This Week In Business

The outlook for UK businesses has been gloomy in recent months, according to the Bank of England.

The continued trend of low wage growth was this week branded a “return to pre-industrial Britain” by Andy Haldane, the Chief Economist of the UK’s central bank. This is hitting productivity hard: although productivity in OECD countries has been lacklustre recently, it seems the UK lags significantly behind other countries. An OECD report found that UK productivity per hour is 35 per cent lower than the German level and 30 per cent below that of the USA. To buck this trend, small businesses in the UK need to think about their management strategies versus those of their competitors.

Tech Week

Last week saw thousands of disruptors, entrepreneurs, developers and journalists in tech descend upon the capital for London Tech Week, a festival of live events showcasing and celebrating the best of tech. Speaking at the event, Mayor of London Sadiq Khan outlined his vision for London to become the world’s leading ‘Smart City’ putting tech at the heart of London’s economy.

As part of the plans, a new £1.6 million Clean Tech Incubator called Better Futures will be launched to help 100 London-based small businesses to deliver low-carbon and clean-tech products to tackle the causes and effects of climate change. To find out more information about how your small, medium or micro enterprise could benefit from the announcement, visit the Better Futures website.

Creative Industries

Although most sectors in the UK are experiencing significant uncertainty in the wake of Brexit and the General Election, it seems that the creative industries are staying resilient, according to recent research by Deloitte.

The report found that the UK’s media and entertainment industries in particular are holding strong, reaching almost £100 billion in revenue last year. This represents a year-on-year revenue growth of £10 billion. The most profitable parts of the sector were advertising, television and publishing, which made a combined £77 billion.

Are you an SMME in the creative industries? Read our recent blog post to find out more about the challenges facing the sector, and how you can make the most of the opportunities out there.

If you have any questions or would like further information about the range of support on offer in the Building Legacies Programme, please contact Danny on info@buildinglegacies.co.uk or call the office on 020 7537 6480.