Charity Commission fires bankers a broadside over poor service

Stuart Pearcey
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Charity Commission fires bankers a broadside over poor service
Charity trustees have experienced poor service from their banks in the last 12 months according to a new survey by the Charity Commission – and it’s simply not good enough, says the organisation’s Chief Exec. She’s Helen Stephenson, who said: “I’m shocked, but not surprised by these new figures, which offer undeniable evidence of the extent and impact of the appalling service charities receive from some banks. “It is simply not good enough that volunteer trustees, who are giving of their free time to serve society, are faced with such unnecessary challenges in managing their charities’ money.

“We have worked behind the scenes with banks to improve the service they provide to charities. So far, I have been disappointed with their response. I hope this new research sends a message to the CEOs of high street banks that change is needed now.”

Her comments are based on a survey which found the following, with some charities experiencing more than one problem:
  • Four in ten charities had poor service from their bank
  • 32% of respondents faced issues when trying to update their charity’s contact details or signatories
  • 18% had difficulty trying to open a new bank account
  • 15% found it challenging to comply with identity requirements set by their bank
  • 14% found it difficult to understand what their bank required of them
  • 6% of respondents confirmed that they had experienced account freezes or being blocked out over the past year.
  • 7% of respondents reported that their bank had lost their records.
The Charity Commission has renewed its calls for urgent action to be taken by the UK banking sector to improve the service it offers to charities. The regulator says inadequate banking services result in three key concerns:
  • Risks to the provision of charitable services, resulting from charities being unable to meet financial obligations, such as paying staff
  • Unsafe banking and financial practices, for example the use of trustees’ personal bank accounts to meet financial obligations, a direct contravention of the Commission’s guidance
  • Longer-term impact on morale of volunteer trustees – anecdotal evidence demonstrates some trustees have resigned over frustrations around disruptive banking services.

Space Hub Yorkshire gets share in £500k from UK Space Agency

Stuart Pearcey
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Space Hub Yorkshire gets share in £500k from UK Space Agency
Space Hub Yorkshire is one of six projects to get a share in £500,000 from the UK Space Agency. The announcement was made at Space-Comm Expo following publication of the government’s Space Industrial Plan, and is intended to foster collaboration between the UK’s network of space clusters. Space Hub Yorkshire is part of Space North, along with the North West Space Cluster and Space North East England, and will showcase the region’s resilient communications expertise, attract inward investment and boost research and collaboration. Dr Paul Bate, Chief Executive of the UK Space Agency, said: “With entrepreneurs and businesses from across the UK space sector at Space-Comm Expo, I’m pleased to announce this series of targeted projects to support the continued growth of our space ecosystem and deliver on the government’s Space Industrial Plan.

“Hot off the heels of the Chancellor’s Budget boost for Low-Earth Orbit satellite manufacturing in the UK, these new projects will help catalyse investment, increase collaboration and boost prosperity across the country.”

Family-owned construction firm promotes three to board

Stuart Pearcey
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Family-owned construction firm promotes three to board
Family-owned Leeds-based construction company Jack Lunn Ltd has promoted three senior team members to its board. Nicola Thompson becomes Financial Director, having joined the business in 2021 as Financial Controller and Company Secretary. After ten years at Jack Lunn Ltd, Rob Jerram has been promoted from Commercial Manager to Director. With more than 30 years’ experience in quantity surveying across all key construction sectors including, residential, commercial, industrial, care and education, Rob assumes a directorial role in contract tender and management processes. Luke Simeunovich first joined Jack Lunn Ltd in 2002 as an apprentice joiner, climbing through the ranks in site management and contracts management over 21 years.  His considerable industry expertise and intimate knowledge of the Jack Lunn culture places him well as a board director helping to drive the future of the business. Jack Lunn Ltd is associated with the Jack Lunn Group, a long established and highly successful privately owned property and development company in Yorkshire.  Founded by Jack Lunn in 1949, the Group has maintained private ownership through three generations, with his son Roy Lunn and now his grandson Andrew Lunn as Chairman. Andrew Lunn said: “The Jack Lunn brand is recognised for delivering high quality, valued engineered solutions for its clients and our family driven values have allowed us to stand the test of time. My late Grandfather, Mr Jack Lunn, was a real advocate for the old-fashioned art of conversation and a hands-on approach to establish intimate knowledge and trust with clients. We are good at what we do, and good relationship management through our highly skilled team is fundamental to that.”

