Business News Round Up (25/03/2021)
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UK economy surges back, and employment increases for first time in months: March PMIs
The UK economy is springing back to life and creating more jobs for the first time since February, according to PMI data for March. The Manufacturing PMI for March read at 57.9, which is above the 55.0 forecast and 55.1 reported in February. The Services PMI – which covers the largest component of the UK economy – read at 56.8, above the consensus expectation for 51.0 and February’s reading of 49.5. Taking the two together and rebalancing the data to give a better snapshot of the broader economy gives us the Composite PMI which read at 56.6, which is well above 51.1 expected and the 49.6 reported in February. The positive figures were fuelled by a rise in new orders for the first time since September as sales were boosted by the upcoming easing of lockdown measures, rising consumer confidence and higher demand for residential property services.
Scottish Government pledges £25 million for tourism industry recovery
Holiday vouchers, discounts for days out and a marketing fund are all part of a new £25m tourism recovery programme from the Scottish Government. Speaking at the Scottish Tourism Alliance conference, First Minister Nicola Sturgeon announced the funding to support the sector’s recovery from the coronavirus pandemic. The programme, which has been developed by the Scottish Tourism Emergency Response Group (STERG), in partnership with businesses, will support the Scottish Tourism Recovery Taskforce objectives. It includes a holiday voucher scheme to create a more socially sustainable and inclusive tourism industry, a days out incentive scheme to support areas such as attractions, tours, activities and experiences, a talent development and leadership programme for tourism and hospitality staff, a Net Zero Pathway to make Scotland’s tourism industry greener and more sustainable, and a marketing fund to support organisations to promote their destination or sector when domestic travel is able to resume.
https://www.insider.co.uk/news/scottish-government-pledges-25-million-23786090
Businesses urged to act as two in five UK firms experience cyber attacks in the last year
Two in five businesses (39%) and a quarter of charities (26%) report having cyber security breaches or attacks in the last 12 months, according to new figures from the Department for Digital, Culture, Media, and Sport (DCMS). The Cyber Security Breaches Survey 2021 report also shows the cyber risk to organisations is heightened because of the pandemic, which has made securing digital environments more challenging as organisational resources are diverted to facilitating home working for staff. The government is now encouraging businesses, charities, and educational institutions to follow the free help and guidance from the UK cyber security experts at the National Cyber Security Centre (NCSC). It includes advice on the secure use of video conferencing, secure home working and how to move your business from physical to digital. This week the centre also published new guidance specifically to help educators boost their cyber resilience.
Details emerge on major Greater Manchester R&D initiative
Details on a blueprint designed to boost R&D investment across the North West, helping create 100,000 jobs and yielding a £7bn economic boost, have been revealed. Innovators from business, science, academia, and local government have developed the Innovation Greater Manchester partnership as the basis of a formal collaboration deal with the government. It is considered to be a “key pillar” of the city region’s Economic Vision – the plan to provide a fairer, greener, and more productive Greater Manchester economy beyond the pandemic. If backed, the partnership could leverage and accelerate the success of the area’s existing R&D hubs in global frontier sectors, including advanced materials and manufacturing, health innovation, digital and creative, and clean growth. They would then drive economic growth through a series of new and existing Innovation Zones across the area’s towns and cities.