Midlands Connect believes that if the rail link is constructed between Coventry, Leicester and Nottingham 3,000 roles will be created during the lifetime of the construction and in the supply chain.

This peaks in 2031 at around 850 and averages at around 400 every year. The majority of the roles predicted are skilled occupations in engineering, operatives or project management.

The company also believes 70 apprentices could be recruited and trained over the course of the programme.

A spokesman said: “Over the course of the seven-year project, linking Coventry, Leicester and Nottingham by rail could generate an additional £68m in economic value as a result of jobs created in both of the Midlands, and nearly £11m in Social Value benefits – which include environmental benefits, wellbeing benefits and social benefits. This is on top of the traditional transport and wider economic benefits outlined in the business case, which amounted to £170m at the last update.

“Journey times along the route would be cut significantly, with trips from Coventry to Leicester falling from 54 to as low as 30 minutes, with trips from Coventry to Nottingham falling to around 65 minutes. Loughborough and East Midlands Parkway could also have new, direct and more frequent links to Coventry.”

Currently, just 3% of trips between Coventry and Leicester are made by train; compared to 30% of journeys made between Coventry and Birmingham.

Average speeds for trains between Coventry and Leicester currently fall under 30mph, compared to average speeds of over 100mph for trains from Coventry to London.

Andrew Clark, Integrated Transport Programme Lead at Midlands Connect said: “This project is so much more than just a rail scheme, it will create high-skilled and high-paid jobs, grow our economy and kick-start careers, thanks to the creation of apprenticeship roles.

At the moment it can take up to 70 minutes to travel less than 25 miles between Coventry and Leicester, and passengers have to change trains halfway – it’s simply not good enough – our plans will fix that and link key Midland cities, once and for all.”

Sir Peter Soulsby, City Mayor of Leicester said: “This project is a priority for the Council. It will allow people to travel easily between Leicester and Coventry. Only 3% use the train now as there is no direct service, leading to high car use, on congested roads.

“The creation of high-skilled, high-paid jobs, is a bonus, as is the creation of apprenticeship roles, kick-starting careers. This all helps to deliver a stronger economy as well as social value benefits to our local community.”

With the upcoming budget expected to bring significant changes, Jennie Brown, tax partner at Streets Chartered Accountants, considers what may be on the way. The October budget is right around the corner. It could bring major changes to a whole range of estate planning taxes, especially Inheritance Tax (IHT) and Capital Gains Tax (CGT). Set down are some thoughts, identifying possible changes that might be on the way and how they might impact on your personal wealth and the financial well-being of your family. If you’re serious about protecting your wealth, it’s time to brace yourself. Here’s what might change: Inheritance Tax: changes are widely expected The government could be eyeing cuts to IHT reliefs, which may reshape your estate planning strategies. Here’s where the biggest impacts may lie:

• Increasing IHT rates

An easy win for the Chancellor in terms of raising revenue would be to increase the rate of IHT in relation to very substantial estates. A death tax rate of 40% is relatively low. There is no reason why a gradated rate could not be introduced, which imposes softer rates on smaller estates as well as higher rates of tax, up to say 55%, for the largest estates. In the past the highest rate of IHT was 60%, and in relation to Capital Transfer Tax, which was the precursor to IHT, it was 75%. In the press there has been speculation as to the fairest way to tax billionaires. This might be something on the Chancellor’s agenda.

• Business Property Relief (BPR):

BPR has been a lifeline for business owners, letting them pass on business assets with significant tax relief. It has been the envy of owner managed business owners in other countries. But many people do not realise that the rate of tax has not always been a maximum of 100%. Various restrictions have been lifted over the course of time, and it is possible that some sort of financial ceiling limits might be imposed where there are substantial BPR holdings. There is a wealth of difference between the owner of a relatively modest OMB and where someone owns a stake in a major financial enterprise. Hence there are growing concerns that the government may reduce this benefit, potentially leading to higher tax bills for their heirs.

• Agricultural Property Relief (APR): could farmers get taxed more?

APR offers tax breaks on agricultural assets, but this relief might also face cutbacks. For farmers and landowners, this could result in steeper IHT liabilities. It is well known that some oppose the purchase of farms by wealthy investors, who secure valuable IHT reliefs leaving others to farm the land for them whilst living in substantial mansions. This could well be an area where changes may be introduced. One possibility would be to a put a financial cap on the maximum relief available in relation to a farmhouse.

