Business News Round Up (30/07/2024)
UK manufacturing slips to twelfth in world rankings
New figures published in ‘Manufacturing – The Facts’, which contains a wide variety of data about the contribution of manufacturing to the economy including exports, sectoral breakdown, and how the UK compares to other nations and salary levels, shows that in 2022 UK manufacturing output totalled $259bn. These figures show that the UK has now slipped behind Mexico (£316bn) which has climbed to seventh on the back of an already strong manufacturing base and also aided by Chinese investments made in the first Trump Presidency to counter tariffs, while Russia has climbed to eighth place ($287bn) on the back of substantially increased defence production which is now worth 6% of GDP. Both these countries have also leapfrogged Italy ($283bn) and France ($265bn) respectively who have dropped in the world rankings as a result to ninth and tenth respectively.
https://www.newelectronics.co.uk/content/blogs/uk-manufacturing-slips-to-twelfth-in-world-rankings
Made Smarter launches peer network to accelerate digital adoption among SME manufacturers
Digital Champions Network brings together adoption programme-backed businesses to share learning and experience. Made Smarter North West has launched a new peer-to-peer network to accelerate digital adoption among SME manufacturers. The Digital Champions Network brings together businesses who have engaged with Made Smarter’s adoption programme, including graduates of its Leading Digital Transformation and Leading Change for Digital Champions programmes. The initiative will connect those employees actively engaged in digitalisation, from the top floor to the shop floor, at different stages of technology adoption. In-person and online events will be facilitated throughout the year to enable participants to share learning and experience, forging long-lasting connections. A launch event, at the Manufacturing Technology Centre (MTC) in Liverpool, attracted North West businesses from across industries, including: CNC Robotics; Palace Chemicals; JFM Workwear; Farrat, Gardner Engineering; Majas Switchgear and Beagle Orthopaedic.
University to help tackle £27 billion cybersecurity cost for businesses
In a move that could save UK businesses billions of pounds, Heriot-Watt University is leading on developing a near unhackable quantum internet that could help combat the staggering £27 billion annual cost of cybercrime to UK businesses. The development of the Integrated Quantum Networks (IQN) Hub is one of five new quantum technology hubs green-lighted in the recently announced UK Government’s £160 million initiative to ensure the UK remains at the forefront of these revolutionary technologies. The main benefit of this quantum network will be enhanced cybersecurity immune to hacking, but it will also connect powerful future quantum computers, creating new opportunities in sectors such as healthcare, enabling accelerated drug discovery and personalised treatment plans. Furthermore, quantum networks can eventually be used to connect quantum sensors for ultra-low-noise measurements. The IQN Hub will provide the research required towards the establishment of a quantum internet.
UK leading global real estate recovery, says Abrdn
Political stability and repricing after the era of cheap debt means the UK is leading a global recovery in prime real estate assets, says Abrdn. The Edinburgh-based asset manager says the UK could now arguably be seen as a “bastion of relative calm in a more complex global political environment”. Overall, it expects total returns from UK property to average 8% per-annum over the next three years. Abrdn is particularly positive on residential and industrials as well as some areas of retail, where it expects to see above-average returns compared with the property sector. Offices, by contrast, are forecast to underperform the sector average. Crucially, within sub-sectors sentiment varies. Retail parks have jumped from 33rd in March 2020 to 3rd out of 34 in Abrdn’s ranking of the real estate asset classes expected to deliver the best 3-year returns. Standalone “solus retail warehouses” have jumped from 30th to 15th.
https://dailybusinessgroup.co.uk/2024/07/uk-leading-global-real-estate-recovery-says-abrdn/