Tag: investment

First Minister outlines his ambitions for Scotland’s economy

The First Minister has set out his ambitions for Scotland’s economy during a speech in Glasgow.

Speaking at the Barclays Campus in Glasgow’s financial district on Friday, First Minister John Swinney outlined his government’s approach to economic policy making.

Mr Swinney said poor decision-making at UK level, typified by Brexit and immigration policy, means the Scottish Government must work even harder with its limited powers to help businesses and workers thrive.

The First Minister stated his determination to bring hope and optimism and said he will “go all out” to encourage economic investment.

John Swinney said policy making will be governed by:

  • Moderate left of centre, progressive values
  • A partnership approach with unions and business
  • A focus on actions
  • Problem solving based on evidence

The First Minister will highlight significant announcements in Scotland’s renewable energy sector this week and actions the Scottish Government is taking to boost high growth businesses.

The First Minister said: “My goal is to help people live happier and healthier lives with higher living standards and to help businesses boost profitability.

“The evidence shows that independent countries that are comparable to Scotland are wealthier and fairer than the UK.

“Scotland has the talents and resources to match that performance with independence but in the here and now and in the face of Brexit we must work even harder to help Scotland’s economy with the powers we have.

“I will go all out to encourage investment in Scotland and I will ensure people know my government is a firmly pro-business administration.

“A partnership with trade unions and business will be at the core of my approach and through that approach and given our resources, not least incredible renewable energy, we should look to the future with hope and optimism.” 

ANALYSIS: FRASER of ALLANDER INSTITUTE

New FM – new approach on the economy?

Today, the new First Minister John Swinney set out his broad economic aspirations for Scotland (write MAIRI SPOWAGE and EMMA CONGREVE).

In a speech at the impressive Barclays Glasgow Campus (which he said embodied the ambition he wished to have for the economy), he set out the vision he had for Scotland to have a strong, successful, innovative and dynamic economy.

For people who were after specific policy actions, the speech was light on detail, but it was not perhaps fair to expect the FM to outline these sorts of specifics in a speech like this.

The FM also had a difficult line to tread, given (as he himself pointed out) that he has been a Minister in government for 16 of the last 17 years and wanted to talk about successes in a record he is “immensely proud of”. At the same time, he needed to recognise that there were failings in the previous administration that had led to him being in office as First Minister.

Economic Growth is front and centre

The First Minister had said as he took office that eradicating child poverty was his key policy objective. This morning he was keen to set out that there is no conflict between eradicating child poverty and boosting economic growth – rather, they go hand in hand. He set out that boosting the economy will create opportunities for people and raise living standards and that reducing poverty raises spending power and boosts productivity. This is to a large degree true, but there will at times be trade-offs that will require one to be prioritised over the other.

Given the key stakeholders from businesses and business organisations in the room for his speech today, he was very keen to set out that his government was going to work collaboratively with businesses and other organisations to design and implement policies to strengthen the economy. Even more broadly, the FM said that he wished to bring more consensus building back into Scottish politics to try to achieve outcomes – to “build up, not tear down” as he put it.

There was a clear “Scotland is open for business” from the FM today. Supporting more investment in Scotland (particularly related to the Energy Transition and Housing) is clearly a priority for this new administration. This featured heavily in this speech and has been supported by some of the policy announcements made earlier this week.

We will do, rather than write strategy documents

A widely welcomed aspect of the speech is likely to be the FM’s acknowledgment that his government could probably do with carrying out “more concrete actions and fewer strategy documents”.

We have been on record a number of times as saying that the Scottish Government produces too many and too weighty strategy documents. So this is a crowd pleaser to a room of people who are likely to want to see action rather than just warm words and have seen endless strategies come and go.

However, it is important to remember what the problem sometimes was with these documents. Sometimes, in the case of recent economic strategy documents, the problem is that they aren’t really strategies – if they set out high-level principles that no one can disagree with, but don’t provide a meaningful framework for prioritisation and dealing with trade-offs, then they aren’t particularly useful.

In other cases, even where strategies are set, they can often gather dust on a shelf rather than meaningfully drive activity in government.

