Business News Round Up (10/11/2020)
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New Office for Investment to drive foreign investment into the UK
Prime Minister Boris Johnson has announced a UK office for investment to help secure foreign direct investment post-Brexit. The new Office will support the landing of high value investment opportunities into the UK which align with key government priorities, such as reaching net zero, investment in infrastructure and advancing research and development. Its creation comes in response to the Government’s extensive engagement with investors, who have indicated that as global competition intensifies, a more structured approach will better support existing investors and land high-value, high-impact investment. In turn, this will help maximise the positive role investment plays in the UK economy.
https://www.gov.uk/government/news/new-office-for-investment-to-drive-foreign-investment-into-the-uk
The number of people in work in Scotland rose slightly between July and September
The number of people in employment in Scotland increased slightly between July and September, according to latest statistics. Figures from the Office for National Statistics (ONS) show the employment rate among those aged 16 to 64 was 74% (2.54 million), a 0.4% increase on the previous quarter. The unemployment rate among those aged 16 and over remained the same at 4.5% (126,000). Meanwhile, early estimates using data from ONS and HMRC showed there were 2.32 million employees on payrolls in Scotland in October, a 3.1% decrease on the same month last year. For July to September 2020, Scotland’s employment rate estimate rose over the quarter to 74.0% and the unemployment rate estimate was unchanged over the quarter at 4.5%.
https://www.insider.co.uk/news/number-people-work-scotland-rose-22985312
More than 3,000 businesses receive Growth Company support during pandemic
3,265 businesses across Greater Manchester have received support and guidance from the Growth Company, the organisation has said. The Growth Company said on average 460 businesses each month have received help from them – including from GC Business Growth Hub – between March and September. It said it has provided access to more than £10 million of finance to businesses in the city region during the period and claims to have helped secure and create 938 new jobs. The Growth Company’s GC Business Growth Hub – which is part-funded by the European Regional Development Fund – is reminding businesses that support remains available as England entered a second national lockdown last week.
https://www.business-live.co.uk/economic-development/more-3000-businesses-receive-growth-19253394
British Business Investments announces new £15m commitment to Compass Business Finance
British Business Investments, a commercial subsidiary of the British Business Bank, today announces a new commitment to Compass Business Finance enabling an increased flow of asset finance products into UK-based smaller businesses in the print, packaging, and manufacturing sectors. The commitment to Compass Business Finance, from British Business Investment’s Investment Programme, amounts to £15 million of block discounting funding. It will provide the specialist lender with funding for smaller and medium-sized businesses over the next three to five years and allow it to continue its own growth trajectory.