Latest news with #ModernIndustrialStrategy
The Herald Scotland
3 days ago
- Business
- The Herald Scotland
Genuine opportunity for business but momentum at risk of stalling
We welcome the Chancellor's £86 billion commitment to science, technology and research, as well as funding for the vital Acorn Project in Aberdeenshire, and the £750 million restoration of the Edinburgh University supercomputer. These decisions will help cement Scotland's place at the cutting edge of global industries as well as generate jobs, boost regional economies, and spur commercialisation of ideas born in our world-class universities. The UK Government's plan to increase defence spending from 2% to 2.5% of gross domestic product (GDP) by 2027 also represents a significant economic opportunity for Scotland to expand the industrial base and create jobs in productive industries like advanced manufacturing. Our aerospace, defence, security and space sectors provide 430,000 jobs and the Acorn Project carbon capture and storage facility will create 15,000 more in construction alone - as well as making the Northeast a world leader in the low-carbon industry and attracting billions in private investment. By focusing on high-growth sectors like carbon capture, information technology (IT), biotechnology and life sciences, as well as increased defence spending, the Government is signalling the right priorities. Alongside the additional £2.9bn allocation for Scotland through the Barnett Formula, it's another shot in the arm for industrial growth. Scotland's businesses will be buoyed by the potential this unlocks. The UK Government's Modern Industrial Strategy, published last week, reinforced these investments with a plan ready for implementation. Scottish Chambers of Commerce (SCC) has long called for a joined-up approach to developing our major industries, and last week the Government indicated it was listening, giving a vote of confidence to Scotland's manufacturers and innovators. But let's be clear: without urgent, coordinated reform, this good news could be squandered if the headaches businesses face every day are not resolved: Soaring operational costs, including the hike in employer national insurance contributions (NICs) and the highest energy bills in Europe Inadequate business rates support, hitting our struggling high streets and the hospitality sector hardest The bureaucratic burdens and constraints in planning blocking progress on infrastructure projects and private investment The huge staffing and skills shortage thwarting our ambitions and ability to grow to meet current and future demand The Spending Review commitments can put the UK economy on a pathway to growth, but it's clear the Treasury needs more financial flexibility to invest in long-term assets such as transport, infrastructure, connectivity and logistics. The Chancellor should heed calls from the International Monetary Fund and leading economists to review the Government's fiscal rules. Read more Closer to home, it was encouraging to hear the First Minister, John Swinney, affirm his commitment at the Scotland 2050 conference to align policy with economic opportunity. Business desperately needs clarity and leadership, and we are starting to see this approach bear fruit. Earlier this month, EY reported that one in six UK investment projects were based in Scotland, underlining our nation's structural attractiveness to investors, second only to London. However, spending promises on building projects and transport infrastructure will amount to empty words without the necessary reforms to get the system moving at pace. Why does it currently take 58 weeks to process a planning application in Glasgow, yet just 16 weeks in Manchester? Worryingly, we are also forecast to need 700 additional planners to meet market demand with no clear plan to meet that number anytime soon. The cost of building is higher in Scotland than the rest of the UK, largely because of the Scottish Government's higher regulatory standards. Whilst this may be well-intentioned, some regulations are clearly becoming an impediment to growth. Strategic thinking is required to balance sensible regulation against economic necessity. Smart reforms are also needed across the public sector to ensure best practice and streamlined and simplified processes are aligned with key business priorities. These are all critical areas we must address if we are to maximise the opportunities for jobs and economic growth offered by the Spending Review. We simply have to take this positive momentum and capitalise on it. Read more The Scottish Government also outlined its budget priorities last week, pledging to expand borrowing for capital spending in construction and renewables, but with a welcomed emphasis on public sector reform. The Finance Secretary has expressed her intention to maximise every penny of investment through efficiencies and technical improvement, boosting productivity in the long term. This is something every sector of the economy stands to benefit from. While Scottish Government spending is significantly shaped by the Barnett Formula, which ensures that a population-based adjustment is made to align spending in devolved areas such as health or education, the Scottish Government has outlined clear priorities and a direction of travel to business. Westminster and Holyrood must now work in close collaboration to support these investments with a laser focus on delivery, removing obstacles to growth and finding solutions for businesses weighed down by spiralling costs and excessive regulation. The Scottish Chambers of Commerce and our Network are ready and willing to work in partnership with governments and help businesses navigate the business challenges and economic opportunities. Collaboration is the key to secure the growth and jobs we so badly need. Liz Cameron is chief executive of the Scottish Chambers of Commerce
Daily Record