All of this from the FM is likely to be broadly welcomed – it’s an easy sell to say there will be less bureaucracy. But let’s not forget that we still need a clear economic strategy from the FM and the DFM – and that a strategy is not a strategy unless it rules some things out and recognises trade-offs and carries through into day-to-day activity. This clarity and policy stability is what is likely to be required to inspire the confidence in investors that this new administration would like to see.

Looking forward, not back

Many of the questions from journalists in the room today were designed to get the FM’s views on what went wrong with economic policy under the previous leadership, In addition, he was asked what his government was likely to do on policies like rent controls, short term lets legislation, and tax increases (specifically income tax) that have been put in place at the past budgets. Essentially, people were keen to hear what, in these specific areas, might change under a John Swinney government.

The FM said clearly that he was “looking forward, not back” in response to the question about what went wrong under Humza Yousaf.

With regards to specific policies where regulation was impacting businesses, he said his Cabinet colleagues were looking at lots of areas of policy and that more details on specific policies would be following in the weeks and months to come.

On tax, he was more forthcoming – acknowledging that the higher tax rates on above-median earners in Scotland are an important component of raising revenue in straitened fiscal times, but also saying that “we can’t keep raising taxes”. It will be interesting to see how this approach to tax is reflected in the Government’s Draft Tax Strategy, which is due alongside the Medium Term Financial Strategy (date currently tbc). That is if these two documents survive the cull of strategies …

Evidence-based approaches

The FM today said a number of times that the government he leads will be more practical and will be driven by the evidence of “what works”. We are very supportive of this, of course, and hope it signals a shift of more meaningful appraisal and assessment of policy options within the Scottish Government, with the associated investment in evaluation.

In doing this, unintended consequences, whether economic or otherwise, are more likely to be identified and can be proactively mitigated, and/or it can allow the government to change course at an earlier stage.

In addition, progress and continuous improvement can only happen in a culture of meaningful evaluation and being prepared to learn from what worked and what didn’t work.

For example, how well has the policy on rent freezes and caps worked to date? It would initially appear from rental costs that it has had the opposite effect on rents than the government presumably desired, and it would also appear to have had an impact on investor confidence in the sector. Given the FM’s focus on housing in his speech today, and his commitment to be evidence-based, it will be interesting to see how this policy area progresses.

Is this a meaningful shift in approach?

With his speech today, that is certainly what the FM is trying to convey. He was saying many of the right things to hearten those who want to see the government focus on economic growth.

However, the proof will be in the policy action that is actually taken. So, let’s wait for these details in the weeks to come.

Preventing childhood obesity

Scottish Government funding to help families

Projects that work with children and families to prevent childhood obesity and reduce health inequalities are benefitting from more than half a million pounds of investment.

Ten projects across Scotland will share £538,141. The funding is allocated to initiatives such as Little n Lively – run by NHS Lanarkshire – which provides families and young children in the area with practical skills and information on nutrition and cooking and increased opportunities for physical activity and expanding social networks.

This year a number of health boards, including NHS Orkney and NHS Shetland, are continuing or implementing the ‘HENRY – Healthy Families Right from the Start’ programme which helps parents and carers with children up to five years old to provide a healthier, happier start in life.

The internationally adopted, evidence-based package provides support with family emotional wellbeing and information about nutrition, physical activity and oral health.

The funding is part of the Scottish Government’s commitment to ensure all children have the best start in life and the projects support the ambition to halve childhood obesity in Scotland by 2030.

Speaking on World Obesity Day (Monday), Public Health Minister Jenni Minto said: “Preventing the causes of ill health is an important part of our efforts to make the health service sustainable in the years to come. That includes addressing obesity, particularly as we know good nutrition and physical activity is crucial for children’s health and development.

“We want Scotland to be the best place in the world for a child to grow up, and these early years projects are crucial to our bold ambition of halving childhood obesity by 2030.

“These ambitious and effective projects will also help tackle inequalities by working with families and communities to encourage healthy eating and offering support for those experiencing food insecurity.”

Health Improvement Adviser for NHS Shetland, Fern Jamieson said: “The continued early years funding from Scottish Government has enabled NHS Shetland and partners to continue delivery of the HENRY ‘Healthy Families Right from the Start’ programme to more families across Shetland.

