Business News Round Up (11/08/2020)
Unemployment in Scotland rises to 4.5% after wave of redundancies
THE number of people employed in Scotland fell by 15,000 between April and June as the impact of lockdown hit, according to the latest figures show. The proportion of people aged 16 to 64 in employment fell over the quarter to 74.3% (2.651 million), data from the Office for National Statistics (ONS) indicates. The unemployment rate rose over that period to 4.5% with 124,000 people out of work, while the same figure across the UK was 3.9%. Scotland’s previous unemployment rate, recorded between March and May, was 4.3%
https://www.insider.co.uk/news/unemployment-scotland-rises-45-after-22501472
UK faces AI skills gap, Microsoft report reveals
The UK is facing an AI skills gap that could leave companies struggling to compete with rivals from across the world, a new Microsoft report has revealed. The research, entitled AI Skills in the UK, also found that businesses in this country use less AI than firms overseas, and when they do it tends to be less advanced. UK organisations are also less likely to be classed as “AI pros” compared to the global average (15% versus 23%), and the UK has a higher failure rate of AI than the global average (measured by the number of projects generating no commercial value – 29% versus 19%). The findings raise concerns that as the world starts its recovery from the Coronavirus pandemic, companies in the UK will fall behind rivals from Europe, the Americas and Australia because of a lack of AI skills.
https://news.microsoft.com/en-gb/2020/08/11/uk-faces-ai-skills-gap-microsoft-report-reveals/
Business and consumer confidence slowly begins to recover
There are signs of a nascent recovery after the COVID-19 pandemic caused a historic collapse in the local economy, according to the latest Greater Manchester COVID-19 Recovery Tracker survey conducted by Greater Manchester Chamber of Commerce. The COVID-19 tracker surveys have shown dramatic reductions in customer demand across all sectors. Liquidity has been a major concern for businesses, resulting in business confidence being at its lowest ever levels. The latest survey results show that there has been a small improvement in customer demand measures relative to the levels recorded in April and May. However, the balances relating to customer demand are still negative, which means more businesses reported reductions rather than improvements.
UK Government invest in Scottish research
A research project led by Heriot-Watt University is one of three awarded funding by the UK Government today. The Centre for Regulated Bio-Manufacture aims to establish an advanced cluster in Lothian of manufacturing, therapies and biologics and is one of 17 projects which will each receive £50,000. They will work with the NHS and will create a new building for ‘real-world learning and cutting edge lab facilities. They aim to provide highly skilled training for the local population.
https://theedinburghreporter.co.uk/2020/08/uk-government-invest-in-scottish-research/