Business News Round Up (27/06/2024)
UK parties must step up innovation pledge to drive growth, science leaders warn
Bigger capital flows, improved infrastructure and deeper international collaboration will be needed for the next government to tap innovation and drive economic growth, UK science and technology leaders have warned. Institutional heads and entrepreneurs have urged greater clarity on how a future government plans to harness the country’s scientific prowess to develop internationally competitive companies and industries. The calls highlight concerns that successive administrations have failed to capitalise on the potential of UK innovations, in areas such as life sciences and quantum computing, and build thriving sectors that spawn job opportunities in related industries. Bobby Gaspar, co-founder and chief executive of gene therapy company Orchard Therapeutics, told the Financial Times neither of the two main political parties had so far shown they would do what was necessary to fully exploit the opportunity.
https://www.ft.com/content/1e0700af-e654-4b96-9135-a5aa3f73a9f4
Cautious optimism remains as Scottish businesses seek economic certainty
Employment remains a key concern as firms report improving business conditions across all other measures, according to the latest Addleshaw Goddard Scottish Business Monitor. Overall, while there was mixed sentiment among responding businesses, there seems to be a moderate increase in optimism around the Scottish economy in the coming year. Produced in partnership with the University of Strathclyde’s Fraser of Allander Institute, the Q2 report showed cautious optimism, with the proportion of businesses reporting higher costs decreasing in every category as the rate of inflation drops. The survey found that that business activity improved across almost every measure, with the proportion of firms experiencing an increase in the volume of sales and turnover returning to positive territory, after a fairly bleak set of results during the Q1. Volume of new business, level of new capital investment and export activity improved in the Q2, but still showed a negative net balance.
https://www.insider.co.uk/news/cautious-optimism-scottish-businesses-seek-33112947
50 fastest growing businesses in the North West revealed
Northern law firm, Ward Hadaway, has revealed the 50 fastest growing businesses across North West England at an awards ceremony. The event, held in partnership with Greater Manchester Chamber of Commerce (GMCC) brought together more than 250 business leaders from across the region to celebrate its innovation and growth. Businesses were ranked based on average turnover growth using turnover figures filed for the last three years, with businesses of all sizes over £1 million turnover included in the Ward Hadaway North West Fastest 50 list. Manchester-based clothing brand, Castore was named the fastest growing business in the region, and the fastest growing large business (turnover over £35 million) which has seen 160% average turnover growth in the period analysed. The highest ranking medium-sized business was Salford-based leisure brand, Junkyard Golf Club, while the fastest growing small business was marketing agency, Campfire Group, also based in Salford.
Edinburgh 1st in UK regional cities report
A study examining growth trends of 11 regional UK cities over the past decade has found that Edinburgh was the best performing. The city stood out for high levels of productivity, income, employment and health. This has helped consolidate Edinburgh’s attraction as a desirable location leading to some of the most expensive house prices and office rentals of any city in the study. Edinburgh ranked first for Gross Household Disposable Income per head of population (£24,161 in 2021) and had the highest percentage of its citizens in good or very good health (86%). OCO Global’s ‘Local Heroes’ report examined 37 data points covering economic, prosperity, wellbeing, property and educational trends over the past decade. The cities were ranked as Top Tier (Edinburgh), Booming (Belfast, Manchester and Bristol), Solid Performers (Cardiff, Liverpool, Leeds and Newcastle) and Moderates (Birmingham, Sheffield and Nottingham).