25-06-2025
- Business
- Daily Record
New industrial strategy is a 'huge opportunity' for businesses in West Lothian
Energy costs will be slashed by a quarter for eligible manufacturers Gregor Poynton MP has backed the industrial strategy revealed this week by the Labour government insisting it's a huge opportunity for Livingston and West Lothian. The UK's Modern Industrial Strategy is a bold 10-year plan to boost local businesses, enhance skills and support growth. It aims to tackle the barriers holding back British businesses and unlock investment across the country. The Industrial Strategy will promote business investment and growth and make it quicker, easier and cheaper to do business in the UK, giving businesses the confidence to invest and create 1.1 million well-paid jobs in thriving industries – delivering on this government's Plan for Change. As part of the announcement, energy costs will be slashed by 25 per cent for eligible manufacturers, bringing prices in line with Europe and accelerating grid connections through the new Energy Price Relief Scheme. The strategy will focus on eight key growth sectors including clean energy and life sciences supporting 118,952 jobs across Scotland. Gregor Poynton, MP for the Livingston constituency said: 'This Industrial Strategy is a huge opportunity for Livingston and West Lothian. By cutting energy costs and unlocking record levels of investment, it will directly benefit the sectors that power our local economy from advanced manufacturing and logistics to life sciences and technology. 'It means that major local employers like Mitsubishi, Sky, Shin-Etsu, Wyman Gordon, Valneva and other firms based across West Lothian be better placed to grow, invest and create more good, secure jobs for local people. 'This long-term plan will help deliver more apprenticeships for young people, fresh opportunities for skilled workers, and the stability our local businesses need to thrive. 'The strategy builds on the Spending Review and Infrastructure Plan, targeting support where it's needed most and making it easier for all businesses to thrive. It aims to double business investment in growth sectors to £240bn annually by 2035.' 'This is proof that Labour is delivering on its Plan for Change and committed to delivering the long-term stability and investment that industry needs to grow.' Business and Trade Secretary Jonathan Reynolds said: 'We've said from day one, Britain is back in business under this government and our Plan for Change is already delivering for working people. 'This Strategy will ensure the UK is the best place to invest and do business, delivering growth that puts more money in people's pockets and pays for our NHS, schools and military.'
Scotsman
24-06-2025
- Business
- Scotsman
Gregor Poynton MP backs Industrial Strategy to boost local businesses, enhance skills and support growth across the Livingston Constituency
The government has this week unveiled the UK's Modern Industrial Strategy, a bold ten-year plan to tackle the barriers holding back British businesses and unlock investment across the country. Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... As part of the announcement, energy costs will be slashed by 25% for eligible manufacturers, bringing prices in line with Europe and accelerating grid connections through the new Energy Price Relief Scheme. Key measures include: • Energy prices cut by 25% for 1000s of businesses across the country Advertisement Hide Ad Advertisement Hide Ad Gregor Poynton MP with Business Secretary, Jonathan Reynolds MP. • Unlocking billions in business finance, including for SMEs through the British Business Bank and National Wealth Fund. • Investing over £20bn in R&D for growth sectors • Cutting regulation costs by 25% and streamlining planning for major projects. The Industrial Strategy is a ten-year plan to promote business investment and growth and make it quicker, easier and cheaper to do business in the UK, giving businesses the confidence to invest and create 1.1 million good, well-paid jobs in thriving industries – delivering on this government's Plan for Change. The Strategy will focus on eight key growth sectors including clean energy and life sciences supporting 118,952 jobs across Scotland. Advertisement Hide Ad Advertisement Hide Ad Commenting on the announcement, Gregor Poynton, Member of Parliament for the Livingston constituency said: 'This Industrial Strategy is a huge opportunity for Livingston and West Lothian. By cutting energy costs and unlocking record levels of investment, it will directly benefit the sectors that power our local economy from advanced manufacturing and logistics to life sciences and technology. 'It means that major local employers like Mitsubishi, Sky, Shin-Etsu, Wyman Gordon, Valneva and other firms based across West Lothian be better placed to grow, invest and create more good, secure jobs for local people. 'This long-term plan will help deliver more apprenticeships for young people, fresh opportunities for skilled workers, and the stability our local businesses need to thrive. 'The Strategy builds on the Spending Review and Infrastructure Plan, targeting support where it's needed most and making it easier for all businesses to thrive. It aims to double business investment in growth sectors to £240bn annually by 2035.' Advertisement Hide Ad Advertisement Hide Ad 'This is proof that Labour is delivering on its Plan for Change and committed to delivering the long-term stability and investment that industry needs to grow.' Business and Trade Secretary Jonathan Reynolds said: 'We've said from day one, Britain is back in business under this government and our Plan for Change is already delivering for working people. 'This Strategy will ensure the UK is the best place to invest and do business, delivering growth that puts more money in people's pockets and pays for our NHS, schools and military.'
