Business leaders in the South West are growing more confident about the future of their companies and are looking to target growth in the New Year, new research has revealed.
Overall business confidence in the region rose 12 points during December to 17% - the highest level since August - according to the latest Business Barometer from Lloyds Bank Commercial Banking.
South West firms also reported higher confidence in their own business prospects month-on-month - up 15 points at 34%.
Bosses identified their top target areas for growth in the next six months as evolving their product or service offering (32%), investing in their teams (29%), and investing in sustainability (29%).
The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends regionally and nationwide. A net balance of 13% of businesses in the region expect to increase staff levels over the next year, up two points on last month.
Start 2023 in the best way by signing your business up to the Plymouth Supplier Directory!
It takes 5 minutes to sign your business up to the Plymouth Supplier Directory and thanks to Plymouth City Council this is for free!
This register is seen by other local businesses such as Babcock, Princess Yachts, our Universities, University Hospitals and many more including Plymouth City Council procurement Department who are focused to source skills, services and products locally throughout the PL postcodes in Devon and Cornwall.
Join over 300 businesses already on the Plymouth Supplier Directory. All you need to do is upload your logo, website and contact details.
People with eye conditions will be able to access a brand-new state-of-the-art facility this year as the building for a new Royal Eye Infirmary (REI) is well underway.
University Hospitals Plymouth NHS Trust’s new REI on William Prance Road will include theatres, an increased number of treatment rooms and an expanded area for children.
The new REI includes the addition of a third operating theatre dedicated to sub-specialisms, such as oculoplastic, orbital and corneal surgeries, to start to reduce the waiting times of patients from across Devon and Cornwall.
The new REI will have improved access for patients with a drop-off zone and parking. It is due to open in Spring 2023.
A total of 16 building facades are going to look fresh-faced and clean, thanks to funding from Historic England.
A gentle facelift with a specialist steam spray is now underway for blocks of buildings in Old Town Street, St Andrew’s Cross and Royal Parade.
Decades of grime and dirt, together with some algae will be coming off revealing the light Portland Stone that was widely used in the post-war rebuild of the city centre.
The work is being carried out by specialist cleaners Prestige Cleaners and will be carried out by blocks over the next few weeks.
The funding has come from Historic England via the Plymouth High Street Heritage Action Zone, with Historic England contributing half the costs, while the property owner pays the rest.
By David Ralph, Chief Executive of the Heart of the South West LEP
As we head into a new year, the road ahead seems challenging, but there are real opportunities for Government to help give our region’s businesses and economy a welcome boost for 2023.
The economic outlook remains difficult. Recent data shows that the economy contracted more in the autumn than originally expected, and the effect of that has certainly been felt by our businesses, who have been hit hard by the increased costs of doing business and consumers tightening their belts.
The Autumn Statement brought some much needed stability following last year’s energy crisis, supply chain disruption and rising inflation, but it lacked an overarching plan for real growth. The Chancellor’s next budget will be revealed on 15th March, along with the Office for Budget Responsibility’s economic forecast. It’s absolutely essential that this budget includes a coherent plan for growth, driving new industries and recognises the role the Heart of the SW and wide region can play. This will require investment, the development of new skills, and the connection of places to those new jobs and industries together with opportunities for the private sector to invest.
In that vein, it was pleasing to hear the Prime Minister set out economic growth driven by innovation as one of his Government’s key priorities. Few could disagree with that but as ever, what this means in practice, to our places, is critical.
Locally, the LEP will be doing what we can to help our businesses through the recession, and we will continue working to deliver the drivers to long term, sustainable, inclusive growth. For example the Heart of the South West Growth Hub will continue to offer free advice, programmes and grants to help businesses with growth, resilience, trade, and recruitment, supporting our business community through these challenging times.