• Nil Rate Band and Residence Nil Rate Band: are limits changing?

Again, there has been widely trailed criticism of residence nil rate band relief. This can be worth as much as £140,000 in money terms where husband and wife are concerned. A left wing think tank has urged the Chancellor to scrap the availability of the relief to raise £2bn. In practice, she might be tempted to reduce the level of relief on the basis that the current level disproportionately favours those in the South of the UK as compared to the North. Capital Gains Tax: what’s on the line? CGT could see significant changes too, which might affect anyone looking to sell assets or investments. Here’s what to be aware of:

• CGT rate hikes: sell now or risk higher rates

There’s speculation about a potential CGT rate hike. This could mean higher taxes on property or investment sales. The difference between the maximum rate of tax on income and capital profits is very marked. You might need to act fast if you were planning a sale to lock in the current rates. From the Chancellor’s point of view, the fallacy in aligning tax rates to a 45% maximum has an inherent fallacy. Individuals may simply decide to retain their investments, such as development land, until such time as the rates come down. Also, proprietors of owner managed businesses might be deterred from selling. The Chancellor will have to take into account the knock on effect of any tax increases as it might put a brake on future economic activity. It’s a potentially difficult tightrope for the Chancellor to walk, as raising taxes might deter future growth.

• CGT reliefs: will entrepreneurs lose out?

Key reliefs like Business Asset Disposal Relief (formerly Entrepreneurs’ Relief) and Investors’ Relief could be scaled back, increasing the tax burden on business owners and investors when selling assets. In practice it is probably too late to consider starting transactions to save CGT this close to the Budget. It is simply a factor for proprietors of OMBs to consider, unless they are actively considering making gifts to family members in any event and can afford to pay the CGT due on the disposal albeit at 10%.

• Anti-Avoidance Crackdowns: be aware of possible anti forestalling

It is important to take into account the possibility that the Government may announce new rules designed to limit the tax saving opportunities that would arise by making disposals in advance of the expected tax increases in the Budget. This suggests that only disposals should be made which are prudent in terms of their size and nature. There is also a long-term factor that needs to be taken into account, in that the number of anti-avoidance rules are more likely to increase than reduce in light of the Government’s drive for increased tax revenue. Post-Budget: a brave new world? The upcoming budget could bring significant changes to estates and businesses. It is going to be important to take stock of both the opportunities as well as the challenges that new rules will introduce. To find out more about how the Autumn Budget 2024 might affect you, why not register to watch or catch up on demand our post Budget webinar. https://www.streetsweb.co.uk/about/events/autumn-budget-2024-what-will-it-mean-you/   See this column in the October issue of East Midlands Business Link Magazine, here.

Good Energy Group, the renewable electricity supplier and innovator in clean energy services, has acquired Amelio Solar, a Lincolnshire-based solar installation company.

The acquisition represents a further step in delivering on Good Energy’s strategy to expand its capability in decentralised energy services by significantly expanding its geographical presence in the solar installation market. Amelio Solar has established operations in Lincolnshire and the north of England.

Amelio Solar has built a reputation for delivering rooftop solar solutions for businesses, education and public sector entities. This builds upon Good Energy’s current offering, that is weighted to domestic installation, and is in line with the company’s vision of powering a cleaner, greener future by making it simple to generate, use and share clean energy.

Good Energy has acquired 100% of the issued share capital of Amelio Solar on a debt-free, cash-free, basis for an initial consideration of £5.5 million, payable in cash upon completion. Further deferred consideration of up to £0.5 million may become payable in cash in the first quarter of 2025, subject to Amelio Solar achieving gross profit targets for the year ending 31 December 2024.

For the financial year ended 31 December 2023, Amelio Solar reported revenue of £7.1 million and profit before tax of £1.4 million.

Richard Jones, Amelio Solar founder and Solar Energy UK board member, will remain employed to support the post-acquisition transition and integration period.

Nigel Pocklington, CEO of Good Energy, said: “Amelio Solar is a perfect fit for Good Energy as we continue to grow our clean energy service offerings, especially in the commercial and public sectors where demand for solar installations remains strong and less susceptible to the cyclical fluctuations seen in the domestic market.  

“Amelio Solar’s proven ability to deliver large, complex solar projects will enable us to better support businesses and public sector bodies in cutting their carbon emissions, while positioning Good Energy as a leader in commercial solar solutions.”