The effects of the EU referendum are the most widely debated topic in social and economic circles across the UK. So far, there is a lack of unanimity regarding the magnitude of this development, since conflicting reports emerge depending of which figures are being analysed. To assess the impact of the referendum thus far, we examine several individual indicators linked to the performance of the economy, based on data collected by the Office for National Statistics.

- On the whole, the UK’s economy grew by 2 per cent in 2016, mainly thanks to a resilient manufacturing sector that compensated for a weakened retail sector.

- The value of pound sterling experienced a sharp drop: three months after the referendum it was 20 per cent lower on a year-on-year basis.

- Linked to devaluation of the pound was an increase in the Consumer Prices Index, along with a rise in inflation and in the price of imports due to unfavourable currency exchange rates. Nevertheless, a PwC report affirmed that consumer spending has not been as negatively affected by the Brexit vote as it was initially predicted.

- On the brighter side, the drop in value of the pound had a positive effect on the export sector, which accounts for a significant part of the country’s overall economic activity. Barely two months after the referendum, manufacturing output growth reached its highest level since 2014, and some suggest that the fall in sterling value is the main reason behind this spike.

- A modest increase in GDP (2 per cent higher than in 2015). Short-term prospects in this respect will depend on the performance of the services sector.

- A minor increase (0.8 per cent) in the Index of Services during the quarter that followed the referendum. This is a positive figure considering the connection between this indicator, the services industry, and the overall economy. Read more »

Small businesses account for over 99 per cent of the UK’s private sector. 2017 presents some attractive small business opportunities to discerning entrepreneurs, here we give you some of the top ten small business ideas for this year.

1. Brexit Consultancy

Regardless of which form Brexit eventually takes, it is clear that the move will affect multiple aspects of the country’s social, legal, and economic life. Businesses of all types and sizes will certainly welcome sound advice about how best to tackle the ramifications of Brexit, so professional Brexit consultancy firms are likely to become one of the most in-demand industry sectors in the coming years.

2. Social Media Consultancy

Entrepreneurs with knowledge of digital marketing, social media, and business can take advantage of the unparalleled growth of these sectors with minimal investment. Social media consultancies can focus on delivering training, providing management services, or both, and can easily be run from home or remotely.

3. Co-Working Spaces

The rise in the number of start-ups, remote workers, and freelancers has translated into a need for suitable working spaces that offer flexibility and first-class business services. Co-working spaces are popping up all over the UK as an alternative to traditional offices and their popularity is only expected to grow, both in London and in other regions.

4. Shared Living Spaces

Shared living spaces offer the convenience and quality standards of a hotel along with a convivial and homely atmosphere. This is an attractive proposition for certain segments of the population (particularly millennials, young professionals, and digital nomads) who may find that accessing the traditional housing market is difficult or not suited to their needs and lifestyle.

5. Meal Subscription Services

Not only British consumers are becoming more aware and knowledgeable about their food choices, but they are also increasingly requiring convenience when it comes to their meals. Meal subscription services are an interesting and versatile niche that can cater to the demands of savvy consumers. For higher chances of success, you could choose to focus on specialty meal delivery (e.g. gluten-free, vegan, Japanese, organic, etc.).

6. Craft Alcoholic Beverages

The UK’s craft beer market has been experiencing important growth for over seven years, and the prospects for independent brewers continue to look good. Breweries, microbreweries, and craft beer subscription clubs are some options worth exploring, but don’t feel you should limit yourself to beer. The production of craft liqueurs and spirits are also a business idea with much potential for success.

7. Sugar-Free Drinks

The UK’s controversial sugar tax will be implemented in 2018, and this presents a wealth of business opportunities for entrepreneurs who are willing to capitalise on alternative and / or sugar-free drinks. Parallel to the introduction of the sugar tax is an increase in the number of health-conscious consumers, and both factors can contribute to the success of businesses that focus on the production of healthy sugar-free beverages.

