Business News Round Up (28/04/2020)
Business confidence lowest since last financial crisis, finds Bank of Scotland
Overall business confidence has plummeted to its lowest level since the financial crash, according to the Bank of Scotland. The Bank of Scotland Business Barometer, a survey of 1,200 companies in the UK, found that overall confidence for businesses in Scotland fell 43 percentage points to -50% in March. The survey also revealed 25% of Scottish businesses were operating below half of their capacity, compared to 43% UK-wide, while 35% reported operating at above 50% of capacity. Almost a third (32%) were not operating at all.
https://www.insider.co.uk/news/business-confidence-lowest-last-financial-21936265
North West GVA set to shrink in 2020 – KPMG
GVA in the North West is expected to shrink in 2020, according to new analysis by KPMG’s economics team. The region was identified to be among the top four to be most affected economically by the outbreak of coronavirus, behind the West and East Midlands, and the East of England. The study suggests it could contract by 9.5%. By comparison, London’s economy is expected to shrink by 7.3%, the lowest recorded figure of any region. The analysis also indicates that all regional economies will stage a recovery in 2021, yielding GVA growth greater than any losses this year. Based on current forecasts, growth in the North West next year is expected to be 10.6%.
https://www.insidermedia.com/news/north-west/north-west-gva-set-to-shrink-in-2020-kpmg
Scottish tech ‘army’ poised for battle in national effort against Covid-19
A new community platform has been created that will link technically skilled volunteers to critical coronavirus projects. The Scottish Tech Army aims to tap into the tech sector experts who have been furloughed or may have already lost their jobs. Instead, their skills and experience will be harnessed to support public sector organisations that are developing digital projects to help tackle the outbreak of the virus and the management of the recovery process. CivTech, the Scottish government programme that uses digital technology to simplify access to public services, will help to find suitable projects that require IT experts. The Scottish Tech Army will then work with recruitment firms and senior figures from within the digital technology community to find volunteers with the right skills to solve those problems.
Manchester well positioned for hotel market recovery
Manchester, Edinburgh and Glasgow are amongst the key European cities well positioned for recovery once travel restrictions ease, according to new research. Global real estate advisors CBRE’s latest analysis of major European hotel markets found that markets with material exposure to leisure demand and a lower reliance on both international travel and Meetings, Incentives, Conferences and Exhibition (MICE) demand are best positioned for rapid recovery. CBRE’s findings suggest that as a result of this, accommodation providers in gateway cities and airport locations will be most exposed to the limited volume of international travel demand