“Healthy Families Right from the Start is an 8-week programme to support parents and carers with children between 0-5 years to provide a healthier, happier start in life. Parents and carers have the opportunity to join online or face-to-face groups, providing improved access across Shetland.

“We have had reports that the programme is very interesting, enjoyable and a good opportunity to share ideas with others which has helped in making healthy changes across the whole family.

“With over 20 groups across Shetland, we are engaging with communities to deliver our standalone HENRY workshops. Feedback has been very positive and parents and carers feel more confident at mealtimes, understanding behaviours and cooking cost effectively.”

Projects receiving funding in 2023/24 are:

NHS Ayrshire & Arran: JumpStart Tots – £76,828

NHS Dumfries & Galloway: A whole systems approach with a focus on Early Years – £11,400

NHS Grampian: Training and support for a group of multi-agency professionals across Aberdeenshire to deliver the HENRY approach – £15,000

NHS Grampian: Upskill relevant teaching staff to deliver the Grow Well Choices Early Years programme – £15,000

NHS Greater Glasgow & Clyde: ‘Thrive Under Five’ programme – £66,000

NHS Lanarkshire: ‘Little n Lively’ programme in partnership with Healthy Valleys – £141,492

NHS Lothian and NHS Fife:  Continued delivery of HENRY core training to early years workforce  – £115,700 (£96,400 for Lothian, £19,300 for Fife)

NHS Orkney: Training and support for practitioners to deliver the HENRY approach – £24,058

NHS Shetland: Training and support for practitioners to deliver the HENRY approach – £23,400

NHS Tayside: Refreshing the Eat Well Play Well programme – £49,263

The Scottish Government published the Diet and Healthy Weight Delivery Plan in July 2018.

City council’s commercial property strategy generates £15m for local services

Council sets sights on new business park

Commercial property investment by the City of Edinburgh Council has provided space for local businesses to thrive while raising over £15 million a year for vital public services, reveals a new report.

A revised version of the Council’s Commercial Property Strategy – which supports existing, new, and expanding enterprises across the Capital – has been approved by the Finance and Resources Committee.

It reveals that the Council is the biggest landlord of commercial property in all of Edinburgh, with a portfolio of 949 assets worth in the region of £245m. This has helped the Council generate income to reinvest towards frontline services and make profits from sales, which have helped with budget savings.

The strategy also supports a number of grassroots and community-based clubs and organisations with low-cost lease arrangements.

Under the refreshed plan, the Council will continue to maximise income growth from buildings in the year ahead while also prioritising support for start-ups and the Capital’s ambitious net zero by 2030 climate commitment.

A change to the strategy will also allow the opportunity for funds from property sales to be reinvested back into the portfolio, helping to streamline and make the most of the council’s assets.

This involves a vision for designing inhouse and building a new, sustainable, business park on Council-owned land at Peffermill – mirroring the successful business park launched in East Hermiston in early 2018. Five years on, the East Hermiston Park is providing 16 fully let units in a 1,600sqm modern industrial space yielding an annual income of £185k.

Councillor Mandy Watt, Finance and Resources Convener, said: “I’m pleased that the refreshed strategy has received Committee’s approval and that we’ll be able to improve on the £15m of income already raised from the council’s property portfolio.

“The opportunities available to support even more jobs at the new low carbon business park in Peffermill are exciting, and I’m looking forward to plans being brought forward later in the year.

“Over the last year, the council has used its properties to support the economic success of the city post-Covid and helped budding businesses to thrive, in ways that maximise income for delivering Council services. The results speak for themselves and we’ve seen first-hand the benefits business parks like the existing one at East Hermiston can bring.

“Against a backdrop of reduced government funding, we’ve had to think creatively to make the most of any income that we can raise for council services. This property strategy is a good example of that.”

Community Improvement District creation rallying cry in Edinburgh

  • Fresh investment could be unlocked in communities across the city by embracing new way of working.
  • Supporters urge interested groups to come forward.

Communities in Edinburgh are being urged to embrace a new way in which people can unite to unlock investment and build a better future.

