Business News Round Up (01/03/2021)
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Scotland classified as ‘large and established’ cluster in new UK Government fintech report
Scotland hosts the third largest volume of fintech companies in the UK according to a new government report. The Edinburgh to Glasgow corridor has been identified as one of the ‘large and established clusters’ for financial technology firms across the UK. London ranks top as the only ‘super hub’ that hosts two thirds of all fintechs across the country – with emerging ‘nodes’ around the capital acting as feeder clusters driving growth in the sector. The Kalifa review of fintech, carried out by Ron Kalifa OBE, the former chief executive of World Pay, calls for high-profile taskforce to lead innovation in financial technology as part of the UK’s growth plans after Brexit. The proposed ‘Digital Economy Taskforce’ would recruit senior figures from across government and regulators to coordinate policy and remove red tape.
North West business confidence soars – Lloyds
Business confidence in the North West soared during February, according to Lloyds. Companies in the region reported higher confidence in their own prospects month-on-month, up 13 points at 10%. When taken alongside their views of the economy, up 23 points to 16%, this gave a headline confidence reading of 13% – a further 18 point increase. When it comes to jobs, a net balance of 5% of businesses in the North West said they expect to reduce staff levels over the next year. Across the UK, overall business confidence rose in February. Confidence increased by nine points to 2%, the first net positive reading since March 2020. Firms’ economic optimism also jumped 12 points month-on-month to 2%.
https://www.insidermedia.com/news/north-west/north-west-business-confidence-soars-lloyds
Skills training: new access to Scotland’s food and drink sector
Scotland’s larder has, for some time, provided the global market with world class food and drink products, whether that be premium Atlantic Scottish salmon and whisky, or new innovations like craft beers or artisanal cheeses. As well as building a sterling reputation for its quality, our food and drinks sector is also a vital contributor to the Scottish economy, worth around £14bn each year and accounting for one in five manufacturing jobs in Scotland. That said, food and drink businesses have faced an extraordinarily difficult year and many have had to put their growth ambitions on hold to deal with the everyday challenges to allow them to continue trading through tumultuous economic circumstances caused by Covid-19 and Brexit.
North West towns and cities pray for end of lockdown as footfall plummets
Boris Johnson’s plans to open up the economy cannot come soon for traders in the North West’s towns and cities, according to new figures which show footfall amongst the lowest levels since the start of the pandemic. The figures, analysed by the insolvency and restructuring trade body R3, show that smaller towns have continued to fare better than their bigger cities in terms of footfall – though all have been considerably quieter than the previous year. Manchester continues to be the worst affected location in the region, with footfall at just 15% and spending at 16% of pre-pandemic levels during the last week in January, and only 4% of workers back in the city centre. Liverpool fared somewhat better with footfall at 18% and spending at 24% of previous levels during the same period, and 6% of workers back in the centre.