Business News Round Up (18/09/2020)
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Nearly half of UK businesses plan to cut recruitment in the next few months – new study
Nearly half of all UK firms in a major survey plan to reduce recruitment or not recruit at all over the next year. The latest CBI/Pertemps Network Group Employment Trends Survey shows firms are bolstering efforts to protect jobs by reducing hours and pay and look at restructuring operations as they head into the Autumn, The annual survey – in its twenty-third year and with 248 respondent firms – revealed a two-speed jobs market emerging with 51% of firms expecting to maintain or increase their permanent recruitment in the next 12 months and 46% planning to either reduce permanent recruitment or not recruit at all. This balance of plus 5% compares to a balance of plus 56% in last year’s survey. The research looked for the first time at entry level job recruitment showing 47% of firms plan to maintain or increase recruitment, compared to 45% of respondents who expect to reduce recruitment or stop hiring altogether.
https://www.insider.co.uk/news/nearly-half-uk-businesses-plan-22703284
£3 million fund to support innovation in Greater Manchester
A new fund has been set up in Greater Manchester to boost innovation and entrepreneurship. It’s been made available as a response to the Covid-19 pandemic, because of the lack of available innovation and loan capital for start-up businesses. The money has been awarded by Greater Manchester Local Enterprise Partnership (LEP) and Greater Manchester Combined Authority (GMCA) to investment service, the GC Angels. GC Angels was set up to broaden access to early-stage funding for businesses with high growth potential, with 40% of its investment capital being invested in solo women-led, or mixed-gender-founded companies. The funding will also be used to provide more opportunities for BAME-founded operations and young entrepreneurs.
Covid-19’s £2.6bn hit to Highlands and Islands’ economy
The economy of the Highlands and Islands could decrease by as much as £2.6bn this year due to the impact of Covid-19 on businesses and jobs. Analysis by Highlands and Islands Enterprise (HIE) has also suggested unemployment increased faster in the region than the rest of Scotland. The agency said the area relied heavily on sectors identified as the “most exposed” to the effects of the virus. These include accommodation and food services and arts and recreation. Manufacturing, construction and retail and wholesale have also be hit.
https://www.bbc.co.uk/news/uk-scotland-highlands-islands-54203363
Manchester business leaders say loss of tourist VAT refunds damaging to Greater Manchester economy
Retail, leisure and tourism leaders from across Greater Manchester have expressed concern following the surprise decision from the Treasury to remove the option for international visitors to reclaim VAT on their spending. The decision means the UK will now be the only country in Europe not to offer tax-free shopping to international visitors, which would put at risk £60 million of tax-free sales to Greater Manchester’s visitor economy, according to tax free shopping specialists, Global Blue and Planet. As the third most visited destination in the UK, Greater Manchester attracted 1.89 million international visitors in 2019, who contributed around £850 million to the local economy.
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