Business News Round Up (23/01/2020)
Legislation passed for establishment of Scottish National Investment Bank
Legislation to introduce a Scottish National Investment Bank was formally agreed in Holyrood after receiving unanimous backing by the Scottish Government. The bank is part of an economic approach designed to provide direct investments that deliver economic, environmental and social gains, in addition to helping Scotland achieve net-zero carbon emissions. The bank will aim to increase innovation, give support to small and medium-sized enterprises (SMEs), and build a high-tech and inclusive economy. The bank is expected to be operational before the end of the year and will have an initial capitalisation of £2 billion over 10 years with the aim that it will ultimately become self-financing.
Region’s heritage is worth £2.5b to the economy says new report
New research, focusing on skills and skills gaps in the heritage sector has revealed the value of heritage to the North West economy. The research, conducted by the Centre for Economics and Business Research (CEBR) for Historic England, found that North West Heritage provides £2.5 billion Gross Value Added (GVA), accounting for 1.4% of the North West’s GVA, providing 46,000 jobs.
https://aboutmanchester.co.uk/regions-heritage-is-worth-2-5b-to-the-economy-says-new-report/
Company and personal insolvencies at highest in seven years
Personal and corporate insolvencies have risen to a seven year high in Scotland, according to the latest figures from government agency Accountancy in Bankruptcy (AIB). The statistics show that there were 980 corporate insolvencies, 4% up on the previous year and their highest level since 2012. There were 13,589 personal insolvencies, 13% higher than in 2018 and their highest level since 2013.
https://www.insider.co.uk/news/company-personal-insolvencies-highest-seven-21335293
New digital skills grow North West manufacturing
300 manufacturing SMEs in the North West are benefitting from access to funding, support and advice on how they can use new digital technology to pursue smarter manufacturing processes. The Made Smarter programme, a partnership between the Department for Business, Energy and Industrial Strategy and industry leaders, provided companies with the confidence to develop strategic ideas to support the adoption of hi-tech and digital based manufacturing techniques into their own production processes to add value to their business.