Streets Chartered Accountants reflects on the Spring Budget

Tess Egginton
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Streets Chartered Accountants reflects on the Spring Budget

Post Budget Webinar

Today Streets hosted its post Budget webinar in which it provided details of the announcements along with an update on topical issues affecting business clients and private individuals for the new tax year 2024/25.

This presentation was recorded and is now available on demand for those who weren’t able to join live. Click here to catch up.

A Budget built on loss leaders or a leadership that might have lost its way? Was it more ‘Middle Lidl’ than Middle England? The headline grabbing announcement from the Chancellor Jeremy Hunt’s Spring Budget, and perhaps his last before an election, was the 2% cut in rate of National Insurance. This second cut follows a similar cut given in last year’s Autumn Statement and comes with an election looming. Read more.

More families will be eligible for Child Benefit

What has previously been thought to be an unfair system, with eligibility for Child Benefit being withdrawn when one parent earns more than £50,000, now sees a welcome change.Currently, if one partner earns more than £50,000, child benefit starts to be gradually withdrawn, and where the individual earns more than £60,000, they do not receive child benefit at all. Read more.

Guide to The Spring Budget 2024 The 2024 Spring Budget contained some important announcements and confirmed a number of changes planned for the new tax year. Following this, Streets put together a report containing the latest tax and financial information, which is available to download using the link below.

Download now

Mayor reveals tram ambition to link Leeds and Bradford

Stuart Pearcey
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Mayor reveals tram ambition to link Leeds and Bradford
Plans for a tram system running between Leeds and Bradford have been set out today by West Yorkshire Mayor Tracy Brabin, with building starting as soon as 2028. Phase one would include two lines serving Leeds and Bradford, The Leeds Line and the Bradford Line. The Leeds Line would take people between St James’ Hospital, through Leeds city centre and on to Elland Road and the White Rose Shopping Centre. The Bradford Line would run from Leeds city centre to Bradford city centre – also linking Bradford Forster Square station with the new Bradford rail station. This line supports Bradford’s plans to regenerate the city’s southern gateway, which includes the new Bradford rail station. The Combined Authority would also work with Kirklees Council to look into how to include a Dewsbury Line in future. Tracy Brabin said: “Today is a key milestone in our plan to create a better-connected region that works for all. By setting out our plans to submit to government, we are taking a major step forward towards the biggest infrastructure project West Yorkshire has seen since the development of the motorways six decades ago. “This will be transformational for the North, helping our communities to thrive and our economy to flourish – benefitting generations to come with greater opportunity and prosperity. “We know that mass transit systems have successfully helped to regenerate areas right across the country by boosting connectivity, opportunity and prosperity – and we will work tirelessly to make sure that happens here in West Yorkshire.” The project will be subject to a full business case and approvals process. Today’s announcement does not pre-empt the exact route, which will be subject to full public consultation. The Combined Authority will ask the public to have their say in the summer on the possible routes, with the two “phase one” Leeds and Bradford lines expected to be joined later by potential further schemes covering the rest of the region. It will also work on a £1 million mass transit development fund to be set aside to support the Dewsbury Line Development Project, which will look into how to get mass transit to connect Kirklees with Leeds. The mass transit system will form a key part of a wider integrated transport system in the region, seamlessly integrating with bus, rail, cycling and walking, so that everyone can get across the region with ease.

Technology distributor expands into major new Yorkshire base

Tess Egginton
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Technology distributor expands into major new Yorkshire base

Exertis, the technology distribution and specialist service providers, has relocated its Yorkshire base to a major new distribution centre on the M62 corridor at Lowfields Business Park in Elland.

In an off-market transaction, Exertis has expanded into a modern high specification distribution facility totalling 127,000 sq ft, which was previously occupied by online electronics and consumer goods retail giant, Buy It Direct.

Exertis, which is part of FTSE 100 listed DCC plc, has taken over Buy It Direct’s existing lease which runs until December 2031. The move has enabled Buy It Direct to consolidate its distribution centres, to improve efficiencies across the business, and relocate products into its existing distribution facility at Trident Business Park in Huddersfield.

Buy It Direct was advised on the deal by Leeds based property consultancy, GV&Co, alongside joint agent, Huddersfield’s Hanson Chartered Surveyors.

