Business News Round Up (24/09/2020)
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Trade barriers removed to boost business
The Department for International Trade has removed 75 trade barriers to trade across 61 countries worldwide, opening new global markets for British exporters. British businesses can now export more freely and openly and invest in global markets. Barriers include unnecessary, legal, regulatory, or administrative requirements. This includes labelling restrictions, out-of-date regulations, and licensing requirements. Government analysis shows that liberalising market access barriers could boost British exports by £75 billion per year.
https://www.gov.uk/government/news/trade-barriers-removed-to-boost-business
Scottish economic output better but still ten percent below pre-lockdown levels
Scotland’s Gross Domestic Product (GDP) grew by 6.8% in July but is still 10.7% below pre-lockdown levels, according to the latest Scottish Government monthly estimates. Economic output in Scotland fell by 4.9% in March following lockdown restrictions, followed by a 20.1% drop in April. Since then, just over half of the lost output has been restored, with growth of 3.1% in May, 6.7% in June and the latest forecast of 6.8% in July. But GDP is 11.3% down on July 2019 levels, according to the economic forecasts. The GDP forecasts are a summary measure of economic activity, covering the activities of households, businesses, and government as both producers and consumers.
https://www.insider.co.uk/news/scottish-economic-output-better-still-22730531
MIF launches new skills and training opportunities for thousands of unemployed young people
Manchester International Festival (MIF) has announced a new skills and training programme to help young unemployed people in the city region. Factory Futures is part of MIF’s The Factory Academy, which launched in 2018 with the aim to diversify the workforce in the creative industries. The new programme is a response to Covid-19 and the impact it has on youth unemployment and is designed to align with the government’s Kickstarter scheme. MIF said 1,400 young people – aged 19-25 – either unemployed or on universal credit will take part in pre-employment training programmes over the next five years, while “thousands more” will have learning and engagement opportunities such as workshops and open days.
Scottish Enterprise building sold in £40m deal
A prominent office block in Glasgow’s International Financial Services District, occupied by Scottish Enterprise, has been sold in one of the biggest UK deals outside of London during the pandemic. 150 Broomielaw, the home of Scottish Enterprise by the side of the Clyde, has been purchased by Singapore-based Elite Partners Capital for circa £40 million. Previously owned by a Jersey Trust, the building was developed in 2001 and offers 96,759sq ft of Grade A office space over eight storeys. Independent commercial property consultancy Knight Frank advised the seller, while Colliers acted for Elite Partners Capital, which intends to add 150 Broomielaw to its UK Commercial Fund III.
https://dailybusinessgroup.co.uk/2020/09/scottish-enterprise-building-sold-in-40m-deal/
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