Business News Round Up (05/09/19)
Drop in UK services activity raises likelihood of recession
Growth in the services industry, which accounts for nearly 80% of the British economy, fell more than expected in August. The services purchasing managers’ index (PMI) dropped to 50.6 in August from 51.4 in July increasing the possibility that the UK could slip into a recession as the manufacturing and construction sectors also showing marked declines.
https://www.ft.com/content/75339462-cef1-11e9-99a4-b5ded7a7fe3f
£1.2bn for Scotland in UK government’s spending plans
Chancellor Sajid Javid has announced Scotland will receive an extra £1.2 billion under the Barnett formula to improve strained public services, including £160 million for farmers. The chancellor committed the government to a 4.1% increase in expenditure form 2019-2020 to 2020-2021 in a bid to end the era of austerity, ahead of a possible general election.
https://www.bbc.co.uk/news/uk-scotland-scotland-politics-49582275
Manchester Digital unveils new suits of initiative as it enters next phase of growth
Manchester Digital, the independent trade organisation for Greater Manchester’s digital and tech businesses, has revealed new initiatives to support the region’s rapidly increasing tech ecosystem. The organisation is posed to launch fintech, cyber security, software-as-a-service (SAAS) and artificial intelligence (AI) initiatives before the end of the year.
Scottish social enterprise net worth up 22% to £6.1bn in two years
The Scottish social enterprise sector has experienced an increase in its net worth, new figures reveal. The Social Enterprise in Scotland: Census 2019 revealed the sector has experienced 22% growth over a two year period to £6.1 billion.