Wednesday, March 12, 2025

Hot Topic – Yael Selfin, Chief Economist at KPMG UK responds to chancellors spring statement

Business Link chats with Yael Selfin, Chief Economist at KPMG UK on the Chancellors Spring Statement.

“The Chancellor is relying on OBR forecasts that were relatively optimistic on economic growth from next year, with the risk of further escalation of the conflict between Russia and Ukraine lowering growth in 2022 too.  This would make it trickier for the Chancellor to meet his fiscal target, and leaves limited room for further incentives for business investment and innovation – now expected in the Autumn Budget.

“The new OBR projections show that the Chancellor is still on track to meet his fiscal mandate in 2024-25 by a £27.8bn margin. Given the rolling nature of the targets, the Chancellor could still find the wiggle room to reduce the tax-to-GDP ratio ahead of the 2024 general election, as the target year is pushed back. However, this is still dependent on the economic outlook.

“Today’s tax cut announcements, however, including on the basic rate of income tax, do little to alleviate the rise in the tax-to-GDP ratio. The tax take is now projected to reach an eye-watering 36.3% of GDP, its highest level since the late 1940s.

“While faster growth since October has boosted public finances, a sharp deterioration in the economic outlook means that more spending is now needed to help households with rising living costs, alongside measures to support small businesses. This pushes up projected net borrowing in the current fiscal year by an extra £16bn.

“Limited additional help was offered to shelter households facing rising home energy prices, with the increase in the National Insurance threshold acting to offset some of the additional costs to working families.

“The reduction in the income tax rate was the Chancellor’s big surprise. While it will please voters ahead of the election, it will not help solve the country’s failing productivity performance. We will need to wait for the Autumn Budget to see what the Chancellor has in store for that.”

7 tips for successful information security management

Information security management is a challenge for many companies in a world with ever-changing security threats. It’s not enough to put up some firewalls and wait for the hackers to come. You need to be able to react quickly and intelligently when breaches happen. You can do many things to keep your company secure, from supporting your cyber security staff and implementing ISO 27001 to regularly reviewing policies and learning from top companies in your industry. Here are some top tips for successful information security management. Support Cyber Security Staff One of the most important ways to keep your company secure is by supporting your cyber security staff. Cyber security professionals are often understaffed and overworked, so you need to be able to provide them with the resources they need in order to do their job effectively. One of the best ways to do this is by sending them for training. By investing in cyber security staff training, you will make sure that this vital part of your team has the knowledge they need to protect your business from information breaches and other threats. Implement ISO 27001 Implementing ISO 27001 is a great thing to do in order to keep your company’s data secure. This ensures that you have the right staff and qualifications in place and a great risk evaluation process. ISO 27001 will help you ensure that you are implementing the necessary controls for all of your information assets and that there is a plan for disaster recovery in place. You’ll also be able to implement controls for how your employees handle sensitive and confidential data. These protections can include two-factor authentication, encryption, or even limiting physical access to certain areas where important data might be stored. ISO 27001 is not just about making sure that data is protected from outside threats, like malicious hackers. You need to make sure that there are no internal threats as well, such as an employee mistakenly sending an email with confidential information or someone tampering with a system they don’t have the authorisation to access. To get started, you should look at High Table’s website, where you can find plenty of expert advice on how you can implement ISO 27001. You can look at ISO 27001 templates here: https://hightable.io/product/iso-27001-templates-toolkit/. Conduct Annual Staff Awareness Training One of the most important things to do for successful information security management is to conduct annual staff awareness training. You may think you’re being proactive by conducting a staff awareness training session once a year, but you’ll be more proactive than ever before by following this advice. If your team members are aware of threats and know how to react, they will be prepared if anything should happen. Prioritise Risk Assessments A good place to start is by prioritising risk assessments. This includes assessing the potential impact of a security breach or cyber attack and then taking appropriate steps to mitigate that risk. Risk assessments help you identify areas where you have a high level of sensitivity in regards to data security and privacy so that you can focus your efforts there. Regularly Review Policies And Procedures Policies and procedures are the backbones of information security management. They establish clear boundaries for your employees and help them know what’s expected of them. With policies in place, you can clearly articulate your company’s stance on information security, from basic data protection to more complex topics like encryption and password management. Assess And Improve One of the most important things you can do to improve your information security management is to assess and improve your company’s security awareness. This includes reviewing, updating, and documenting policies as well as performing periodic reviews on whether your employees are aware of the latest threats. You’ll also want to review firewalls and other forms of protection from digital threats. It’s important to test for what you know is happening and what you don’t know about that could happen in the future to keep your company safe. Learn From Top Companies In Your Industry One of the best ways to stay ahead of cyber security threats is learning from companies who have been through it before. Information security management is an industry that changes quickly, so it’s important to keep up with trends. Take note of the best practices and strategies being used by your competitors. Look at their cybersecurity plans and determine what they’re doing well and what they could be doing better. Conclusion Information security is critical for digital transformation, but it’s often overlooked until something bad happens. You shouldn’t wait until something bad happens, as this can severely damage your reputation. The tips in this post can help you find the right balance between cost and risk to keep your business protected.

