Business News Round Up (07/05/2020)
Investment in Greater Manchester sustained, despite challenging year
Investment across Greater Manchester was sustained in 2019 despite experiencing a challenging 12 months, according to new data. Figures released by MIDAS, Greater Manchester’s inward investment agency reveal they supported the creation of 3,458 jobs across the city region, generating £231 million GVA. A total of 58% of successful investment projects were from companies that are new to the Greater Manchester area, representing a 48% increase compared to 2018/2019 period. Of those recorded, 75% were from foreign-owned companies, accounting for 2,793 jobs. The majority of FDI projects were from companies headquartered in the USA, Germany and India.
£75 million boost for Scottish university research
The Scottish Government has announced a one-off £75 million increase in funding for Scotland’s universities to ensure they can protect their world-leading research programmes against the financial impact of COVID-19. The funding will help secure the jobs and training needed to support ongoing and future research work. Universities will also be expected to adapt and use their own resources, as well as the packages of support for businesses provided by the UK Government, to counter the effects of the pandemic on research operations. The new funding will replace lost research income, protect research jobs, and help universities focus more effort on the high priority research needed to fight the outbreak and to support society and the economy, post COVID-19.
https://www.gov.scot/news/minister-announces-gbp-75m-boost-for-university-research/
North West more optimistic about economy than rest of UK – Deloitte
The North West is more optimistic about the state of the economy than the national average, albeit at a low level, according to Deloitte. The latest Leisure Consumer report, which surveys more than 3,000 adults across the UK, shows that overall consumer confidence was low at -67%, though more optimistic than the UK overall at -71%. The quarterly survey found that spending fell year-on-year across every leisure category, with overall leisure spending in the North West decreasing by 10% quarter on quarter. UK leisure spending fell seven percentage points in the first three months of the year compared to 2019 as social distancing measures encouraged consumers indoors and seeking entertainment at home.
Property firm calls on Scottish Government to extend office grant scheme
A property firm has called on the Scottish Government to remove its block on businesses in some serviced offices accessing Covid-19 grants. Colliers International made the call following the UK Government’s decision to extend its grant scheme in England to include such businesses. The discretionary £617 million will accommodate certain businesses previously outside the scope of the COVID-19 business grant funds scheme. Until now, an estimated 10,000 businesses in UK serviced offices were unable to claim the grants, due to the way they pay their business rates. In Scotland, the criteria for receiving the small business grant is based on the business rates system with a cash grant of £10,000 available for small businesses with a Rateable Value of up to £18,000, which fall within certain specified uses.
https://www.insider.co.uk/news/property-firm-calls-scottish-government-21983385