Nick Glynne, CEO of Buy It Direct, said: “Consolidating our warehousing and distribution centres will create significant efficiencies within our business, which will ultimately further enhance the level of service that our customers enjoy. We’re particularly pleased to complete this deal in such a timely manner, which was helped by the willingness and flexibility of all parties involved.”

Paul Mack, director at GV&Co, said: “To conclude this transaction within six weeks of being instructed, which was by no means straightforward, was an almighty effort. We are delighted to achieve such a fantastic result for our client, Buy It Direct, as well as being able to facilitate the continued growth of Exertis Supplies.”

Mark Hanson, of Hanson Chartered Surveyors, added: “This was a herculean effort by everyone involved to make it work in such a tight timeframe, but we’ve succeeded to everyone’s advantage, and I’m thrilled that we could pull it off for Buy It Direct and Exertis Supplies.”

GV&Co and Hanson Chartered Surveyors represented Buy It Direct alongside Levi Solicitors, whilst Pannone Solicitors represented Exertis.

Finance For Enterprise secures £25m capital funding

Tess Egginton
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Finance For Enterprise secures £25m capital funding

Finance For Enterprise, headquartered in South Yorkshire, has successfully secured a capital injection of £25 million from Lloyds Bank and Big Society Capital (BSC) under the second phase of the Community Investment Enterprise Fund (CIEF).

This forms a part of a larger £62 million investment initiative aimed at facilitating access to finance for small businesses across England and Wales, thereby bolstering local employment opportunities and economic growth.

The investment is channelled through three Community Development Finance Institutions (CDFIs) – Finance For Enterprise, BCRS Business Loans, and Business Enterprise Fund.

Lloyds Bank’s participation marks the first instance of a mainstream lender investing in the CDFI sector, signalling its commitment to fostering sustainable business practices and regional development, particularly in disadvantaged regions of the UK.

Within this investment framework, Finance For Enterprise has secured a substantial £25 million allocation. One of the beneficiaries from the initial phase of CIEF is the Estate Tea Company, based in Newcastle.

Founded by local entrepreneur Tom Webb, the company specialises in offering single estate, small batch, and hand-blended teas, supplying them to various establishments nationwide while also operating its own café and eatery in Newcastle.

With support from CIEF via Finance For Enterprise, Tom was able to relocate his business from a modest café in Gateshead to a more spacious venue, previously a plumber’s merchant, which he has transformed into a popular destination for tea enthusiasts throughout the day and night.

Andrew Austwick, Managing Director at Finance For Enterprise, said: “We are thrilled to have secured a significant portion of the CIEF Investment Fund. The success of the Estate Tea Company serves as an excellent example of how the CIEF fund can empower SMEs to thrive. I eagerly anticipate assisting more SMEs across the UK in benefiting from such funding opportunities.”

Elyn Corfield, CEO Business and Commercial Banking, Lloyds Bank, said: “Small and medium size enterprises are the heartbeat of the UK economy and as the largest domestic banking group, we have a proud history of supporting UK businesses to thrive.

“We’re therefore delighted to support the CDFI sector to back local businesses, with a focus on deprived areas, and ensure they have access to a range of financial options right for them. When local businesses flourish so do local communities and we hope our leadership within this second phase of CIEF will see many more areas of the UK succeed.”

Anna Shiel, Chief Investment Officer, Big Society Capital, said: “At Big Society Capital we care deeply about building fair opportunity through expanding the reach of investment into communities and supporting access to a more diverse set of business owners.

“Like the small enterprises they serve, the dedication of CDFIs to create long-term impact deserves greater backing. The combination of their hard work, and vital tools such as the Recovery Loan Scheme guarantee, has unlocked the potential to draw in more capital from institutional investors such as Lloyds, whom we are delighted to co-invest with in this fund.

“We are thrilled to see the work of partners come together in the next stage of CIEF and especially to see how the positive track record of these CDFIs is being noticed!”

Plans approved for 117 affordable homes in New Earswick

Tess Egginton
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Plans approved for 117 affordable homes in New Earswick

Much-needed affordable housing will be delivered in New Earswick in York after Joseph Rowntree Housing Trust’s (JRHT) planning application for 117 new-build homes was approved.

Brewster Bye Architects led the design for the scheme, which will also benefit from the wider garden village’s existing community facilities. It will have a tenure mix of 60% social rent and 40% shared ownership.