Regeneration experts and the Scottish Government are keen to see the expansion of Community Improvement Districts to deliver on residents’ ambitions for the region.

The model builds on the well-established Business Improvement District model, credited with levering millions of pounds worth of investment in towns and cities nationally.

But, rather than just involving businesses, the Community Improvement District brings in any interested organisation or group to decide on the area’s priorities and take action.

That’s made financially possible by monies raised through a levy paid by business owners in the area, which is levered to attract greater investment.

It’s a way of making communities better places in which to live, work and visit which supporters believe could not only help the continued recovery from the coronavirus pandemic, but also the local response to the climate emergency and cost of living crisis.

The Community Improvement District drive is being spearheaded by Scotland’s Improvement Districts (SIDs), an arm of Scotland’s Towns Partnership (STP).

It is supported by Tom Arthur MSP, Scotland’s Community Wealth Minister. He said: “I support this drive to create more Business and Community Improvement Districts to build on significant successes so far.

“With greater community involvement they can attract more investment through greater collaboration with local people, supporting business growth and protecting jobs.

“This will help us deliver the entrepreneurship ambitions set out in the Town Centre Action Plan and the National Strategy for Economic Transformation by creating enterprising communities. We all have a role to play in ensuring our towns enable more people to benefit directly from the wealth generated by local communities.”

To create a Community Improvement District, a group would need to take ownership of the drive locally and secure majority support to collect a legally-binding levy payment through a ballot of businesses who would be levy-payers.

Help and advice is available from SIDs’ expert team on the legal and practical steps which should be followed at every stage of the process.

Phil Prentice, SIDs’ national programme director, said: “The Community Improvement District model holds huge potential in achieving positive change for places across Edinburgh.

“It’s a way of embracing the uniqueness of communities and encouraging true collaboration to help achieve residents’ ambitions. It gives them the means by which to decide how they invest in the area’s future.

“This really is an exciting development which our team is keen to discuss with any potentially interested community group.”

The Community Improvement District model has been piloted in Possilpark, Glasgow, where businesses and local groups have joined forces with social landlord ng homes and others to create Remaking Saracen.

It has set out ambitions to regenerate the area by securing investment to improve the district’s look, boost business and tackle anti-social behaviour.

Work so far has included not only a series of community events and shop local initiatives, but shopfront improvement and street cleaning. It is hoped this will be the foundation of achieving greater ambitions for the area’s future.

To find out more about how to set up an improvement district, go to:

www.improvementdistricts.scot or email info@improvementdistricts.scot

Financial services reforms ‘set to boost Scotland’s economy’

  • Economic Secretary, Andrew Griffith MP, hailed the crucial role Scotland plays in maintaining the UK’s position as a world leader in financial services as part of a speech given in Edinburgh today.
  • He also visited Scottish Widows following insurance industry reforms which could unlock over £100 billion of investment in UK infrastructure and green projects, including in Scotland.

Economic Secretary Andrew Griffith was in Edinburgh today, where he hailed the success of Scotland’s financial services sector and the strength of the Union.

Speaking at TheCityUK’s Annual Conference, the minister praised the energy and vitality of Edinburgh, the second biggest financial hub in the UK, with one seventh of Edinburgh’s workers – 50,000 people – employed by the sector.

Mr Griffith then visited life insurance and pensions firm, Scottish Widows, following reforms to regulation (Solvency II), which could unlock over £100 billion of investment in the UK over the next ten years, boosting infrastructure, green growth and Scottish jobs.

Economic Secretary to the Treasury, Andrew Griffith said: ““Scotland’s economy makes a crucial contribution to maintaining the UK’s position as a leading global hub for financial services – with Edinburgh and Glasgow the two largest clusters outside of the City of London.

“Our reforms to Solvency II have the potential to unlock over £100 billion of investment into the UK economy, including in Scotland – in things like infrastructure and sustainable energy.

“We are committed to maintaining the UK’s place as one of the most open and dynamic markets in the world – and will set out further plans for ambitious reform, in the coming weeks.”

Craig Thornton, Chief Investment Officer, Scottish Widows: “By working together the insurance industry, Government and the Prudential Regulation Authority will now be able to unlock a significant investment boost for the UK economy, while continuing to help people secure their financial futures.