8. Jive Dancing Lessons

Search engine statistics reveal that over the past two years there has been a surge in the number of people interested in taking jive lessons. This dance style is definitely experiencing a revival thanks to its ability to combine opportunities for socialising with chances to get fit and build confidence in a leisurely way.

9. Big Data Analytics

Businesses today have a wealth of online data at their disposal, but finding ways of making sense of huge volumes of data is not always easy. This is precisely why offering big data analytics solutions and applications to companies involved in finance, insurance, and retail can be a highly profitable business opportunity.

10. InsurTech

Providing technology solutions tailored to insurance companies is another potentially successful business idea for tech-minded entrepreneurs with a passion for innovation and a thorough understanding of how to connect consumers with insurance firms.

A number of factors make a location an ideal place for a start-up, including the local cost of living and taxes. Access to resources like financing and talent are also important variables. Shreveport has been recognized as a city with many of these key elements to making a successful start for a new company. In WalletHub’s 2015 ranking of the best and worst places to start a business in the United States, Shreveport came on top (1). In 2016, Shreveport ranked eighteenth in WalletHub’s list of the best large cities to start a business (2). The same study found that Shreveport has the fifth highest rate of growth for small businesses.

Shreveport is Louisiana’s third largest city. The city is a major commercial center in the Ark-La-Tex region where Louisiana meets with Arkansas and Texas. Interstates 20 and 49 link the city to nearby states, while Shreveport Regional Airport offers direct flights to major economic centers in the South including Atlanta, Dallas and Houston. Founded in 1836, Shreveport is home to nearly 200,000 people (3). A major business hub for the oil industry until the 1980s, the city is now home to a strong service-based economy. Major commercial developments include the Louisiana Boardwalk, a large shopping and entertainment complex in neighboring Bossier City. Downtown is the home of the 350,000 square foot Shreveport Convention Center.

Businesses in Shreveport benefit from several tax incentive programs at the local and state level. Louisiana’s Enterprise Zone Program provides tax credits and sales and use tax refunds for businesses hiring from targeted groups, while the local Caddo-Bossier Foreign Trade Zone allows for the import of materials and components without paying duties until they enter the U.S. market. With the Louisiana Quality Jobs Program, an annual rebate is available for up to ten years for employers that meet minimum hourly wage rates and offer a basic health plan. Motion picture and television production companies also benefit from refunds on sales and use taxes. Read more »

During the past two decades, the Scottish economy has undergone an important transformation that has helped bring Scotland to the forefront of social and economic development. As Scotland’s capital city, Edinburgh has played a crucial role in this transformation and is now recognised as one of the most prosperous cities in the United Kingdom. This is undoubtedly good news for entrepreneurs looking to set up a business in the Scottish capital.

Edinburgh’s economy

The Scottish government has capitalised on Edinburgh’s potential to become an economic powerhouse, and the strategy has had excellent results. Currently, Edinburgh has a GDP per capita in excess of £49,000, a figure that is only surpassed by the GDP levels of the British capital. But the city’s strong economic growth levels are also in line with other key global players. A recent fDi Magazine survey listed Edinburgh as the third best-ranking city of the future in terms of business friendliness, quality of life, economic potential, and skills pool, placing the city ahead of major business hubs like Paris and Berlin.

The latest data set released by the local city council reveals that key economic indicators in the city have been following an upward trend for several consecutive quarters. This is the case of the city’s macro-economic environment (measured in terms of output per resident and currently set at £38,000 per person) and in the foreign direct investment rates, whose ongoing increase has created nearly 600 new jobs over the past 12 months. Business density in Edinburgh is another positive indicator, and at 93 companies per square kilometre, is among the UK’s highest. All these factors have had a positive impact on overall business confidence levels, which have been rising for three consecutive years and are nearly 28 per cent higher than in 2012.