The homes will be built on land owned by JRHT, which is located north of Willow Bank in New Earswick.  Approximately a third of the site will be dedicated to open space. As part of the plans, two road junctions will be constructed to allow safe access, as well as new paths linking the homes to a nearby secondary school and the rest of the New Earswick.

Director, Mark Henderson, from Brewster Bye Architects, said: “We have used a style and materials that reflect the original village, which was built by Joseph Rowntree around 1904. With brick walls and clay roof tiles alongside arched doorways and intricate brick detailing, these homes will blend seamlessly with the surrounding area.

“Several of the homes will be located within cul-de-sacs and front garden hedgerows will form natural boundaries. The whole design will encourage people to walk and cycle in the green and tree lined surroundings.”

The plans include a mix of two and three bedroom houses, as well as one and two bedroom flats. The homes will be available between 2025 to 2028.

Leeds property agency appointed to manage trio of city centre developments

Tess Egginton
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Leeds property agency appointed to manage trio of city centre developments
A Leeds-based property agency has been appointed to manage three of Leeds city centre’s newest rental developments that have all given historic and character filled city centre buildings a new lease of life. Zenko Properties is an independently owned sales and lettings agency, which was founded in Leeds city centre in 2015 by Tobias Duczenko and which has recently appointed City Living pioneer, Jonathan Morgan, as a partner. The firm is now the letting and managing agent for Spencer House, Devonshire House and Lambert’s Yard, which total over 50 apartments. Tobias said: “Spencer House is the third new city centre scheme to join the Zenko portfolio in the past few months. It’s a newly developed scheme on Albion Place made up of 11 studios and one and two bedroom apartments. “Located just off Briggate but in a pedestrianised zone, the building is well placed for residents to be able to enjoy easy access to many of the city’s shops, bars and restaurants. “We have been entrusted by the landlord of Spencer House to take over this building as they were impressed with our recent success at Devonshire House, a scheme of 20 apartments in the heart of Leeds’ financial district on York Place, as well as the 19 apartments that make up Lambert’s Yard on Lower Briggate. “Despite competition from other agents for all these schemes, the three landlords saw us as the go-to city living agency and we now have just three apartments remaining across all three developments.”

Ripon Farm Services names new CEO

Tess Egginton
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Ripon Farm Services names new CEO
Ripon Farm Services has appointed Richard Simpson as its new CEO with Geoff Brown MBE becoming Chairman. Three years ago, RFS made the decision to strengthen the Board to ensure it had a structure in place to manage the future growth and succession of the company with the appointment of Richard Simpson as Commercial Director. Richard comes from a farming background and has extensive experience in transforming companies large and small and he brings a wealth of knowledge and a fresh perspective to Ripon Farm Services. In his new role as CEO Richard will have full responsibility for the strategic development of RFS and the day-to-day running of the business. Geoff Brown will continue to be ever-present in the company and advise on strategic direction to ensure the seamless transfer of knowledge and expertise. He will also be able to dedicate more time and energy to his upcoming charitable endeavours in his role as President of the Yorkshire Agricultural Society while, at the same time, ensuring a smooth leadership transition within the company. Geoff commented: “I would like to extend my heartfelt thanks to all employees, customers and the folks at John Deere who have been instrumental in our journey over the past 40 years. “The unwavering commitment, hard work, and passion have been invaluable in shaping the company into what it is today. That said we must keep moving forwards. There is a lot to do, and we must continue to improve, embrace innovation, and always strive to surpass customer expectations.” Joedy Ibbotson, Division Business Manager, John Deere UK, said: “Everyone at John Deere would like to sincerely thank Geoff for his continued and unwavering loyalty to the John Deere brand and all that he has achieved through his leadership of Ripon Farm Services. “Under his leadership the business has grown to become one of the largest and leading John Deere dealers in the UK. Geoff should be immensely proud of what he has built, for over 40 years his unrelenting commitment to serving farming and rural communities has been foundational to Ripon Farm Services’ success. “All of us at John Deere are incredibly grateful for all that Geoff has done to support and grow the John Deere brand. We look forward to continuing our long-standing partnership with Ripon Farm Services, as Geoff transitions into his new role and Richard takes over as CEO.” Geoff commented further: “I am thrilled to be able to have Richard at the helm. He has been instrumental in driving the changes we needed to make in the last three years, and I look forward to him leading the company through the required changes towards even greater achievements. Richard has a proven track record of driving growth, fostering innovation and nurturing talent.” Richard Simpson said: “This is an incredible honour and one which I am terrified about to be honest. Ripon Farm Services is a truly great business and following Geoff to lead the company is the most challenging thing I have ever done. What an incredible legacy he has built. We must all work together to ensure that the values on which the company is built are preserved and enhanced in the years to come.” Geoff concluded: “This is a very positive step forward for the company and we wish Richard all the best in his new role. I am confident that the new leadership will put us on course to ensure that the next 40 years is as successful as the previous 40.”

