Business News Round Up (27/08/2020)
UK ‘could lose £60m a day’ as tourism slumps
The UK is set to lose up to £22 billion in tourism revenues this year because of the coronavirus pandemic, an industry body has predicted. Spending by visitors from overseas could fall by as much as 78%, equivalent to £60 million a day, said the World Travel & Tourism Council (WTTC). In the worst case scenario, this would put three million jobs in jeopardy. The WTTC said tourists were “staying away from the UK in droves” because of uncertainty over travel restrictions. Visitors have been put off coming to the UK because it has been hit harder by the pandemic than any other European country.
https://www.bbc.co.uk/news/business-53921106
Latest business survey reveals slight dampening in demand
After signs of nascent recovery, there has been a slight dampening in demand, according to the third GM COVID-19 Recovery Tracker survey conducted by Greater Manchester Chamber of Commerce. The first and second of the Chamber’s COVID-19 Recovery Tracker surveys showed improvement in both customer demand and cash positions relative to the low levels in spring. The latest survey results show that current sales have declined slightly compared to the levels recorded in late July.
Glasgow house sales fastest in UK but Edinburgh tops average price growth at 3%
Properties in Glasgow took an average of just 16 days to sell between May and August, according to a report from property website Zoopla – down from 22 days one year ago. Meanwhile in Edinburgh, they are selling in just 17 days. Overall, the study said, the housing market is performing at its strongest for five years, with the volume of sales agreed per agent up 76% on the five year average – and no sign of immediate deterioration in price growth, despite economic threats posed by the recession. The report found that three bed houses are selling fastest, while time to sell for four and five bed houses has fallen by a third as buyers prioritise more space. Houses are selling faster than flats, suggesting that bigger living space and outdoor areas are becoming more important to householders, who were forced to spend more time at home during lockdown.
https://www.insider.co.uk/news/glasgow-house-sales-fastest-uk-22584216
North West to benefit from £14m low carbon investment
A new £14 million programme will further develop the North West as a regional exemplar for low carbon innovation, skills, and ‘green’ economic growth. ECO-I North West will work with more than 360 businesses across Lancashire, Liverpool City Region, Cumbria, Cheshire, and Greater Manchester to support the research and development of low carbon technologies, products and services that will help drive a green economic recovery in all sectors. Led by Lancaster University, in partnership with the University of Central Lancashire, the University of Cumbria, the University of Liverpool, Liverpool John Moores University and Manchester Metropolitan University, the programme will save an estimated 3,850 tonnes of carbon emissions and enable businesses right across North West England to capitalise from the region’s extensive knowledge base and cutting-edge research facilities and skills.
https://www.insidermedia.com/news/north-west/north-west-to-benefit-from-14m-low-carbon-investment