Business News Round Up (01/12/2020)
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Edinburgh comes second in ranking of cities best surviving the Covid crisis
A new economic study has shown Edinburgh survived the impact of Covid-19 better than most UK cities, but that by the end of next year, it may be among the slowest growing in terms of output. The latest UK Powerhouse report by law firm Irwin Mitchell and the Centre for Economics and Business Research (CEBR), revealed that the Scottish capital is expected to see the second smallest economic contraction of all UK cities by the third quarter of this year, with an annual fall in economic output of 7%. It was the only Scottish city to make the top 10, which was led by Reading, with Brighton, the City of London and Sunderland rounding out the top five. Mainly due to its large financial services sector, Edinburgh’s economy has not been impacted as much as other Scottish cities. Most financial services firms have been able to maintain services, with employees working from home, allowing the sector to emerge lockdown relatively unscathed.
https://www.insider.co.uk/news/edinburgh-comes-second-ranking-cities-23091800
Triple boost for region’s economic recovery prospects
A trio of economic forecasts published today (December 1) concur that the North West is set for a rapid recovery, as the prospect of a successful COVID-19 vaccination programme could set the scene for an economic revival. The latest BDO Rethinking the Economy survey of 500 mid-sized business said that North West firms are confident of a rapid recovery in performance and output once COVID-19 vaccines roll out. A resounding 93% of businesses in the region predict they will fully recover in less than a year. Data shows that more than half (60%) of North West businesses believe it will take less time to return to pre-COVID-19 levels – within just six months once a vaccine is made available. The survey found that more than four-fifths (83%) of North West businesses say they plan to make significant changes to their 2021 business plans following the news of likely vaccines. Half of businesses (50%) also reported feeling more optimistic about the UK’s economic recovery now, compared with three months ago.
Scottish Government to boost digital funding support for SMEs
The Scottish Government has announced an increase in funding to help businesses take advantage of digital technology. It is hoped that firms will use the funding support to improve business productivity, increase their resilience and create new market opportunities in the wake of the Covid-19 pandemic. As part of the support package, an additional £11.8 million will go towards helping businesses to adopt digital technologies and improve their digital capability. Building on the success of existing digital support programmes, £10 million of funding will also be provided for financial incentives and expert advice to support businesses.
https://digit.fyi/scottish-government-to-boost-digital-funding-support-for-smes/
Digital support boost for Greater Manchester SMEs during Covid-19 thanks to new partnership
Small and medium-sized businesses across Greater Manchester are set to benefit from a vital free support programme to improve their digital presence thanks to a new collaboration between GC Business Growth Hub and Digital Boost. Digital Boost connects small businesses and charities in need of digitisation support with a community of digital and business expert volunteers. Addressing the need for new digital ways of working, the platform helps SMEs to adapt and survive the COVID-19 crisis, while also contributing to their long-term competitiveness. GC Business Growth Hub, part of the Growth Company and part-funded by the European Regional Development Fund, supports businesses of all sizes with peer-to-peer and one-to-one business support.