From Oil Shocks to AI Surges: Scotland’s Business Future Unpacked

In this episode of the Go Radio Business Show, Tom Hunter and Willie Haughey discuss the global economic impact of rising oil prices due to Middle East tensions, the UK’s ongoing cost-of-living crisis, and Labour’s proposed housing investment in Scotland. They explore the rapid rise of AI, including talent wars and future disruption, and highlight major developments in Scotland’s renewable energy and space sectors with guest Stuart Black of Highlands and Islands Enterprise. The episode also features Jude McCorry, CEO of the Cyber and Fraud Centre, who emphasises the growing importance of cybersecurity for businesses. Highlights & Insights [00:01:06] Global Geopolitics & Oil Middle East conflict (Iran & Israel) and its impact on oil prices. Strait of Hormuz: 40% of global oil passes through. Oil price could rise from $66 to $120/barrel. Potential global inflation and supply chain disruption. [00:04:41] UK Inflation & Cost of Living May inflation: 3.4%, down slightly from April. Cost of essentials up 25% since 2021. Discussion on price gouging and lack of market correction. [00:07:20] Housing & Labour Policy Labour’s £16B National Housing Bank plan. Scotland to receive £1.9B in consequential. Opportunity to address housing crisis. [00:09:12] SME Builders & Skills Shortage Decline in small housebuilders due to red tape and inflation. Need for skilled trades and national strategy. [00:11:03] New Housing Minister Mairi McAllan appointed to lead housing efforts. appointed to lead housing efforts. Positive reception from hosts. [00:11:51] Scale-Up Funding News Merger of Par Equity and Praetura Ventures into PXN Group. Focus: equity funding from £800K to £8M. £670M AUM, £115M in investments. [00:13:00] AI Talent Wars Meta allegedly offering $100M signing bonuses to OpenAI staff. Concerns about rising costs and talent poaching. [00:14:46] AI Disruption & Opportunity Insights from Demis Hassabis (DeepMind): AGI could rival humans in 5 years. Potential to solve climate change and disease. Urges businesses to prepare for rapid disruption. [00:17:55] AI Risks & Fusion Challenge Discussion on AI’s energy consumption. Call for AI to help solve nuclear fusion. Concerns about job displacement. [00:19:44] Entrepreneurial Scotland Andy Lothian appointed new chair. Organisation has sent 1,000+ students on global internships. [00:20:18] Crown Estate & Offshore Wind Rule changes unlock £400M for offshore wind supply chain. Positive step for renewables. [00:22:04] Guest Interview: Stuart Black (HIE CEO) Highlands and Islands aiming to be a net-zero region. £100B+ potential investment over 10–15 years. Major projects: Sumitomo, Green Freeport, Aventus. [00:29:58] Housing Needs in the Highlands Need for housing to support job growth. Historical reference to Scottish Special Housing Association. [00:31:08] Debate: One Enterprise Agency? Stuart defends HIE’s independence. Tailored regional strategies and community focus. [00:35:05] Seamless Investment Experience Example: Sumitomo and Aventus praised Scotland’s support. Importance of Scottish Development International (SDI). [00:39:37] Space Industry in Scotland Development of Spaceport One, Sutherland, and SaxaVord. Scotland to launch satellites within a year. [00:42:03] The Board You Can’t Afford: Jude McCorry CEO of Cyber and Fraud Centre. Journey from PR to cybersecurity leadership. Challenges during COVID and business transformation. 00:49:26] Cybersecurity Awareness Businesses often ignore cyber risks until attacked. Ethical hacking and proactive testing recommended. Willie shares personal experience with a cyberattack. Join the Conversation What did you think of this episode? Email: [email protected] Follow us @thisisgoradio on Instagram, Facebook, LinkedIn and Tik Tok Connect with this weeks guest, Stuart Black. Stuart’s LinkedIn: https://www.linkedin.com/in/stuart-black-a73b7211/ Connect and Follow Highland and Islands