Looking forward, there are many positive opportunities coming up. The launch of the Great South West is an exciting opportunity to promote some of our new industries at scale. The British Business Bank will be launching its £200 million South West Investment Fund, and we’re working with them to ensure HotSW businesses have the best access to that funding to support their future growth. We will also be committing early in the New Year a further £1.3 million into developing our digital economy, working closely with Connecting Devon & Somerset and other partners to support the rollout of superfast broadband to our more remote communities.
I remain optimistic about the long term future of this area. Let’s roll up our sleeves and get on with the job!
There is less than one month for around 5.7 million Self Assessment customers to file their tax return or they may face a penalty, HM Revenue and Customs (HMRC) said.
More than 12 million customers are expected to file a tax return for the 2021 to 2022 tax year by 31 January 2023. HMRC has revealed that 129 customers submitted theirs on 1 January between 00:00 and 00:59, joining those customers who have already met their obligations.
More than 42,500 customers chose to see in the new year by submitting their return on 31 December and 1 January:
- New Year’s Eve: 25,043 tax returns were filed. The peak time for filing was between 14:00 and 14:59, when 2,713 returns were received.
- New Year’s Day: 17,571 tax returns were filed. The peak time for filing was between 15:00 and 15:59, when 1,697 returns were received.
Business owners across Devon can kick off the New Year with free support to boost their resilience and help with the recent rises in the cost of living.
The event, which includes a networking lunch, aims to bring together businesses from across the region and provide practical support and guidance in response to the recent rises in the cost of living.
Business Owners and Managers looking to boost their finances can discover more about the grant funding available to them with a workshop on “How to Create a Successful Funding Application” to raise their chances of making a successful application. There will be a Business Health Check and they will also hear from a panel of expert guest speakers including Plymouth City Council’s Economic Development team.
Those who can’t attend can still access free support through the Heart of the South West Growth Hub’s Thrive project, which offers business planning to build resilience, along with workshops, webinars and 1-to-1s available from partners and sign up to the fortnightly newsletter to hear about future events.
This free event will take place on 8 February at Plymouth Science Park, Davy Rd, Plymouth and local businesses are invited to attend.
The threat we face from terrorism is significant. As we have seen in the UK and across Europe attacks can happen at any time and any place without warning. Understanding the threat faced and the ways it can be mitigated can help keep everyone safer. Everyone can play a role in this effort by taking steps to help boost their protective security, whether at work, at home or away; whilst travelling, when out and about or when online.
This guidance, which provides protective security advice in a number of sectors and scenarios, is primarily aimed at those in the security sector and those who own or run businesses, organisations, amenities or utilities.
Launch of New Transport Research and Innovation Grants (TRIG)
The Transport Research and Innovation Grant (TRIG) supports future leaders in transport innovation by awarding 100% funding for the development of new technology. The programme also provides a collaborative space for innovators to work with the Department for Transport (DfT) on realising shared goals.
Over five separate calls, in addition to an open call, the DfT will offer innovators grants of up to £30,000 to undertake early stage, high-risk research and development projects.
The deadline for applications is Sunday 15 January 2023.
Accelerating Trustworthy AI: IUK Launches Phase 1 Feasibility Study Competition
The aim of this Innovate UK (IUK) competition is to accelerate the adoption of trusted and responsible Artificial Intelligence (AI) and Machine Learning (ML) technologies, by reducing bottlenecks during development and deployment of such technologies.
This is phase 1 of a potential 2 phase competition. IUK has allocated up to £2 million to fund innovation projects in this phase 1 competition. Each project’s total grant request must be between £25,000 and £50,000. Applicants may request 100% funding for their eligible project costs.
The deadline for applications is 25 January 2023.
Launch of Advanced Modular Reactor (AMR) R&D Phase B Competition
Through the Advanced Modular Reactor (AMR) R&D Competition, the Government is providing innovation funding to support the development and demonstration of High Temperature Gas Reactor (HTGR) technology in the UK. The programme aims to demonstrate HTGR technology by the early 2030s, in time for any potential commercial AMRs to support net zero by 2050.