“Scottish Widows has already invested around £3bn in social housing projects across the UK, however we will be able to invest billions more in projects which are vital to the growth of the economy and the transition to net zero.

“We’re looking forward to moving on to the next stage of the reform process at pace, which includes working with Government to accelerate the vital work of identifying suitable investment opportunities in the UK which will benefit from the recently announced changes.”

Solvency II is a set of regulations dictating how much financial reserves insurers have to hold against the risks included in their policies. It also dictates how they are required to report these risks to regulators.

The rules were implemented in 2016, and were a compromise between EU member states. Leaving the EU has enabled us to reform these rules to suit the unique features of the UK insurance market.

At the Autumn Statement, the Chancellor announced steps to reform the legislation that would unlock over £100 billion of investment in UK infrastructure, and drive down prices of life insurance products for consumers.

These included:

  • A 65% reduction in the risk margin for life insurers, and 30% reduction for general insurers. This will help free up capital on insurers balance sheets.
  • A significant increase in flexibility of the matching adjustment – freeing up money for long-term assets such as infrastructure.
  • A meaningful reduction in the current reporting and administrative burden on firms, such as doubling the thresholds at which the regime applies.

These steps act as a first course of the Government’s ambitious agenda to seize on our Brexit freedoms and reform our world leading financial services sector, so that it works in the interest of British people and consumers.

They also build on the measures within the Financial Services and Markets Bill – which grants the UK the power to repeal and replace hundreds of pieces of burdensome EU laws; protects access to cash for communities in Scotland; and compensate the victims of APP fraud.

MSPs call for action to halt decline of our town centres

MSPs on the Economy and Fair Work Committee have called for action to halt the long-standing decline of town centres, as it publishes a new report following an inquiry into the issue.

The Committee’s inquiry concluded that the planning system needs to be strengthened to ensure no new developments unfairly compete with town centre provision. Alongside this, a rebalancing of the cost of doing business to make town centres more competitive including how non-domestic rates currently operate, to support investment in town centres.

Every town in Scotland should have their own Town Plan, a long-term strategic vision for the future that recognises the unique nature of our towns, their histories and the community that brings them together. It should be driven locally by communities and not imposed from the top down. Transparency of ownership and powers to tackle derelict or dangerous buildings also need further action.

Claire Baker MSP, Convener of the Economy and Fair Work Committee said: “This report should signal a line in the sand for how we support, develop and prioritise investment in our town centres. We all know a town centre that has empty shops, a lack of investment and few thriving businesses.

“Throughout this inquiry we heard that although the pandemic accelerated trends towards online shopping, people really care about the future of their town centre and what is on their doorstep. The positive benefits that a thriving town centre can bring are clear – not just economically but socially and culturally as well.

“As we move into a challenging period of our retail sector, our Committee is unified in its call that vibrant, thriving town centres must be prioritised. This report recognises that the only way to do that is through changing how we support these developments through various measures from planning to non-domestic business rates.

“This report signals that change is needed. We know there is no quick fix but unless we start now, then we won’t be able to halt the accelerated decline of recent years we’ve seen already in too many communities across Scotland.”

Specific measures include:

