Business News Round Up (21/08/20)
UK business grows at fastest rate in seven years as economy reopens
The UK economy bounced back sharply in August after coronavirus restrictions were lifted, with a closely-watched measure of growth hitting its highest level in almost seven years. However, companies slashed jobs at the fastest pace since May as they adjusted to life during the pandemic, in a worrying sign of what could be a wave of unemployment. The IHS Markit/Cips composite purchasing managers’ index (PMI) soared to 60.3 in August from 57 in July, according to an early estimate. The highest score in almost seven years, it was well above the 50 mark that indicates expansion and better than analysts’ expectations of 57.1.
https://www.cityam.com/uk-business-grows-at-fastest-rate-in-seven-years-as-economy-reopens/
Bars, clubs, and gig venues weeks from laying off half their staff says survey
Owners of nightclubs, live music venues and late-night bars in Scotland have warned of the possibility of significant redundancies without further Government support in the wake of the coronavirus pandemic. A survey by the Night-Time Industries Association Scotland (NTIAS) of its members to assess the impact of Covid-19 after the Government-enforced lockdown on March 23, revealed that 83% of businesses are set to make staff redundant with 76% ready to make more than half of their workforce redundant within a matter of weeks. Some 58% of businesses fear they will not survive longer than two months without further Government support.
https://www.insider.co.uk/news/bars-clubs-gig-venues-weeks-22555021
Productivity institute announced for Manchester
Alliance Manchester Business School will host a new institute funded by the Economic and Social Research Council (ESRC) to make the UK economy more productive. The new £32 million Productivity Institute is being funded by £26 million from ESRC and £6 million from Alliance Manchester Business School and its partner institutions for five years, from 1st September 2020. Based at the University of Manchester, the development will be supported by government and industry funding as it looks to identify barriers to increase productivity levels across the country following the coronavirus crisis. From September, more than 40 researchers will work directly with policy makers and businesses to examine the UK’s productivity levels and the issues that impact them, such as working from home, workers’ wellbeing, and lack of diversity in the workplace.
https://www.insidermedia.com/news/north-west/productivity-institute-announced-for-manchester
University of Glasgow Productivity Institute to help boost UK growth
University of Glasgow is helping to understand the drivers of productivity in the UK, which could lead to better jobs and higher living standards, by contributing to a new £32 million research institute. The Productivity Institute will advance knowledge and ensure it informs the significant decisions by governments and business leaders that can increase productivity. Economic and business experts from the University of Glasgow Adam Smith Business School, will join forces with leading experts from a range of disciplines and backgrounds across the UK, to work directly with policymakers and businesses to better understand, measure, and enable improvements in productivity across the UK.