Author: Scott Dylan

The UK government’s recognition of data centres as critical infrastructure marks a pivotal shift amidst growing challenges in the sector.This move aims to strengthen cybersecurity through direct government support, reducing the frequency and impact of cyber-attacks.The establishment of a £3.75 billion data centre in Hertfordshire highlights the sector’s expanding importance and potential.A looming talent shortage due to a skills gap poses a significant challenge for the sustained growth of data centres.Efforts to classify data centres as vital reflect long-term strategic thinking to fortify national economic resilience.The announcement by the UK government to classify data centres as critical infrastructure represents a…

The Bank of England faces increasing pressure to reduce interest rates as a result of recent negative economic indicators.A 3.2% fall in job vacancies was reported in August, signalling a sluggish job market.Factory output contracted for the first time since late 2020, raising economic concerns.The Monetary Policy Committee (MPC) is scheduled to meet on Thursday to discuss potential rate changes.Despite the slowdown, investors expect the Bank of England to keep rates steady this week.The Bank of England is under mounting pressure to lower interest rates following a series of adverse economic indicators. Data from the Recruitment and Employment Confederation (REC)…

UK university spinouts have achieved significant funding success, raising £1bn in the first half of 2024, according to new research.Investment in UK spinouts shows signs of recovery despite a general decline since 2021.Funding has yet to fall below pre-pandemic levels, maintaining stability in deal numbers.Government initiatives play a crucial role in sustaining this upward trend in spinout funding.Recommendations suggest universities reconsider equity stakes for long-term growth in spinouts.New research indicates that university spinouts in the UK have successfully raised £1bn in funding in the first half of 2024. This development signals a potential rebound in investment, following a trend of…

Harland & Wolff, the storied Belfast shipyard known for building the Titanic, is teetering on the brink of administration. A financial shortfall threatens its critical £1.6 billion Royal Navy contract for three warships.The potential collapse could mark a significant shift in British shipbuilding, with far-reaching consequences for national defence and industrial strategy. The crisis has prompted calls for urgent intervention and alternative plans to ensure the contract is fulfilled within the UK.Implications for National DefenceThe administration crisis at Harland & Wolff threatens to nullify its contract to assemble Fleet Solid Support (FSS) ships for the Royal Navy. These vessels are…

The transition at Hotel Chocolat marks a significant shift after the Mars acquisition.Lysa Hardy, previously the UK managing director, assumes the role of CEO.The business valued at £534m, focuses on aggressive expansion plans.Hardy credited with doubling the UK’s business size and innovating the Velvetiser.Retailer plans to open 20 new stores to expand its experiential offerings.Following its acquisition by Mars last year for £534 million, Hotel Chocolat has undergone a pivotal leadership change with Lysa Hardy stepping into the role of Chief Executive Officer. This appointment follows Hardy’s successful tenure as the UK managing director and group marketing officer for the…

The debate over proposed reforms to workers’ rights has intensified, with Angela Rayner and Business Secretary Jonathan Reynolds embroiled in a contentious disagreement.The central issue lies in the functioning of probation periods under the new system, which forms part of Labour’s broader agenda to overhaul workers’ rights within the first 100 days of their governance. Angela Rayner advocates for full employment rights, including the ability to bring unfair dismissal claims to employment tribunals, after a brief probation period. Currently, employees need to work for a minimum of two years to qualify for such protections. In contrast, Jonathan Reynolds argues for…

Hovis is leveraging advanced AI technology to enhance its bread manufacturing processes by partnering with IntelliAM AI.The new agreement will see the deployment of AI technology across major Hovis sites in the UK, including locations in East London, Nottingham, and Glasgow.While the exact financial details remain undisclosed, the partnership is valued at over £100,000, extending over a 12-month period.IntelliAM AI, a Sheffield-based firm, specializes in using machine learning for industrial asset management, promising improvements in productivity and cost reduction.This collaboration marks IntelliAM AI’s second major contract in recent months, having previously secured a significant deal with an alcoholic drinks manufacturer.One…

Recent research reveals significant financial impact on West End retailers due to the absence of tax-free shopping for tourists.International visitor numbers to London increased by 3% in early 2024, yet spending fell by nearly 12% compared to 2019.The tax-free shopping removal is identified as a major reason for declining retail revenues, affecting broader tourism sectors.Continental Europe’s tax-free refunds surged by 36% in contrast to the UK’s situation, indicating a shift in tourist preferences.Calls for policy changes, including tax-free shopping reinstatement, emerge from industry leaders as the UK budget approaches.In the first half of 2024, research indicates that retailers in London’s…

Despite a rise in international visitors, London’s retailers are confronting a substantial financial setback this year. The West End is poised to experience an even greater impact than the previously estimated £400 million loss in 2023, attributing this to the removal of tax-free shopping for tourists.The previous Conservative government, under then-chancellor Jeremy Hunt, eliminated tax-free shopping as part of measures to support public finances. However, retailers argue that this move puts the UK at a competitive disadvantage compared to the European Union, where tourists benefit from VAT refunds on qualifying purchases. Dee Corsi, Chief Executive of the New West End…

The Organisation for Economic Co-operation and Development (OECD) has issued a stark warning regarding the UK’s public finances, calling for substantial reforms to address mounting fiscal pressures. In its latest report, the OECD highlights the urgent need for policy changes, including scrapping stamp duty and adjusting the pension triple lock, to mitigate the rising costs driven by health, pension, and climate change expenditures.The OECD, representing 38 advanced economies, raised concerns about the UK’s high debt levels, increasing interest payments, and sluggish economic growth, which collectively exacerbate borrowing costs over time. The warning follows a forecast by the Office for Budget…