  • Strengthening the National Planning Framework 4 (NPF4) to ensure that any proposed developments can demonstrate that town centre sites have been pursued and thoroughly evaluated and that developments will have no adverse impact on town centres and will not compete with town centre provision.
  • The overarching principle must be rebalancing the cost of doing business in town centres versus out-of-town sites. Approaches that could be considered include giving Councils the power to levy an out-of-town development premium or a business rates surcharge which could then be used for town centre regeneration.
  • The current non-domestic rates (NDR) system acts as a disincentive when trying to attract businesses back to our town centres. For businesses already located in town centres, the current NDR system acts as a disincentive to invest in already occupied property, as any investment leads to an increase in NDR. The Committee consistently heard that the current system works against investment and growth in town centre retail and that the NDR system should be rebalanced to support town centre development.
  • There is strong demand amongst Scotland’s smaller retailers for more and better support to build their online presence and to be able to take advantage of platforms that already exist. A broader range of opportunities must be made available to upskill, strengthen and future-proof our retail workforce.
  • Transparency of beneficial ownership of town centre property and land and absentee owners can still be a problem, particularly where an individual lives or is based overseas. It is the Committee’s strong view that all property and landowners should be contactable and there should be clarity on who the owner is. The Scottish Government has said its focus is on Compulsory Purchase Orders. The Committee is of the view that the Scottish Government’s actions may be insufficient and that more may need to be to address this problem.
  • Local authorities have a range of powers available to them to tackle derelict or dangerous buildings but they are not used as frequently or proactively as we would like. There can be a reluctance to resort to those statutory powers, in part due to a lack of resources to carry actions through. The Committee welcomes the Scottish Government’s commitment to reform and modernise the compulsory purchase orders.
  • The Committee recognises the value of, and increased demand for, online and e-commerce activities and the importance of increasing the use of technology as a driver of increased productivity. A strategically driven action plan should be developed by the Scottish Government to support the take-up of training and capacity building to support Scotland’s eCommerce activity.
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Delivering economic transformation?

Scotland’s inward investment and export growth plans

Strategies to attract foreign investment and open up international trade for Scottish companies have reported successful results. 

Business Minister Ivan McKee told the Scottish Parliament that the export growth strategy, A Trading Nation, has delivered an additional £3 billion of planned international sales in its first three years.

Goods exports are growing more quickly than the UK as a whole and Scotland is also the only part of the UK with a positive trade balance in goods with the rest of the world, exporting £2.2 billion more than it imported in 2021.

A separate progress report on the Scottish Government’s Inward Investment Plan highlights that enterprise agencies attracted 113 inward investment projects and a total of 7,780 jobs in 2021-22, with 39 new investors choosing to locate here. The latest EY Annual Attractiveness Survey 2022 showed Scotland remains the most attractive part of the UK outside London for attracting foreign direct investment.

Ahead of his update to Parliament, Mr McKee visited the Tartan Blanket Co. in Edinburgh to hear how it was aiming to increase international sales.

The Business Minister said: “Despite unprecedented challenges for businesses and the economy, Scotland continues to punch above its weight on both exports and inward investment.

“A Trading Nation and our Inward Investment Plan have delivered important contributions to export growth and attracting inward investment to date. Delivery of these plans are key to Scotland’s National Strategy for Economic Transformation.

“The plans help build on Scotland’s strengths to win an ever-greater share of domestic and international market opportunities, support the development of Scottish supply chains, lay the foundations of a net zero industrial strategy, and attract and deploy significant domestic and private investment in Scotland.

“Scotland can take huge confidence – based on the progress reports and the growth of companies like The Tartan Blanket Co. – that our trade and investment strategies remain the right approach to growing exports and attracting inward investment in the years ahead.”

Neil Francis, Interim Managing Director of Scottish Development International (SDI), the international arm of Scottish Enterprise, said: “Global trade and investment is absolutely vital to Scotland’s economy and achieving the sustainable economic growth we all want to see.

“These progress reports underscore the strengths Scotland has on the international stage, both in terms of the attractiveness of our companies to global markets and as a location for companies to invest, locate and grow in.

“Our SDI colleagues based here and in target markets across the world will continue to bang the drum for Scotland, highlighting the incredible investment opportunities that exist here while supporting Scottish companies, such as The Tartan Blanket Co., export their world-class products and services overseas.”

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Edinburgh woodland regeneration innovators secure £370k investment

A company behind innovation to create healthy forest ecosystems which support successful tree-planting has secured £370,000 in equity investment.   

Edinburgh-headquartered Rhizocore Technologies produces locally adapted mycorrhizal fungi to enhance tree-planting projects, a key measure in addressing carbon sequestration. The company’s specially developed fungal pellets are used when new saplings are planted helping accelerate woodland regeneration, improve forest productivity, and increase natural capital benefits.  

Rhizocore was founded by Toby Parkes, a Biology graduate from the University of Bath who also holds a PhD in Biochemistry; and David Satori, a Master’s degree graduate in Plant and Fungal Taxonomy, Diversity and Conservation from Queen Mary University of London and the Royal Botanic Gardens, Kew.   

