Tag: investment

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.”

New Indoor Activity Centre at Conifox Adventure Park

Adventure park bounces back bigger and better post-pandemic

Conifox Adventure Park in Edinburgh is preparing to welcome back fun seekers with an even bigger and better offering that will quadruple business and boost local employment. 

The team behind the popular visitor attraction on the outskirts of Kirkliston have taken advantage of the enforced pandemic closure to create a new indoor activity centre providing additional facilities including an indoor play barn with soft play, parenting room, three party rooms, café and 200-seater function suite. 

Conifox Adventure Park already boasts a huge outdoor space with attractions for adults and children of all ages including a 9-hole footgolf course, pedal go-karts, off-road pedal tractors, supersized sand pit, kid’s pedal tractor farm, springers, giant jump pillow, trampolines, swings, balance beams, rope bridge, and much more! 

It now anticipates the new facilities, which represent a £2m investment and covers 35,700 sq ft, will mark out the park as a go-to destination for families, wedding parties, school groups, conference and corporate event organisers and others looking for a unique indoor venue. 

The development signals an optimistic return for the enterprise which has overcome the challenges of Covid-19 to not only survive but emerge with a business set to thrive better than ever – and provide up to 15 new jobs. 

James Gammell, Director of Conifox Adventure Park, said: “The events sector has had a particularly challenging time this past year or so, but we’ve been able to put much of this period to great use creating a really special environment for a wide range of users.  

“Although the pandemic slowed some things down it has given us the opportunity to ensure we re-emerge stronger than before with a bigger and better range of attractions. We aim to quadruple the amount of business we do. 

“Our main idea with the indoor facilities was to combat the Scottish weather, enhance the business opportunities and put us on the Scottish attraction map, offering an all-weather destination with national appeal – we’re only 20 mins from Edinburgh city centre and accessible to visitors from all over Scotland and the central belt.” 

The park, which complies with the Visit Britain Covid 19 We’re Good To Go industry standard, is also available for MICE events, book and Christmas fairs, private events and 200-guest weddings.  

James added: “The space is adaptable and very versatile. We’re looking forward to welcoming a whole range of new visitors, as well as our returning guests who we’ve missed so much over the pandemic.” 

To find out more visit the Conifox Adventure Park Facebook page @conifoxadventurepark and their  website.  

Investor confidence returning, says new research

Confidence levels are up, Millennials make their mark and interest in ethical investing hits new highs

Confidence levels amongst UK investors have risen 20 points (62 – 82) in the last 12 months according to new research amongst 1100 UK investors (£10k+).

The Investor Index, now in its second year, is conducted jointly by London-based communications agency AML Group and research agency The Nursery Research and Planning and was launched in April 2020 to assess the immediate impact of Covid 19 on investors and the UK investment marketplace.

The first report of its kind to provide an objective overview of the industry based on hard data,the study was welcomed as a barometer of post-Covid investor behaviours.

“57% of UK investors have changed their investment strategy since the pandemic started”

One year on, and still in the grip of the pandemic, the 2021 study has revealed some significant changes and ‘recalibrations’ amongst investors.

Confidence returns – but not to pre-pandemic levels

Over the past 12 months, confidence levels have risen most amongst older investors (55+) up 30 points (54 – 84), investors that are retired up 27 points (57 – 84), those that use financial advisers up 31 points (65 – 96) and investors with a portfolio of £200k+ – up 38 points (55 – 93).

The study has also revealed a disparity in gender confidence levels – with men indicating a 25 point rise over the last 12 months (61- 86) compared to a rise in confidence levels of just 10 points among female investors (65 – 75).

However whilst the results are cause for some degree of optimism – investor confidence levels are still 18 points down from pre-Covid levels.

Gen Z/Millennials Vs Baby Boomers – the emerging generational divide

10% of UK investors have started investing since the pandemic began – and of those new investors three-quarters (74%) are under 35s.

It’s a changing landscape with the younger investor bringing different attitudes and priorities to the investor table.

89% of under 35s have changed their investment strategy over the last year vs. 31% of 55+ investors. Younger investors are also increasingly looking to ESG products – with 27% including responsible investments in their portfolio compared to only 4% of investors aged 55 and older. Younger investors are also more focused on the long game – with 30% looking to longer term investments compared to 8% of investors 55+.

When it comes to investment decisions, younger investors are increasingly turning to family (40%), banks (30%) and friends (27%) for advice.

It’s a gift – investors demonstrate a change of attitude

57% of UK investors have changed their investment strategy since the pandemic started – with a focus on products offering ‘long term growth’ (46%) over ‘short term growth’ (30%).

Investors are increasingly concerned about their children’s financial security. 70% of investors are aware of the £3,000 wealth transfer allowance with 38% having given £500 or more over the last 12 months – with children the biggest recipients (72%). Indeed the average amount gifted in 2020 was £8087 compared to £5421 pre pandemic (2019) – a 49% increase and a clear indicator of the want for investors to safeguard futures for loved ones.

How invested is the UK investor in Responsible Investing?

Investors feel that ethical/socially responsible financial products are more important now than at the same time last year – up 9 percentage points (23% – 32%) with three in ten of those surveyed stating that they believe that these products will be more important in the future – up six percentage points (24% – 30%).

However despite investors acknowledging the importance of ESG/RI there is a continuing perception, despite contrary evidence, that it carries a performance penalty with investors ‘prioritising financial security over wider ethical considerations’ – up five percentage points (23% – 28%).