Up to £55 million is available in Phase B to provide up to two FEED+ projects with up to £27.5 million, each excluding VAT. Proposed solutions must enable HTGR technology, where HTGR is defined as a gas-cooled nuclear fission reactor with an outlet temperature greater than 700oC.
Interested parties should register their interest to apply by 27 January 2023. Applications must be submitted by the deadline of 5 March 2023.
Launch of £75m Fund to Accelerate Nuclear Fuel Supply
The Nuclear Fuel Fund aims to preserve the UK front-end nuclear fuel cycle capability, supporting support the Government’s ambition to increase civil nuclear deployment to up to 24GW by 2050.
Grants will be awarded to projects that can increase the country’s domestic nuclear fuel sector, reducing the need for foreign imports and creating the material used in nuclear power stations to generate electricity. Up to £75 million will be awarded.
The deadline for applications is 20 February 2023.
Launch of £100m Offshore Coordination Support Scheme
The Offshore Coordination Support Scheme (OCSS) will provide grant payments to enable the development of coordinated options for offshore transmission infrastructure for late-stage projects.
Grants totalling £50 million in each of the Financial Years 2023/24 and 2024/25 (a total scheme budget of up to £100 million) will be provided. It should be noted that these amounts are not to be treated as an expected grant amount for a single application. Multiple applications are likely to be funded with the total grant fund amount.
The deadline for applications to be submitted is 28 February 2023.
New Round of IUK’s Biomedical Catalyst Industry-led R&D Competition
Through the Biomedical Catalyst Competition, Innovate UK (IUK) is investing in projects to support businesses developing innovative health or healthcare-focused products, technologies and processes.
Up to £25 million has been allocated to fund industrial research projects and experimental development projects.
The deadline for applications is 1 March 2023.
New Funding for Agriculture and Horticulture Automation from IUK
The aim of this Defra-funded programme is to support collaborative development projects with ambitious solutions for robotics and automation in agriculture and horticulture.
The programme comprises two competition strands, each operated by Innovate UK (IUK):
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Strand 1: Industrial Research, accelerating collaborative R&D with the UK’s world-leading research base, agri-tech businesses, SMEs and the UK agricultural sector.
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Strand 2: Experimental Development, accelerating the employment and uptake of innovation for robotics and automation in agriculture and horticulture that is almost at commercial stage.
Defra has allocated up to £12.5 million to fund innovation projects across the two strands. For the industrial research strand, each project’s total costs must be between £500,000 and £1 million. For the experimental development strand, each project’s total costs must be between £750,000 and £1.5 million.
Both competition strands open on 9 January 2023. The deadline for applications is 15 March 2023.
Better Food for All - IUK Announces Innovation for Improved Nutrition Competitions
The aim of the Innovate UK (IUK) Better Food for All: Innovation for Improved Nutrition Competitions is to support organisations in the development of innovative solutions to address significant nutrition challenges.
This competition is split into three strands:
IUK will invest up to £20 million across the three strands of the competition. Total project costs vary between the strands. Early-stage: between £100,000 and £500,000. Mid-stage: between £250,000 and £1 million. Late-stage: between £150,000 and £800,000.
All three competition strands open on 11 January 2023. The deadline for applications is 29 March 2023.
Upcoming IUK Competitions Focus on Novel Low-emission Food Production Systems
The aim of this Innovate UK (IUK) competition is to support the development of novel production systems that create new sources of resource efficient, low-emission foods, particularly proteins, while delivering healthy and sustainable diets.
The competition is split into two strands, dependant on the category of research:
Up to £16 million has been allocated to fund innovation projects for both strands of this competition. For the Feasibility Studies strand, each project’s total costs must be between £200,000 and £500,000. For the Industrial Research strand, each project’s total costs must be between £500,000 and £1 million.
The competitions open on 18 January 2023. The deadline for applications is 19 April 2023.
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