Business News Round Up (09/06/2020)
UK retailers report smaller drop in annual sales in May
British retailers reported a sharp fall in annual sales last month, but less of a decline than in April, after some COVID-19 restrictions eased and more shoppers went online. Total UK sales fell by 5.9% compared with the previous year, dragged down by temporary shop closures, the British Retail Consortium (BRC) said. Online sales of non-food goods jumped 60.2% but failed to offset the drop in spending on the High Street. Separately, Barclaycard data suggested supermarket sales were boosted by May’s warm weather. The figures showed continued strong sales growth at supermarkets, and a rebound in spending at garden centres and home improvement stores, which reopened last month and saw sales down just 3% on a year ago, according to Barclaycard.
UK regional rebalancing may be boosted by Covid-19 response
The COVID-19 pandemic may have boosted the Government’s regional rebalancing strategy to benefit areas including the North West, according to the UK chief economist at global commercial property services company Colliers International. Speaking at a Northern Powerhouse Regional Economic Briefing webinar, which is part of a series around the UK regions focussing upon his paper ‘Regional Revolution III: Rise of Cross Border Investment’, Dr Walter Boettcher said: “Regional rebalancing that lies at the heart of Government economic planning may have just received an unexpected, but decisive boost.”
Oil & Gas UK warns job cuts will deprive UK of skills to make low-carbon transition
An industry body has warned North Sea job cuts will destroy the skills base needed for the transition to cleaner energy. Oil & Gas UK chief executive Deirdre Michie said “there is serious risk the UK loses the skills it needs not only to meet existing energy demands from domestic resources, but also to meet the UK’s climate ambitions” as a result of BP’s plans to drop 10,000 staff worldwide. “It underlines the need to continue working with governments to deliver an inclusive, fair, and sustainable transition to a lower carbon future. This is the best way to protect jobs, create new business opportunities and ensure energy regions from the north east of Scotland to the east of England are not left in the dark.”
https://www.insider.co.uk/news/oil–gas-uk-warns-22160539
FW Capital Debt Finance hits £20m investment milestone in Manchester
FW Capital has announced it has now invested £20 million to support Greater Manchester-based businesses through NPIF – FW Capital Debt Finance which launched in 2017, bringing total Microfinance, Debt and Equity investments in Greater Manchester to £45.3 million, with 176 investments into a total of 141 businesses across the region. Additional investment from private sectors investors alongside the NPIF investment amounts to an additional £51.2 million bringing the total amount to £96.5 million Businesses across a range of sectors, including manufacturing, creative and life sciences, have all benefited from the debt fund.