Business News Round Up (13/11/2020)
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Disappointing GDP figures show UK recovery lost momentum ahead of second lockdown
UK GDP grew by a record quarterly amount in the three months to September but failed to make up for its historic slump the previous quarter as Covid-19 brought large swathes of the economy to a halt. The UK economy grew by a record 15.5% in the third quarter, the Office for National Statistics said, but the rebound fell short of expectations as the economy struggled to maintain its recovery. The record-breaking third-quarter growth in UK GDP is below the 15.8% expansion forecast by economists, but is the largest quarterly growth ever recorded in the UK economy. The growth in the three months to September follows a record-breaking slump of 19.8% in June, as the coronavirus lockdown measures brought large swathes of the UK economy to a halt. UK GDP grew by a slower-than-expected 1.1% in September even before the latest restrictions on businesses were introduced, ONS data showed. Economists polled by Reuters had forecast a 1.5% expansion for the month.
https://www.cityam.com/uk-gdp-economy-staged-record-recovery-in-third-quarter/
Colleges recommend further action to deal with impact of Coronavirus
A collaboration between colleges in east central Scotland has published their proposals on how best to deliver skills and opportunities in Scotland to support the economic recovery. Titled the ‘Our Futures Programme’, their report recommends eight distinct reskilling and upskilling products that could provide much needed support to individuals and employers who are set to be hit by the economic downturn caused by the Coronavirus pandemic. They include suggestions such as the creation of Skills Boost Academies in key areas such as digital and industry, and the development of Accelerator Programmes, which would see colleges across Scotland able to introduce accelerated versions of existing qualifications that are already on offer, such as engineering, computing and care. These innovative programmes will place the College sector at the forefront of the country’s agenda for economic recovery.
Greater Manchester’s tourism and hospitality leaders launch COVID-19 support and recovery plan
A tourism, hospitality and leisure support and recovery plan has been launched to help Greater Manchester’s sector navigate through lockdown before rebuilding following the severe impact of the Coronavirus pandemic. Marketing Manchester, part of the Growth Company and the region’s destination management organisation (DMO), which promotes Greater Manchester to a global audience as a place to visit, invest, meet, and study, has developed a plan with eight areas of focus. The plan has been shaped and approved in partnership with the Tourism Industry Economic Recovery (TIER) group, which is comprised of leading voices across the tourism, hospitality and leisure sector including culture, aviation, transport, sport, conferencing, hotels, food and drink and retail.
Scotland showed strong growth in financial and professional services exports in 2019
Scotland exported £9.2bn of financial and related professional services in 2019, up 7.7% from 2018. A new report from industry body TheCityUK shows that financial services exports from Scotland accounted for 8.2% of Great Britain’s total financial services exports in 2018. TheCityUK estimates related professional services exports from the nation accounted for 3.9% of Great Britain’s total related professional services exports. Of those 37% of Scottish financial services exports went to the EU in 2018, and the remaining 63% went to the rest of the world. All regions and nations in Britain saw growth in financial and related professional services exports in 2019, with the industry’s exports rising overall by 8.2% year-on-year, contributing a total of £126.5bn to the UK economy while providing highly-skilled, well-paid jobs right across the country. Almost half (48%) of all financial and related professional services exports were generated outside of London in 2019.
https://www.insider.co.uk/news/scotland-showed-strong-growth-financial-22999900