Time of India
24-06-2025
- Business
- Time of India
Amazon to invest £40 billion in UK over 3 years: govt
Online retail giant Amazon will invest £40 billion ($54 billion) in the UK over the next three years, the government said Tuesday, a boost for Prime Minister Keir Starmer as he struggles to kickstart the who met Amazon CEO Andy Jassy last week, said the announcement "adds another major win to Britain's basket and is a massive vote of confidence in the UK as the best place to do business."It means thousands of new jobs -- real opportunities for people in every corner of the country to build careers, learn new skills, and support their families."Whether it's cutting-edge AI or same-day delivery, this deal shows that our Plan for Change is working -- bringing in investment, driving growth, and putting more money in people's pockets," he added. The £40 billion will be used to build four distribution centres, creating an estimated 4,000 jobs, and to renovate the historic Bray Film Studios, acquired in July 2024. In December, Amazon signed an agreement with Games Workshop, the British company that owns the rights to "Warhammer 40,000", to produce films and TV series based on the futuristic fantasy universe. The project is set to star Henry Cavill, known for his roles in in "Superman" and "The Witcher". The investment also includes part of the £8 billion previously announced in September 2024 for building, operating and maintaining data centres in the UK, aimed at boosting artificial intelligence (AI) computer capacity. The announcement coincides with the publication of the government's "Modern Industrial Strategy", which outlines how the state and high-growth industries will collaborate in the future. 'Right track' It offers a rare piece of good news for the Labour government, which has been buffeted by US tariffs and global conflicts and seen its domestic policy of tax hikes and public investment fail to deliver on its promise of growth. Business and Trade Secretary Jonathan Reynolds will visit Amazon's headquarters in London on Tuesday to mark the announcement. "Our Modern Industrial Strategy will ensure the UK is the best country to invest and do business, and seeing massive international firms like Amazon bank on Britain shows we are on the right track," he said. Amazon already employs more than 75,000 people in over 100 sites across the UK. Jassy said the company was "bringing innovation and job creation to communities throughout England, Wales, Scotland, and Northern Ireland. "Amazon has been proud to serve our customers in the UK for the past 27 years. Thanks to their support, we've grown to be part of over 100 communities nationwide, from developing drone technology in Darlington to producing world-class entertainment at our studios in Bray," he added. Jassy announced last February that Amazon would invest more than $100 billion this year, primarily to boost its cloud and AI capabilities. Australia was the focus last week, when the US firm announced $13.3 billion over five years for its data centres, the largest technology investment ever made in the country. In June, Amazon also announced major investments in North Carolina ($10 billion) and Pennsylvania ($20 billion), again for data centres and AI projects. Amazon is currently under investigation by the UK Food Regulator, suspected of late payments to food suppliers. If found guilty, Amazon could be fined up to one percent of its annual UK turnover.
