Business News Round Up (19/10/2020)
CBI: Nine in 10 workers need new skills by 2030 to support UK economy
Nine in ten people will need new skills by 2030 to support the future economy, requiring an additional £13 billion per year, according to new research by the Confederation of British Industry (CBI). The CBI has warned that Britain faces a “stark choice” between investing in workers’ skills and lifelong learning or suffering sustained rates of high unemployment. Research carried out before COVID-19 showed there was an urgent need to go further and faster than prime minister Boris Johnson’s Lifetime Skills Guarantee, the CBI said. The report also revealed that new technologies and the changing nature of the economy are transforming the skills needed for many jobs, while other roles are being lost entirely.
Commercial property investment bounces back after ‘Covid quarter’ slump
Commercial property investment in Scotland recovered in the third quarter to reach £477 million, according to Colliers International’s Q3 Scotland snapshot. It was a marked turnaround from the preceding ‘COVID quarter’ when the figure plummeted to a complete standstill with only £35 million the research shows. Volumes in Q3 represented the highest quarterly figure in a year. While this was still almost 20% below the five-year quarterly average of £564 million, Colliers said there is hope for a strong end to the year with pent-up demand driving activity. Colliers’ analysis found that the office and alternative sectors accounted for three quarters of all activity by value, while investment volumes in the industrial sector were 40% above its five-year quarterly average. Unsurprisingly, given the ongoing impact of the pandemic, activity in the retail segment was limited.
https://www.insider.co.uk/news/commercial-property-investment-bounces-back-22867937
AA report finds 22% of UK ad agencies increased export revenues after Covid-19
Despite the pandemic throwing a curveball in 2020, one in five UK advertising and marketing services companies have reported growth in one or more international revenue streams since Covid-19 took hold. The findings arrive from a recent Advertising Association (AA) report, in partnership with Credos and conducted by PwC. ‘Powering Up UK Advertising Exports’ works to highlight how exporting endeavours can fuel business growth while reducing dependency on the UK’s domestic markets. The report is part of a wider initiative led by AA and funded by the Department of Trade, to promote and market the UK’s position as the global hub of advertising.
Region recognised as a ‘high potential investment opportunity for healthy ageing’
Greater Manchester, along with Cheshire and Warrington, has been successful in its bid to promote the city region as a high potential opportunity (HPO) for ‘health innovation in healthy ageing’. This will help raise the profile of the city region in this key area of Greater Manchester’s Local Industrial Strategy, with the ultimate aim to boost the local economy during the ‘recovery’ phase and Build Back Better at this crucial time. Announced by the Department for International Trade (DIT) in a second phase of the HPO programme, this is the third HPO to be awarded to Greater Manchester – others include advanced materials and sustainable packaging – and is one of 19 new investment opportunities announced in key sectors and regions to drive millions of pounds of foreign investment into the UK.