports-25266533
Tech sector now accounts for 28% of jobs in Manchester
The technology sector accounts for more than a quarter (28%) of jobs in Manchester, according to a new report on jobs and skills in the region. The Jobs & Skills Report 2021, by Tech Nation and Adzuna, found a total of 26,844 new tech openings in Manchester, putting the city second only to the capital in terms of total new openings in 2020 – a 3 percentage point rise on 2019. The average salary for tech roles in Manchester is £37,250, more than a third (37.9%) above the median salary in the city (£27,023), highlighting the sector’s lucrative earning potential for those seeking a career in tech. Among the initiatives responsible for the city’s impressive tech jobs growth is Enterprise City’s Exchange scheme, which is delivered in partnership with Tech Nation. The programme aims to establish the next generation of trailblazing tech firms and recently announced its second intake of start-ups. Exchange supported 227 individuals across 44 businesses, creating 74 jobs in the process, within its first 12 months. The second cohort is made up of 30 businesses and is expected to create an even higher level of jobs in the region.
https://todayuknews.com/tech/tech-sector-now-accounts-for-28-of-jobs-in-manchester/
UK growth seen picking up as firms report record jump in costs
U.K. economic growth unexpectedly picked up in October, while firms saw the largest increase in costs on record, according to a closely-watched survey that may strengthen the case for Bank of England interest rate rise next month. IHS Markit said its measure of output across the whole economy jumped to 56.8 this month, the highest since July and well above a reading of 54 forecast by economists. The increase, which bucks recent data indicating a slower recovery, was led by a pick-up in the U.K.’s dominant services industry. Companies reported buoyant spending from consumers and businesses alike, while employment numbers also picked up. The combination of soaring inflation, solid labour-market numbers and faster growth may be enough to convince BOE policy makers to hike interest rates on Nov. 4. Markets are already fully pricing in a move, while economists also increasingly expect imminent action.
Knight Frank: Commercial property investment volumes pick up in Scotland
Scotland’s commercial property market has begun on its road to recovery from the Covid-19 pandemic, buoyed by investor appetite for industrial and retail warehousing assets, according to new analysis from Knight Frank. The independent global property consultancy’s research found that £1.2 billion has been invested in Scottish commercial property in the first three quarters of 2021, up one-fifth (20.78%) on the equivalent period last year. Investors spent nearly £1.7bn during the same nine months in 2019. Overseas investors remained the most active buyers of commercial real estate in Scotland, accounting for just over £500 million – or 41.81% – of overall volumes. Private property companies represented another £322m, equivalent to just over one-quarter (26.77%) of total investment. Industrial property and retail warehousing have been the stand-out investment performers in 2021, with volumes outpacing the equivalent periods in both 2019 and 2020.