Business News Round Up (28/07/2020)
Scottish business confidence weakest in UK – Bank of Scotland report
A new survey has found confidence levels among Scottish businesses have increased recently but remains the lowest across the UK nations. The Bank of Scotland’s latest Business Barometer found companies reporting the same level of confidence in their own prospects month-on-month at minus 33%. Confidence increased eight points to minus 22% at a UK level during July. The north-east of England was the most confident region at minus 3%. Wales and Scotland were the least confident with minus 31% and minus 37% respectively.
North West firms less pessimistic in July says Lloyds survey
Businesses in the North West are less pessimistic in July as lockdown eases, according to the latest Business Barometer from Lloyds Bank Commercial Banking. Business confidence in the North West rose 16 points during July to -15%, with companies reporting higher confidence in their own business prospects month-on-month at -20%. The Business Barometer questions 1,200 businesses monthly and provides early signals about UK economic trends both regionally and nationwide. The majority of firms continued to see demand negatively affected by coronavirus during July, with the picture holding steady month on month. 70% experienced a fall in demand for their products and services, down 5 points on the month before. Meanwhile, 7% experienced an increase in demand, down four points compared to June.
https://aboutmanchester.co.uk/north-west-firms-less-pessimistic-in-july-says-lloyds-survey/
Consumer confidence begins to rise again following lockdown
UK consumer confidence rose slightly during the second quarter of the year following record declines at the start of 2020, according to new analysis. The latest Deloitte Consumer Tracker of 3,000 UK consumers found that there was an intention amongst many to start spending again, despite caution in regard to the state of the economy, job security and career progression. Quarter-on-quarter confidence around levels of debt rose five percentage points, to -1%, with household disposable income sentiment seeing an 11 percentage point rise, returning to the same level as this time last year. However, with year-on-year job security, and career progression sentiment down 13 points (to -20%) and 21 points (to -22%), respectively, caution remains. Scottish consumers were more pessimistic about the economy, but respondents north of the border had more confidence when it came to job security, disposable income and general health and wellbeing.
https://www.insider.co.uk/news/consumer-confidence-begins-rise-again-22421955
Business and political leaders demand Government support to boost innovation across regions
Business, political, and academic leaders have signed a manifesto addressed to the Government to boost innovation across the regions. The document has been addressed to Business Secretary Alok Sharma, and pledges signatories’ support for various commitments aimed at increasing productivity through innovation, levelling up the UK economy, and supporting its Covid-19 recovery. The 32 leading names cover regions including the North West, West Midlands and Yorkshire and Humber. The 10-point manifesto includes a call for a new national innovation policy, a target for every UK region to have a centre of world-class research excellence by 2040 and greater collaboration between UK cities, in order to boost science and technology innovation.