Business News Round Up (13/08/2020)
UK officially in recession for the first time in 11 years
The UK economy has officially entered the worst recession since records began, as official figures showed the economy shrank by more than any other major nation during the coronavirus outbreak in the three months to June. The coronavirus pandemic has seen the UK’s gross domestic product (GDP) shrink by 20.4 per cent in the second quarter – more than any other G7 nation. The UK economy shrank by 2.2 per cent between January and March, and 20.4 per cent between April and June, according to the Office for National Statistics.
https://www.bbc.co.uk/news/business-53748278
UK Government invests £150,000 in Scottish research projects to boost jobs and create skills
The UK Government is investing in three ambitious Scottish research projects to help drive local economic growth, provide skills training, and create high-value jobs in Glasgow, Edinburgh, and South-West Scotland. A total of 17 projects across the UK will receive £50,000 each to power up the country’s economic recovery through research and development. Scottish projects receiving funding include the University of Strathclyde’s HotScot, Heriot Watt University’s Centre for Regulated Bio-Manufacture, and Scotland’s Rural College Digital Dairy Value Chain. They are receiving initial funding through UK Research and Innovation’s flagship Strength in Places Fund. The 17 proposals could help the UK to respond to some of the world’s most pressing challenges – from climate change to the production of medicines. If the early stages of development are successful, each project will be able to apply for a further investment of £10-50 million early next year.
Second Manchester arena would make city a ‘globally significant’ entertainment destination, new report says
New research has suggested a controversial second arena in Manchester would bring “huge benefits” to the city centre economy – and that it could run alongside the existing venue “without undermining its growth”. The independent research commissioned by Oak View Group (OVG) – the firm behind plans for the 23,5000 capacity arena next to the Etihad Stadium – claims that by 2023, the city centre will receive £95 million of the total £165 million spend of audiences to both arenas. The owners of the established Manchester Arena recently announced plans to transform its own venue, and voiced concerns over plans for a second large-scale venue in the city, which they feared would mean a negative impact on city centre commerce, leisure, and hospitality.
https://www.business-live.co.uk/economic-development/second-manchester-arena-would-make-18757725
Nine Scottish charities receive a share of £1.2 million fund
Nine Scottish charities are to receive a share of £1.2 million funding from the ScottishPower Foundation, which supports work in local communities across the country. The charities that are successful in securing funding show passion, skill, and commitment to making a positive change in their communities. The funding also supports charities who aim to provide relief from poverty, disability, or other disadvantages.
https://scottishbusinessnews.net/nine-scottish-charities-receive-a-share-of-1-2-million-fund/