Business News Round Up (24/08/2020)
Coronavirus job losses may deepen regional inequality
England’s north-south divide could be made worse by coronavirus’s impact on the economy, with the most vulnerable sectors such as retail and manufacturing dominating the jobs market in certain regions, according to analysis by Labour. More than 10% of the entire workforce in north-west England are employed in retail. In the east Midlands, 13% are employed in manufacturing and the sector also accounts for between 10% and 12% of all jobs in the West Midlands, Yorkshire and the Humber, Wales, the north-east and north-west. By contrast just 2.2% in London work in manufacturing, according to the figures from the Office for National Statistics’ business register and employment survey.
The two North West sectors about to be ‘rocked’ by even more redundancies as furlough ends
The North West will be “rocked” by redundancies in the retail and manufacturing industries as furlough is withdrawn this autumn, it has been claimed. The region has the highest proportion and number of people working in the two sectors in the UK, standing at 20% of the North West’s entire workforce – around 670,000 people in total, according to data from the Office for National Statistics. The two sectors combined have so far made an estimated 33,500 redundancies across the country during the pandemic, with the number expected to rise as the government’s Job Retention Scheme is set to end in October.
https://www.business-live.co.uk/economic-development/two-north-west-sectors-rocked-18807899
Travel firms ‘desperately need’ government help
The UK’s travel industry has reached a “critical point” and is calling for further support to stem job losses. The Association of British Travel Agents (ABTA) revealed that 39,000 people in the travel industry have lost their job or been told it was at risk. 65% of travel firms have had to make redundancies or start a consultation process. ABTA is asking for a wider coronavirus testing regime to allow trade to more international destinations to resume, while mitigating the risk of infection from high-risk countries.
https://www.bbc.co.uk/news/world-53881212
New £1m fundraising campaign launched in Dundee
Independent cultural organisations in Dundee have launched a £1 million Cultural Recovery Fund with the support of The Northwood Charitable Trust. The Northwood Charitable Trust has donated £500,000 to the campaign as a challenge fund, to match other contributions pound-for-pound. The fundraising campaign, which will be led by V&A Dundee, will benefit Dundee Contemporary Arts, Dundee Heritage Trust (operator of Discovery Point and Verdant Works), Dundee Rep and Scottish Dance Theatre, Dundee Science Centre, and V&A Dundee. Its aim is to offset some of the financial impact of the COVID-19 crisis and kick-start Dundee’s cultural and economic recovery.
https://scottishbusinessnews.net/new-1m-fundraising-campaign-launched-in-dundee/