Younger investors look to DIY platforms

Since the start of the pandemic in March 2020, four in ten investors under 35 (39%) have invested more with DIY platforms – compared to just 14% of 55+. And while the younger investor has indicated a ‘happy to do it myself’ attitude regarding financial planning and investments they are less confident when it comes to their feelings about the industry. Just under one-third of under 35s (29%) are confident markets will bounce back compared to more than half (52%) of investors aged 55+.

Perhaps predictably, younger investors are more tapped into trends and news stories connected to investing.

39% of under 35s cited an awareness of the growth in DIY platforms with 44% familiar with the story around Reddit users driving up the share price of Game Stop and 31% aware of the rise in silver prices. Investors aged 55+ recorded significantly lower awareness across all trends.

Top 10 nine findings:

1. Investor confidence levels (overall index score) – 82 (up 20 points)

2. Confidence levels amongst men – 86 (up 25 points)

3. Confidence levels amongst women – 75 (up 10 points)

4. Confidence levels amongst under 35s – 74 (up 4 points)

5. Percentage of investors who have increased amounts invested since Covid-19 – 36%

6. Changed Investment strategy since the start of the pandemic – 57%

7. Ethical products considered more important now – 32% (up 9 percentage points)

8. Percentage of all new investors (in the last 12 months) that are women – 63%

9. Under 35s who have increased DIY investments since Covid – 39%

METHODOLOGY: 1,100 nationally representative interviews were conducted online in April 2021 from an adult sample with £10,000+ of investments. Respondents were recruited from Dynata’s online access panels. 7 in-depth interviews were conducted with a mix of IFAs and Wealth Managers – also in April 2021.

SP Energy Networks £1.58 billion plan for Scotland unveiled

  • SP Energy Networks sets out plans to invest £1.58 billion in Central and Southern Scotland between 2023 and 2028
  • Investment is critical to the UK hitting its Net Zero targets, with the UK set to see circa 30 million EVs hit the streets and 22 million heat pumps installed in homes by 2050.
  • Critical upgrades will be required to connect an additional 3GW of renewable generation as Scotland revolutionises transport and heating infrastructure at speed.
  • Proposals include £30m Net Zero Fund to support innovative, low carbon community projects across SP Energy Network’s licence areas.

SP Energy Networks has today launched its draft RIIO-ED2 Business Plan, detailing the £3.2 billion of investment required to ready the UK for an electric future, of which £1.58bn would be in Central and Southern Scotland’s distribution network.

Running from 2023 to 2028, the draft plan sets out SP Energy Networks’ vision for a network that can meet the challenge of Net Zero across 105,000km of network and 30,000 substations and will benefit millions of customers cross Scotland, England, and Wales.

The work will kick-start the much-needed growth in low carbon technologies required to reach the Scotland’s climate ambitions. Across Central and Southern Scotland, the investment would enable the connection of over 370,000 electric vehicles, 210,000 domestic heat pumps and an additional 3GW of low carbon electricity generation connected during the five-year period.

To help deliver this mammoth task, SP Energy Networks plans to recruit more than 1,100 green jobs across its licence areas (Central and Southern Scotland and Merseyside, Cheshire, North & Mid-Wales and North Shropshire), with thousands more indirect jobs supported over the five years.

Frank Mitchell, CEO of SP Energy Networks, said: “The scale of the task at hand cannot be underestimated. If the Scotland is to hit its Net Zero targets, we must deliver one of the largest, fastest upgrades of our critical infrastructure this country has ever seen.

“We deliver an essential public service – keeping the electricity flowing to 6 million people across 3.5 million homes and businesses. This is an important and privileged role and it’s one we never take for granted, but it is so much more than just ‘keeping the lights on’. This investment is vital and with five months to go until COP26, launching this plan shows our commitment to getting the job done for our communities across the Scotland.

“In RIIO-ED2, we need to respond to our customers’ changing needs as we move towards Net Zero. We’ve set out our plans to continue delivering exceptional service, supporting our most vulnerable customers, and taking on a more proactive role in our communities.

“Our customers already rate us at over 9 out of 10 for satisfaction and we plan on going even further. We will be a partner that supports their journey to Net Zero, bridging the gap from ambition to action to make sure that we leave no-one behind in the energy transition.”

At the heart of SP Energy Networks planned investment across its licence area is:

  • developing a network that’s ready for Net Zero by continuing to adapt the world-class network to be more resilient and more reliable, using innovative, flexible, and efficient solutions. Innovation and efficiency embedded in the plan will save £173m for customers.
  • being the trusted partner for customers, communities, and stakeholders by engaging more with customers and communities, supporting them by offering enhanced and tailored services, and going further for vulnerable customers. A proposed £30 million Distribution Net Zero fund will support innovative, low-carbon project proposals to enable communities to realise their ambitions, and £62.5 million of social benefits will be delivered through the provision of support services to more customers than ever before.
  • readying the business for a digital and sustainable future by embedding new digital approaches, innovation, and process redesign to save customers more than £60 million and by putting sustainability first in order to reduce our carbon footprint by 38% by 2028.  

Frank Mitchell explains: “When the current infrastructure was built, homes used gas or solid fuel for heating with only twenty appliances running on electricity – compared to more than fifty now.

“Over the next two decades, we expect to see that demand rise significantly, as millions more electric vehicles and heating systems come online.

“Our network has served us well over the last fifty years. Now is the time to invest so it stands ready to continue that service in a truly decarbonised future.”

SP Energy Networks has engaged with over 15,000 customers and stakeholders on the Business Plan and will continue to engage and consult ahead of the submission of the final plan in December 2021.