UK companies are increasingly looking to reshore manufacturing, textiles, software production and call centre work to the UK instead of outsourcing overseas. This is due to the combination of a strong and stable economy, competitive corporate tax rates, a good regulatory environment, strong legal frameworks and a dynamic labour market.
UKTI has identified 1,500 manufacturing jobs reshored in the UK since 2011 and a MAS survey shows companies citing costs, quality and reducing lead times as the top three reasons for moving production back to the UK.
PopUp Britain, the retail arm of national enterprise campaign StartUp Britain, warns councils need to act now to create quotas to nurture the British high street entrepreneurs of the future.
Figures released today, uncovered that lower-end retailers like payday lenders, cash converters and pound shops are the only high street sector in growth, while major chain store retailers saw a ten-fold increase in closure, with the potential to hit 28 a day this year.
Access to finance for growing companies
Last year the Chancellor re-confirmed his long-standing support for the creation of a dedicated British Business Bank. However businesses want reassurance that the Bank will live up to its billing as a major new player in British business growth, and they want a firm timetable in place for the Bank’s creation.
Jimmy Wales, the founder of Wikipedia, Martha Lane Fox CBE, founder of lastminute.com and Lord Young, the Prime Minister’s Enterprise Adviser, will be joined on the festival’s main day by some of the country’s leading entrepreneurs and thinkers.
Gathering more than 1,000 business leaders in Liverpool, Accelerate 2013 will provide a unique accelerator for growth, motivating high potential businesses to become world-beating organisations that will lead the economic fight-back in Britain.
Ingenious Britain says that recent research, which has shown that more than 90,000 new British businesses were created in the first half of 2013, up 3.4 per cent year on year augurs well for future economic growth. Almost half of those businesses were set up with less than £2,000.
“We are seeing confidence returning to the small business sector,” explains Ingenious Britain director, Mark Moore. “Most surveys are now showing optimism among small companies rising, in some cases to the highest levels for many years.”
When a business changes owner, its employees may be protected under the Transfer of Undertakings (Protection of Employment) Regulations (TUPE). TUPE protections make sure that employees don’t unfairly lose out when a transfer takes place, and set out the rules that the old and new businesses have to follow.
In a response to a consultation on TUPE regulations earlier this year, the government is announcing that the laws will be improved to make sure both employers and staff are treated fairly when a transfer takes place.
The rallying cry comes from Midlands-based language expert Comtec Translations off the back of recent figures released by the British Chamber of Commerce that state only five per cent of businesses in the UK speak enough French to do business in the country while 58% of companies are not confident they have a good enough product or service to market overseas. Comtec’s message is clear – take advantage of the extensive network of support available to successfully take your business overseas.
After rejecting the proposals twice, the House of Lords yesterday voted in favour of plans which will see workers give away employment rights in exchange for receiving shares worth between £2,000 and £50,000 in their company.