The pair developed their business idea with support from the University of Edinburgh’s Roslin Innovation Centre. Rhizocore also participated in the Food & Agriculture Science Transformer (FAST) programme.

A collaboration between Deep Science Ventures and the University of Edinburgh, FAST is supported by the University’s Data-Driven Entrepreneurship programme to work with innovative high growth start-ups operating in the agriculture sector. The initiative draws applications from around the world.   

The seed investment package secured by Rhizocore includes £85K of equity funding via the Edinburgh Technology Fund (ETF) managed by the University of Edinburgh’s Edinburgh Innovations Investment Team, and a further £85K from Deep Sciences Ventures. An additional £70K comes from climate tech investors including David Rowan with £130K investment from Nucleus Capital, specialist investors which provide finance for purpose-driven entrepreneurs tackling planetary health challenges.  

The company has also secured around £180K in additional grants from SMART:SCOTLAND, Scottish Edge, the Forestry Commission, and Graduate Career Advantage Scotland.

The University of Edinburgh assisted Rhizocore providing strategic business advice including internal and external due diligence support on its recent SMART:SCOTLAND grant application.   

Now employing seven staff, Rhizocore will use this additional investment to scale its business across all parts of the UK where local fungi is implemented as part of its production processes. The company will also invest in further strategic partnerships aimed at enhancing woodland ecosystems and increasing carbon sequestration from tree-planting projects.  

Rhizocore is currently involved in several existing pilot projects including one with woodland regeneration charity Trees for Life in the Caledonian rainforest, and another with forestry management company Tilhill in the Scottish Borders. 

  

Rhizocore co-founder and CEO Toby Parkes said: “This latest investment will help us scale production as we aim to support the planting of 40 million new trees across the UK every year.   

“The range of support we’ve had from angel investors and grant funding bodies is a real testimony to our innovative approach in addressing the challenges of successful and sustainable tree-planting by enhancing local forestry ecosystems.”  

Charlotte Waugh, Enterprise and Innovation Programme Lead at Edinburgh Innovations, said: “The University of Edinburgh is proud to support and invest in Rhizocore, a purpose-led business focused on maximising the impact of reforestation projects.

“The company’s participation in the FAST programme and further support through the Roslin Innovation Centre has helped Rhizocore develop its proposition where it’s now ready to scale for significant growth. We look forward to working with them and supporting the exciting journey that lies ahead.” 

Big Issue Invest’s Power Up Scotland announces the eight social ventures chosen to receive £500,000 of investment

Today, Friday 29th October, Big Issue Invest (BII) has announced the eight social ventures which have been chosen to receive support from the Big Issue Invest’s Power Up Scotland scheme.  

Power Up Scotland is a lending scheme that offers investment, advice and support to early stage social ventures across Scotland. This year the scheme has been able to offer £500,000 worth of investment in total.

  

The eight social ventures which will receive support from the Big Issue Invest scheme are: Ayrshire Women’s Hub, Bikes For Refugees, Brave Strong Beautiful, Coffee + Clay, Common Ground Against Homelessness, Lochend Football Academy, MyPickle and Wee Seeds.  

Big Issue Invest’s Power Up programme, launched in 2017, was opened to organisations across Scotland from July to September this year. The funding scheme aims to enable organisations to build on the good work they currently do within their communities.

Whether it’s buying equipment, hiring new talent, or progressing with business development plans. Successful applicants receive mentoring and business development support to social ventures for the two-year period. 

The programme is funded by partners, abrdn, University of Edinburgh, Experian, Places for People and the Scottish Government with legal support from Brodies LLP. 

Danyal Sattar, CEO of Big Issue Invest, said: “It is challenging as a social venture to secure early-stage funding. We are, therefore, so pleased, working with our brilliant partners in Scotland, to be able to support these organisations with the investment and business development expertise that they need in order to make an even greater difference. 

We are incredibly excited about working with this year’s Power Up Scotland applicants. The work they do in their communities is incredible and it will be an honour to help them take this further.” 

Cat Divers, My Pickle CIC Founder and CEO, added: “Starting a social enterprise, particularly a not-for-profit, is extremely challenging and having access to expert advice, support and funding is critical. 

