Business News Round Up (28/02/2025)
More businesses opening than closing, stats show
More businesses opened than closed in Scotland, an analysis of data from the Office of National Statistics (ONS) shows. It is the first time in five years that more businesses were added to the ONS register than removed. The UK government’s official statistics body has data on more than 2.7 million businesses which pay VAT or PAYE, covering all but the smallest firms. An analysis of the latest figures shows there were 18,025 business “births” and 17,655 business “deaths” in Scotland last year. However, separate ONS research found Scottish businesses were still worried about the impact of taxation, competition and falling demand for goods and services. The ONS data, external shows the same trend across the UK, however there had been a longer period of decline in Scotland. The last time there were more businesses opening than closing in Scotland was 2019 as opposed to 2021 for the UK.
https://www.bbc.co.uk/news/articles/cewkkdn57yzo
North West’s £200m plan to deliver new jobs and support clean growth
The North West’s power network operator has developed an incremental £200m investment plan to support the region’s continued clean growth through expansion of critical infrastructure. Electricity North West is two years into a record £2b five-year investment programme, and its latest plan sets out the need for an additional £200m investment over the next three years, driven by new customer demand. Electricity North West submitted plans to energy regulator Ofgem, with strong support from more than 20 regional stakeholders, including regional MPs, councils and Greater Manchester Mayor Andy Burnham, to increase overall investment in the region’s grid to meet growing power demand. The funding, if approved by Ofgem, would boost network capacity and support new businesses, clean power generation and storage, the electrification of public transport, and the deployment of electric vehicle fast chargers.
Business confidence reaches six-month high in Scotland
According to Bank of Scotland’s latest Business Barometer survey, business confidence in Scotland rose 11 points during February to 53%, marking a six-month high. While firms in Scotland reported lower confidence in their own business prospects month-on-month, down three points to 50%, their optimism in the economy rose 23 points to 55%. Taken together, this results in a headline confidence reading of 53% (versus 42% in January), which is the highest level recorded in the country since August 2024. Looking ahead at the next six months, Scottish businesses identified their top target areas for growth as investing in their team, i.e. through training (50%), introducing new technologies such as AI and automation (42%), and investing in sustainability (33%). When it comes to the UK as a whole, UK business confidence rose 12 points in February to 49%, which is also its highest level since August 2024.
https://www.digit.fyi/business-confidence-reaches-six-month-high-in-scotland
Greater Manchester launches new visitor economy strategy outlining plans for sustainable growth over the next five years
A new strategy for Greater Manchester’s visitor economy has been launched, setting out a roadmap to lead the sector through an expected period of growth in the coming years. For those living, working, and regularly visiting Greater Manchester, it is clear the city-region is on a rapid growth trajectory, and this is particularly evident when assessing the progressive development of the city-region’s visitor economy over the last two decades. With thousands of additional hotel bedrooms, internationally-significant new cultural, leisure, and entertainment venues, a packed live events and conference calendar, and a thriving food, drink, and nightlife scene; Greater Manchester’s visitor economy – defined by experiences that attract visitors and serve them within a destination – is now set to grow even further and faster. To support and direct the sector through this next phase, a new strategic framework – the Greater Manchester Strategy for the Visitor Economy 2025-2030.