Business News Round Up (28/05/2020)
Scotland facing battle for foreign direct investment after bumper year
Scotland was the UK’s top destination outside of London for foreign direct investment (FDI) for the seventh consecutive year, according to a report by advisory firm EY. EY’s Scotland Attractiveness Survey, a survey of 800 international investors, showed there has been a 7.4% increase in the number of projects secures, from 94 in 2018 to 101 in 2019. Growth in Scottish investment was also at a faster pace than the rest of the UK, with a 5.2% increase to 1,109 projects.
North West enjoys strong year for FDI
Manchester has been ranked as the best-performing city in the UK, outside of London, for attracting foreign direct investment (FDI). EY’s 2020 UK Attractiveness Survey shows that Manchester was home to 45% of all projects in the North West in 2019 and was the only location in the region to make the UK top ten. Despite Manchester taking the top spot and the region gaining three more projects than in 2018 (70), the total number of FDI projects in both Manchester and the wider North West (73) remained lower than the record 20-year high seen in 2017 (Manchester 43, North West 105). The estimated number of jobs secured by investments in the North West in 2019 stood at 3,389, which ranked third of all UK regions for declared employment, behind London (11,516) and Scotland (6,438).
https://www.insidermedia.com/news/north-west/north-west-enjoys-strong-year-for-fdi
One in four firms using furlough scheme say they could not top up wages
One in four firms using the Coronavirus Job Retention Scheme say they will not be able to pay anything towards salaries after the scheme is cut back, according to a new survey from the Institute of Directors (IOD). They survey of 697 company directors showed half of those using the Job Retention Scheme for staff said they could provide 20% or above toward furloughed workers’ full-time salaries between August and October, with more than a third of those using the scheme saying they would bring the majority of their furloughed workers back part-time if the scheme allowed it.
https://www.insider.co.uk/news/one-four-firms-using-furlough-22097045
FW Capital hits £10m Tees Valley NPIF Milestone
FW Capital has investment more than £10 million in Tees Valley businesses through the Northern Powerhouse Investment Fund (NPIF) – FW Capital Debt Finance. The funding has boosted business growth and supported the creation of 193 across the region, as well as generating an additional £7 million of private sector investment. FW Capital was appointed in 2017 to manage NPIF – FW Capital Debt Finance to support businesses through two £51 million funds covering both the North West and the Tees Valley and Cumbria. A recent allocation of additional funds from NPIF has brought the Tees Valley and Cumbria fund to £61 million.
https://www.insidermedia.com/news/north-east/fw-capital-hits-10m-tees-valley-npif-milestone