Business News Round Up (31/10/2022)
Scottish business confidence dips in October
Business confidence in Scotland fell 10 points during October to 5%, 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 11 points at 22%. When taken alongside their optimism in the economy, down 10 points to -14%, this gives a headline confidence reading of 5%. Scottish businesses identified their top target areas for growth in the next six months as evolving their offering (33%), investing in their teams (29%) and entering new markets (27%). The barometer, which questions 1,200 businesses monthly – including 100 in Scotland – also showed a net balance of 16% of Scottish businesses expect to reduce staff levels over the next year, down two points on last month. Overall, UK business confidence fell one point during October to 15%, in line with the average over the last three months. Firms’ outlook on their future trading prospects was up two points to 27%, and a net balance of 21% are planning to create new jobs, up four points on last month. However, businesses optimism in the wider economy dropped three points to 2%.
https://www.insider.co.uk/news/scottish-business-confidence-dips-october-28367988
North West business confidence second highest in UK
Business confidence in the North West rose during October, according to the latest Business Barometer from Lloyds Bank Commercial Banking. During October, business confidence in the region rose 14 points to 28 per cent, the second highest of all UK regions and nations behind only London. The barometer was conducted between 3 October and 17 October. Companies in the region reported higher confidence in their own business prospects month-on-month, up two points to 33 per cent. When taken alongside their optimism in the economy, up 28 points to 25 per cent, this gave a headline confidence reading of 28 per cent. Businesses in the North West identified their top target areas for growth in the next six months as evolving their product and service offering (41 per cent), developing their teams (40 per cent) and investing in sustainability (34 per cent). The Business Barometer, which questions 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.
https://www.insidermedia.com/news/north-west/north-west-business-confidence-second-highest-in-uk
Greater Manchester awarded £84m fund aimed at growth and community support
Greater Manchester leaders have set out investment proposals which aim to improve communities, create jobs and support businesses to grow in the city region through the UK Shared Prosperity Fund (UKSPF). The UKSPF is a fund designed by government to replace the former EU structural funds, with GMCA named as the lead authority for administering the fund in the city region. GMCA has been allocated a total of £83.9m of UKSPF, with leaders outlining how the first £38.6m will be invested. A total of £25.3m will be invested in Greater Manchester’s 10 local authorities to support city and town centres, high streets, green space and arts and heritage across GM and £1.6m to support the sustainability of the Greater Manchester VCSE (voluntary community and social enterprise) sector. Funding would also be allocated to Greater Manchester Business Growth Hub to support local businesses over the next six months. GMCA has also agreed to invest £15m in a SME Workspace Fund, which will fund workspaces and support for businesses across Greater Manchester and would also help spark town centre regeneration.
Nine out of ten Scots paid the Real Living Wage
A record number of people in Scotland are being paid the Real Living Wage, official figures show. Data from the Office for National Statistics (ONS) confirmed 91% of employees aged 18 and above earn at least the Real Living Wage – currently set at £10.90 an hour. That is up from 85.5% the previous year and is the highest rate in the UK. The ONS data also showed Scotland has a lower gender pay gap than the UK as a whole. There is a pay gap of 3.7% between male and female workers in Scotland compared to 8.3% across the UK. Launched in 2011, the voluntary Real Living Wage is set by the Living Wage Foundation charity. It is higher than the government-set National Living Wage – currently £9.50 an hour for those over 23 – and reflects what the charity thinks people need to earn to cover everyday costs. Scottish government employment minister Richard Lochhead said: “The ONS figures confirm that Scottish employers are leading the way and we can be proud of the progress that has been made. There is still work to be done on tackling the gender pay gap, but we are taking steps to make this happen.” In England, 87.5% of employees aged 18 and over are paid the real living wage, along with 88.2% of workers in Wales and 85.4% in Northern Ireland.