Business News Round Up (09/02/2021)
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UK to be worst hit G7 economy in first quarter as 2.5 million could be unemployed by end of year
The UK will be one of the worst-hit big economies in the world in the first three months of this year, according to a new forecast, as the expected economic performance for 2021 was downgraded. The UK’s gross domestic product (GDP) will only rise by 3.4% across the year, denting hopes of a so-called V-shaped recovery from the economic harm caused by the Covid-19 pandemic. The forecast, from the National Institute of Economic and Social Research (NIESR), is a downgrade from the think tank’s previous estimate of 5.9% growth during the year. It said that the economy will continue to shrink during the current quarter, which started with different types of lockdown in place across the whole country. Across the three months, the UK’s GDP will be the worst hit of any of the Group of Seven (G7) large economies in the world.
Scottish Government allocates £110 million for digital services
The Scottish Government has announced plans to spend £110 million on digital public services and £25 million on digital healthcare as part of its Infrastructure Investment Plan for the next five years. The digital service spend is part of an extra £2 billion added to the plan, taking it to £33 billion overall, since the draft version was published in September. It is aimed at boosting local services, schools and healthcare and supporting 45,000 jobs across Scotland. The document says the £110 million earmarked for the Digital Public Services programme will be aimed at supporting the transformation of key public services. While it does not specify individual services, it refers to investing in digital inclusion, reducing the need to travel, and supporting safe active travel and local public services.
https://www.ukauthority.com/articles/scottish-government-allocates-110-million-for-digital-services/
Nearly a third of North West firms experienced a fraud increase in 2020 as the pandemic has left businesses exposed
Seven in ten mid-sized businesses in the North West experienced fraud in 2020, with an average loss totalling £165,000, compared to a national average of £245,000, according to a new survey from accountancy and business advisory firm BDO LLP, which lays bare the extent to which COVID-19 has left firms exposed. Nearly a third (29%) of businesses reported an increase in fraud in 2020 compared with the previous year; with a fifth of North West businesses (20%) having suffered security breaches through cyber-attacks since the onset of the coronavirus pandemic and associated lockdowns. BDO’s Fraud Track survey monitored fraud trends at 500 mid-sized UK firms throughout 2020. In the North West, the research found that 43% of the frauds were externally generated, however a third (30%) involved collusion between internal and external individuals, while more than a quarter (27%) were committed against companies by their own employees.
New service will support Scottish companies looking to build cyber-secure IoT products and services
A new initiative has been launched to support Scottish companies looking to develop cyber-secure Internet of Things (IoT) products and services. The IoT Secure service will be delivered by CENSIS –Scotland’s centre of excellence for sensing, imaging systems, and Internet of Things (IoT) technologies – and aims to provide cyber security advice and guidance for businesses of any size, whether they are directly involved in the creation of IoT devices or looking to incorporate IoT into existing services. Over the next nine months, CENSIS will provide successful companies with one-to-one cyber security consultations, delivering guidance on best practice, legislation, manufacture, and design. While early-stage assistance is open to all participants, start-ups and SMEs can also qualify for a bespoke support package, including technical expertise from CENSIS’s engineering team to address specific aims or challenges.