Business News Round Up (21/04/2020)
Covid-19 impact on Scotland’s economy
Scotland’s economic output could fall by 33% as a result of efforts taken to tackle the coronavirus pandemic, according to a report by the UK Chief Economist. The latest State of the Economy report, published by the Scottish Government’s Chief Economist Gary Gillespie, presents analysis showing that GDP in Scotland could fall by around 33% during the current period of social distancing, similar to estimates from UK and international bodies such as the Office for Budget Responsibility (OBR) and the Organisation for Economic Co-operation and Development (OECD).
https://www.gov.scot/news/covid-19-impact-on-scotlands-economy/
Build-to-rent growth to continue as ‘uncertainty increases demand’
The build to rent market outside of London has experienced continued growth and is expected to become more attractive, according to new data from the British Property Federation (BPF). The survey, which has been monitoring the growth of the purpose-built rented accommodation sector since 2017, has shown a total of 43,236 build to rent homes have now been completed in the UK, with a further 114,000 in the planning and construction pipeline. The total number of homes built is an increase of 42% on the amount seen at this point last year, with increasing amounts of new homes being delivered outside of London.
https://www.housingtoday.co.uk/news/build-to-rent-completions-soar/5105634.article
Funding announced for landmark £215m Edinburgh rental housing development
A £215 million development will see new build-to-rent homes in central Edinburgh as two major investors agree to fund one of the largest purpose-built private rental housing developments. Apache Capital Partners, a leading UK-based real estate investor, and US-based Harrison Street are both backing the project, and will include 476 new homes alongside 48 existing full-leased studios and one two-bedroom apartments.
North West firms honoured in Queen’s Awards 2020
Businesses in the North West have been awarded the Queen’s Awards for Enterprise 2020 for their contribution to international trade, innovation, sustainable development and promoting opportunities. The awards celebrate the success of exciting and innovative businesses which are leading the way with pioneering products or services, delivering impressive social mobility programmes or showing their commitment to excellent sustainable development practices. A total of 30 businesses from the North West have been recognised among the 220 national recipients, which include 128 winners of the international trade award, 66 winners of the innovation award, 19 winners of the sustainable development award and seven winners of the promoting opportunity award. The most recognised category in the North West is international trade, of which there are 22 winners.
https://www.insidermedia.com/news/north-west/north-west-firms-honoured-in-queens-awards-2020