Government announces cutting-edge new telecoms lab for Solihull

 

 

 

 

 

 

• New research for Birmingham Tech Week shows West Midlands is one of the UK’s fastest growing tech sectors - valued at £15.3 billion, up from £11.5 billion in 2021
• Hiring by Birmingham tech firms is up by a fifth in 2022 and a third across the West Midlands, with over 2,300 startups and scaleups in the region

A new state-of-the-art UK Telecommunications Lab will be based in Solihull, creating dozens of high-skilled jobs for the region, Tech Minister Damian Collins has announced today.

The first of its kind in the country, the Lab will act as a secure research facility bringing together telecom operators, suppliers and academics to research and test innovative new ways of boosting the security, resilience and performance of the UK’s mobile networks. It will help close the digital skills gap locally as well as nationally by creating dozens of specialised jobs in telecoms and cyber security.

New research out today, which has been commissioned by the government for Birmingham Tech Week, also shows a large increase in the number of tech startups and scaleups across Birmingham and the West Midlands.

There has been a 21.3 per cent increase in tech jobs in Birmingham in the seven months to July 2022, rising to 31 per cent across the West Midlands region, according to analysis by smarter job search engine Adzuna for the UK’s Digital Economy Council.

There are now over 144,000 people employed in tech startups and scaleups across the West Midlands, with over 56,000 in Birmingham alone. The boost to hiring follows a sharp increase in the value of West Midlands tech companies, with the region’s tech ecosystem now valued at £15.3 billion, up from £11.5 billion in 2021, according to new data from Dealroom.

The analysis shows the West Midlands has become one of the UK’s biggest digital sectors - with health, transport and sports tech companies flourishing in particular. Since 2020, West Midlands tech companies have raised over £850 million in venture capital funding.

Tech Minister Damian Collins said:

After this summer’s stunning Commonwealth Games it is great to feel the buzz in the city yet again in Birmingham Tech Week.

Fast-growing firms are cementing Birmingham’s status as a tech powerhouse - boosting jobs and spreading economic growth right across the West Midlands.

As a result, there is no better home for the new UK Telecoms Lab, which will turn the region into a centre for expertise and innovation in the security of next-generation mobile networks.

New cutting-edge telecoms test lab

The ever-increasing speed and reliability of mobile and broadband networks has supercharged the UK’s economy, but it also means we are more dependent on telecoms infrastructure.

As the demand for 5G grows and next-generation 6G is on the horizon, having a new national research facility in one location will enable telecom companies and suppliers to test their equipment - such as radio network infrastructure and the software which underpins it - in a realistic environment.

The UK Telecoms Lab will help get faster mobile technology rolled out quicker and ensure people can continue to have full confidence in UK networks by identifying national security risks and vulnerabilities and ensuring vital equipment and software are protected against cyber attacks.

The lab will help new businesses enter the UK telecoms market by testing to ensure equipment is fully ‘interoperable’, meaning it can connect to kit supplied by different manufacturers, which is increasingly important to the government’s £250 million strategy to diversify the UK 5G telecoms market.

The Lab will be based in the Metropolitan Borough of Solihull. The government will announce further details about the Lab in due course.

Andy Street, Mayor of the West Midlands, said:

Tech is one of the most exciting and fastest growing sectors in our region. This fantastic announcement that Solihull will be the home of the new UK Telecoms Lab yet again underlines the strength of this important sector for us here in the West Midlands. The Lab will bring a wide range of stakeholders together to drive innovation and create high quality new jobs for local people.

As we mark Birmingham Tech Week, it’s a great time to remember that we are at the cutting edge and - with our tech sector already valued at over £15 billion - we have an exciting future ahead of us.

Market reaction to 45% tax U-turn, Telecom Plus pleases again and Tortilla shares burnt by bad news

 

 

 

 

 

 

“The pound enjoyed a welcome bounce after Kwasi Kwarteng manoeuvred his first U-turn as Chancellor by scrapping the proposed cut to the 45% tax rate, with sterling jumping from $1.1088 to $1.12646 in less than two hours,” says Russ Mould, Investment Director at AJ Bell.

“The U-turn is important for two reasons. First, the market was panicking about the cost of the tax cuts and how that would push up Government debt and in turn raise the prospect of reduced public spending and benefit cuts.

“Removing one of the key components of this seemingly flawed plan provided some relief, and you saw that in how the pound rallied and 10-year gilt rates briefly fell below 4%.

“The other factor to consider is that Kwarteng has effectively admitted to a massive policy error only weeks into his tenure as Chancellor. If Liz Truss is to establish any credibility as Prime Minister, can she afford to have anyone on her team who has effectively scored an own goal in the opening game?

“The fact that both the pound fell back and gilt rates started to move higher after the news had been digested is the market’s way of saying there are still plenty of problems with the Government’s finances, state of the consumer and business, and economic outlook. With or without the 45% tax cut, the country still faces challenging times with individuals and companies finding life a lot harder.

“The FTSE 100 fell 1% to 6,827, dragged down by miners, financial services and consumer goods specialists. Many of these earn in dollars and so a stronger pound – if even if it just a temporary move – is bad for them.

“The FTSE 250 fared even worse, falling 1.1% to 16,983, with travel companies, tech and Asian-related investment trusts among the worst performers. Most of those will be linked to gloomier global economic activity rather than simply what’s happening in the UK.”

Telecom Plus

“The utilities market has been a tough place in 2022 if you’re not one of the big operators but Telecom Plus has managed to forge a path to growth, helped by weaker rivals falling by the wayside.

“The company’s Utility Warehouse brand has chimed with hard-pressed households – offering bundled energy, broadband and insurance services at attractive prices (at least in relative terms).

“Telecom Plus’ appeal to customers goes beyond price as it enables them to just deal with one supplier – helping to keep a lid on the dreaded life admin. The energy price cap has also helped on the affordability front.

“Buying energy in the wholesale market could still be a challenge in the coming months with a cold winter expected but Telecom Plus has demonstrated its ability to survive and thrive so far this year, helping to give investors at least some confidence in the forward outlook.”

Tortilla Mexican Grill

“Surging meat prices have taken a slice out of margins at Mexican fast-food chain Tortilla – overshadowing news that the company’s expansion plans are ahead of schedule.

“Tortilla joined the market a year ago and in the early days as a public company it’s important not to make any big errors, as they will be seized on by the market and it can be difficult to regain credibility once it’s been lost.

“While Tortilla had previously said it had the ability to flex its offering thanks to a simple menu based on readily available basic ingredients, it could have done a better job of preparing investors for the risks of being exposed to rising protein prices.

“What’s even more disappointing is a weak summer sales performance. Tortilla’s proposition should have been suited to a summer when the Covid shackles were finally off.

“While it blamed overseas holidays, the heatwave and rail strikes for the disappointing performance, it probably makes more sense to draw the conclusion it is finding it hard to stand out in a crowded Tex-Mex market. With cost-of-living pressures mounting, there is an increasing risk Tortilla could fall flat.”