Business News Round Up (21/05/2020)
Hospitality hardest hit as 85% of jobs lost in lockdown
Businesses in the hospitality sector have been the hardest hit in the UK job market since lockdown began, according to new research. A study by Adzuna revealed the hospitality sector lost 85% of jobs as a result of lockdown restrictions. Retail, Construction and Engineering have also fallen, but hospitality has been the biggest casualty. It is the UK’s fourth-largest industry and has lost 43,764 jobs in the period. Public sector jobs are comparatively unaffected with social working positions falling by 6.9% in over 14 weeks and teaching jobs falling by 36.6%.
https://dailybusinessgroup.co.uk/2020/05/hospitality-hardest-hit-as-85-of-jobs-lost-in-lockdown/
Scottish Government adds another £40m to help businesses through coronavirus
The Scottish Government has announced it will provide another £40 million to support businesses during the Covid-19 pandemic. The Economic Secretary revealed £30 million is being given to the Pivotal Enterprise Resilience Fund to help SMEs, boosting the total to £120 million. A Further £10 million is being given to the Creative, Tourism and Hospitality Enterprises Hardship Fund, increasing its total to £30 million. Both funds have already closed to applications and the extra money will allow more of those who have applied to receive financial support.
https://www.insider.co.uk/news/scottish-government-adds-another-40m-22060765
North West administrations remain low – KPMG
The number of North West businesses entering administration during April remained low as government support packages offered “vital headroom” amid the ongoing Covid-19 pandemic, according to new research. Analysis from KPMG’s restructuring practice found that six companies from the region suffered the fate, despite the economic impact of the virus. The first quarter of the year saw business administrations in the North West fall by 14% compared to the previous quarter with 62 between January and March. When compared to the same period in 2019, the figure is down by 16% from 74.
https://www.insidermedia.com/news/north-west/nw-administrations-remain-low-kpmg
Glasgow City Region unveils £250m boost for vital infrastructure
The Glasgow City Region has announced a £250 million funding boost for vital infrastructure work which is to play a key part in supporting thousands of jobs and businesses and aims to support the region’s post-Covid-19 economic recovery. Work to improve transport and connectivity will move forward, including a feasibility study on proposals for a Glasgow metro system – a sustainable transport solution which has the potential to greatly improve access to jobs and build on our status as a global city region. The funding forms part of the £1.13 billion UK and Scottish Government funded City Deal.