“We are so grateful to be accepted onto this programme. My Pickle CIC is all about co-creating new solutions that help people, and particularly the most vulnerable in society, to find and access the support they need when they need it.  

“We want to see a world where anyone facing crisis can get the help they need when they need it, regardless of their location, finances or other personal circumstances.” 

Steven McCluskey, Founder and CEO of Bikes for Refugees, added: “Bikes for Refugees Scotland is very excited to be part of the Big Issue Power Up Scotland programme as we continue to meet the challenges of the pandemic and an increasing demand for our service from New Scots.  

“We have no doubts that this valuable programme will provide us with the much-needed support that we require at this pivotal stage in our growth and development as we aim to increase impact and become financially secure and sustainable in our work with refugees.” 

The programme has been designed for early stage social ventures, no matter whether it is just in the ideation phase or whether it has been trading for a couple of years, we are happy to help and offer support where needed. For many of the applicants this is the first time they have accessed finance.  

To read more about the fund please visit: 

https://www.bigissue.com/invest/investments/power-up-scotland-programme/ 

Edinburgh hosts Barbados investment event

A touch of the Caribbean came to Edinburgh on Tuesday evening as it hosted a diplomatic and business event at Norton House Hotel, bringing together Scottish business leaders.

The event showcased investment opportunities on the Caribbean Island of Barbados and signals another return to normalcy as Scotland emerges from the COVID-19 pandemic.

The reception was hosted by Invest Barbados, the economic development agency of the government of Barbados and Business Friends of Barbados (Scotland). 

Speakers included the Barbados High Commissioner to the UK, Milton Innis; CEO of Invest Barbados, Kaye-Anne Brathwaite and Chairman of Business Friends of Barbados, Ian Gittens.

Famed as a popular tourism destination, attendees heard how Barbados offers a warm and welcoming investment climate. The island boasts ambitions to become a “digitally enabled nation” and is well on track to achieving the goal of 100 per cent renewable energy generation by 2030, delivering a carbon-net-neutral target. The opportunity is ideal for those looking for more information and greater links with Scotland.

Attendees heard how investment opportunities for exploration include niche manufacturing, global banking, information, and computer technology (ICT), global education, food and drink, wealth management, insurance, renewable energy, and medical tourism among others.

The investment event comes hot on the heels of the recent announcement of Scotland’s only direct route to the Caribbean, with Virgin Atlantic launching a connection from Edinburgh to Bridgetown, Barbados, set to launch on 5th December.

It also comes as a precursor to a trade mission to the island from Scotland, which will take place from 22-27 November 2021, the first in-person mission to Barbados since the start of Covid in early 2020.

Of additional interest is an innovative and highly successful ‘Welcome Stamp’ (introduced at the beginning of the COVID-19 pandemic), which enables individuals to stay and work remotely on the island without changing their tax residency. 

It also has the lowest structure of income tax rates and some of the most competitive personal income taxes. Additionally, Barbados is a gateway to investment in the wider Caribbean and Latin America.

The island has historic links with Scotland, with strong Scottish immigration as well as having its own Scotland District on the east coast of the island, named due to its physical similarities with Scotland, located appropriately within the Saint Andrew Parish.

Barbados also hosts an annual Celtic Festival which takes place each spring (Covid permitting); this includes pipers, dancers, choirs, a haggis night, and a rugby tournament. The island also boasts its own tartan – the first Caribbean tartan to be registered in Scotland.

Barbados’ educational system is also renowned globally, with a literacy rate of 99.7 per cent, one of the highest in the world, delivering a highly talented workforce.

CEO of Invest Barbados, Kaye-Anne Brathwaite (above) , said: “We were delighted to host this event. Scotland has long and well-established links with Barbados and will become even more connected with the commencement of direct flights from Edinburgh in December.

“Barbados remains an incredibly desirable place to do business and is a stable political and economic jurisdiction. Our welcoming investment climate compliments the enviable quality of life that we offer.

“Our novel Welcome Stamp has also proven globally popular, enabling individuals to stay and work remotely on the island without changing their tax residency.

“Barbados is a long-established hub for global business and you’re invited to grow your business here.”