Business News Round Up (08/04/2021)
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IMF predicts the UK is on course for faster growth than United States and the EU
The UK will be the fastest growing advanced economy in 2022, the International Monetary Fund (IMF) is forecasting. The IMF upgraded its growth forecasts after the success of the UK’s vaccination programme became apparent, with millions receiving the jab to protect them against Covid-19. The IMF has predicted faster post-pandemic growth for the UK compared to the EU and US, the Telegraph reports. UK growth will reach 5.3% in 2021 and 5.1% next year as it catches up with other nations following one of the biggest GDP hits from the pandemic. This would mark the UK’s strongest growth surge since 1988, although output is not expected to return to pre-virus levels until 2022. After a predicted 6.4% growth this year, US growth will be 3.5% in 2022, according to US News.
More than half of Scottish workers plan a pandemic career change
More than half of Scottish workers (53%) intend to make changes to their careers as a result of Covid-19 – an increase of five percentage points since last July (48%). The research, conducted as part of Aviva’s latest How We Live report, reveals changes range from the relatively minor – such as learning new skills or gaining further qualifications – to switching career path completely. The proportion of workers intending to find a completely different vocation has increased from 6% to 10%, while those planning to set up their own business has risen from 4% to 6%. The desire for a completely different career path is the most popular choice for Scottish workers who wish to make changes, along with people hoping to gain new skills or qualifications. Both are the intention for 10% of the workforce in Scotland. However, the desire to work from home in Scotland is lower than the rest of the UK, with just 5% planning to find a role which will accommodate home-working. This compares to 16% of workers in London.
https://www.insider.co.uk/news/more-half-scottish-workers-plan-23869074
North West firms back pace of lockdown easing – Lloyds report
The majority of North West companies support the pace of easing of lockdown restrictions, according to the latest data from Lloyds Bank Commercial Banking, with more than two-thirds ready to operate at close to full capacity when restrictions are further lifted next week. When asked whether their business would have preferred or benefitted from a different pace of easing, 57% said they preferred it to be neither faster nor slower. However, a net balance of 35% of firms said they would have preferred a faster route out of lockdown, while 8% said they would have preferred a slower easing. The majority of those questioned (69%) said they will be able to operate at 80% capacity or more when restrictions for their sector are lifted.
https://www.insidermedia.com/news/north-west/north-west-firms-back-pace-of-lockdown-easing-lloyds
SMEs want share of public contracts and new rights
Small businesses are calling for the next government to ring fence a share of public contracts for SMEs and provide more welfare support for the self-employed. The new demands from the Federation of Small Businesses emerge after a survey revealed that only one in five business owners feel the Scottish government values their role in the economy. Most (60%) say the Covid crisis has made self-employment less attractive. The FSB wants the next government to pilot so-called “bread funds:” which offer a collective insurance approach for self-employed individuals who could not otherwise access sick pay. Businesses want policymakers in Edinburgh to provide maternity, paternity and adoption payments to the self-employed via Social Security Scotland.