GLASGOW BUSINESS AUGUST 2016


CONTENTS/PRESIDENT


Neil Amner, President president@glasgowchamberofcommerce.com


Studying the referendum aftermath for members


6 22


On the morning that Theresa May, our new Prime Minister, was announcing the second tranche of her Cabinet, I was in the BBC Radio Scotland studio responding to questions on BREXIT. I listened eagerly as the new


Chancellor of the Exchequer, Philip Hammond, gave his first interview for Good Morning Scotland. As the Chair of the Economic


Advisory Group to Scottish Chambers of Commerce (SCC), I was then asked by Gillian Marles, the programme’s Business Editor, about the SCC’s latest economic survey. I explained that the survey


12 34


showed we moved into the post- referendum landscape with a flat Scottish economy. The survey was undertaken shortly before the referendum, so we will need to await the next survey to get a better picture of the initial impact of the vote. We are, however, undoubtedly in a period of challenge and change. As I said to


Ms Marles, while business generally prefers stability and a degree of certainty, there will now be opportunities that emerge; the trick will be to spot and act upon them. Businesses, more than ever, must use our enterprise and initiative to go out into the world and sell.


News Agenda


City Roundup Member news Partner news New members


Events International Trade


Intel Q&As Features 6


10 12 16 47


08 17


Past and forthcoming events 18 Think Digital Scotland


20


The Battle of the Somme: Our tribute 100 years on


Crowdfunding: The many faces of lending


Glasgow’s vibrant nocturnal businesses are booming


Mission to Milan to open new trade opportunities


The impact of Brexit


Column BIG Talks


Cover image: A range of venues are helping Glasgow’s growing night-time economy 22 24 26


28 30


46 I challenged our politicians to use


the “levers of power” we have so often heard about to maintain economic momentum and head off another recession. I argued that investments already


in train should be delivered and further infrastructure and investment projects should be committed to, so as to maintain a pipeline for key business sector employment and provide wider benefits. I urged the new Government to


confirm the funding for City Deals and suggested that some of the “savings” we were told about during the referendum campaign could be spent on replacing EU funding for research and development at our universities.


When asked about perceptions


of the immediate impact of the vote on trade, I cautioned that sweeping generalisations are dangerous. A weakened pound was not necessarily a boon for exporters. Impacts will have been felt differently by specific businesses. If currency or fuel costs have been hedged, some short-term effects may not apply. Supply chain also plays its part.


For those importing raw materials or components, a weakened pound may overall have been counterproductive. Equally, manufacturers reliant on domestic raw materials, themselves made more attractive to overseas markets by a weak pound, may be facing higher input costs. The pre-BREXIT survey also looked at attitudes to the National Living Wage and the Apprenticeship Levy. The former has had an impact on a number of Chamber member businesses, especially those with low margins and high head counts. We await confirmation of


whether the Apprenticeship Levy


will proceed and how it will be applied in Scotland. Encouraging getting more people into work and growing our skills base should be welcomed. A stealth tax cloaked in such aspirations should not. The referendum result has brought


to the fore the position of those in our country who feel marginalised and disillusioned. It is as unhealthy for business as it is for society as a whole if their concerns go unheeded. The referendum aftermath has also shown that a strong economy, healthy business base and favourable trading conditions are in our national interest. Your Chamber’s mission of supporting our members and championing Glasgow therefore has added resonance. We will continue to argue for a


balanced treatment of business and for appropriate trading conditions. Your continued support and engagement is vital to enabling us to do so. We would welcome your views.


Glasgow Business . 3 www.glasgowchamberofcommerce.com


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52