News

Another economic warning

A leading business organisation in Coventry and Warwickshire says August’s drop in economic activity is the latest warning sign for Government.

GDP – the measure of economic output – fell in August by 0.3 per cent after a slight rise in July.

Corin Crane, Chief Executive of the Coventry and Warwickshire Chamber of Commerce, said businesses across the region were battling against a range of factors that are holding back their ability to grow.

He said: “There have been lots of warning signs in the past few months and the GDP figures for August are the latest.

“I’ve been listening to businesses across Coventry and Warwickshire a great deal since taking up this post in the summer and they are facing so many different issues, including recruitment, rising costs, rising interest rates and confidence generally.

“When you put all that together, it is incredible to see the resilience of businesses across the region and we, as a Chamber, are here to support them through this period.

“The Government support on energy costs was welcome but it’s vitally important now that it balances that help with a plan that can help to provide confidence to the markets and bring about greater stability here in the UK.”

David Bharier, Head of Research at the British Chambers of Commerce, said:“The 0.3 per cent fall in monthly GDP for August 2022 is a warning sign that the economy was already stalling before the market turmoil of recent weeks.

“Our research indicates that business confidence is falling at an alarming rate. Volatility in the currency and bond markets following recent Government announcements will have only exacerbated this.

“The six months energy support package will have provided some breathing room for businesses facing eye-watering energy costs.

“To build business confidence, Government must rapidly provide more detail on its fiscal policies and supply side reforms, particularly at a time when businesses face the twin crises of rising interest rates and high inflation.”

WM5G wins £10m tender as part of a consortium to create the UK Telecoms Innovation Network to boost telecoms R&D and innovation

West Midlands 5G Limited (WM5G) – the UK’s largest 5G innovation company – has won a £10m Government tender to create the UK’s Telecoms Innovation Network (UKTIN). WM5G won this tender as part of a UK wide consortium led by Digital Catapult and also including CW (Cambridge Wireless) and the University of Bristol.

UKTIN, first announced by the Department for Digital, Culture, Media and Sport (DCMS) in March, aims to make the UK the easiest place in the world to access and take part in telecoms research, development and innovation. It will guide businesses and researchers looking to access funding or testing facilities in the UK and enable the best use of public and private investment in R&D, as well as ensuring that knowledge is effectively and efficiently shared across the telecoms industry.

WM5G will utilise its unique experience to deliver UKTIN with a key focus on driving economic growth and inward investment by addressing key market challenges hampering innovation and new entrants into telecoms. To address these opportunities and create social value, WM5G will lead the creation of a National Telecoms Entrepreneurship, Employment and Training network, at the heart of UKTIN.

UKTIN is expected to be up and running in September, at which point it will begin to take over from UK5G to help organisations get the most out of what the UK has to offer.

Andy Street, Mayor of the West Midlands, said: “I’m pleased to hear that WM5G and the consortium have won the tender to lead on the creation of the UK Telecoms Innovation Network – building on WM5G’s formidable track record having already helped to establish the West Midlands as the best connected 5G region in the UK. Fast and reliable digital connectivity is an important element in delivering Levelling Up here in our region so I’m delighted that WM5G continues to play a vital part in helping us to do just that.”

Robert Franks, Managing Director of WM5G, said: “We’re delighted to have won this tender along with our consortium partners and DCMS. The UK already invests over £1 Billion a-year in telecoms research, development and innovation. Through UKTIN we will turbo-charge this investment – helping the UK extend its leadership in open networks and vital new technologies such as 5G and 6G – building on the strengths of our regional clusters to create more skilled jobs, attract more investment and deliver economic growth.”

Foreign exchange business supporting good causes

RationalFX has been at the forefront of international payments for over 17 years.

They are a global payment services provider offering financial infrastructure solutions to any business that wants to move money across borders. RationalFX’ involvement in good causes is ingrained in the company’s ethos.

Over the years, they have supported different charities and initiatives, including a long-lasting partnership with Global Giving.

Last May their teams participated in the annual JP Morgan Corporate Challenge - the world’s broadest corporate running event for charity.