Business News Round Up (10/03/2020)
Traffic jams ‘cost UK economy £6.9bn in 2019’
A new study has revealed that congestion cost the UK economy £6.9 billion in 2019 as commuters spent an average of 115 hours in traffic, an average of £894 per driver. The study, carried out by data and analytics company Inrix, found London to be the UK’s most congested city where the average commuter sat idle for 149 hours per year to congestion. Belfast came in as the UK’s second most congested city with the average commuter wasting 112 hours stuck in traffic last year. Bristol was third (103 hours), followed by Edinburgh (98 hours), and Manchester (92 hours).
https://uk.finance.yahoo.com/news/traffic-jams-cost-uk-economy-69-bn-in-2019-094041658.html
Workers need help to upskill amid technological advances, RSA finds
Policy makers are being advised to invest in skills as a way of helping workers prepare for the impact of automation in a new report. The report by the Royal Society for the Encouragement of Arts, Manufactures and Commerce (RSA) has urged a re-evaluation of funding and training as it set out four different scenarios for the future and how the growth of technology could affect the workplace by 2035. The report forecasts rapid advancement of new technologies, such as machine learning and artificial intelligence, could lead to both blue and white collar workers losing their jobs.
RBS to provide extra £350m cash help to small firms hit by Coronavirus
Royal Bank of Scotland has pledged additional banking support, providing £350 million for its funding support for SMEs as Scottish businesses feel the effects of the Coronavirus outbreak. The money is being provided as an extension to the Working Capital Support element of the bank’s existing Growth Funding Package and aims to help mitigate the impact of any short-term cashflow problems from a downturn in trading. RBS have stated the package of support would be spread across all sectors and where there is greatest disruption and need.
https://www.insider.co.uk/news/rbs-provide-extra-350m-cash-21661809
Cheshire and Warrington set for £20m urban development boost
A £20 million initiative geared towards unlocking opportunities around research and development to support energy efficiency has launched in Cheshire and Warrington. Backed by the European Regional Development Fund, the Evergreen Urban Development Fund will provide development finance in the form of loans or investment capital. The fund will be managed by CBRE’s investment advisory team and will be used to provide funding to either retrofit buildings with new low carbon technologies or for low carbon technologies to be installed on new builds.