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news opinion
Technology companies, like businesses in all sectors, were bracing themselves for the Budget as we went to press last month
They were probably hopeful of some assistance from government, but expectant of very little.
It is to tech companies largely that ministers must look for the entrepreneurial adrenalin fix that will help revive the UK‘s desperate economy, which, by all accounts, is hovering on the edge of a triple-dip recession.
And, by and large, the tech sector has been over- achieving in the current market compared with many other sectors.
But, as our Southern Tech 100 companies have been telling us, funding of innovation remains a concern, and there is a continued reluctance for banks and others to support early-stage businesses.
Equity funders, including some business angels, have become more risk averse as the economic conditions become more perilous. There‘s definitely a need for more government support – in the form of further tax breaks and more grants – to help this sector grow further and faster.
Having said that, a technology survey conducted by James Cowper, one of the sponsors of our Tech 100, shows that some existing support may not be taken up as widely as it should.
It found that nearly half of tech businesses were unaware of the Patent Box Tax Regime, which reduces the rate at which companies will pay corporation tax on profits generated from patented innovations or technology.
For more on this, see pages 20-21.
David Murray Publisher
www.businessmag.co.uk
Cruise ship activity expected to rise by 32%
Portsmouth International Port has been noted as a significant player in Britain‘s booming cruise ship industry.
New figures released by the Passenger Shipping Association show that ‘no fly‘ ex-UK cruises increased by 10% in the past year. The trend is clearly seen at Portsmouth International Port, which is credited by the PSA for playing its part in creating a substantial increase in capacity.
There will be a 32% increase in cruise ship activity at Portsmouth International Port in 2013. The
increase comes after large amounts of investment in passenger and shipping facilities during the past three years, including a new cruise and ferry terminal building. Figures from the PSA show that a majority of cruise passengers live in southern England. With that in mind, a number of leading operators now choose Portsmouth as a base for small ship cruises, attracted by the excellent road and transport links.
However, it is not just passengers leaving from UK ports on cruises that are contributing to a
remarkable growth in business. The PSA reports a similar increase in passengers visiting UK ports during their cruises in 2012, with an 11% increase in calls. Portsmouth International Port has become a firm favourite with visiting cruise liners.
Due to an increase in the length of Berth Two last year, Portsmouth will see its biggest visiting cruise ship this year. The German ship Artania will call twice, bringing more than a thousand passengers to the city on each occasion. The ship is 231 metres long and is the longest commercial vessel to have sailed into the port.
Martin Putman, port manager, said: ”This latest report really reflects what we have been seeing here over the past 10 years. Our investment in new facilities has helped to bring exciting new growth in the number of cruise ships that use the Port, which is owned by Portsmouth City Council. Not only are passengers spending money at local shops, restaurants and attractions, but also any profits we make are ploughed back into council services.”
The most spectacular visitor to Portsmouth will be Wind Surf, the largest sailing ship on the planet. The sleek five-masted yacht accommodates 312 guests in luxury accommodation on six decks. Passengers will be coming to Portsmouth in part to visit the famous historic vessel, HMS Victory.
Joint bid planned for City of Culture status
Solent cities are combining forces again – both Portsmouth and Southampton are putting together a joint bid to be the UK City of Culture in 2017.
There are 11 contenders and if successful, both would benefit from hosting major cultural events which draw visitors, attract financial investment and raise their profiles.
In 2009, their slogan ‘PS I Love You‘ failed to win, but with maritime heritage links in both, a joint bid makes sense. The phenomenal cruise industry success has brought many new visitors to Southampton, while Sea City museum and the Titanic centenary further placed it under the spotlight. Portsmouth‘s naval
heritage and Gunwharf Quays as a destination for shopping and leisure are equally popular.
The government-led programme is inspired by Liverpool‘s time as European Capital of Culture in 2008. The other contenders include Plymouth, Southend-on- Sea, Swansea Bay and Aberdeen. The chosen place will succeed Londonderry, which is the City of Culture for 2013 and the first place to be awarded the title.
Announcing the list of contenders, culture minister Ed Vaizey said: ”The competition brings together communities and creates economic and social benefits and I am pleased to see so many local authorities and different partners coming together.”
All 11 places must formally submit their initial bids by the end of this month. The bids will be considered by an independent panel, chaired by Phil Redmond, creator of popular TV series including Grange Hill, Brookside and Hollyoaks, with a shortlist announced in June.
In the May issue of The Business Magazine
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THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – APRIL 2013
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