Streets Chartered Accountants breaks down the Spring Statement 2022

Streets Chartered Accountants breaks down the Spring Statement, with a handy guide, reactions and deep dives. The Spring Statement, did it really create a sense of spring and sunnier days ahead? The government has been reprimanded for releasing details of Budgets and Statements in advance of their hearing in the House. It would seem then such advice was heeded in the case of the Spring Statement, delivered in the House on 23rd March 2022. Little was known of what we might hear in advance. Though perhaps some may feel there was nothing to release or leak? Read more here.   Streets’ Guide to The Spring Statement 2022 Streets Chartered Accountants’ guide to the Spring Statement provides an overview of the updated financial forecasts for the UK economy and public finances. Following the announcements, Streets have put together a report containing the latest tax and financial information. Read more and download the guide here.   Corporate tax partner Luke Prout takes a deeper look at the Spring Statement and what it will mean for business owners, company directors and individuals The Chancellor of the Exchequer, Rishi Sunak, has presented his Spring Statement in Parliament and whilst sparse when compared to previous statements, he made some key announcements that impact both individuals and businesses immediately and in the not-too-distant future. Read more here.

Lincolnshire’s £1.7m drive to fund filling job vacancies

Greater Lincolnshire LEP is launching a call for innovative projects to support jobs and the region’s labour market by offering funding worth a total of £1.7m

