BCC upgrades economic forecasts for now, but predicts downturn in 2025
The British Chambers of Commerce has marginally upgraded its 2023 and 2024 GDP forecast but lowered the outlook for 2025, as economic growth for all three years flatlines.
The BCC’s Quarterly Economic Forecast, ranked joint second most accurate by the Sunday Times, predicts the UK will remain in the slow lane.
Vicky Pryce, Chair of the BCC Economic Advisory Council, said: “The BCC’s latest forecast shows the UK economy has yet to find a way to break out of its current rut. While it’s welcome that GDP should continue to expand there is an underlying fragility that is eroding confidence.
“The Government set out several pro-growth measures in the Autumn Statement, but businesses and consumers have had their fingers badly burned by the pandemic and ensuing economic shocks.
“It will take a Herculean effort to shift the dial on investment and consumer spending, against that background, and inject some much-needed vitality.
“The minimum wage increase early next year will further impact investment concerns among businesses, as cost pressures rise.
“As we head towards an election next year, politicians will have to show how they will work with the business community to build on the Autumn Statement commitments and develop a much-needed long term economic plan to give companies confidence to invest in people, trade and grow.”
The UK economy looks set to continue expanding until the end of 2025, but growth will remain very sluggish. A growth rate of 0.6% is now expected for the whole of 2023, dropping to 0.4% in 2024, and nudging up only slightly to 0.6% in 2025. Prolonged high interest rates, trade barriers, particularly with the EU, and limits on consumer spending are all seen to feed into a low growth climate.
Despite core inflation now outpacing the headline CPI rate, BCC research indicates the proportion of firms expecting their prices to rise is continuing to fall. The forecast for the CPI rate is now 4.6% in Q4 2023, 3.1% in Q4 2024, and 1.9% in Q4 2025, when it finally slips below the Bank of England’s 2% target.
Although ONS revisions have revealed the economy recovered from the pandemic much faster than originally estimated, the momentum has been lost. While the start of 2023 turned out better than expected, the second half of the year has been lacklustre, leading to overall growth of 0.6% for the year.
And with interest rates now predicted to fall only slightly in 2024 and business confidence failing to take off, the BCC expects the economy to grow by just 0.4% in 2024 and 0.6% in 2025.
This is a slight increase for 2024 and a similar decrease for 2025, from the BCC’s previous Q3 forecast of 0.3% and 0.7% respectively.
Weak levels of growth in household consumption and a forecast of a reduction in overall real terms Government spending in 2023 and 2024, are also factors in this shaky performance.
Although disposable incomes are now above pre-pandemic levels, households are spending less than they did then, suggesting high interest rates, inflation and global headwinds are weighing on consumer confidence.
Trade is also likely to continue to suffer, with export growth of just 0.5% and 1.2% in the next two years, following a contraction of 0.5% this year. Imports are similarly lacklustre, with further regulatory changes at the UK and EU borders weighing on trade flows.
Against this background, the BCC expects business investment to contract by 0.8% in 2024, a downward revision from –0.1% in Q3, before rebounding to 1.2% in 2025.
Despite the gloomy economic outlook, average earnings are now expected to grow more strongly than inflation across the forecast period, with growth of 5.5% in Q4 2023, followed by 3.5% in Q4 2024 and 2.5% at the end of 2025.
With core inflation remaining stubborn, and fears that wages could continue to put upward pressure on prices, the Bank of England interest rate is expected to fall only slowly – reaching 4.25% in Q4 2025.
While the number of vacancies continues to decline and demand remains subdued, the unemployment rate is also expected to stay higher for longer, hitting 4.8% by the end of 2025. However, this cooling of the labour market is yet to translate into any significant easing of the recruitment difficulties felt by firms, with BCC research showing the hospitality, construction and manufacturing sectors all struggling.
Woodlands Home & Garden Group acquires modular garden building business
Leeds-based Woodlands Home & Garden Group has completed the acquisition of Smart Modular Ltd (trading as My Modular), a modular garden building business with a network of skilled installation specialists, based in Otley.
The firm’s portfolio of products will be rebranded and become part of the Tiger range over coming months.
The modular operation will be based at Woodlands Home & Garden Group’s manufacturing facility at Thornbury alongside the Log Cabin production team, and Stuart Davison, the founder of My Modular, will join the Woodlands board as Commercial Director, to further develop the modular category and to support the wider growth plans of the group.
Ross Moran, Chief Executive of Woodlands Home & Garden Group, said: “As part of our strategy, we are committed to helping our customers find their perfect space, by offering them an extensive selection of high-quality garden buildings that showcase the best possible range of designs, budgets and uses.
“As a result of our analysis of the market, product, and service proposition, we concluded that it would make sense to bring in specific expertise, and the right level of experience, innovation and quality required so that we could enter the market as quickly and effectively as possible. We are delighted to welcome Stuart and his team to the group, and we look forward to working with them to create further growth for the business.”