Marketing agency decides to adopt Sailors’ Children’s Society for the year

Stuart Pearcey
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Marketing agency decides to adopt Sailors’ Children’s Society for the year

Marketing agency The Be Brand is to partner with Sailors’ Children’s Society to raise awareness and funds for its work in providing support to children who face unique challenges due to their association with the maritime industry.

As well as financial contributions, The Be Brand will actively supporting the Society with both fundraising and marketing expertise in a year-long collaboration. The agency will support critical campaigns, such as the Winter Appeal, which not only provides warm coats to children in need but also aims to engage the community in a meaningful way. Natasha Barley, CEO of Sailors’ Children Society, said: “We are thrilled to collaborate with The Be Brand in our mission to support children from seafaring families. Their commitment to both fundraising for critical campaigns and providing pro-bono marketing support will undoubtedly make a significant impact on our efforts. We look forward to a successful partnership that will benefit the children we serve.” Rhiannon Beeson at The Be Brand added: “Working alongside Natasha and the dedicated team at Sailors’ Children’s Society is an honour. Together, we can combine our strengths to make a meaningful difference in the lives of these children, and we are excited about the positive impact we can create.”

Lawyer quits firm started by his father in 1946

Stuart Pearcey
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Lawyer quits firm started by his father in 1946

A lawyer who spent more than 60 years working for the practice in Hull his father founded has now made the move to join another firm in the city.

Patrick Burstall has been appointed as a Consultant Solicitor in the Private Capital team at Rollits. Burstalls was founded by Bryan Burstall at Imperial Chambers, Bowlalley Lane, Hull, in 1946 and Patrick joined in 1961, qualifying as a solicitor in 1968. When his father retired in 1978, Patrick became Senior Partner, a role which he retained for 42 years until he stepped down as a Partner in 2020 to become a consultant. Patrick specialises in many aspects of Private Client work and has particular expertise in trust work, wills, probate administration, tax issues, agricultural law and conveyancing. He is a member of STEP – the worldwide respected Society of Trust and Estate Practitioners – and is a past President of the Hull Incorporated Law Society. He is also a past President of the Hull and Literary and Philosophical Society. Patrick said: “After so long with the same firm I’m excited to join Rollits and look forward to contributing to their continued success in serving clients with exceptional service and advice.”

Firms offered advice about how to sell to local authorities

Stuart Pearcey
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Firms offered advice about how to sell to local authorities

Businesses are being encouraged to attend one of three events organised by Public Sector Procurement to help them learn how to sell to local authorities.

The aim of the events is to provide useful advice and guidance on how to sell to the Councils, listen to the concerns suppliers may have around the process of Public Sector procurement, understand areas of concern or misunderstanding that may be putting suppliers off bidding for works or services within the Council, and to showcase that the procurement team are approachable and willing to support. During the event, suppliers can expect support in registering onto the e-Tendering Portal, support in where to look for Public Sector contracts, a detailed explanation on the tender process, and answers to any queries they may have. Providing various services including Procurement & Contracts for South & East Lincolnshire Councils Partnership, PSPS play an important role in the work that goes on across the East Lindsey, South Holland and Boston Borough areas. In a joint statement, Councillor Sandeep Ghosh, portfolio holder for Finance at Boston Borough Council, Councillor Richard Fry, portfolio holder for Finance at East Lindsey District Council, and Councillor Paul Redgate, portfolio holder for Finance, Commercialisation, UKSPF and Levelling Up at South Holland District Council, said: “We are very pleased that this event is taking place in an all important effort to engage with local suppliers and listen to any concerns or queries they may have around the procurement or tendering process. “Ensuring that our local suppliers understand our processes thoroughly is key in building helpful and constructive partnerships, so we really encourage any applicable person to book a session with our friendly procurement team who will do everything they can to inform and clear up concerns or misunderstandings.”
The events are taking place on 17 April 2024 at the following locations:
  • East Lindsey District Council, The Hub, Mareham Road, Horncastle, LN9 6PH
  • South Holland District Council, Council Offices, Priory Road, Spalding, PE11 2XE
  • Boston Borough Council, Municipal Buildings, West Street, Boston, PE21 8QR
There will be an added option to attend supplier premises within the District should suppliers find this more useful.  

