Business News Round Up (06/01/2020)
Lloyds Banking Group reveals £1.6bn boost for Scots businesses
Lloyd’s Banking Group has committed to lending firm in Scotland £1.6 billion this year as part of a national pledge to provide £18 billion across the UK. The funding is available to firms across Scotland and will support entrepreneurs looking to start a new business, micro-businesses seeking to scale-up and small businesses considering trading internationally for the first time. It will also help established mid-sized businesses and large, multi-national corporations seeking further growth.
UK services PMI: sector flatlines but confidence surges
The UK services sector picked up marginally but nonetheless flatlined in December, marking the fourth month in a row without growth, according to new survey data. The IHS/Markit CIPS Purchasing Manager’s Index rose to 50.0 form 49.3 in November. The stagnation in the services sector in December marked an improvement from the contraction seen in November and was attributed to a return to improving order books, with the sharpest rise in new work since July.
https://www.cityam.com/uk-services-pmi-sector-flatlines-but-beats-expectations/
Lloyds Banking Group to lend £1.3BN to North West firms
Lloyd’s Banking Group is expecting to lend up to £1.3 billion to companies in the North West in 2020 as part of a national pledge to provide £18 billion across the UK. The funding is being made available to entrepreneurs looking to start a new venture, micro-businesses seeking to scale up and small companies considering trading internationally for the first time. It will also support established mid-sized businesses and large corporations seeking further growth.
https://www.insidermedia.com/news/north-west/lloyds-banking-group-to-lend-1.3bn-to-nw-firms
Greenock Diode plant given £14m investment boost
Diodes International, a semiconductor manufacturer, is to receive nearly £14 million in taxpayer support after it was threatened with closure last year. The funding from Scottish Enterprise is part of a £47 million investment deal that will see £12 million invested in research and development to help develop technologically advanced transistors at the site and a further £1.7 million will go towards a training programme for workers.
https://www.bbc.co.uk/news/uk-scotland-scotland-business-50999425