Business News Round Up (23/03/2020)
GDP to shrink by 2.6%, even if virus contained by summer, says KPMG
KPMG’s latest quarterly UK Economic Outlook forecasts a 2.6% decline for 2020 – with flat growth predicted in the second half of the year. The report highlighted that if public health measures slow the rise in the number of cases by summer, UK GDP would fall by 2.6% this year, then grow by 1.7% in 2021 but also revealed that if the pandemic persists until 2021, GDP could contract by 5.4% this year and a further 1.4% in 2021.
https://www.insider.co.uk/news/gdp-shrink-26-even-coronavirus-21736370
Manchester Airport to close two terminals following the collapse of aviation sector
Manchester Airport has announced it will operate from a single terminal amid the reduced passenger numbers caused by the Covid-19 pandemic. The Government has advised against non-essential travel, with many countries closing their borders as the world attempts to contain the spread of the virus. The airport, which is one of the city’s biggest employers, has already announced job cuts, enforced lay-offs and pay cuts as it grapples with the coronavirus crisis.
North-South rental divide widens
New research has revealed the gap between the cost of renting property in the North and South of England has widened. Research from Hamptons International found the North-South rental divide has increased by 11% since February 2014. Of the 20 largest cities across the UK, four of the five areas which saw the steepest increased in rents were in Southern England.
https://www.propertywire.com/news/north-south-rental-divide-widens
Scotch Whisky industry seeks business support clarity
The Scotch Whisky Association has called for clearer guidance on how business rates relief will apply where distilling, retail and hospitality sites are located on the same site. The Scotch Whisky Association says distillery visitor centres have closed in line with government advice, but it is not currently possible for visitor centres, cafes and other hospitality and retail units located at distilleries to qualify for the relief. The SWA said the government support offers significant reassurance to Scotch Whisky businesses, but is seeking assurances on a number of issues.