National Grid faces challenge to its Lincolnshire pylon plans

Stuart Pearcey
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National Grid faces challenge to its Lincolnshire pylon plans

Lincolnshire County Council’s executive is commissioning an independent report into the potential impact of National Grid’s proposal to build 420 50-metre pylons to run 140km of high voltage cables through the Lincolnshire countryside.

Members plan a formal objection to the scheme that would see cables running from Grimsby to Walpole in Norfolk. An independent analysis is also being commissioned to look at the impact the pylons could have on Lincolnshire including putting farmland out of use, the visual impact on the flat landscape, the effect on tourism and air traffic limitations.
Council leader Martin Hill said: “The council’s view is that National Grid has dismissed a valid alternative of putting the cables on the sea-bed, and instead plan to blight our landscape and affect our countryside and coastal communities for generations to come. “We are keen to take urgent action to get all the information about the options. If necessary we will take legal action to challenge the reasoning that this infrastructure is the best solution.”

‘Not good enough’, FSB National Chair tells Financial Conduct Authority

Stuart Pearcey
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‘Not good enough’, FSB National Chair tells Financial Conduct Authority
The stance taken by the Financial Conduct Authority in response to an FSB super-complaint on suspected excessive use of personal guarantees by banks isn’t good enough, according to FSB National Chair Martin McTague. He says the FSB flagged up in December that it believed there was a potentially a systemic problem when it comes to personal guarantees, and the effect they have on growth and investment. He claims the FCA has declined to gather evidence from regulated lenders, which he says is illogical because it would illustrate the scale of the problem affecting limited companies. He said: “The fact that the FCA has failed to gather as much evidence as possible on lending to limited companies only increases the urgency for Treasury to consider an expansion of the regulatory perimeter. “We are not at all calling for personal guarantees to be banned – we recognise their role in lending to SMEs, but it is the excessive imposition of them which we wanted to highlight. “Anecdotally, we hear that requesting personal guarantees is almost a blanket policy for some lenders, which cannot be right if the loan value is relatively small, and there’s no evidence that the business will struggle to repay. “Personal guarantees sit in a twilight zone in terms of regulation, as they turn a loan to a limited company into a personal liability, yet the individual borrowers aren’t covered by consumer protections that exist for other kinds of lending. “We strongly believe the FCA ought to have gathered data on the extent to which personal guarantees are being requested by regulated lenders, and to assess the economic damage caused as a result. Data is also needed to assess whether particular groups or types of would-be borrowers are affected by the issue more than others. Individual borrowers have very little recourse when set against the power held by the banks. “Since sending the super-complaint, our first since being granted super-complainant status ten years ago, we have heard from numerous businesses about the negative consequences a personal guarantee has had on them. “The FCA has committed to gather some limited data on personal guarantees over the coming months. We would now urge FCA to broaden this exercise to gather as much evidence as they can on lending to limited companies by regulated lenders, which is where the real problem lies.”

A Budget built on loss leaders or a leadership that might have lost its way? Was it more ‘Middle Lidl’ than Middle England?

