Business News Round Up (30/05/2025)
BDO: Value of UK fraud outside of London and South East reached £117m in 2024
Fraud is prevalent across UK regions, with the value of fraud reported outside of London and South East totalling £117m in 2024, according to BDO’s FraudTrack survey. Key hotspots outside London and South East include the North West and Midlands. Total reported fraud in the North West amounted to £27m over the year, with an additional £24m reported in the Midlands. A further £66m was recorded across other regions. Notable regional cases include a £19m fraudulent investment scheme run by a Blackburn man and a case against a Worcester-based supervisor, alleging around 4,000 fraudulent furlough claims totalling £7m. Reported fraud in London and the South East amounted to £433m in 2024, with the region consistently among the top three hotspots over the past five years. Nationally, the total value of reported fraud and economic crime was £550m, a 76% fall from 2023 amid a 63% drop in high-value fraud cases.
UK business confidence jumps to nine month high as trade tensions ease
UK business confidence surged in May to its highest level since last August, according to new data from Lloyds Bank, driven by a sharp rebound in global financial markets and a softening in trade tensions between the US and its partners. The Lloyds Bank business barometer rose by 11 points to 50 per cent, up from 39 per cent in April, more than reversing the dip seen last month. The reading is now at its strongest since the summer of 2024. The lender said the sharp increase in confidence reflects improving sentiment in global markets after US President Donald Trump paused his threatened “reciprocal tariffs” until July. That decision – followed by a US court ruling this week declaring the tariffs illegal – fuelled optimism across Asian, European and American stock exchanges, as investors reassessed the outlook for global growth.
https://bmmagazine.co.uk/news/uk-business-confidence-jumps-to-nine-month-high-as-trade-tensions-ease
UKHospitality Scotland warns cruise levy ‘would stifle growth’
UKHospitality Scotland has warned that imposing a tax on cruise ships north of the border could hit economic growth and jobs. The hospitality trade body issued its warning as it responded to the Scottish government’s consultation on a potential charge on cruise ships and passengers. The body said cruise levies “would stifle growth and reduce job creation” in Scotland’s coastal communities. The Scottish government launched its cruise ship levy consultation on February 27, and it closes on Friday (May 30). UKHospitality Scotland said cruise tourism comprises 0.5% of total tourism visits to Scotland yet generated £130 million for local economies in 2023. “The benefits of cruise tourism have boosted coastal communities, with Scottish ports benefiting from the managed growth of cruise tourism. This has mainly occurred due to a rise in luxury and expedition cruising to Scotland,” it said in a statement.
https://travelweekly.co.uk/news/ukhospitality-scotland-warns-cruise-levy-would-stifle-growth
HSBC: One third of Edinburgh start-ups lack essential resources for growth
A lack of access to critical resources is placing Edinburgh start-ups at risk, according to new research from HSBC UK. The data, taken from a survey of 1,000 UK entrepreneurs, found that 30% of Edinburgh founders lack the resources and support they need to start their business. The primary areas where more support is needed are online resources (36%), technology and innovation (34%) and financial support and investment (28%). 28% also cited access to mentoring as a basic requirement for beginning a business. The research coincides with the launch of HSBC UK’s ‘Small Business Growth Programme’. Working in partnership with Microsoft, UpSkill Universe, and WIRED, HSBC UK seeks to support small businesses by sharing key resources. Even after starting a business, 16% of Edinburgh founders continue to struggle, with 5% stating the sources of advice and support they have used don’t meet their full needs.