Key industry sectors in Edinburgh

The 2014 Global Financial Centres Index listed the Scottish capital among the world’s best-rated cities for businesses in the banking, insurance, and finance sectors. There are approximately 35,000 people working in this industry all over the city, which is also home to 90 per cent of all fund managers in Scotland. Some prestigious financial companies that have chosen to be based in Edinburgh include JP Morgan Europe, Scottish Widows, Standard Life, AEGON, Bank of New York Mellon, Royal Bank of Scotland, and Quayle Munro.

The city is also a key European destination for companies in the life sciences sector, especially in areas like the Science Triangle and Edinburgh’s BioQuarter. IT, software development, and the creative sector are also experiencing constant growth.
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London has been the top financial, business and cultural centre for almost fifty years and has been the birthplace of business practices that contribute to economic development worldwide.

London is a global financial centre
London hosts the headquarters of 68 companies on the 2014 Forbes Global 2000 list,  in addition to being ranked first on the 2012 Globalization and World Cities (GAWC) Index that measures the power of global cities in terms of international business, sustainability, urban policy, and logistics.  According to a Centre for Cities report published in 2013, in terms of business innovation and expansion, London outperformed many European rivals, while the number of new business startups places the UK capital in high regard worldwide.

London has a prominent tech scene
London’s tech scene has demonstrated a steady growth over the past decade as a result of governmental support and venture capital increases. The UK government has a number of schemes including the Seed Enterprise Investment Scheme (SEIS) which aim to attract major tech companies in London. The East London area around Old Street, known as “Silicon Roundabout”, follows the government’s aggressive promotion of London as a tech hub, where more than 3,000 tech start-ups considered the UK capital as the perfect spot to establish their businesses. London has been transformed into the fastest growing European tech cluster with the advantages of an early adopter city, with some of Silicon Valley’s start-ups and giants choosing to open headquarters within the city.  Google’s largest office outside the Valley is situated in London and Facebook has its largest European office in London. Read more »

As the world’s undisputed financial and commercial hub, New York is considered a prestigious location for businesses in all industry areas. Companies large and small choose to be base their businesses in this thriving US city, which serves as a springboard for further expansion. This article takes a look at some key figures that demonstrate how New York is a top choice for business and startups.

Economic overview

New York’s prosperous economy is characterised by its focus on diversity and innovation. This global business city has a healthy balance between public and private sector jobs and between small, medium, and large-sized companies. In 2015, the state’s GDP was estimated at $1.3 billion.

According to the Economist, New York ranks first in terms of its Global Competitiveness Index, and commercial think-tank Z/Yen lists the city as the number one global financial centre. A United Nations report shows that New York is second in the global prosperity index ratings, whereas the NYCEDC reports that the city’s innovation index is marked by a constant upward trend in six key areas: finance, R&D, human capital, intellectual property, entrepreneurship, and high-tech gross product. Federal Reserve data shows that job growth is slightly below the national average, although still well within an acceptable range at 1.8 per cent. As of March 2015, the local unemployment rate was 5.7 per cent.

Major industries

According to the latest data set released by the US Bureau of Labor Statistics, the most important industry sectors across the state of New York are education and health services, finance, trade, transportation and utilities, professional and business services, the public sector, leisure and hospitality. Read more »

The 26^th of April is World Intellectual Property Day, an opportunity to bring about increased awareness and understanding of intellectual property issues.

From copyrights to patents, intellectual property is all around us. Each day, intellectual property affects businesses operations and the work of employees. Knowing how to create and use intellectual property is an essential skillset, especially in sectors and businesses where innovation is a key determinate of growth and success. Promoting awareness about copyright, patents, trademarks, designs and other intellectual property issues protects your own business as well as the innovation of others. It may also be advisable to get professional advice from a solicitor who specialises in intellectual property and copyright law.

