Business News Round Up (11/06/2020)
Tourism and hospitality firms in Scotland could reopen on July 15
The tourism and hospitality industries in Scotland have been given a provisional date for reopening of 15 July. Tourism secretary Fergus Ewing said the green light for accommodation and related businesses such as pubs and restaurants to reopen would be conditional on public health advice and the country moving on to phase three of the route map out of lockdown. Assuming Scotland’s strategy to suppress the Covid-19 pandemic continues on track, hotels, B&Bs, as well as pubs, restaurants and museums could all re-open on July 15, but social distancing measures will need to remain in place.
North West outlook set for continued disruption – KPMG
The continuing impact of Covid-19 is expected to shrink the North West economy by 7.6%, according to new research. KPMG’s latest quarterly Economic Outlook revealed the economy will be unlikely to fully restart until a vaccine or effective treatments for the virus are available. Four alternative scenarios were considered for the timing of the recovery, based on potential different dates of the pandemic being eradicated in the UK. KPMG’s main scenario assumes that a vaccine will be available from July 2021, enabling all social distancing measures to be removed and pandemic-related uncertainty to dissipate by the following month. However, the North West could start 2021 with another negative shock to the economy due to the end of the transition period with the EU, with GVA (Gross Value Added) contracting at least during the first quarter of the year.
https://www.insidermedia.com/news/north-west/north-west-outlook-set-for-continued-disruption-kpmg
UK tech continues to attract world-class investment
New data has revealed that investors continue to back some of the UK’s most promising tech teams, despite the challenges posed by Covid-19. Figures compiled by Tech National and Dealroom for the Digital Economy Council show UK digital tech companies are continuing to attract investment, are still advertising vacancies and are optimistic that they can navigate the crisis. On measures including investment raised by companies and capital raised by investors – which will help sustain the sector for the long term – the UK outperforms all of its European neighbours. The UK capital continues to lead the way and is now established as a global tech leader with London-based companies raising £3.2 billion since the start of January, more than Paris, Stockholm, Berlin and Tel Aviv combined.
https://businessmanchester.co.uk/2020/06/11/uk-tech-continues-to-attract-world-class-investment/
Bosses’ confidence lower than UK average, finds Institute of Directors tracker
Business confidence remains lower in Scotland than most other areas of the UK, according to the latest Institute of Directors Confidence Tracker. A net -68% of bosses said they felt more optimistic about the year ahead, compared with a UK overall rating of 60%. The survey of 720 respondents UK wide found bosses’ plans for hiring and investment are at a record low, investment intentions for the next 12 months fell another 11% from April to May. Business leaders’ overall confidence in the economy increased from -69 in April to -60 in May, and the outlook for their own firms was up from -22 to -7 but both indicators at their second-lowest readings on record.
https://www.insider.co.uk/news/bosses-confidence-lower-uk-average-22173588