Business News Round Up (11/09/2020)
UK economy continues recovery in July
The UK economy expanded by 6.6.% in July, according to new figures released by the Office for National Statistics (ONS). This is the third month in a row that the economy has expanded. However, the UK’s economy is still 11.7% smaller than it was in February and growth in July was smaller than the 8.7% expansion seen in June. Business groups continue to push for extensions to government support packages that are due to close. The figures in July reflected the partial reopening of retail, manufacturing, and some public sector activities such as schools.
https://www.bbc.co.uk/news/business-54113948
£6 million project to develop Artificial Intelligence in Greater Manchester
Expertise in artificial intelligence (AI) is to be shared with Greater Manchester businesses in a bid to help them develop new products and services, as part of a new £6 million project being led by Manchester Metropolitan University. University researchers with specialist knowledge in AI will work with a minimum of 170 small to medium enterprises (SMEs) in the area, helping them to advance their business through the application of AI. In total, four North West universities: Manchester Metropolitan University, the University of Manchester, the University of Salford and Lancaster University, have teamed up to deliver the European Regional Development Funded (ERDF) scheme named the Greater Manchester AI Foundry.
UK economy: job adverts fall while retail footfall flatlines
The UK’s economic recovery appeared to slow somewhat over the last few weeks, according to official data released by the Office for National Statistics (ONS), with the number of online job adverts falling and retail footfall staying roughly flat. Total online job adverts fell from 55% to 50% of their 2019 average. The fall in job adverts suggests that the labour market is worsening. It comes as firms lay off workers at a rapid pace: around 125,000 jobs have been lost in retail this year alone.
https://www.cityam.com/uk-economy-job-adverts-fall-while-retail-footfall-flatlines/
UK and Scottish governments must collaborate to ensure the future of trade – IOD
It is imperative that the UK government and the devolved administrations work collaboratively to ensure continued trading across the UK, according to the IOD. Responding to the Internal Markets Bill, the directors body said that more clarity was also needed to understand the practical operations of new arrangements. Allie Renison, Head of Europe and Trade Policy at the Institute of Directors said: “Directors want to see as much predictability and stability as possible when the Brexit transition period ends. Keeping disruption of trading arrangements to a minimum is crucial, particularly as the Withdrawal Agreement provides for unprecedented new arrangements between Great Britain and Northern Ireland.
https://www.insider.co.uk/news/uk-scottish-governments-must-collaborate-22661029