February Business Roundup
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Regional News
Port of Tyne invests in UK’s first fully electric foiling pilot boat
The Port of Tyne has purchased what is said to be the UK’s first fully electric foiling pilot vessel. The vessel, which will be delivered before the end of the year, will be used to transfer pilots onto the ships supplying essential goods and cargoes to the North East of England.
New research shows uptick in North East industrial property take-up and shifting occupier trends
The types of occupiers securing industrial space in the North East shifted in 2024, according to new data, which also highlighted an increase in take-up. Knight Frank ’s latest Logic: North East report, which analyses occupier and investment trends in the industrial property market, shows occupier transactions of industrial units more than 50,000 sq ft totalled more than 1.4m sq ft in 2024 - 14 per cent ahead of the 1.2m recorded in 2023.
Sunderland’s Expo Pavilion set to inspire
A new cultural and tech-driven hub is set to transform Sunderland’s Keel Square, bringing a mix of arts, innovation and community events to the city. The Expo Sunderland Pavilion, featuring one of the UK’s largest semi-transparent LED screens with a versatile events space below, launched in February, showcasing digital art.
Esh Construction hails ‘milestone’ housing work
A construction firm has hailed a “milestone” ￡3.5 million renovation. Esh Construction has completed work on a Hartlepool sheltered housing scheme. The venture, delivered alongside Thirteen Group, saw Esh Construction carry out a full mechanical and electrical refurbishment of the 46-home Bramley Court assisted living development.
Major manufacturer Olympus Global to create new jobs through plans for ￡2m North East base
A growing engineering business is set to create new jobs through plans to create a ￡2m base in the North East. Olympus Global has submitted plans to build a new ￡2m warehouse distribution facility in Newton Aycliffe, County Durham, which will serve the North East’s industrial and automotive industries as well as wider supply chains.
￡1m scholarship programme launched on Teesside for energy industry
A ￡1m scholarship programme has been launched to train a new generation of skilled workers for the region’s rapidly expanding low-carbon energy sector. Applications are open for the Tees Valley Net Zero Industry Scholarship which aims to create skilled workers in key industrial roles crucial to the success of Tees Valley’s net-zero ambitions.
National News
Energy network owners have made ￡3.9bn ‘excess profit’ from higher bills, says report
The companies behind Great Britain’s gas pipes and power lines have pocketed a windfall of nearly ￡4bn from household bills during the energy and cost crisis, according to a report.
Life expectancy growth stalls across Europe as England sees sharpest decline, say researchers
Life expectancy improvement is stalling across Europe with England experiencing the biggest slowdown. Experts are blaming this on an alarming mix of poor diet, mass inactivity and soaring obesity.
UK wages continue to outpace inflation
Average wages are continuing to outpace inflation with pay packets rising for both the public and private sector workers, official figures show. Pay, after taking into account the pace of price rises, rose 3.4% between October and December compared with the same period a year ago, according to the Office for National Statistics (ONS).
Quarter of UK employers plan to cut jobs before tax rises bite, survey finds
A quarter of UK employers plan to make redundancies before Budget tax increases bite in April, according to a survey that will reinforce fears of a sharp downturn in the jobs market. The poll by the Chartered Institute of Personnel and Development found that two-fifths of employers expected the increase in national insurance contributions announced in October’s Budget would increase their costs “to a large extent”, with many also set to be hit by the rising minimum wage and higher business rates.
BP boss pledges ‘new direction’ after profits fall by a third
BP has announced it will cut its renewable energy investments and instead focus on increasing oil and gas production. The energy giant revealed the shift in strategy following pressure from some investors unhappy its profits and share price have been lower than its rivals.
UK inflation threat receding, says BoE rate-setter who voted for big cut
Companies will struggle to raise prices this year as consumers are hit by job losses and spending softens, according to a Bank of England rate-setter who argues the central bank should have cut interest rates more aggressively in February.
Number crunching
6.7% the margin of house price inflation in the North East, the highest in the country (Source: The Office for National Statistics)
55 the number of schools in the North East chosen in a trial of free school breakfasts (Source: Gov.uk)
75% the amount of North East-based health and life sciences companies predicted better financial performance this year (Source: Square One Law)
70.3% the proportion of people aged 16-64 in the North East that are in employment (Source: BBC)
110,000 the amount of job vacancies which have decreased compared to 2024 (Source: The Office for National Statistics)
44th where Newcastle ranks amongst cities globally based on walkability (Source: The Economist)