Business News Round Up (02/11/2021)
PM launches new initiative to take Green Industrial Revolution global
UK launches ‘Clean Green Initiative’ at COP26 to help developing countries take advantage of green technology and grow their economies sustainably. The Prime Minister is announcing a major funding package at COP26 to support the rollout of sustainable infrastructure and revolutionary green technology in developing countries, helping to tackle climate change and boost economic growth. The funding kickstarts the UK’s new Clean Green Initiative (CGI), which will help to scale up public and private investment in quality, sustainable infrastructure globally. The Prime Minister will emphasise the importance of providing climate finance for the developing world, the democratisation of green tech and other solutions to the climate crisis at an Action and Solidarity Roundtable this afternoon at COP26, alongside the leaders of India, the United States and 24 other countries. To support the Clean Green Initiative the UK will deliver over £3 billion in climate financing for green growth in developing countries over the next five years, including £200m for a new Climate Innovation Facility. This is double the amount the UK’s development finance institution, the CDC, invested in climate projects its previous strategy period from 2017-2021.
Major boost from investment fund
Greater Manchester’s Investment Fund continues to provide a major boost to the city-region’s economy, leaders have said. Investments made by Greater Manchester Combined Authority (GMCA) into the economy have reached £900m. The figure is continuing to rise through fund recycling as money is given back from previous successful business loans and reinvested in new projects. The fund has created thousands of jobs, quality homes and commercial spaces since its launch. The Housing Loan Fund has injected £575m into residential developments, resulting in 7,793 new homes. Investments made into the Social Impact Fund, totalling £15m, will lead to around 300 new homes for vulnerable people in the city-region. The fund has also supported the creation of 9,104 jobs through investing into regional businesses across sectors ranging from education, to FinTech and digital. New investments continue to be made and Greater Manchester leaders are urging new applicants who would benefit to come forward and apply.
https://www.insidermedia.com/news/north-west/major-boost-from-investment-fund
60% of UK businesses to welcome back all furloughed staff: survey
UK business activity and business confidence remain above long-term averages, according to two new economic surveys, with one suggesting a post-pandemic spike in unemployment will be avoided. The Lloyds Bank Business Barometer has revealed that although business confidence fell back slightly in October it remains above the long-term average, boosted by an increase in skilled labour that followed the ending of the government’s furlough scheme in September. The CBI meanwhile said private sector activity grew at a similar pace in the quarter to October as the same period one month previously, and now has been growing at an above average pace for six consecutive months. Both surveys underscore the findings of the more closely watched PMI survey, which came in above expectations during October amidst an ongoing expansion of the UK economy. All surveys confirm intense supply chain and inflationary pressures continue to act as a headwinds to economic growth, but they are not blowing strong enough yet to halt the economic recovery. Lloyds Bank’s survey reported business confidence edged lower by 3 points to 43% but was still the second highest since the pandemic began. They reported 48% of businesses said it was becoming easier to hire people with the right skills since the end of the furlough scheme.
New funding approved for Made Smarter Innovation Programme
Almost £4m of funding has been approved for a new ESRC Network Plus to bring an economic and social science dimension to the £147 million Made Smarter Innovation programme.The Made Smarter Innovation (MSI) challenge aims to help UK manufacturing become more productive and competitive through the innovation and diffusion of digital technology. While the much of focus of MSI is on industrial digital technologies, there is an awareness of how important social and economic insights will be in ensuring that the MSI challenge achieves its aims. InterAct seeks to “pioneer human insight for industry” and is a call to arms for academics from the social sciences to support the innovation and diffusion of digital technologies that will result in a stronger, more resilient UK manufacturing industry. Working alongside other partners within the wider Made Smarter community, the long-term vision is to build a strong, vibrant, interdisciplinary community to support UK manufacturing.