Business News Round Up (24/11/2020)
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UK business activity shrinks as fresh lockdown hits services sector
UK business activity contracted this month as the rollout of fresh lockdown measures took its toll on the services sector. The IHS Markit/CIPS UK Composite Purchasing Managers’ Index (PMI) dropped to 47.4 in November, according to initial readings, down from 52.1 in October. The figures represent a five-month low and the first time since June that the index has fallen below the crucial 50.0 growth threshold. However, the data was well above the consensus of 42.5. The UK economy is expected to contract in the fourth quarter after Prime Minister Boris Johnson implemented a second four-week national lockdown, which is due to end of 2 December.
https://www.cityam.com/uk-business-activity-shrinks-as-fresh-lockdown-hits-services-sector/
Executives to invest more in cyber security capabilities in 2021
As the rapid digitalisation of work brought on by Covid-19 opens doors to cyber-criminals across the world, more than half of all companies are planning to increase cyber security spending in 2021. However, according to a new study, more than one-fifth of British organisations are planning to downsize their cyber team in the coming 12 months. The lockdown brought in to fight the Covid-19 pandemic saw companies become more reliant on decentralised digital operation systems than ever before – something many of them were not prepared for in terms of becoming exposed to cyber-attacks. A recent study found that 65% of organisations in the UK alone have either been breached or exposed to an attack. Meanwhile, only 42% said they were “well prepared” for moving to remote working, compared to 45% who were “somewhat prepared” and 13% who were not prepared at all – leaving more than half of all firms at least moderately under threat.
Tourism study confirms Covid-19 ‘tectonic shift’ across the North of England
Half of hospitality and leisure businesses across north of England were trading at a loss of over 60% for 10 weeks out of 16-while a fifth of businesses surveyed unsure that they will be trading next summer. After almost a year of severe disruption for the tourism, hospitality, and leisure sector, a contingent of tourism boards across the north of England came together to discuss the findings of the NatWest North of England Tourism Barometer study. Over the last sixteen weeks the NatWest North of England Tourism Business Barometer has taken the temperature of the North’s tourism business environment including changes in employment, trends in revenue and overall business confidence. The study commenced in mid-July when the UK was emerging out of lockdown and covered a period up to and including the introduction of the government’s three tier alert level in late October.
WES and STV team up to help female bosses in Scotland
Women’s Enterprise Scotland (WES) and broadcaster STV have unveiled an “ambitious” new strategic tie-up to help develop and grow women-led businesses in Scotland. They cited a recent report finding that as the economic fallout of the Covid-19 pandemic has continued, more and more male-founded businesses have found ways to expand – whereas the number of women-led start-ups reporting growth has seen a sharp decrease. The two organisations are providing support with resources, training, and insights to help boost their business aspirations and enable them to play a leading role in the Scottish economy.
https://www.scotsman.com/business/wes-and-stv-team-help-female-bosses-scotland-3045156