Business News Round Up (28/10/2021)
UK economy grew faster than projected in second quarter
The UK economy grew faster than previously thought in the second quarter, thanks to a stronger performance from the healthcare sector and the arts than initial estimates had captured. The Office for National Statistics said UK gross domestic product increased by 5.5 per cent in the second quarter, after being revised up from the first estimate of a 4.8 per cent increase. This means the economy is now 3.3 per cent below its level in the fourth quarter of 2019, before the pandemic struck, up from the previous estimate of 4.4 per cent below. The latest data showed “health services and the arts performing better than initially thought”, said Jonathan Athow, deputy national statistician for economic statistics at the ONS. The revision “raises the risk that the Bank of England will hike interest rates sooner than our forecast of May 2022”, said Ruth Gregory, senior UK economist at Capital Economics.
https://www.ft.com/content/b1840226-0147-40e8-84b2-814fa8d28917
Glasgow University worth more than £4 billion to UK economy
Glasgow University is worth more than £4.4 billion to the economy of the UK, a new report has shown. The independent report entitled World Changing Glasgow: Our Economic Impact report also found that the University’s influence was growing – its total contribution being up 14% on the previous three years. The breakdown of the impact showed that research stood at £1.8bn, 42% of the total, and operating and capital expenditures equalled £1.2bn (27%). Teaching and learning accounted for £734 million (17%) and the remaining 14% (£631m) was associated with the University’s educational exports. London Economics, which carried out independent analysis of data from 2018/19, also found that for every £1m it spends, Glasgow University generates a further £5.8m elsewhere in the UK economy.
https://www.thenational.scot/news/19677273.glasgow-university-worth-4-billion-uk-economy/
More than 100 Greater Manchester SMEs supported on Artificial Intelligence programme
A cutting-edge scheme to deliver Artificial Intelligence expertise to Greater Manchester’s small and medium enterprises (SMEs) is celebrating its first year, during which it has supported more than 100 businesses. The Greater Manchester AI Foundry is led by a group of North West universities, including Lancaster, to help the region’s SMEs thrive in a new era of digital technology. The anniversary comes only weeks after the UK Government announced the National AI Strategy to boost productivity, innovation, and growth. The GM AI Foundry – led by Manchester Metropolitan University, the University of Manchester, the University of Salford, and Lancaster University – means Greater Manchester is already equipping SMEs with the necessary research, expertise and business support to innovate.
Business growth will drive region’s economic recovery and transformation
North-east Scotland has a track record over decades as one of the most investable, productive, and entrepreneurial economies in the UK. The region boasts high levels of business start-up, research and development, and exports. Significant economic changes are creating new opportunities and challenges, from the climate crisis driving the acceleration to a low-carbon economy to evolving international trading relationships. Entrepreneurial business growth is essential to achieving economic transformation across Aberdeen city and shire. Economic development partnership Opportunity North East (One) has used its leadership, wider team and other resources to build a programme of support for businesses over the past five years. One is focused on growing key sectors including digital technology, food and drink, agriculture and seafood processing, life sciences and tourism across the north-east. Its projects include BioHub, SeedPod and One Tech Hub, the partnership’s digital hub in Aberdeen.