BUSINESS NEWS
Things are looking up for Swindon and Wiltshire...
There are plenty of reasons to remain optimistic about the future, particularly for busineses across Swindon and Wiltshire. From high productivity levels to international trade deals and Government support for SMEs, there are plenty of good business news stories breaking across the region.
Swindon has been named as one of the top‘ cities’ to start a business in, and has the highest labour productivity index, according to recent research.
Against a backdrop of growth in the UK’ s services sector, fuelled by strong demand and falling costs, Bestbrokers analysed data from the UK’ s Office for National Statistics. Swindon was ranked the 7th best district to start a business in, out of 69 of the UK’ s most populous towns and cities.
To create the rankings, six equally important factors were analysed to give each town or city a score out of 100. These included the five-year business survival rate, the number of active companies per 1,000 residents, the share of highgrowth firms, export trade value per business, gross value added by each city, and the percentage of properties with access to gigabit internet.
Swindon tops productivity ranking Labour productivity, measured by an index, including gross value added( GVA) per hour worked or per employee, portrays business efficiency across the UK, with a baseline set at 100.
Swindon was named as the country’ s most productive district, boasting a score of 148.2, thanks in part to major employers in finance, logistics and advanced tech, including Intel, Nationwide, and Zurich Insurance.
The best UK cities and districts to start a business in: 1. Edinburgh- 60.67 / 100 2. Derby- 56.59 / 100 3. Belfast- 56.56 / 100 4. Solihull- 54.90 / 100 5. London- 53.73 / 100 6. Bristol- 52.93 / 100 7. Swindon- 52.40 / 100 8. Milton Keynes- 52.02 / 100 9. Leeds- 51.34 / 100 10. Kingston upon Hull- 50.70 / 100
Swindon tops the UK’ s productivity rankings with a score of 148.2, making it 48.2 % more efficient than the national average( baseline of 100), according to Bestbrokers.
Big news for small and medium businesses? Another potential boost for business was announced in Swindon at the end of July. Prime Minister Keir Starmer visited the town to unveil the Government’ s Backing Your Business strategy.
The initiative sets out a long-term direction for the Government’ s support for smaller firms, which it says places their growth and productivity potential at its core, whilst improving the operating environment to start and run a business.
The Government believes that accelerating SME growth by just one percentage point a year could deliver £ 320 billion to the UK economy by 2030.
The strategy includes: introducing a Fair Payments Code; committing to permanently lower business rates for retail, hospitality and leisure; freezing the small business multiplier; establishing new High Street Rental Auction powers to reduce vacancy rates; launching Skills England; establishing a new Board of Trade dedicated to helping smaller businesses export; reforming the previous Apprenticeship Levy as a new Growth and Skills Levy; raising the limit at which small businesses start paying employer national insurance from £ 5,000 to £ 10,500; and reforming the public procurement regime. Positive News from the region
Swindon was ranked the 7th best district to start a business in, out of 69 of the UK’ s most populous towns and cities
Nationwide Building Society( which has its headquarters in Swindon) has posted a 30 % jump in annual profits after an“ outstanding” year that saw it complete the takeover of Virgin Money. The mutual reported pre-tax profits of £ 2.3 billion for the year to March 31, up from £ 1.8 billion the previous year.
Melksham’ s Avon Technologies, a manufacturer of personal protection gear for the military and emergency services, has won an $ 18 million order from the US Department of Defense.
The Swindon Knowledge Central scheme will see more than 100 acres of brownfield land next to the town’ s railway station redeveloped into a new high-quality commercial district bringing thousands of new jobs and hundreds of new homes.
The Competition and Markets Authority has cleared the £ 762 million takeover of Chippenham-based logistics group Wincanton by global operator GXO.
Wiltshire Museum has received the money from Wiltshire Council’ s Community Infrastructure Levy( CIL) fund to move from its current home on Long Street in Devizes, to the Assize Court building on Northgate Street. The project aims to bring one of the town’ s most significant heritage buildings back into use, as part of a centrepiece for the wider regeneration of the area.
India trade deal to benefit the South West According to the Government, businesses and workers in the South West are also set to benefit from the UK’ s trade deal with India.
Specialist manufacturing companies, such as those in the aerospace or precision engineering sectors, will significantly benefit from reduced tariffs and improved processes that will enable them to sell into India’ s market more easily.
India is also a major manufacturing hub, and liberalised tariffs under this agreement could mean potential savings as they source the intermediate parts or components required within their own supply chains.
Business and Trade Secretary Jonathan Reynolds said,“ The millions brought to the South West each year from the deal we’ ve signed with India will be keenly felt across local communities, whether that’ s higher wages for workers, more choice for shoppers, or increased overseas sales for businesses.”
Helen Godwin, Mayor of the West of England, added,“ Businesses in the wider region already export almost £ 600 million of goods to India. That figure is surely set to grow, thanks to average tariffs dropping by more than threequarters and smoother processes for British products sought by companies and consumers in India.”
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