The news comes as three members of the senior leadership team at Woodlands have been promoted to join the main board of directors: Graham Parlett to Finance Director, Lauren Coley to Product Director, and Agata Choma to Operations Director.
New bus station gets go-ahead in Heckmondwike
Plans to build a new bus station in Heckmondwike have been given the green light by West Yorkshire leaders.
The existing “bus hub” in the town centre will be given a major upgrade, with more bus stands and improved facilities for passengers.
The current traffic island will be demolished, with a new bus station building with indoor waiting facilities built in its place.
The project aims to improve journey reliability and times, as well as reduce congestion and improve air quality.
Tracy Brabin, Mayor of West Yorkshire, said: “We want to improve bus services for people in West Yorkshire – so that public transport is reliable enough to make it the first choice for travel.
“This new station is a big step towards that goal and will make it easier to walk, cycle and wheel in the area too.
“I’m looking forward to seeing the project come to life as we build a better-connected region that works for all.”
This £8.6 million project is being delivered in partnership with Kirklees Council.
The new, fully accessible station will also include extra seating, better footways, cycle parking, solar panels, a “green roof” with plants and more green space for people to enjoy. New toilet facilities will be created, including a “Changing Places” room with extra features for people with a range of disabilities.
It will also improve safety by introducing more CCTV cameras and better lighting.
The new station will make it easier for people to use the bus, cycle, wheel or walk in and around Heckmondwike.
Cllr Cathy Scott, Leader of Kirklees Council, said: “As we unveil the new Heckmondwike Bus Station, we embark on a transformative journey that goes beyond bricks and mortar.
“This station is not just a transportation hub; it’s a catalyst for positive change within our community. With an unwavering commitment to sustainability and accessibility, this project is part of plans to regenerate the town centre and is part of our Heckmondwike Blueprint regeneration initiatives.
“Our vision encompasses a future where bus travel becomes a preferred choice, reducing our travel-based carbon footprint and congestion. By enhancing reliability and attractiveness, we invite more residents to embrace sustainable transport, making strides towards our sustainable and inclusive growth ambitions.”
The scheme is being delivered through the Combined Authority’s Transforming Cities Fund programme, which is aimed at making it easier to walk, cycle and use public transport.
Construction work is due to start in January 2024.
East Yorkshire High Street businesses urged to ask for grants
Businesses on High Streets across East Yorkshire are being given an opportunity to enhance their business premises by accessing ‘Love Your High Street’ grant funding.
The Invest East Yorkshire team, which is part of East Riding of Yorkshire Council, can help business owners to access funding to revamp their premises, increase footfall in the town in which they’re located and boost customer engagement. The team is able to help eligible local businesses access grants though the UK Shared Prosperity Fund (UKSPF) and Rural England Prosperity Fund (REPF). Advisers work closely with business owners to help them identify projects that will help their business grow and evolve, as well as identifying any sources of grant funding that may be available to help them cover the costs. Dawn Hall of the Invest East Yorkshire team said: “Whether you’re planning to upgrade your storefront or workspace, or want to attract more customers and boost local foot traffic, our knowledgeable and friendly team is here to help and advise you. Don’t miss out on this opportunity to make a meaningful impact on your business and community; give the team a call today to discuss your ideas!” For more information or to discuss your project, contact the Business Support Team on 01482 391622 or email business.support@eastriding.gov.uk.Second business incubation hub opens in Rotherham
A second business incubation hub has officially opened in Rotherham.
Rotherham Council has invested £5.4 million to create 20 new workshops, 16 offices and two laboratories at Century 2 Business Park.
Cabinet Member for Jobs and the Local Economy, Cllr Denise Lelliott said: “Our investment will create more better paid jobs and increase spending in the local economy as a result.
“We’re building on the existing success story at Manvers by creating a new vibrant workspace where more entrepreneurs and small businesses can get the support they need to grow. These are exciting times for small businesses who can tap into the specialist expertise offered by Rotherham Council.”
Micro and start-up businesses will benefit from the serviced spaces now available at Rotherham Council’s fifth business hub.
The neighbouring Century Business Park has supported over 400 businesses since it was set up 22 years ago.
Century 2 will feature a central reception and lettable conference facilities for large meetings and functions. Externally, the site will include car parking, cycle storage and electric car charging points.
A fabric first approach has been taken towards creating a more sustainable building and renewable heating will be incorporated within the office spaces via air source heat pumps.
The site is located just off the A6195, with links to M1 and A1. It will be managed by the Council’s Rotherham Investment and Development Office (RiDO), which manages similar facilities across the borough.
Esh Construction was appointed to deliver the scheme as design and build contractor on behalf of Rotherham Council.
