Business News Round Up (06/04/2021)
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Mid-sized firms set for investment and hiring spree as UK exits lockdown
The UK economy may get a significant boost as mid-sized businesses emerge from Covid-19 lockdowns and restrictions with plans to invest and hire more staff.In a boost for the UK economic recovery, close to 86% of UK mid-tier businesses told BDO they are looking to recruit more staff over the next six months, with over half (54%) planning permanent appointments. According to the data from accountants at BDO, three-quarters of the UK’s medium-sized businesses stating that 2021 is the time to invest, and 26% of them already planning to invest in new locations or M&A. BDO surveyed top bosses from 500 UK medium-sized businesses on their plans for the year as the Great Britain progresses with its rapid vaccine rollout programme.
Scottish workers divided on the future of the 9 to 5
Workers across Scotland are divided on whether the traditional 9 to 5 way of working will return once the pandemic has subsided. A survey conducted during February and March among 4,200 UK professionals across a range of sectors – including 246 in Scotland – by recruitment firm Hays, showed that 36% think the traditional way of working won’t return. However, 41% believe the 9 to 5 working week will return, while 23% are unsure. Responses were divided among the generations, with more than two-fifths of Baby Boomers saying the 9 to 5 way of working won’t return, compared to just 27% of Generation Z – those born between 1997 and 2015 – and 31% of Millennials – those born between 1981 and 1996.
https://www.insider.co.uk/news/scottish-workers-divided-future-9-23859837
North West mid-tier businesses plan investment and hiring drive to spearhead recovery
North West businesses plan to embark on a major investment and hiring drive in 2021, as the UK continues to follow the roadmap out of the coronavirus pandemic. Medium-sized businesses in the region look set to spearhead the UK’s economic recovery, with more than three quarters of businesses (80%) stating that 2021 is the year to invest. According to the latest Rethinking the Economy survey from accountancy and business advisory firm BDO LLP, 40% of North West businesses plan to either expand by investing in new locations or acquiring other businesses. The renewed drive follows the Government’s capital allowance announcement in last month’s Budget, with more than half of businesses (53%) planning new investments as a result of the Chancellor’s ‘super deduction’ initiative.
Redundancies amongst the over 50s have nearly tripled in a year
Redundancies amongst the over 50s have increased by 195% in a year, with the level and rate both higher than any other age group, according to new analysis of official ONS statistics from Rest Less, the digital community for the over 50s. Rest Less’s analysis of the latest data produced by the Office of National Statistics shows that nationally, redundancies hit a pandemic peak of 395,000 in September to November 2020. Whilst redundancy levels have fallen nationally by 22% since the peak, they are falling more slowly amongst older workers. Stuart Lewis, Founder of Rest Less, commented on the analysis: “While there are plenty of reasons to be optimistic about the economy starting to open up, it’s clear that businesses are far from out of the woods yet, with many still struggling to survive and the level of redundancies remaining historically high.