Business News Round Up (26/03/2020)
Coronavirus has sent Scottish economy into ‘sharp economic downturn’
A new think tank has warned the global coronavirus pandemic has triggered a sharp economic downturn in Scotland and hopes of a swift recovery may be ‘overly optimistic’. In its latest economic commentary, Fraser of Allander Institute says the virus outbreak represents an ‘unprecedented shock’ to the global economy that will trigger a recession, but that collective efforts of businesses and policymakers is to ensure that this is a ‘v-shaped’ recession, with activity picking up once the virus passes. Particularly exposed are services relying upon ‘social spending’, such as the tourism and hospitality sector, including, hotels, cafes and restaurants. This may have a disproportionate impact upon rural communities in Scotland, where smaller businesses and high numbers of self-employed people are prevalent.
https://www.heraldscotland.com/business_hq/18334799.hopes-limited-economic-hit-overly-optimistic/
Only 57% of independent businesses in UK make it to five year mark
A new report has revealed that on average only 57% of independent businesses in the UK survive to the five year mark. Small Business Prices analysed the best regions in the UK to start an independent business, looking at metrics such as average survival rate and weekly spend per person. The report identified the South East (64% 5 year survival rate), London (62% 5 year survival rate), the East of England (63% 5 year survival rate), Scotland (65% 5 year survival rate), and the North West (63% 5 year survival rate) as the best regions to start a business.
http://www.retailtimes.co.uk/only-57-of-independent-businesses-in-uk-make-it-to-five-year-mark/
ID Manchester partner selection process progresses to final stage
The University of Manchester has announced it has progressed to the next stage of the process to find a development and investment partner to deliver a new £1.5 billion world-class innovation district, ID Manchester. The University has notified all of the bidders that it has reviewed the submissions received and will proceed in due course with detailed dialogue with the four highest scoring bidders. In light of the Coronavirus outbreak, the University has notified the four highest scoring bidders that it is pausing the procurement process and the timetable for the detailed dialogue stage for eight weeks, when the situation will be reviewed.
University of Edinburgh experts to join ‘rapid response’ to coronavirus
Researchers at the University of Edinburgh have successfully secured £5 million funding to aid the government’s ‘rapid response’ to the coronavirus pandemic. The university is to collect data and samples of Covid-19 to provide real-time information about the virus and improve treatment options for patients. Specifically, the data will be used to discover who in the general population is a higher risk of severe illness, what happens to the immune system when patients contract the virus and ways to diagnose the disease.
https://futurescot.com/university-of-edinburgh-experts-to-join-rapid-response-to-coronavirus/