Irish Independent
24-06-2025
- Business
- Irish Independent
Comment: The UK's newly launched Modern Industrial Strategy is creating fresh opportunities for Irish companies
Today at 00:30 Attending the business leaders' breakfast at the UK/Irish Summit in March, I was struck by one contribution in particular. A CEO with a big presence on both sides of the Irish Sea said to the Taoiseach and prime minister that, given the turbulence and instability in many parts of the world, which has only intensified in the last few days, investors saw our two countries as something of a 'safe haven'. In my five years here, even when the political relationship was strained, I've been struck by the intense cooperation between UK and Irish businesses. That speaks to a wider truth: our two nations have always been more than just neighbours – we're partners with shared histories and intertwined futures. That's why the UK's Modern Industrial Strategy, published this week, is a great opportunity for Irish enterprise. The UK is embarking on an ambitious and overdue economic renewal. We aim to deliver the highest sustained growth in the G7, creating jobs and higher living standards across every part of the UK, including Northern Ireland. The new 10-year Modern Industrial Strategy is intended to back up words with action. Whether you're an innovator in clean energy, a tech disruptor or a scaling life sciences business, our strategy can back you, not just today but for the longer term. There's a lot in there for Ireland. You're the UK's sixth largest trading partner, with two-way trade approaching €100bn a year. Many Irish companies have substantial UK operations and are considering expansion. Others are eager to capitalise on the scale of the UK's domestic market. Early results for 2024-25 show that Irish companies launched more than 50 new investments in the UK, involving almost €2bn and creating 3,000 jobs. The industrial strategy will make us an even better place to invest. It focuses on eight sectors: advanced manufacturing, clean energy industries, creative industries, defence, digital and technologies, financial services, life sciences and professional and business services. In most of those, Ireland/UK cooperation is already strong, and in all there's scope to develop. ADVERTISEMENT Learn more Sector plans have been released for advanced manufacturing, creative industries, clean energy industries, digital and technologies, professional and business services – with plans for life sciences, financial services and defence to come soon. Each sector plan has been co-developed with business, with clear commitments from both government and industry based around shared priorities, creating a model for cross-border business engagement that could benefit Irish-UK trade relations. We rank sixth in the world and third in Europe in the EY Renewable Energy Country Attractiveness Index Take clean energy, where the UK is one of the world's most important markets, attracting £2.6bn (€3bn) of clean tech investment in 2023. We rank sixth in the world and third in Europe in the EY Renewable Energy Country Attractiveness Index. For Irish renewable companies looking to expand, our commitment to achieving at least 95pc clean power by 2030 represents substantial investment opportunities. We are building on the agreements in place between the UK and Ireland on energy security and energy transition to step up co-operation. The government recognises high electricity prices as barriers to industrial activity and electrification, with plans to make UK energy prices more competitive and predictable. Another example is digital and technology where the UK's ecosystem is valued at more than $1tn, with over 160 tech unicorns, the highest number in Europe. Three great Irish companies were finalists in the European round of our inaugural Unicorn Kingdom Pathfinder Awards – Gallarus Industry Solutions, Biologit and Future Mobility Ireland, with Gallarus getting to the global final. I'm confident they are pathfinders for many more to follow. As well as a major focus on AI, quantum technology, cyber security and data, the industrial strategy specifically highlights digital and technology clusters concentrated in cities across the UK – including those close to Ireland, such as Cardiff and Bristol – creating natural locations for Irish-UK tech collaboration just across the Irish Sea. Professional and business services (PBS) also offers substantial east-west and north-south opportunities for Irish firms. This covers legal services including accounting, management consulting and architecture, and contributes more than £225bn annually to the UK economy. Irish professional service providers already benefit from streamlined regulatory frameworks and direct access to London's financial hub while maintaining their EU market presence. With an ambitious strategy to double business investment in PBS from £30bn to £65bn by 2035, the UK is strengthening its position as 'the world's most trusted adviser to global industry', a goal that benefits Irish firms with complementary specialties. The government is committed to giving more powers to mayors and other local leaders Our industrial strategy extends throughout the UK. The government is committed to giving more powers to mayors and other local leaders, helping to expand regional clusters that build on each UK region's strengths, creating re-energised growth hubs with distinct specialisations ideal for Irish companies looking at opportunities across the entirety of the UK marketplace. The embassy's Joining the Dots programme is in its sixth year of connecting business outside Dublin and London to promote opportunities for growth. Every CEO I meet emphasises the importance of access to talent and skills. We are addressing this through a range of initiatives, not least Skills England, ensuring people have the right skills for industries of the future. Let's make the UK/Ireland Common Travel Area a Common Talent Area as we do so. For example, we're putting £400m into 16-19 years education with targeted funding for courses in engineering and digital skills to ensure a growing talent pool that can benefit integrated supply chains across Ireland and the UK. Talking of talent, the embassy's dedicated business and trade team is at your service to help you source high-quality goods and services from, and/or invest and grow in, your nearest neighbour. We look forward to hearing from you.
