Business News Round Up (25/10/2021)
ONS data shows 0.2% decrease in UK retail sales for September
Retail sales in the UK declined by 0.2% last month after falling by 0.6% in August, according to data from the country’s Office for National Statistics (ONS). Sales volumes were 4.2% higher than last February, at the start of the Covid-19 pandemic. Retail sales values, unadjusted for price changes, decreased by 0.2% last month, compared to a 0.1% decline in August. In a statement, the ONS said: “Retail sales volumes have fallen each month since April, when non-essential retailing re-opened, and retail sales reached levels substantially above those before the pandemic. This is the longest period of consecutive monthly falls in the history of this series, which began in February 1996. However, sales remain 4.2% above the level seen before the pandemic in February 2020. The monthly increase in online spending values resulted in a slight increase in the proportion of online sales, which increased to 28.1% in September, from 27.9% in August.” Driven by a fall in household goods store sales, including furniture, lighting and other non-food stores, the sales volume for non-food stores fell by 1.4% last month.
North West set to benefit most from Net Zero job creation
A major new study on the health and outlook of the UK’s science and technology economy has forecasted the creation of 365,000 new jobs by 2050 because of the UK’s transition to Net Zero – more than in any other industry. England’s North West will see 47,000 new roles created in the science and tech industries by 2050 supporting the country’s Net Zero transition – the most of any UK region – while the North East of England will see its economy grow by 6.5% as a share of its current output, the largest increase anywhere. The Market Spotlight report, from Bruntwood SciTech, estimated the economic benefits from this growth in the science and technology sectors would be worth £35bn to UK GVA by 2050, which is the UK’s statutory target year to become Net Zero, and £10.9bn over the 2020’s. Most jobs will be created in specific sectors such as the production of electric vehicles (96,000), the production of electrical equipment (69,000) and science and technology design and R&D (54,000).
https://aboutmanchester.co.uk/north-west-set-to-benefit-most-from-net-zero-job-creation/
New Scottish space strategy to create 20,000 jobs
A new plan which aims to create 20,000 jobs and secure a £4 billion share of the global space market for the Scottish economy has been published. The ‘Scottish Space Strategy’ sets out plans to develop a network of satellite launch sites, pursue green technologies and build on existing strengths in data analysis and research. The “ambitious agenda” is collaboration between the Scottish Government and its enterprise agencies, industry group Space Scotland and the Scottish Space Academic Forum. Its main aims include positioning Scotland as a global leader for commercial space developments and establishing a range of managed launch and orbital services, supporting the largest launch capability in Europe. It also promises to develop a world-leading environmental strategy for Scotland’s space industry, from reducing emissions to supporting the use of satellite data for environmental monitoring. Finally, it outlines plans to build Scotland’s international economic opportunities through increased exports and targeted inward investment to plug critical gaps in capability.
Green, open, and fiscally responsible: business demands revealed ahead of budget
UK businesses are calling on the Chancellor to focus on attracting investment back into the country as well as using incentives, rather than purely taxes, to transition to a greener economy. Data from EY’s Budget survey revealed that two third of the 1,000-plus businesses interviewed listed attracting investments as their main priority. However, respondents also expressed a strong need to raise revenue after a surging bill of state spending, with 56 per cent of them stating the Chancellor should be raising tax between now and next year rather than kicking it in to the long grass. “The views of business reflect many of the challenges facing the Chancellor in his third Budget: the need to be fiscally responsible, to attract investment into the UK to drive economic growth, and to support the transition to a green economy,” said Ernest Young’s head of policy tax Chris Sanger. Tax incentives to encourage a transition to a greener economy were also at the top of the list. “Following the recent launch of the government’s net zero strategy, the Budget could be used as an opportunity to boost the UK’s green economy and put a stake in the ground ahead of COP26 which is only days away,” he added.