Business News Round Up (05/03/2021)
Find out more about Where Now Consulting. We update our business news daily.
Scottish jobs market begins to shake off the worst effects of the pandemic
The Scottish labour market continued to recover from the effects of the Covid-19 pandemic in February, with hiring activity rising, according to the Royal Bank of Scotland Reporton Jobs. The number of people looking for temporary work continued to rise, as more people lost their jobs. While the market is on an upward trend, uncertainty is discouraging people from moving jobs, leading to wage stagnation. This was the 11th consecutive monthly rise in people looking for temporary jobs. Hiring activity rose last month, with upturns in both permanent and temporary placements, as businesses adapted to Covid-19 restrictions, RBS found. The report showed that starting salaries rose at a much slower pace during February. While the demand for permanent staff increased for the first time in a year, the supply of candidates dipped, with recruiters saying people were reluctant to pursue new roles due to heightened uncertainty.
https://www.insider.co.uk/news/scottish-jobs-market-begins-shake-23611916
UK economy predicted to return to pre-covid levels by middle of 2022
The UK economy is forecast to return to pre-Covid levels by the middle of 2022, with growth of 7.3% next year, according to UK chancellor Rishi Sunak. The chancellor also forecast an economic rebound this year, with predicted annual growth of 4%. But the stark impact of the impact of the pandemic includes a 10% shrinking of the economy in 2020 and 700,000 job losses since the start of the pandemic – with unemployment set to peak at 6.5% in 2022. The government’s Furlough scheme is being extended to the end of September, with employers being asked to contribute 10% in July and 20% in August and September. The Builders Merchant Federation (BMF) said the Budget “largely struck the right notes in continued support for business”.
University of Edinburgh lights Beacon for data-driven entrepreneurship
THE University of Edinburgh is driving data-driven entrepreneurship as part of the fight back against Covid with a publicly funded programme of business-boosting activities. The Data-Driven Entrepreneurship Beacon Programme, running to July 2021, is designed to engage existing businesses, support new ones to grow and drive entrepreneurship among staff and students at the University. The programme is being run by a partnership of Data-Driven Innovation (DDI) Hubs across the University of Edinburgh, and Edinburgh Innovations, the University of Edinburgh’s commercialisation service, allowing for a creative and multidisciplinary approach. Comprising 12 initiatives and involving a range of business partners, the programme has received funding from the Scottish Funding Council, via the DDI programme of the Edinburgh and South-East Scotland City Region Deal.
UK construction enjoys solid return to growth in February
UK construction companies experienced a solid return to growth in February after a setback at the start of 2021, according to the latest PMI data compiled by IHS Markit. The headline seasonally adjusted IHS Markit/CIPS UK Construction Total Activity Index posted 53.3 in February, up from 49.2 in January, to signal a solid increase on overall construction output. The index has registered above the 50.0 no-change mark in eight of the past nine months. New orders also regained momentum as project starts increased in anticipation of improving UK economic conditions over the course of the year. Residential work remained the strongest area of growth in February, although the speed of recovery eased slightly since January. There were some reports citing temporary delays on site arising from adverse weather and supply chain issues (especially for timber).