There are a range of activities that help promote intellectual property issues, not only during World Intellectual Property Day. Outreach can be as simple as sharing information with staff, including booklets and guides produced by the World Intellectual Property Organization (WIPO). The WIPO also produces posters, postcards, bookmarks and other promotional material that can be downloaded and printed. The Intellectual Property Office is another source of information about intellectual property issues in the UK. Read more »

As the second most populous city in the United Kingdom, Birmingham is a major economic powerhouse and centre for industry. Once known for being the manufacturing capital of the world, Birmingham is now a vibrant and prosperous city that attracts business owners and investors from the UK and beyond. Today, this West Midlands city is firmly committed to supporting economic growth and to promoting ongoing business development. In this article we look at the main facts and figures that demonstrate that Birmingham is one of the top destinations for businesses and startups.

Birmingham’s economy: an overview

According to a report published by Global Metro Monitor in 2014, Birmingham is among the world’s top cities with the highest GDP per capita levels, with Birmingham’s wider metropolitan economy boasting the the second largest GDP output in the UK, estimated at £68 billion. Birmingham has implemented a successful economic policy that has proven effective in terms of fostering growth and innovation, and this is mainly evident in its designated enterprise zones, which are expected to create 50,000 jobs and inject £1.5 billion into the local economy.

But Birmingham also has an outstanding reputation for fostering economic growth in the international arena. In 2012, the Globalization and World Cities Research Network listed this UK city as a Beta World City, along with important metropolitan economies like Geneva, Abu Dhabi, and Stuttgart. Nearly 30,000 companies are based in the city of Birmingham, including 900 international firms such as Deloitte, Kraft, Jaguar, JCB, and Land Rover.

With all this in mind, it is hardly surprising that Birmingham has been voted as one of the most dynamic metropolis in Europe and been listed as having one of the best business environments in the continent. Read more »

In a 2015 financial report that was compiled by Oxford Economics for HSBC, it was revealed that the United States has the largest number of middle market businesses at 55,700. Those middle market businesses contribute $1.7 trillion to the U.S. economy, which is 13 percent of the United States output. The report considers middle market businesses to be businesses that generate at least $50 million in revenue each year, but no more than $500 million.

One of the figures that was interesting to note in the report was that American middle market businesses are responsible for 16.5 million jobs, which makes up 13 percent of all U.S. employment. By way of comparison, the Chinese economy has the second largest amount of middle market businesses at 40,200, but those businesses employ 74 million people, which makes up nearly 12 percent of all Chinese employment. When it comes to the number of people employed by middle market companies, China stands out as the country with the most middle market employees.

A breakdown of the numbers shows that the retail and wholesale industries in the United States offer the largest segment of employment for middle markets, closely followed by the manufacturing and services industries. But the retail, wholesale, and manufacturing industries combined do not offer as much economic input into the U.S. economy as the business services sector. Of the $1.7 trillion contributed to the U.S. economy by middle market companies in the U.S., $1.1 trillion is generated by the business services sector. This includes financial sales, banking, and financial services companies. Read more »

Throughout history, noted people such as Martin Luther King and Kofi Annan have spoken out against racial discrimination and have highlighted the need for people to work together to bring about true equality. There are many ways that people can be categorized and, in some respects, categorizing people is necessary. For example, medical studies are only effective when people are separated based on criteria that serves the study. But when people are separated in the workplace based on the color of their skin, then that is a situation that needs to be addressed.

Elimination of Racial Discrimination Day was created to highlight the advances that have been made in creating racial equality in the workplace and to point out the work that still needs to be done. As more companies and people join together to explore ways to eliminate racial discrimination in the workplace, it becomes possible to develop a sense of equality that is beneficial to everyone.

Statistics On Racial Discrimination In The Workplace

One of the ways to examine how prevalent racial discrimination is in the workplace is to look at some statistics regarding charges of discrimination. According to the United States Equal Employment Opportunity Commission, there were 45,395 reported cases of racial discrimination in the United States workplace between 2011 and 2014. That makes racial discrimination the most common type of workplace discrimination reported in the country. Read more »