Tess Egginton
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A Budget built on loss leaders or a leadership that might have lost its way? Was it more ‘Middle Lidl’ than Middle England?
James Pinchbeck, partner at Streets Chartered Accountants, comments on the Spring Budget. The headline grabbing announcement from the Chancellor Jeremy Hunt’s Spring Budget, and perhaps his last before an election, was the 2% cut in rate of National Insurance (NI). This second cut follows a similar cut given in last year’s Autumn Statement and comes with an election looming. For some it might have felt like that ubiquitous loss leader that retailers prompt to get you to buy so as to take your mind off the fact that whilst making such a purchase, perhaps one you hadn’t intended to buy, you might buy something else at higher price and margin. In this case, the reduction in NI perhaps coupled with the freezing of alcohol duty, the fuel price cap and changes to child benefit are all sweeteners to give us a sense that things are getting better and we are better off than we might be really. This aside there were a number of key announcements that will affect both businesses and individuals. The freeze on alcohol duty no doubt will be welcome for both consumers and the licenced trade. Perhaps though more could have been done in light of the cost-of-living crisis and the impact it is having on our pubs, clubs and eateries. Plans to scrap the furnished holiday lets regime perhaps comes with a double edged sword in that hopefully it can address the issue of access to affordable homes for those living in holiday destinations, but equally will it adversely affect the provision of holiday accommodation for holiday makers. Turning to property, there was a reduction in the higher rate of property capital gains tax from 28% to 24% – a move aimed to stimulate the market for sales of properties caught by the higher tax rate. The Chancellor also announced the abolition of stamp duty relief for those buying more than one dwelling, a relief known as the Multiple Home Relief. Many small businesses including the self employed will have welcomed the news that the VAT registration threshold will rise from £85,000 to £90,000 from the start of April. For those businesses looking to invest in plant and machinery, whilst no date was given as to when it might come into effect, the Chancellor stated that plans were in place to draft new legislation so that leased assets could be included in Full Expensing for the purchase of plant and machinery. Whilst this may not affect many reading this, Jeremy Hunt confirmed the non-domiciliary status will be abolished and it will be replaced by a ‘simpler and fairer’ system from April 2025. The current system means that those living in the UK with overseas links and financial interest only pay UK tax on money earned here, going forward they will be required to be taxed on worldwide income. For those engaged in the creative industries sector, news of the £1bn additional tax relief must have been as good news as perhaps being nominated for a BAFTA. Not least that measures include a tax credit for UK independent films with budgets under £15m. Also announced was a 40 per cent relief on gross business rates until 2034 for eligible film studios. The Chancellor also said the government will remove the 80 per cent cap for visual effects costs in the audio-visual expenditure credit. When it comes to the public sector though it would seem the only real beneficiary was the NHS with a commitment to a public sector productivity plan. There were no real announcements around the much needed support for education, skills, emergency services, nor our local authorities, all facing the pressures of the cost of living crisis and often increasing demands. Overall, was it a Budget to gain or even regain voter confidence, or did it fall short? Did it feel more like a government that is tired and lacking ideas and one that has perhaps lost its way? Perhaps we will know more over the next few weeks and months on the run up to the 2024 election.   For the devil in the detail there is still time to book for Streets Chartered Accountants’ post Spring Budget webinar which takes place from 11am until 12noon on Thursday 07th March. Register to join us live and/or to receive a post broadcast recording to watch on catch up. https://www.streetsweb.co.uk/about/events/spring-budget-2024/

ABP boosts Hull’s container handing capability with arrival of new crane

Stuart Pearcey
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ABP boosts Hull’s container handing capability with arrival of new crane
ABP’s Humber Container Terminal at the Port of Hull has taken delivery of a new state of the art reach stacker to boost its container handling capability in Hull, which, with its Immingham counterpart, is the leading northern England gateway for short sea container traffic with Europe and the Baltic. The new truck joins the ten-strong fleet of reach stackers used across the container terminal to move and store containerised cargo and load out containers onto lorries for their onward travel. The new reach stackers are the latest addition to ABP’s £50 million investment plan at the container terminals in the Ports of Hull and Immingham completed in recent years. Simon Bird, Regional Director for the Humber ABP ports said: “ABP has the space and state-of-the-art service across its container terminals here on the Humber for those looking for a reliable and resilient route to market. “Our northern access makes the Humber a great solution for retailers and suppliers looking to build more sustainable supply chains by reducing road miles for their customers.” ABP’s Humber Container Terminals at the Ports of Immingham and Hull have become a significant gateway for containerised cargo in the UK, offering, flexibility, value added services and excellent road and rail access. The Port of Hull Container Terminal, spanning 30 acres, has the capacity to handle more than 400.000 units per year. The terminal is complemented by ABP’s Port of Immingham Container Terminal; together they welcome over 26 vessels a week, connecting trade routes from European and global ports, handling 243,000 containers combined in 2023.

