Business News Round Up (27/05/2021)
ECOMMPAY finds one in three UK businesses lost revenue from cross-border payments post-Brexit
More than one in three UK businesses (37%) have lost revenue from cross-border card payments post-Brexit, according to market research by international payment service provider and direct bank card acquirer ECOMMPAY. The data reveals the average revenue lost from cross-border card payments post-Brexit is £66,812. Just under one in five (18%) of businesses lost between £10,000 and £50,000, while 11% lost between £50,000 and £1 million. The losses follow in the wake of changing regulations post-Brexit, with certain payment processes becoming more expensive. The research comes as ECOMMPAY launches its new whitepaper: ‘The future of payments post-Brexit: what to consider to move with the times’, which considers the impact of Brexit and Covid-19 on trade-in or with the UK, provides key recommendations and forecasts for online businesses, and shows how fintech innovations can simplify cross-border trading. The whitepaper was built on insights from two surveys: one of 1,002 UK consumers and one of 500 business leaders in the UK, conducted by ECOMMPAY in collaboration with Censuswide in March 2021.
Surge in economic confidence drives investment in permanent and temp hiring
Employer confidence in making hiring and investment decisions rose by 15% in the three months to April to the highest recorded level since June 2016, according to the latest JobsOutlook by the Recruitment and Employment Confederation. The rise in confidence comes as employer confidence in the UK economy also increased significantly in February-April, rising to net: -10, the highest level since August 2018 and higher than the levels being reported before the onset of the pandemic. The single month figure for April 2021 was net: +20, suggesting that the easing of lockdown and vaccination progress is boosting employers’ confidence in the economy. With the economic outlook improving and employer confidence increasing, more businesses are looking to bring on new permanent staff in the coming months. Hiring intentions for permanent staff in the short term (in the next three months) rose by 4% to net: +24. Employers’ intentions to hire permanent workers in the medium term (in the next 4-12 months) also rose to net: +31, the highest level since December 2018.
Report reveals impact of over £1.8 billion on UK science and economy by Diamon Light Source
A recent study by Technopolis and Diamond estimates a cumulative monetised impact of at least£1.8 billion from the UK’s synchrotron, Diamond Light Source, reflecting very favourably with the £1.2 billion investment made in the facility to date. And it costs less than a cup of coffee as each taxpayer contributes only £2.45 a year towards it. The study set out to measure and demonstrate Diamond’s scientific, technological, societal, and economic benefits. The report summarises the findings and highlights the significant impact it has achieved to date. Diamond was set-up as an independent not for profit company through a joint venture, between the UKRI’s Science and Technology Facilities Council and one of the world’s largest biomedical charities, the Wellcome Trust – each respectively owning 86% and 14% of the shareholding.
SFE calls for collaboration with government and industry to tackle economic recovery and climate crisis
Scottish Financial Enterprise (SFE) has launched its five-year strategy for the financial services sector, establishing a range of proposals to drive collaboration across the industry and with government. The strategy was developed through consultation with its member firms, which are drawn from an industry that employs 160,000 people in Scotland across banking, life and pensions, insurance, investment management and related professional services. It includes proposals on four key areas: Leading the journey to net zero – inspiring global leadership in green finance and supporting the Scottish economy to achieve net zero; Supporting economic recovery – facilitating the immediate and sustainable recovery of the Scottish economy following the pandemic; Responding to changing customer needs – delivering the innovative and inclusive products and services that meet the evolving needs of all customers; Developing skills and inclusion – enabling financial services firms to recruit, develop and retain diverse skills within the industry. The official launch took place in Edinburgh, with the support of both the Scottish and UK Governments.
https://www.insider.co.uk/news/sfe-calls-collaboration-government-industry-24190305