Weekly Digest – 15 November 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Work near home: The co-working hubs for locals

The billion-dollar business WeWork has filed for bankruptcy in the US, but that doesn’t necessarily mean co-working spaces are going out of fashion. The concept may simply be evolving – to the benefit of High Streets in towns and suburbs.

Only 1% of SMEs are scale-ups, yet they contribute £500 billion to the UK economy

Only 1% of UK’s SMEs are ‘scale-ups’, generating nearly £500bn a year, new research shows. With 1 in 6 of them being in health and social work, and IT also dominating, it highlights the strengths and potential of the UK economy

King’s Speech sets out bid to ‘grow economy’

The UK government is looking to introduce new legislation that will strengthen the economy and bring in investment, the King’s Speech announced. It came amid promises to grow the UK’s economy, in King Charles’ first speech setting out the government’s priorities over the next year.

Tax credits recipients to receive Cost of Living Payment

Tax credits customers will receive the autumn Cost of Living Payment between 10 and 19 November 2023.

Oil and gas ‘not the problem’ for climate, says UK’s net zero minister

Oil and gas are “not the problem” for the climate, but the carbon emissions arising from them are, the UK’s net zero minister has told MPs. In words that suggested the UK could place yet more emphasis on technologies to capture and store carbon, Graham Stuart said fossil fuel production was not driving climate change, but demand for fossil fuels was.

Industry reaction to GDP Statistics

UK real gross domestic product neither grew nor contracted in the third quarter with the headline quarter-on-quarter GDP growth rate estimated at 0.0% for Q3. Following the release of the statistics industry experts have shared their thoughts on what this means going into to 2024 and for the economy more generally.

UK economy, interest rates: GDP stagnates, recession fear

The latest UK economic output figures published were marginally better than forecast but that is where any good news stops. The data from the Office for National Statistics show a stagnating UK economy, with no growth in gross domestic product between the second and third quarters.

‘Tsunami’ of plastic damaging health must be stopped, scientists warn UN

A “tsunami” of plastic which is damaging human health must be stopped, scientists have warned the UN amid negotiations on a global treaty.

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