Business News Round Up (13/07/2020)
Scots economy in decline but long-term forecast improving
Scotland experienced the sharpest downturn in private sector activity in June, with slower but still rapid falls in business activity and new orders, a new survey has revealed. According to the latest Royal Bank of Scotland Purchasing Managers’ Index (PMI), ongoing coronavirus restrictions stifled demand and disrupted operations. However, the level of positive sentiment improved notably, with anecdotal evidence linking confidence to looser lockdown restrictions and hopes of an economic recovery once the pandemic is under control. The business activity index for Scotland’s private-sector economy, which measures manufacturing and services output, rose to 37.1 in June from 21.1 on a seasonally adjusted basis to signal a still-steep decline but a less-precipitous drop than in May.
https://www.thenational.scot/news/18577777.scots-economy-decline-long-term-forecast-improving/
North West private sector moves closer to stabilisation in June
Business activity in the North West reached a four month high in June as the region’s private sector moved towards stabilisation, according to the latest UK regional PMI data from NatWest. The headline North West Business Activity Index – a seasonally-adjusted index that measures the month-on-month change in the combined output of the region’s manufacturing and service sectors – climbed sharply to 48.4 in June, up from May’s 33.0 and marking a further improvement from a record low in April. Firms in the North West reported increased optimism towards the outlook for activity over the coming year in June, with more business’ hopeful of a return to growth as lockdown measures to prevent the spread of Covid-19 were eased.
Scottish Tech Army’s 850 volunteers help 70 organisations in lockdown
A volunteering initiative that launched during the coronavirus pandemic has recruited more than 850 volunteers and helped more than 70 charities and organisations. Around 850 workers signed up after an appeal by entrepreneurs Alistair Forbes and Peter Jaco to help charities adapt to working online. After setting up the not-for-profit company Forbes and Jaco sought help from Paul Atkinson of Head Resourcing and realising that government backing would help give the Scottish Tech Army credibility and access to many opportunities to help, started working with Civtech and the Scottish Government Digital Directorate. Mobilised into specialist teams, the Scottish Tech Army formed rapid response units to fix digital problems fast.
https://www.insider.co.uk/news/scottish-tech-armys-850-volunteers-22335102
Manchester grant funding passes £250m milestone
More than £250 million grant funding and rates relief has been provided to Manchester businesses during the Covid-19 response, according to Manchester City Council. As the UK went into lockdown, the Government provided an initial two tiers of grant funding for businesses – Small Business Rate Grant and Retail Leisure and Entertainment Grant – and followed-up with a discretionary grant for businesses not eligible for the previous funding. Manchester was provided £108.64 million as part of the initial Small Business Rate and Retail, Leisure and Entertainment grants. More than 9,000 organisations have been supported by the Council since the beginning of the pandemic, with a range of rate relief and cash grants giving a lifeline to some of the city’s businesses.
https://www.insidermedia.com/news/north-west/manchester-grant-funding-passes-250m-milestone