Business News Round Up (25/03/2024)
Scottish retailers’ rates bills to rise £31 million from next week
Shops in Scotland will see their annual business rates bills rise by £31m from next week. It follows the decision in the Scottish Government’s Budget to increase the business rate for firms occupying 22,120 medium-sized and larger commercial premises by 6.7% in 2024-25. This is the biggest yearly increase in the business rate since 1999 and is almost double the current rate of inflation. In response to written parliamentary questions, Scottish Ministers revealed that the 4,550 shops liable for the Intermediate and Higher Property Rates will see their rates bills rise by a total of £31.2m a year. 2,410 of these stores will continue to pay a higher business rate than competitors and counterparts down south. Pubs and restaurants will see their annual rates bills rise by £2m from 1 April. Meanwhile, hotels, offices, and industrial properties will see increases of £7.8m, £23.5m and £32.4m, respectively.
https://www.insider.co.uk/news/scottish-retailers-rates-bills-rise-32418382
Third of UK business owners don’t know company value
New research suggests that four-in-ten entrepreneurs across Europe do not know the value of their company. The study by Marktlink found that that figure was better in the UK, but still saw one-third of enterprises hit the same blind-spot. The last two years have seen the European merger and acquisitions market fall off a proverbial cliff. Having enjoyed a record year in 2021, volume plummeted to its lowest level since 2009, after pressures from the global economy saw investors favour caution in their dealings. However, when they were willing to spend, they spent big – with the average deal value rising by $25 million on 2022’s levels. A number of other factors left experts predicting the market was about to turn a corner in 2024 – presenting the leaders of SMEs with new opportunities. To make the most of those, however, owners must be well-informed – as highlighted in the study.
https://www.consultancy.uk/news/36861/third-of-uk-business-owners-dont-know-company-value
Increased mood of optimism in Scottish tech sector but ‘chronic’ skills challenges persist per survey
More people working in Scotland’s tech sector feel optimistic about their business prospects in 2024 than the previous year, according to a new survey. According to the poll by ScotlandIS – the tech trade body – 78% of tech sector workers feel optimistic about the economy, a rise of six points from 2023. Of those surveyed, 90% expected to see an increase in sales, with the remaining 10% expecting to remain the same rather than decrease. What’s more, 29% predicted a rise by more than a fifth. Additionally, 70% of businesses surveyed said they were expecting to increase their headcount in the next 12 months with just two per cent saying they had plans to cut jobs. Amid an ongoing skills shortage, businesses are set to turn to recent graduates to fill at least some of this expansion, with 62% planning to hire recent graduates.
Scottish new returners programme announced to support STEM professionals back into industry
PD&MS Group is to launch a new returners programme to help STEM professionals in Scotland who have had a career break return to the industry. In partnership with STEM Returners, PD&MS will host the programme at their sites in Aberdeen and Glasgow where roles will include Control & Instrument Designer, Piping Designer, Process Engineer, and Structural Designer. PD&MS is a leading multi-disciplined engineering company offering specialist services to the oil and gas, drilling, production, renewables, and marine industries. It is hoped the programme will enable STEM professionals to return to work, improve diversity and inclusion and help fill a skills gap in the engineering sector. PD&MS is also offering further returner roles as part of their involvement in Global Underwater Hub’s membership network, which recently announced a STEM Returners programme in partnership with Engineering Construction Industry Training Board (ECITB).