Business News Round Up (05/12/2023)
Scottish consumers ‘set to cut Christmas spending’
Scottish consumers are set to scale back on spend this festive season, according to PwC’s Festive Predictions. The research predicts that overall spend on presents and festivities across the UK will fall from £23bn to £20bn – down by 13% from 2022. The decrease represents a spend of around £440 per UK consumer – and a drop of £40 per person from 2022 – as the increased cost of living continues to bite. In Scotland, 18% of those surveyed said they plan to spend less on Christmas – with 15% predicting they would spend more than last year. With just 5% of consumers indicating they plan to go on holiday over Christmas, and the same proportion saying they’ll travel to family living abroad, the ways in which Scots are planning to spend the festive season suggests costs will be curtailed.
https://www.insider.co.uk/news/scottish-consumers-set-cut-christmas-31593108
Manchester economic strategy looks to build on city’s strengths
A new ten-year economy strategy for Manchester is focused on “building on our existing strengths and some of the fastest growing sectors, and making sure Mancunians are connected to ever-increasing opportunities”, according to the city council leader. Launched earlier this week, Investing in Success looks to build on the foundations of the last 25 years which have seen Manchester transformed from “post-industrial decline to being a dynamic city with a growing population, a larger and more highly skilled workforce and a more diverse economy”. With strong economic foundations established, Manchester City Council believes it is “time to consider what we want future growth in Manchester to look like and how the economy can continue to grow in a way which is more inclusive and in line with the city’s commitment to become zero carbon by 2038”.
Three numbers that reveal how the UK economy is struggling right now
A new report has just put an unforgiving spotlight on the UK economy and uncovered some pretty stark stats which reveal just how badly the national finances are doing right now. It’s no secret that the British economy has been flailing recently – even if it has managed to avoid the technical definition for a recession. But the government has been trying to draw attention away from the bad news and towards the recent drop in inflation. Even when the OECD downgraded its forecast for the UK’s GDP growth in 2024 from 1% to just 0.8% – the weakest performance of all the G7 countries – chancellor Jeremy Hunt just emphasised the “good news that they expect UK inflation to drop below 3% next year”. The Resolution Foundation’s latest report, Ending Stagnation, puts the country’s struggling finances in a new light as the cost of living crisis rumbles on.
https://uk.news.yahoo.com/3-numbers-reveal-uk-economy-113147494.html
Over half of Scottish bank branches shut since 2015
Scotland has seen 60% of its bank branches shut, a major blow to those seeking in-person financial services. Scotland was the first nation of the UK to see over half of its banks close, according to consumer reviewer and market researcher Which? New data has revealed that around 60% of Scottish bank branches have closed over the past nine years. The new figures show that only 404 bank branches are left in the whole of Scotland after 636 banks and building societies closed their doors since 2015. In the UK as a whole, 5,783 branches have closed, with more than 170 branches due to close in 2024.
https://www.digit.fyi/over-half-of-scottish-bank-branches-shut-since-2015/