Economic Research alert – March 2023

This paper provides an overview of research in the public domain over the last month with a focus on jobs, innovation, international and investment.

The methodology consisted of desk research.

Jobs - The average UK worker will need nine weeks of full-time training in order to work in the low-carbon jobs of the future, according to a report from the New Economics Foundation (NEF). A report on the four-day working week trial found it had "extensive benefits" particularly for employees' well-being. Innovation - Scotland has seen the UK’s largest number of smaller business equity deals in net zero sectors outside of London, according to new research from the British Business Bank. The SME Climate hub survey suggests that the top reasons preventing SMEs from taking action on climate change include lack of funds and lack of time. International - Global exports of Scotch whisky grew to more than £6bn for the first time in 2022, according to figures from the Scotch Whisky Association (SWA). Figures from the British Chamber of Commerce, Q4 of 2022, show most SME exporters reported no improvement to exports, with 27% reporting decreased export sales in the quarter and 47% reporting no change. Only 26% of SME exporters saw increased export sales. Investment - The Scottish Tourism Alliance Business Barometer and Energy survey finds that 60% of respondents had less than 3 months cash reserves with just under a quarter having none. Across all businesses energy costs (93%) and the cost of living (84%) were the biggest challenges. Research by London Economics reveals that in Scotland, the Post Office generates an economic impact of £292 million.

The report makes no recommendations.