Business News Round Up (24/05/2021)
Bury Brexit hatchet and seize new opportunities, says CBI
Business and government should put the bitter divisions of Brexit behind them and focus on building a fairer, greener economy, according to the Confederation of British Industry. That could drive an extra £700bn of economic growth by 2030, the CBI says. The employers’ organisation is launching what it says is a “landmark” economic plan for the next decade. And its proposals would lead to “prizes for everyone”, not just for some firms, the CBI’s director general believes. “For the last five years business and government have been at odds. Brexit was very divisive,” Tony Danker told the BBC. But after the events of the last five years, we find ourselves in total alignment about what needs to be done. We need to level up, we need a greener economy and, my God, we should not waste this opportunity.” The CBI’s new report, entitled “Seize the Moment”, focuses on the government’s policy agenda of addressing geographic inequalities, decarbonisation and innovation and says 2021 must be a turning point for the UK if it is to address those long term challenges.
https://www.bbc.co.uk/news/business-57221957
Scottish Enterprise sets out £400m spending plans for ‘green’ economic recovery
Development agency Scottish Enterprise (SE) today announced it will spend £400million over the next year on activities to safeguard and create employment. The organisation has set a target of creating up to 10,500 jobs, paying at least the real living wage, in its business plan for 2021/22. Launching the document, SE’s interim chief executive, Linda Hanna, said the plan aimed to help “harness the potential” of digital, net-zero, health, and advanced manufacturing. With recent economic statistics confirming Scotland’s economy may not return to pre-pandemic levels until early 2024, the agency said its focus was to “build on signs of recovery and accelerate growth for Scotland.” And it told businesses they will have to demonstrate their commitment to net-zero and fair work as part of accessing funding and support.
£166m boost for green tech and 60,000 UK jobs
The government has announced a £166 million cash injection to create 60,000 jobs in green technology. The multi-million-pound investment, awarded to innovators, businesses, academics, and heavy industry across the UK, will accelerate the delivery of the critical game-changing technologies needed to further drive Britain’s climate change ambitions. It will develop technologies in carbon capture, greenhouse gas removal and hydrogen, while also helping find solutions to decarbonise the UK’s polluting sectors including manufacturing, steel, energy, and waste. The aim is to help the UK meet its ambitious climate commitments, including reaching net zero emissions by 2050 and the world’s most ambitious climate target of reducing UK emissions by 78% by 2035 compared to 1990 levels.
Scottish university gets £20 million to set up decarbonisation research hub
A Scottish university has been awarded £20m investment from the UK Government to build a new research unit looking into decarbonisation, as part of a wider £166.5m cash injection. The Heriot Watt University was awarded the money as a part of the UK Government‘s 10 point plan for a green industrial revolution. It will establish a new virtual industrial research and innovation centre to help accelerate the decarbonisation of the steel, energy, and waste sectors. It will be run by more than 140 partners including academics, government and regulatory agents and businesses. Other funding recipients include Scotland’s Rural College, alongside partners University of Strathclyde, Agri-EPI Centre, and No Pollution Industrial Systems, which received more than £200,000 to reduce the environmental impact of beef production. The 10 point plan will see the money invested across the UK to create more than 60,000 green jobs to cut business costs and help the country remove 10 megatonnes of carbon dioxide emissions.
https://www.insider.co.uk/news/scottish-university-gets-20-million-24170408