Business News Round Up (28/03/2022)
Soaring energy bills to drag on UK economy, new forecasts reveal
Swelling energy bills are set to drag on the UK economy this year by sending a chill through household spending, reveals new research published today. Household energy bills will almost double in October even after rebates are handed out, according to new forecasts published by the EY Item Club today. The downbeat assessment adds to the growing body of evidence indicating the cost of living crunch will slow the UK’s recovery from the Covid-19 crisis. Brits are already bracing to absorb a 54 per cent uplift to their annual energy bills next month. However, in October they will rise again to account for the Russia-Ukraine war sending oil and gas prices soaring, hitting a shade under £2,500, up over £1,000 from their current level. The Sunday Times reports Rishi Sunak is considering offering a second multi-billion pound council tax rebate to help households with the October energy price hikes, after already cutting fuel duty by 5p and cutting National Insurance Contributions for employees on Wednesday. Paul Johnson, director at the influential Institute for Fiscal Studies think tank, said the average British worker would still be £400 worse off in 2022-23 despite Sunak’s interventions last week.
Greater Manchester launches strategy to go global
Greater Manchester has unveiled its latest strategy to go global and reinforce its reputation as a place to ‘to visit, study, and do business.’ The blueprint lays out how the region will engage with countries around the world to boost trade links and create jobs, rebalance economic opportunities across the UK, and reinforce the region’s reputation in sectors including digital, tech, health, and advanced manufacturing. The International Strategy will provide a framework for how Greater Manchester can move forward with central Government, investors, and other city-regions. It also outlines the region’s strengths in low-carbon technology and innovation, and how these strengths and investment in green infrastructure can make Greater Manchester a leader in tackling the climate crisis. The International Strategy also supports the aims set out in the Greater Manchester Strategy to make the city-region greener, fairer, and more prosperous, creating good lives for all and opportunities across the 10 boroughs.
Two thirds of Scottish workers considering greener career moves
Nearly three in five Scottish workers (57%) would consider taking a pay cut if a new role offered other benefits. Aviva’s latest How We Live report revealed that a fifth of Scottish workers (19%) would think about taking a lower salary if they had the option to do hybrid working, while 29% would do the same if they were able to choose flexible working hours. Almost a fifth of Scottish workers (18%) would be prepared to take a wage cut if they were going to work for a charity or not-for-profit organisation and 14% would do so if the company had strong environmental credentials. In the latter two cases, the view is higher amongst under-25s, with a quarter of people in this age group saying they would consider a lower salary for these reasons. The previous edition of the same report, in November, discovered two thirds of employees intend to make changes to their careers in the next 12 months. Aside from potential pay-cuts, more than half (55%) of Scottish workers would consider changing their current role for a “greener” career. The study suggests that this attitude is more prevalent in some sectors than others, with workers in finance and engineering among those most likely to hold this view at 70% in both cases.
https://www.insider.co.uk/news/two-thirds-scottish-workers-considering-26555753
Manchester Airport announces phased reopening of Terminal Three
Manchester Airport’s Terminal Three has begun a gradual reopening after almost two years of closure, as the travel recovery from the Covid-19 pandemic continues. The phased reopening, which started from Sunday (27 March), will start with the terminal being used for arriving passengers travelling with a select number of airlines. Those flying with the airlines will continue to check-in and go through security in Terminal One, but when they return back to Manchester, they will arrive into Terminal Three. While the two terminals are directly next to each other, passengers are advised to consider these changes when making drop-off, pick-up, and parking arrangements. The airlines are Aurigny, British Airways, Eastern Airways, Iberia Express, Loganair, Ryanair and Vueling Flybe will also fly into Terminal Three once the airline has resumed services from Manchester later in the year.