GOVERNMENT BORROWING FALLS FASTER THAN PREDICTED  

Figures from the Office for National Statistics (ONS) show that the government has borrowed £16.9 billion less than expected so far this year (The Telegraph).  

Government debt has increased by £98.3 billion in the current fiscal year, less than the £115.2 billion predicted by the Office for Budget Responsibility (OBR) at the March 2023 budget (BBC News).

UNIVERSITY SPIN-OUTS TO RECEIVE GREATER FINANCIAL BENEFITS 

Universities will receive £20 million in investment to help them ‘spin out’ research into commercial businesses, HM Treasury has announced (The Independent). 

Jeremy Hunt has praised businesses like Oxford Nanopore for making a huge contribution to the UK’s economy.  

In addition, the British Business Bank will launch a new fund to allow pension funds to invest directly in technology start-ups. The Chancellor is also continuing with his plans to invest £250 million in two new technology and science investment funds (The Times).

NEWS IN BRIEF

The governor of the Bank of England, Andrew Bailey, has insisted that it is “far too early to be thinking about rates cuts” (Bloomberg).  

The government has allocated nearly £1 billion of its remaining levelling up fund to 55 areas across the UK (Financial Times).  

Labour Party leader Keir Starmer has discussed his vision for a partnership with business, in an interview with City AM.  

UK labour productivity has fallen to just above pre-pandemic levels (Financial Times).