Business News Round Up (30/04/2024)
North West business confidence falls in April
Business confidence in the North West fell seven points during April to 36%, according to new data. Just a day after LBN reported there had been a 28% surge in the number of Liverpool city region businesses in ‘significant financial distress’, the latest Business Barometer from Lloyds Bank Commercial Banking paints a further worrying picture. It revealed firms’ optimism in their own trading prospects fell seven points to 48%, while optimism in the economy dipped seven points to 24%. North West businesses identified their top target areas for growth in the next six months as evolving their offering with new products and services (39%), introducing new technology (28%) and investing in their team, including new staff and training (28%). A net balance of 36% of businesses in the region also expect to increase staff levels over the next year, up 13 points on last month.
https://lbndaily.co.uk/north-west-business-confidence-falls-in-april/
Scottish business confidence rises in April
Business confidence in Scotland rose during April, according to the latest Business Barometer from Bank of Scotland Commercial Banking. Companies in Scotland reported lower confidence in their own business prospects month-on-month, down 14 points at 44%. When taken alongside their optimism in the economy, up 17 points to 40%, this gives a headline confidence reading of 42% – versus 41% in March. Scottish businesses identified their top target areas for growth in the next six months as hiring new people and investing in training (36%), investing in sustainability (34%) and adding new products or services (31%). A net balance of 42% of businesses in Scotland also expect to increase staff levels over the next year; up one point on last month. Overall UK business confidence held steady at 42% in April; the same level as recorded in March and February.
https://www.insider.co.uk/news/scottish-business-confidence-rises-april-32695050
UK remains premier foreign direct investment destination
New figures by the City of London Corporation showed the UK attracted over £1bn of foreign direct investment (FDI) into its financial and professional services sector over 2023. The investment was spent on 222 projects, creating nearly 7000 jobs. While capital investment witnessed a drop compared to the preceding year’s exceptional £2 billion FDI FPS influx – attributed to a range of factors including global market correction, high interest rates and challenging global economic landscape – the UK continued to cement itself as attractive place to invest. Notably, London retained its position as a top global financial centre in attracting FDI in the financial and professional services sector across five years, attracting 697 projects – well ahead of Singapore (590 projects), Paris (420), New York (321) and Hong Kong (258). Manchester and Birmingham emerged as notable recipients of FPS FDI outside London. Centres outside the capital accounted for around 40% of total investment.
https://londonlovesbusiness.com/uk-remains-premier-foreign-direct-investment-destination/
Industry urges economy focus after First Minister resigns
Industry leaders have called for a renewed focus on Scotland’s economy following the announcement that first minister Humza Yousaf is set to resign. Following a week of turmoil, Yousaf announced his resignation from the position, shortly after ending the Bute House coalition agreement with the Scottish Greens. Just over a year on from the previous one, the SNP now faces yet another leadership contest with members from the convenience sector calling for the new FM to take a renewed focus on Scotland’s economy. David Lonsdale, director of the Scottish Retail Consortium (SRC), said: “The SRC valued our engagement with First Minister Humza Yousaf and his government, in particular the SRC was an early supporter of his attempts to reset the relationship with industry through his New Deal for Business. His successor’s preeminent priority should be economic recovery. There is a pressing need to lift private sector investment, productivity, and growth.”
https://scottishgrocer.co.uk/2024/04/29/industry-urges-economy-focus-after-fm-resigns/