The number of job vacancies in the UK is at all time high, and in Greater Lincolnshire and Rutland there are vacancies across a whole range of different sectors, occupations and salaries.  There are many reasons for this, and today we are launching a call for projects that is designed to test out activities to support filling vacancies. Vacancies are particularly high in caring roles, driver occupations, machine operatives, the construction sector and a whole range of jobs within the visitor economy and food sector. The demand for labour in these areas is not new, but the combined impact of the Covid-19 pandemic, a desire for better work-life balance, and a reduction in migrant labour from EU has resulted in large increases. Pat Doody, Chair of the Greater Lincolnshire LEP said: “On behalf of the Greater Lincolnshire Local Enterprise Partnership I am pleased to launch the Greater Lincolnshire Labour Market Support Fund today. It is designed to test out new ways of supporting and growing talent within our area, and we are keen to see innovative proposals that support future economic growth and resilience.” Any business, training provider or third-sector organisation in Greater Lincolnshire or Rutland is eligible to apply as long as the proposals do not duplicate existing activity and are innovative in new ways of addressing the challenge. The fund is seeking to strengthen or address Greater Lincolnshire’s immediate labour market challenges. The LEP is keen for the fund to demonstrate direct short-term impact where possible, understanding that the fund is limited in what it can cover. The closing date is 29th April 2022 , and the lead officers are Halina Davies halina.davies@lincolnshire.gov.uk and Clare Hughes clare.hughes@lincolnshire.gov.uk. Known barriers to employment and categories that will be considered for funding are:
  • Training, eg for specific occupations such as Large Goods Vehicle Training (LGV) or training that is more flexible than other funds allow
  • Labour market attraction schemes, e.g. face-to-face jobs fairs, industry tasters, job related campaigns
  • Specialist support for people out of work (over and above what is already available through Government funding and European Social Fund schemes)
  • Specialist recruitment and retention support
  • Purchase of equipment/capital investment/new technologies, eg to resolve requirement to labour-intensive roles
  • Support to fill roles that have been continuously challenging to fill
  • Other innovative or collaborative schemes, eg transport schemes, sustainable childcare schemes
  • Consideration of the impact of Covid – how do we enable people to return to work ensuring that any mental health needs are addressed?
  • Rural dimension is very important – are there technology interventions in social care that could be considered? Care, visitor economy and hospitality sectors are losing large numbers of staff to other sectors; what opportunities are there to rebalance this beyond offering higher salaries?
  • Innovative schemes/structured approaches to help address vacancies in the interim, given that automation and planning for the future take time, eg food sector, loss of seasonal EU staff
  • Ideas that help address retention of skills in key sectors, eg in the construction and manufacturing sector; many are picking and choosing their jobs in other regions (attraction of larger projects, higher salaries, etc)
  • Initiatives such as wheels to work, bespoke demand-responsive transport options, understanding the seclusion of many of our rural communities
  • Innovative ideas that might help attract back recently retired individuals, garnering knowledge and expertise
The LEP has laid down a series of rules:
  • Wage incentives will not be eligible
  • Schemes must not duplicate something already funded or readily available and accessible
  • We are seeking schemes that are innovative and/or collaborative
  • All projects must address labour shortages in the immediate or short term and focus on solutions that reduce the need for labour or fill job vacancies
  • Schemes that will not result in addressing labour shortages by March 2026 will not be considered
  • Where the proposal is for a capital asset, or for funds to train your own staff or recruit staff for your own business, match funding will be required
  • Schemes that deliver training must result in people moving into job roles that would otherwise not have been filled within 60 days of the end of the intervention
  • All project proposals must state clearly how outputs or outcomes will be measured and reported
  • There is a maximum of £1.7m available in this scheme
  • Scheme proposals can be capital or revenue or a combination of both
  • Funding requests should be in excess of £200,000, although consideration will be given to proposals that seek £100,000 if there is a very strong case
  • All funds must be spent by 31st December 2024, and outcomes delivered by 2025
Outline business cases will be welcomed from now. The closing date for submissions is 5pm on Friday 29th April.

Lincolnshire foundry expands with £250,000 funding package

Grimsby-based specialist engineering company, Fowler & Holden, is set to expand its manufacturing facilities and invest in new machinery following a £250,000 funding package from HSBC UK. The support from HSBC will allow Fowler & Holden to significantly expand its facilities through the addition of new and repurposed factory space, with the additional space being used to house a new second moulding line and a new plant room – in turn, increasing the privately-owned company’s production capacity by up to 80 per cent and creating up to 14 new jobs. In addition, the funding from HSBC UK will enable investment in new equipment, which includes a sand recycling machine that will allow the business to re-use 95 per cent of the sand from its casting process, substantially reducing wastage. As a result, there will be a reduced need for sand quarrying, and fewer HGVs will be required for transportation, significantly reducing traffic and CO2 emissions in Grimsby town centre. Tim Brooksbank, director of Fowler & Holden, said: “The support from HSBC UK has been invaluable in allowing us to fulfil the requirements to secure our domestic supply chain through the expansion of our facilities and investment into a second moulding line. “Increased government investment into infrastructure coupled with rising international delivery costs has meant that there is more demand for our products and this funding from HSBC will allow us to grow our business domestically and create new jobs to benefit the local economy. “We’re also extremely proud to be reducing our environmental impact as a result of the support, proving that foundries and manufacturing facilities can also contribute to sustainability.” Theodora Akuffo, business banking relationship manager at HSBC UK, added: “Fowler & Holden has demonstrated a clear commitment to manufacturing quality products in a more sustainable manner whilst growing its business in a way that benefits the local community, and we look forward to contributing to its future success.”

