Business News Round Up (15/03/2021)
Find out more about Where Now Consulting. We update our business news daily.
Business optimism highest since 2015 thanks to vaccine progress
The Accenture/IHS Markit business outlook showed 68% of firms expect an increase in business activity this year compared to 11% forecasting a reduction, giving a net balance of +57%. That was up sharply from +34% in October and ahead of survey readings in the US, Japan, and Europe. The poll of around 1,400 firms, carried out last month, showed hotels and restaurants moved to being the most confident sector after being the least confident last autumn. Hiring intentions across the economy rose to a balance of +30%, indicating a stronger jobs recovery than the +15% average figure for the wider global business outlook survey of 12,000 firms. The survey found that while there was overall confidence about the year ahead, current business activity remained below pre-pandemic levels at more than half the companies surveyed reflecting continued lockdown restrictions.
https://www.coastfm.co.uk/news/business/covid-19-business-optimism-highest-since-2015-thanks
Scots food and drink exporters eye £20m opportunity
Export opportunities worth up to £20 million are hoped to be opened up to Scottish food and drink producers, as the industry bids to overcome the challenges of coronavirus and post-Brexit woe. About 100 culinary leaders from Europe, North America and Asia are expected to dial into Scotland’s Global Foodservice Summit. The digital programme, hosted by Scottish Development International, industry partners and public sector bodies, aims to highlight the country’s finest produce and encourage long-term relationships to be forged. It comes after it was revealed on Friday that UK exports to the European Union had plunged by more than 40% in January after the Brexit transition period came to an end on December 31, amid well-documented struggles created by new red tape. The food and drink industry is worth around £15 billion each year to Scotland’s economy, with more than 17,000 businesses employing around 120,000 people. Exports were worth £6.7bn in 2019, the latest figures from HMRC show.
https://www.heraldscotland.com/business_hq/19159481.scots-food-drink-exporters-eye-20m-target/
UK businesses lose £37 billion every year through poor spending controls reveals Soldo
Soldo, leading European pay and spend automation platform today unveiled a new Coleman Parkes study it commissioned which found that the UK economy loses around £37bn a year through poor business spending controls. While an astonishingly high figure, the UK is not alone. Weak spending controls were reported to be costing European businesses £301 billion, with businesses in Germany losing £54bn a year, while France and Italy also reported sizeable figures (£37bn and £26bn respectively). Against a backdrop of low productivity and the economic impact of the pandemic, this concerning figure is equivalent to 2% of revenues for every business in the country – with losses starting at around £50,000 for small businesses, rising to around £12m for the biggest UK firms.
Pandemic impact ‘yet to be felt’ on High Streets
The coronavirus pandemic has thrown Britain’s High Streets into crisis, yet the full force of its impact has yet to be felt, according to accountants PwC. More than 17,500 chain stores and other venues closed in Great Britain last year, according to new data. That’s an average rate of 48 closures a day. But the figures, which include hospitality and leisure venues, but not independent retailers, suggest the trend began before the pandemic. The research was conducted by the Local Data Company which tracks vacancy rates in nearly 3,500 High Streets, shopping centres and retail parks. It recorded 17,532 closures in 2020. It also reported 7,665 store openings. This resulted in a net loss of 9,877 outlets, the worst annual decline researchers have seen in more than a decade.