Business News Round Up (31/03/2025)
Overdue invoice levels rose across North West by 13.4% this winter, research shows
The total number of overdue invoices on the books of North West businesses rose by 13.4% this winter, compared with the same period last year, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows there were 1,842,471 overdue invoices on the books of North West businesses over the winter months – with 597,784 in December, 621,149 in January and 623,538 in February. This was a rise of 13.4% when compared with the previous winter’s total of 1,624,871. Looking at the wider UK picture, the North West had the third highest total number of overdue invoices over this winter, and saw the seventh largest yearly rise in overdue invoice numbers. Northern Ireland was the only location to see overdue invoices fall year-on-year.
Rising confidence defies fears over higher costs
Business confidence in Scotland continues to rise, as firms defy widely reported concerns over the impact of rising costs. Bank of Scotland’s business barometer showed confidence in March was 2% higher than in February, with retailers leading the charge. It comes ahead of next month’s hikes in employers’ national insurance contributions, business rates and minimum wages. It also follows a gloomier survey by 56 Degrees North and Diffley Partnership last week suggesting 68% of Scottish businesses expect their profitability to stall or decrease in the next financial year. The North Sea Transition Taskforce today issues another call from the sector for the UK government to scrap the energy profit levy earlier than its 2030 deadline as companies abandon investment plans in the region. According to Bank of Scotland data, Scotland recorded a higher level of confidence than the UK average which remained at 49%, the same as in February.
North West business confidence dips in March, but remains above UK average
Business confidence in the North West dipped by two points during March to 59%, according to the latest Business Barometer from Lloyds – but remained above the UK average for an eighth month in a row. Companies in the region reported higher confidence in their own business prospects month-on-month, up four points at 64%. When taken alongside their optimism in the economy, which fell eight points at 54%, this gives a headline confidence reading of 59%, compared with 61% in February – the second highest of any UK nation or region in March after London and the West Midlands (both 62%), and the eighth month in a row where the North West’s confidence was higher than the UK average. Looking ahead to the next six months, North West businesses identified their top target areas for growth as investing in their team (55%), evolving their offering (35%), and introducing new technology (32%).
Innovation accelerator programme gets £30m in extension funding
Innovate UK, the nation’s innovation agency, has announced £30 million of extending funding to a pilot programme which it says is shaping the future of UK industrial strategy. The Innovation Accelerator (IA) programme focuses on locally led innovation that drives economic growth and technological advancement across three key UK regions: Glasgow City Region, West Midlands, and Greater Manchester. The IA programme itself is led by Innovate UK on behalf of UK Research and Innovation (UKRI) and the Department for Science, Innovation and Technology (DSIT). It’s a three-year program, was originally launched in 2022, and was due to complete in March 2025. The new extension funding, which has been made due to the programme’s success, builds on the £100 million already invested into the programme.
https://www.digit.fyi/innovation-accelerator-programme-gets-30m-in-extension-funding