Business News Round Up (07/09/2020)
Home working could cost UK economy £15bn a year, PwC warns
Home working could cost the UK economy up to £15.3 billion a year if pandemic levels of home working continue, according to new research. The latest research by accountancy firm PwC showed that the one per cent drop in GDP would be caused by a cut in spending by workers who are at home rather than in city centres. Suburbs and smaller towns could benefit from the shift to home working, however the economy as a whole will be negatively affected as bigger cities such as London and Manchester take a hit.
https://www.cityam.com/home-working-could-cost-uk-economy-15bn-a-year-pwc-warns/
Post-pandemic UK tech exports set to surge to more than £31bn
The UK is expected to grow its digital exports to £31.45 billion by 2025 as high-growth tech start-ups thrive post-pandemic and post-Brexit. According to Tech Nation’s Unlocking Global Tech report, the UK is now the fifth biggest digital exporter in the world behind India, the US, China, and Germany and ranks third in the world for the number of tech unicorns and number one in Europe. The UK contributed £23.3 billion in digital tech exports in 2019, which is expected to rise by more than £8 billion by 2025.
https://www.insider.co.uk/news/post-pandemic-uk-tech-exports-22627251
North West tech firms ranked among country’s fastest growing
Eight companies in the North West have featured in the 20th Sunday Times Tech Track 100 listing. the Sunday Times Sage Tech Track 100, which recognises the UK’s most successful private tech, media and telecoms companies with the fastest growing sales, ranked eight businesses headquartered in the North West, having grown their sales by an average of 69% a year over three years to a total of more than £190 million, and collectively employ 1,900 staff. They include Stockport-based VCG, Ulverston’s Fruugo, Firesprite in Liverpool, Atrlincham-headquartered Matillion and the Manchester trio of Godel Technologies, FourNet and InTouch Networks.
CBI calls for infrastructure bank to rebuild economy
A UK infrastructure bank should be set up to help deliver promised investment in roads, railways, broadband and housing, says the CBI. The employers group says the bank can play a part in helping private sector investment drive the UK’s ‘infrastructure revolution’. It is not clear if the CBI sees the bank operating in Scotland where the Scottish Government is setting up a Scottish National Investment Bank and has been advised by its own commission on infrastructure not to set up its own version of England’s National Infrastructure Commission. The CBI believes an infrastructure bank would replace the European Investment Bank as Britain leaves the EU. It says businesses view the EIB as a “useful institution”, providing cheap debt on infrastructure projects.
https://dailybusinessgroup.co.uk/2020/09/cbi-calls-for-infrastructure-bank-to-rebuild-economy/