UK Fintech sector looking more positive
Following our report yesterday that the UK ranks No. 3 in the World for value of Hi-tech business, City am now reports that the chief executive of fintech sector trade body Innovate Finance, says London’s fintech sector is showing “shoots of positivity.” She comments that fintech firms are “proving their value”. This despite it being…
UK tech industry hits record level
Data from HSBC Innovation Banking shows that the total value of the UK’s tech sector has climbed to its highest ever level this year, hitting £996.8bn. This is up from £988bn last year. This means the UK’s tech sector is the third most valuable in the world, behind only the US and China. The report…
UK manufacturing output climbs the rankings
According to trade body ‘Make UK’ the UK’s manufacturing output has surpassed France, making it the eighth largest manufacturing power in the world., the UK’s manufacturing output was worth £218bn in 2021, compared to France’s £210bn. Recent figures suggest that the UK’s manufacturing output continued to grow to £224n in 2022. Business and Trade Secretary…
Firms start to prioritise skills over degrees
The Times reports that UK businesses are shifting their hiring focus from degrees to specialised skills, according to research by LinkedIn. The share of vacancies that do not require a university degree increased by 90% last year. Recruiters are now five times more likely to prioritise skills over qualifications. Four in five expect skills-first recruitment…
Late payments causing cash flow problems for SMEs
According to specialist SME Lender Sonovate, nearly two-thirds of their small business clients say late payments from their customers are affecting their ability to pay contract workers on time. They claim that the proportion of SMEs that have problems paying their staff on time had risen to 50% last year. This is mainly caused by…
UK SME businesses prioritise survival
Many UK SME businesses prioritise survival The Yorkshire Post reports that 1 in 11 SME businesses in the UK have survival as their first priority, 77% rate current government support as “poor”, according to a survey by the Association of Practising Accountants (APA). Economic uncertainty is one of the biggest challenge over the past year…
UK firms struggle to access domestic investment capital
UK firms struggle to access domestic investment capital Many British firms are struggling to access domestic capital.This leads them to seek funding from global sources. This is according to a recent report by the Treasury Select Committee. This is supported by a report from KPMG. They say that fintech investment in the UK dropped by…
The UK lags behind on the use of Robots.
The UK lags behind on the use of Robots. The UK has 111 industrial robots for every 10,000 manufacturing workers. This is below the global average of 141. This leaves the UK the lowest in the G7 and 24th in the world. The US has 274 robots per 10,000 workers, while Germany has 397 and…
BBB has a plan for pension funds
A British Business Bank proposal The BBB has concentrated over the last three years on the administration of pandemic support schemes. The Times reports that it has had talks with Louis Taylor. She is the new chief of the British Business Bank. They talked about the state economic development agency’s plans to boost investment into…
MPs launch inquiry into SME finance
A Committee has been established! The cross-party Treasury Committee has launched an inquiry into the challenges faced by small businesses when seeking finance. The committee will look at a number of issues. These will include how easy it is for small firms to access finance and the regulation of small business lending. They will also…
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