Business News Round Up (30/11/2023)
UK forecast for second-worst economic growth in the G7
The UK economy is set for the second-slowest growth of the world’s G7 advanced economies, according to new forecasts. The Organisation for Economic Co-operation and Development (OECD) has reduced its forecast UK growth rate for 2024. Growth across the global economy has been stronger than expected but is beginning to slow as higher interest rates, weaker trade and lower business and consumer confidence take a toll, economists for the organisation said. Britain is forecast to have the slowest gross domestic product (GDP) this year and next year, other than Germany, of the G7. The G7 also incorporates France, Italy, the US, Canada, and Japan. UK GDP is expected to be 0.5% this year, higher than the OECD’s September forecast of 0.3% for 2023. UK GDP is expected to be 0.5% this year, higher than the OECD’s September forecast of 0.3% for 2023.
https://www.thenational.scot/news/23956503.uk-forecast-second-worst-economic-growth-g7/
Scottish exports grow to almost £80bn – but still lower than pre-pandemic
The value of Scottish exports has increased by 11.3% from £71.8bn in 2020 to £79.9bn in 2021. Statistics published by the Scottish Government noted that this is still lower than the total of just over £82bn that was recorded in pre-pandemic 2019. Exports to the rest of the UK accounted for more than three fifths of the overall total, with almost £48.6bn of goods and services sold in 2021. Meanwhile, international exports were worth £31.3bn – with almost £15bn going to countries in the European Union and more than £16.3bn of sales to other overseas countries. The largest contribution to international exports came from the food, beverages, and tobacco products sector – with these amounting to more than £6.1bn in 2021. Of this, just over £4.9bn was made up of sales from the “distilling, rectifying and blending of spirits”, such as whisky.
https://www.insider.co.uk/news/scottish-exports-grow-almost-80bn-31555801
NW businesses show highest levels of confidence this year
Business confidence in the North West rose 20 points during November to 54%, according to the latest Business Barometer from Lloyds Bank Commercial Banking. Companies in the region reported higher confidence in their own business prospects month-on-month, up 17 points at 59%. When taken alongside their optimism in the economy, up 22 points to 48%, this gives a headline confidence reading of 54%. North West businesses identified their top target areas for growth in the next six months as introducing new technology (38%), entering new markets (34%) and evolving their offer (34%). A net balance of 45% of businesses in the region expect to increase staff levels over the next year, up eight points on last month. Nationally, overall UK business confidence rose three points in November from 39% to 42%, the third consecutive monthly increase, while firms’ outlook on the overall UK economy increased four points to 38%.
Scottish Edge hands £1.5m to 38 businesses
High growth firms in Scotland have benefited from a £1.5 million injection of support in the latest round of the Scottish Edge programme. In a tighter climate for investment, 38 Scottish businesses received funding through the scheme which is backed by the Hunter Foundation, Royal Bank of Scotland, Scottish Government and Scottish Enterprise. This year saw the introduction of a Scottish Government backed £100,000 Pathways Award to support an ambitious female entrepreneur and was presented to Good Nude Food, a probiotic fermented sauerkraut company. Two of the other big winners of the evening were Brose Oats, which triumphed in the Food and Drink Category, a new award sponsored by Food & Drink Scotland, and Conneckt Charging, an EV charging network which won in the Net Zero category, supported by Royal Bank of Scotland.
https://dailybusinessgroup.co.uk/2023/11/scottish-edge-hands-1-5m-to-38-businesses/