Business News Round Up (13/10/2020)
Scotland’s unemployment rate remains steady over summer
Scotland’s unemployment rate remained at 4.5% over the summer, with 124,000 people seeking work, figures show. The Office for National Statistics (ONS) also said the employment rate in Scotland rose slightly in June to August, to 73.9%. The UK’s unemployment rate rose to 4.5% over the same period, with an estimated 1.5 million people looking for work. The Scottish government said the figures did not reflect the “full impact” of Covid-19 on employment. ONS monthly tax figures show that across the UK there were nearly 700,000 fewer employees on the payroll in September compared with March, before the lockdown.
https://www.bbc.co.uk/news/uk-scotland-scotland-business-54521028
UK economy could see blockchain boost worth £57bn by 2030
The UK could take a £57 billion share of a £1.3 trillion boost to the global economy by the end of this decade as a result of blockchain-based technologies being adopted at scale from 2025, according to analysis by PwC of the technology’s potential in sectors such as healthcare, government, manufacturing, finance, logistics and retail. Best known in the financial services sector for its role in enabling bitcoin to become a reality, the distributed ledger technology has been identified as an efficient and effective means of tracking and tracing goods and services, which PwC said could be worth £30 billion to the UK economy over this decade.
Business recovery slows after coronavirus impact
Scottish businesses have continued to recover from the impact of coronavirus in September, but the pace of recovery has slowed. The latest Royal Bank of Scotland PMI survey found that the growth of business activity lost momentum last month. While activity continued to increase overall, the latest increase was only marginal. The drop in pace was largely caused by a fall in the level of new business within private sector firms. New business had previously been on the rise. Scotland and Northern Ireland were the only areas of the UK that recorded a reduction in new business in September. Those taking part on the survey said the decline was caused by a lack of demand as a result of the new coronavirus measures and restrictions that had been put in place.
https://www.insider.co.uk/news/business-recovery-slows-after-coronavirus-22831192
Culture Recovery Fund grants £30.6m to 165 North West arts and culture organisations
165 venues across the North West are to get a slice of £30.6 million awarded to arts and culture organisations across the region. Across the UK, 1,385 organisations and venues are to receive funding under the government’s £1.57 billion Culture Recovery Fund. A total of £257 million was awarded today, with the aim to help organisations create work and performances, and plan for reopening. Arts Council England, which will administer the funding, announced venues including Deaf Institute and National Football Museum in Manchester and Parr Street Studios, Cavern Club and FACT in Liverpool.
https://www.business-live.co.uk/economic-development/culture-recovery-fund-grants-306m-19091548