Business News Round Up (25/09/2020)
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£24bn infrastructure plan will boost jobs
The Scottish Government has unveiled a £24 billion infrastructure plan to be rolled out in the next five years. the plan will focus on three main themes – the transition to net-zero, boosting the economy and “building resilient and sustainable places”. The plan is part of the delivery of the Government’s £33.5 billion National Infrastructure Mission, which aims to create 45,000 jobs. To meet the Scottish Government’s 2045 net-zero target, the plan allocates £500 million for active travel, £350 million for an 18,000-hectare increase to forest cover and £1.5 billion to decarbonise heat – as announced in the programme for Government.
https://www.gov.scot/news/gbp-24bn-infrastructure-plan-will-boost-jobs/
Made Smarter looks to accelerate SME growth
Made Smarter has launched a streamlined process in a bid to allow SME manufacturers to accelerate their digital transformation. The organisation’s workshops are designed to accelerate growth by identifying tools and technologies that can maximise processes and enhance growth. Working with a Made Smarter adviser, the initiative involves two online sessions, a diagnostic of the business’ product, services, processes and people, and a presentation to make recommendations. A total of 51 companies from Cheshire and Warrington, Cumbria, Greater Manchester, Lancashire, and the Liverpool City Region have either completed or signed up to the workshops since they were launched in August.
https://www.insidermedia.com/news/north-west/made-smarter-looks-to-accelerate-sme-growth
COVID will see flexible working for nine in ten staff
A new survey has revealed nine in ten financial services businesses will maintain flexible working patterns for employees as a permanent feature. A new report from Lloyds Bank says nine in ten (89%) of financial institutions plan to maintain flexible working patterns for employees. Eight in ten (81%) expect to use digital platforms like Microsoft Teams and Zoom to liaise with clients. Two-thirds (68%) will use new technology to automate more work. The findings are included in Lloyds Bank’s fifth annual Financial Institutions Sentiment Survey, which gathers views from major banks, asset and wealth management firms, insurers, and intermediaries.
https://dailybusinessgroup.co.uk/2020/09/covid-will-mean-flexible-working-for-nine-in-ten-staff/
UK borrowing soars in August as COVID costs mount
The UK government borrowed £35.9 billion in August as tackling the economic fallout of pandemic took its toll on the public finances, official figures show. The figure – the difference between spending and tax income – was £30.5 billion more than it borrowed in August last year. The increase meant that the borrowing figure hit its highest amount for August since records began in 1993. August’s monthly borrowing figure was, however, less than economists had predicted at £38 billion, according to Pantheon Macroeconomics. The Office for National Statistics (ONS) also revised down its estimate for UK borrowing in July, by more than £11 billion, to £15.4 billion, demonstrating how difficult tracking the economy during the pandemic can be.
https://www.bbc.co.uk/news/business-54289160
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