Planning secured for 1,600 new homes and commercial development in Northampton

Outline planning permission (subject to Section 106 agreement) has been approved for up to 1,600 new homes, along with major commercial development at Overstone Green, an area of land located to the north east of Northampton. Pegasus Group secured the outline permission from West Northamptonshire Council on behalf of Davidsons Developments Ltd and L&Q Estates. The scheme, on land east of Kettering Road, Overstone, is set to secure and deliver the balance of the Northampton North Sustainable Urban Extension (SUE) as allocated in the adopted West Northamptonshire Joint Core Strategy. The plans, which were recommended for approval by planning officers and unanimously approved by Councillors, also include works to accommodate a new section of A43 dual carriageway along with the development of 5.73ha of commercial land to include an employment area, local centre, new primary school and an assisted living/residential care home. Rachel Pramayon from Davidsons Development Ltd said: “We are delighted that outline permission has been granted for this exciting scheme which is set to deliver a high quality development focusing on place making and design.” Richard Edwards from L&Q Estates said: “This is an excellent outcome that has resulted from several years of hard work and effort from all the team. This is an important strategic site for our business located in a strong market area and we look forward to delivering the infrastructure the site to enable serviced parcels to be sold to our housebuilder clients.” Pegasus Group provided a range of services throughout the project, including planning, design, economics, environmental and heritage expertise. The outline plans approved are:
  • Up to 1,600 homes
  • Up to 5.73ha of mixed-use commercial land, including a local centre, over 55s living/residential care home, community hub and light industry/office accommodation
  • A 2-form entry primary school
  • Public open space, including allotments and children’s play space(s)
  • Structural landscape planting
  • Associated infrastructure including drainage features, footpaths and cycleways and vehicular access

Lincolnshire’s Property & Business Investment Expo gathers pace

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Lincolnshire’s free to attend Property & Business Investment Lincolnshire Expo returns on Wednesday 27 April 2022 at The Bentley Hotel, Lincoln. Business Link Magazine is a proud partner of the well targeted event aimed at the Construction, Property, Business, Investment, Finance, Professional Services and related B2B markets. Opening at 9am, the expo will also host a seminar, and as the exhibition closes, it will roll directly into an informal, open buffet style network lunch – tickets are just £25 plus vat and can be ordered and paid for directly online. Spaces for the lunch are limited, so order as soon as possible to avoid disappointment. Tina King, of Business Shows Group, said: “It’s been a long time in the making thanks to the pandemic, but we are finally nearly there, The Property & Business Investment Lincolnshire Expo is gearing up to be one of the best to date!” To attend the event, register for free here. To generate opportunities by exhibiting at the event, click here. Purchase tickets to the networking lunch here. Meet more potential clients in one amazing cost effective day, than it would take months out on the road.

Ilkeston Heritage and Classic Vehicle Show returns after two year forced break

A town’s popular classic car show is set to roar back into life this summer having been cancelled the last two years because of the Covid pandemic. The Ilkeston Heritage and Classic Vehicle Show will hit the road on Sunday, August 14 bringing the sights and sounds of yesteryear to the town centre. This will 10 years since the first show,  filling the Market Place and surrounding streets with colourful memories and attracting exhibitors and visitors from across the country. Organisers Erewash Partnership Events – a sister company of enterprise agency Erewash Partnership – hope the revitalised free extravaganza will again be a major attraction after organisers had to cancel it the last two years because of social distancing restrictions and fear of spreading the virus. Before then it had grown rapidly over seven years to attract thousands of visitors of all ages to make it the biggest one day event in the town. Families have wandered around hundred of classic and sports cars, motorbikes and scooters, lorries, buses, tractors and steam engines enjoying chats with proud owners about their history. As well as a great day out there are other benefits – local businesses have opened up on the day enjoying extra trade, charities have received much-needed cash and the event has boosted the profile of both Ilkeston and the Partnership. The organisers have already had offers of sponsorship from Ilkeston firms car dealer Ron Brooks Toyota and  Larklands Body & Paint Centre, and Pidcock Motorcycles of Long Eaton. Proving the show’s popularity, a new sponsor has come forward – Alliance Group Solutions of Kirkby-in-Ashfield, who have done groundwork on the re-opened Bennerley Viaduct and flood defences in the Ilkeston area. These sponsors have provided almost half the income towards the £7,000 target for putting on the show – but more are needed to ensure it goes ahead as planned. The organisers are also hoping to recruit more volunteers to set up and close down the displays and act as marshals. So well-liked is the show that when there was a preliminary mention on Facebook the item attracted 10,000 views in a day. Ian Viles, chief executive of Erewash Partnership, said: “We are thrilled at the prospect of putting on the car show again and providing an entertaining day out for past attendees as well as new ones which we hope will boost spirits after a difficult time “Once we are confident that we have received enough support we will then make exhibitors tickets available to book online.  We look forward to welcoming people to what we hope will be a great day.”    

