 A report, by Bluegrass Research, shows that the 2021 edition of the Victorious Festival, held on Southsea Common, had an economic impact of £15,525,675. This represents an impressive 24 per cent increase on the 2019 figure of £12.5m. The festival did not take place in 2020 because of the pandemic.
The rise has been driven by an increase of £12.43 in music-lovers’ average daily spend to £146.67. For those who stayed overnight, this average spend rose to £235.44.
With the festival allowing readmission during the daytime, it had a positive impact on local businesses, as people patronised nearby eateries and stayed in hotels and B&Bs.
73,220 unique visitors attended Victorious, giving a total of 161,612 attendances across the three-day festival.
The festival’s growing stature on the national stage is demonstrated by the fact that 73 per cent of people who came live outside the ‘Portsmouth district.’ This is up from 66 per cent in 2019.
Cllr Gerald Vernon-Jackson, Leader of Portsmouth City Council said: ‘I think it affects different business sectors in different ways, but it clearly makes a huge difference to hotels and guest houses and the taxi trade.’
And he believes it also provides a showcase for the city when people come here. He added: ‘But it’s not just the direct economic impact that’s important, it’s the reputational impact for businesses, when they look at where they might relocate, or where they might want to employ people in the future."
 Published this week, the Small Business Finance Markets report from the British Business Bank brings the latest findings from their annual, in-depth analysis of smaller business access to finance in 2021/22.
This year the report focuses on economic recovery and looks at the demand and supply-side factors that contribute to geographic imbalances in access to finance. The report also explores how many smaller businesses view reducing their carbon emissions as a priority, and if they would use external finance to help transition their business to net zero.
Snapshot summary
In 2021, gross bank lending to smaller businesses fell, marking a return to pre-pandemic levels, while equity investment grew across the board.
In 2022, output and investment growth should create demand for finance.
In the longer-term, external finance presents opportunities to unlock sustainable growth, but:
- female-led and Ethnic Minority-led businesses are missing out
- businesses operating in places with ‘thinner’ finance markets also face additional challenges
- breaking down barriers to smaller business finance and accelerating finance use will be vital to achieving net zero.
 The Statutory Sick Pay Rebate Scheme will close on 17 March 2022. You have until 24 March 2022 to submit any new claims for absence periods up to 17 March 2022, or to amend claims already submitted.
From 25 March, normal SSP rules will return, which means you can revert to paying SSP from the fourth qualifying day your employee is off work regardless of the reason for their sickness absence.
 Freeports aim to transform how investment is made, jobs are created, and trade can be increased at major ports of entry. The Solent Freeport proposal was given the go-ahead to be developed in the March 2021 budget. The legislation for Freeports is still working its way through government but is expected to clear in 2022.
For businesses, Freeports could offer and open up new tax-breaks and access to duty free customs zones, allow for allowances on capital expenditure and in the Solent area could create 26,000 new jobs.
This half-day event offers Directors and Business owners the opportunity to hear from the Solent LEP (driving the Freeport application), Business and Council leaders on what this means for the area, the potential for new investment and future trade expansion.
29 March New Place Hotel
 UK registered organisations can apply for a share of up to £25 million for game-changing and commercially viable research and development (R&D) innovation that can significantly impact the UK economy. This funding is from Innovate UK, part of UK Research and Innovation.
Eligibility summary
To lead a project your organisation must:
- be a UK registered business of any size
- be a UK registered research and technology organisation
- carry out all your R&D project activity in the UK
- intend to commercially exploit the project results from the UK
- be or involve at least one micro, small or medium-sized enterprise (GOV.UK).
Applications can come from any area of technology and be applied to any part of the economy, such as, but not exclusively:
- net zero
- health and wellbeing
- technologies
- the arts, design and media
Applications close 13 April 2022
 Shaping Portsmouth's annual bus tour of secondary schools in Portsmouth returns on 25th to 29 April to promote the value of an Apprenticeship.
Any Portsmouth businesses that have apprentices are encouraged to join the programme.
Apprentices join the school visits during one of the days during the delivery week which is a great way for businesses to build positive bonds with local schools, link up with talented students and let them find out about the opportunities that lie ahead.
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