Business News Round Up (27/09/2024)
£1.7bn innovation district opens its doors and reveals new name
A £1.7bn innovation district in the heart of Manchester has welcomed its first building, its first customer, and unveiled its new identity. Sister, previously known as ID Manchester, is a joint venture between The University of Manchester and Bruntwood SciTech. The name represents the close bond between industry and academia and expresses an ethos of collaboration, openness and the use of knowledge to solve problems. The project will see the transformation of the university’s former North campus into a four million sq-ft globally competitive innovation district to help elevate Manchester’s position as a national centre for science and technology. Sister will specialise in advancing innovation across sectors including digital tech, health innovation, biotechnology, advanced materials and manufacturing. It will provide access to state-of-the-art facilities, connecting early-stage high growth potential businesses with investors, while creating a collaborative ecosystem that enables UK and global businesses to benefit from cutting edge innovation.
UK economic growth ‘robust’ in 2024, think tank says
The UK has risen in the rankings of a group of wealthy nations to have the joint-second highest economic growth for this year, a think tank has predicted. The economy is now expected to grow by 1.1%, the same rate as Canada and France, but behind the US. The Organisation for Economic Co-operation and Development’s (OECD) previous growth estimate in May had put UK growth at 0.4% for this year. Chancellor Rachel Reeves welcomed the faster growth figures, which will help reinforce the more upbeat tone she sought to strike in her speech to the Labour Conference. She is facing the twin challenge of managing expectations ahead of the Budget next month by explaining how tough times lie ahead, while attempting to paint a positive picture to encourage investment. The OECD, said that economic growth had been “relatively robust” in many countries, including the UK.
https://www.bbc.co.uk/news/articles/c0lw07l7p70o
ScaleUpScotland 2.0 programme seeks second cohort
The Hunter Foundation’s ScaleUpScotland 2.0 programme is seeking its second cohort of ambitious entrepreneurs. The aim of the programme is to address and provide strategic support to businesses with high-growth potential, helping to grow their turnover to over £100 million. Interested firms must be headquartered in Scotland, with current revenues in excess of £10m—as well as a record of strong year-on-year growth. Further, firms must have the potential to achieve further growth within the next five years. However, the likes of biotech companies and others with high valuations but low or no revenue will be considered. The programme is available to the CEOs and executive leadership teams of up to 12 companies, with the bosses gaining access to quarterly residential retreats at the Hunter Foundation’s headquarters of Blair Estate. Applications close on 4 October, and the programme itself starts in January.
https://www.digit.fyi/scaleupscotland-2-0-programme-seeks-second-cohort
Argyll and Bute growth deal put on hold by UK government
Funding for a growth and investment deal in Argyll and Bute has been put on hold by the UK government. The Scottish and UK administrations had each committed £25m to projects in the area over the next 10 years, including housing developments and facilities for business and tourism. The UK government now says a final decision on the funding will not be made until after its review of the national finances. Argyll and Bute Council said it was “obviously concerned” about the news, noting that it is the only area in Scotland without a growth deal in place. Argyll and Bute’s Rural Growth, external had hoped to create 300 jobs and bring an additional 70,000 visitors to the area each year. The funding was announced in 2019 and confirmed in 2021. The final deal was due to be signed off in June but was delayed by the general election.
https://www.bbc.co.uk/news/articles/cevyd3glx4ro