Vision unveiled for historic mills site

Property developer Wavensmere Homes has revealed details of its latest development, which will be built on the site of a historic Derbyshire mills complex. The scheme, called Milford Mills, would be built at the 4.7-acre heritage landmark, on the A6, between, Duffield and Belper – and would feature 69 properties, comprising a mix of one and two-bedroom apartments and two-, three- and four-bedroom homes. The project will be delivered in partnership with Chevin Homes, which will be restoring two buildings at the site – The Dye House and The Pattern House – to create retail, office and leisure space. James Dickens, Managing Director at Wavensmere Homes, which is currently building the 900-home Nightingale Quarter scheme, in Derby, said: “Milford Mills will offer peaceful, countryside living yet is also conveniently located within just a few miles of Derby centre. “Derby is currently seeing huge economic regeneration and investment at the moment, and we look forward to continuing to build communities in this region.” John Fearnehough, director at Chevin Homes, said: “The development of this high-profile and historic site is a labour of love for Chevin and now that we have cleared the site in readiness for development, we’re delighted be working with regeneration specialists Wavensmere on this special project.” The Milford Mills site is located seven miles north of Derby city centre in the heart of the Derwent Valley. Positioned along the River Derwent, the development is set within the countryside landscapes of Milford village centre. The Milford Mills site is part of Derbyshire’s industrial heritage and dates back to 1780 when the former mills were some of the world’s first mechanised industrial spinning factories. The project will include the restoration of key historic features, including the mill building, a 40-meter chimney and a lade for a hydro-electric mill that will be opened up and exposed. The development sits on Milford Bridge, which was built in 1793 by Jedediah Strutt, who was a hosier and cotton spinner from Belper. Jedediah Strutt is the man who connected and built all the sites in the Derwent Valley Mills World Heritage Site – including the Belper and Milford Mills.
  Wavensmere Homes and Chevin Homes will now look to transform the site, which will feature cottage-style homes designed by architects Gould Singleton. Design features include natural stone facades to compliment the surrounding architecture of Milford and nearby Belper. Work on the Milford Mills is expected to begin this spring. James said: “We look forward to working closely with Chevin Homes to produce a beautifully designed site that will be perfect for families, first-time buyers and investors.”

University of Derby offers fully funded support for Derbyshire businesses

Businesses across the Derbyshire Dales and High Peak areas can access funded support from the University of Derby between now and the start of the summer to help them recover, grow and innovate. Working in partnership with East Midlands Chamber, Derbyshire County Council, Marketing Peak District & Derbyshire and The Food and Drink Forum, the University is offering fully funded support to businesses in these areas, as part of the East Midlands Accelerator Programme. Part-funded by the UK government through the UK Community Renewal Fund, businesses can access fully funded workshops, training, masterclasses and events, and networking through Derbyshire Accelerator until 30 June 2022. The University and its partners are urging businesses to register their interest soon to ensure they don’t miss out on this opportunity. Through Derbyshire Accelerator, the University is offering support to help identify the strengths and weaknesses of a company’s business model, as well as develop a pathway to improvement or growth. This can be achieved through support to develop the skills of a company’s leaders and workforce, make better use of digital tools and technology, or develop new processes, products and services. The Derbyshire Net Zero Accelerator Programme can also provide an opportunity for businesses to improve their energy, resource and operational efficiency; reduce costs and greenhouse gas emissions; gain green business skills and take some giant steps in their journey towards Net Zero. Firms with membership will have access to a new sustainable business platform that will allow them to calculate and manage the carbon footprint of their company. In addition, the University is offering SME’s in the Derbyshire Dales, High Peak, Bassetlaw, Mansfield, Newark, Sherwood and Nottingham City areas fully funded places on its Help to Grow: Management programme. Professor Kamil Omoteso, Pro Vice-Chancellor Dean of the College of Business, Law and Social Science at the University, said: “We are delighted to be part of Derbyshire Accelerator and providing the support needed to help businesses recover, grow and innovate following the pandemic. “By taking part in the programme, participants can access support with leadership and workforce development, digital innovation and adoption, product, process and service innovation, as well as the Derbyshire Net-Zero Accelerator to help them realise their growth ambitions.”

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