DVSA changes load security guidance after six months of negotiation with NFU

Stuart Pearcey
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DVSA changes load security guidance after six months of negotiation with NFU
The Driver and Vehicle Standards Agency is to update load security guidance introduced last July after the NFU identified that it was neither reasonable nor practical for many transporting agricultural loads.
The agreements reached during the recent negotiations help to ensure that those transporting agricultural loads are less likely to be unfairly penalised, particularly over sheeting of loads, as is the case with the current guidance, with specific reference to where there is a risk that loads will bounce up and out of the trailer. NFU Farm Safety and Transport adviser Sarah Batchelor said: “This is a great win for the NFU. Not only should this help both our members and enforcement officers to better understand the requirements for load security, but it should also help to reduce unnecessary risk involved with having to work at height and often alone to apply sheets to trailers where hydraulic or mechanical sheeting systems are not suitable. “It should also help members to have confidence in how they are managing their load security, and reduce the stress associated with potentially getting a penalty. “It is in farmers’ best interests to not overload their trailers and, to act safely and within the parameters of the law.”

National Grid puts up funds to boost interest in STEM training

Stuart Pearcey
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National Grid puts up funds to boost interest in STEM training

Inspiring more young people from marginalised and economically-deprived backgrounds in the Midlands about technology, science and engineering is the aim of a new community funding offer.

Registered charities and non-profit companies could get up to £5,000 each from National Grid Electricity Distribution to engage children in Science, Technology, Engineering and Mathematics activities. Unregistered community organisations can apply for up to £2,000.

National Grid’s Community Matters Fund is offering £250,000 worth of grants to boost engagement and take learning beyond what’s covered by the national curriculum.

Successful projects will need to meet at least one of the following themes:

  • Open the eyes of a new generation to the exciting possibilities of a career in STEM, for example, projects that bring the area to life in a lively and engaging way.
  • Inspire further confidence and widen the skills of those already interested in STEM, for example via hands-on workshops and interactive experiments.
  • Break down barriers with access to tools, time, and resources for those for whom STEM’s potential may be unfamiliar, for example, launching after-school coding clubs or giving access to 3D printers.

Ellie Patey, Community Engagement Manager for National Grid Electricity Distribution, said: “Big challenges facing schools around resources, time allocation and funding have proven major barriers to engaging kids with this vital area of learning. National Grid is committed to widening the appeal of these exciting subjects which can lead to fulfilling and rewarding careers.

“We’d particularly welcome Midlands-based projects focussed on supporting young people from disadvantaged or underrepresented backgrounds for whom STEM feels unfamiliar, out of reach or even intimidating.”

“Inspiring the STEM leaders of tomorrow not only supports National Grid’s wider objectives to deliver a clean, fair and affordable energy future, but also plays a part in meeting the anticipated 400,000 roles needed between now and 2050 to reach the UK’s net zero targets.”

Applications open on Wednesday 6 March and close on Wednesday 27 March. Grants for successful applicants will be distributed in April.

Plans unveiled for Penistone’s historic coal drops heritage site

Tess Egginton
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Plans unveiled for Penistone’s historic coal drops heritage site
A family-run, Barnsley-based property and land company, has unveiled the highly anticipated next phase of development for Penistone’s coal drops, signal house, and former railway siding site. With this next stage of the site’s transformative journey, Fairbank Investments is marking a significant moment in Penistone’s history, with the development promising an inspiring blend of heritage preservation and modern rejuvenation. The new designs, including business units, office space, retail and restaurant units, demonstrate how Fairbank Investments envisages how the coal drops and the land will look once fully transformed. The plans are subject to final approval. Steeped in history, the coal drops site stands as a poignant reminder of Penistone’s industrial past. In recognition of its cultural significance, Fairbank Investments has embraced the opportunity to breathe new life into these iconic structures, preserving their heritage while welcoming a new era of prosperity. Fairbank Investments has a proven track record of sustainable development projects such as the former David Brown factory on Green Road in Penistone. The company revitalised the site after transforming it into a new business park with 15,000 sq ft of offices and a further 66,000 sq ft of warehouse space, creating new jobs and attracting multiple businesses to the area. Antony Green, Managing Director of Fairbank Investments, said: “Our vision extends beyond bricks and mortar; it’s about creating a lasting legacy that enriches the fabric of Penistone’s identity. We’re honoured to play a role in shaping the future of this historic site. “Working in tandem with local authorities and community groups, we pride ourselves on delivering positive, proactive development results and have demonstrated this repeatedly over many years of business success. “We turned the redundant site at the old David Brown site in Penistone into the thriving Fairfield Business Park, generating employment and helping multiple start-up companies and we intend to do the same at the coal drops site. “Our current development represents a bright new beginning for a site that without our investment and vision would have likely remained a permanent wasteland.”
Image credit: Fairbank Investments
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