Esh’s Operations Manager, Andrew Schofield, said: “This development will provide an important facility for local businesses to operate and grow from, therefore we are pleased to celebrate the official opening.
“Throughout our time on site we delivered a number of social value initiatives within the local community, including careers and employability workshops for young people in nearby schools and colleges, site visits for college students, and apprentice training on site.
“We collaborated with the Better Learners Better Workers programme and RNN Group’s Dearne Valley College to deliver tailored, meaningful engagement within the area.”
Action plans to help regenerate towns set to be approved
Proposals have been drawn up for Knottingley, Ferrybridge and Pontefract that will help towards their economic regeneration and a better quality of life for residents.
The new plans build on the existing work that has already been achieved in providing improved leisure facilities, skills, training, and jobs.
Cllr Michael Graham, Cabinet Member for Economic Growth and Regeneration, said: “The regeneration of these historic towns is important to the district’s future success and for everyone who lives and work in them.
“I’m pleased that we’ve made progress in achieving the goals we set out in 2018, but there is much more still to do and I’m really looking forward to what we can accomplish in the next few years.
“We will continue to work with residents, businesses and partner organisations to do more to support the growth and prosperity of the towns and attract more investment into Knottingley, Ferrybridge and Pontefract.”
Since 2018, 31 projects have been completed in Pontefract and, from 2019, 82 in Knottingley and Ferrybridge.
The completion of most of the targets led the Council to undertake a review, in consultation with local organisations and partners, and decide on other priorities that would transform the towns.
Improving road safety outside primary schools, implementing works to Monkhill station, and supporting the growth of tourism in the towns are just some of the new targets in the new action plans.
£170,000, from the Town Centre Regeneration Fund, has already been allocated to new schemes in the plan for Knottingley and Ferrybridge.
A number of projects will benefit, including upgrading the Great North Road underpass in Ferrybridge and improvements to the play equipment at Simpson Lane on the Warwick estate.
In Pontefract, the Council is working with Mid Yorkshire Hospitals NHS Trust, alongside other organisations including WYCA, Homes England and Historic England, to find a new use for the 19th century Old Dispensary and secure the future of the Hermitage.
Planning guidelines that will shape the built environment in Knottingley and Ferrybridge are also set to be approved, alongside the action plans, by Cabinet members at their next meeting on Tuesday 12 December.
2024 Business Predictions: Steve Adams, CEO, Mattress Online
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Steve Adams, CEO of Mattress Online.
From a retail perspective Google local search will continue to be an important tool for businesses – making sure the page is updated and correct is key – and having reviews feeding in to elevate local visibility. It’s essentially free exposure, and I see brands making the most of that in 2024.
Along with that, I predict that we will see more hybrid retailing in the coming year, primarily online businesses coming offline and taking steps to invest back into the highstreet through bricks and mortar roll-outs.
For e-Commerce I think we’ll see AI and PMAX almost running online paid visibility by the end of 2024 and working to maximise content for Google’s EEAT policy (Enterprise, Expertise, Authoritativeness and Trustworthiness). The two need to work in harmony, so I see teams placing focus and capacity on those elements of their strategy, as it will be crucial for online businesses to get both right.
Administrators sell Hull firms as a going concern, saving 70 jobs
The business and assets of modular building construction Module-AR have been acquired out of administration, safeguarding more than 70 jobs. The £30 million turnover firm and its assets have been sold to a third party as a going concern.
Dean Watson and Paul Stanley of Begbies Traynor were appointed as Joint Administrators of the Hull-based company alongside Rikki Burton of Anderson Brookes at the end of October, after which they ran a marketing campaign and negotiations with various parties.
Dean Watson, partner at Begbies Traynor, said: “We are pleased to have completed a going concern sale of the business, which safeguards the jobs of a loyal and skilled workforce. These are particularly challenging economic times for everyone in the construction sector but this acquisition saves jobs and enables operations to continue. We have been assisted by Rob Turner of Brabners and Paul Pilling of Hilco Valuation Services with the transaction.”
11-storey apartment scheme tops out in Leeds
Contractor Clegg Construction has held a topping out ceremony at an 11-storey apartment complex being built for property developer Rise Homes in Leeds.
Spinners Yard is a 185-apartment, U-shaped, build-to-rent scheme in Regent Street in the Mabgate area of Leeds City Centre.
It is the second build-to-rent project Clegg Construction has undertaken in partnership with Rise Homes and follows the recent completion of The Ironworks – a £28.7m, 11-storey apartment development in Sheffield.
Featuring a mix of studio, one, two and three-bedroom apartments, Spinners Yard is due to be completed in 2025.
Clegg Construction operations director, Darren Chapman, said: “We are very pleased to have reached the key topping out stage for this development. This will allow us to continue adding the external walls and glazing up the building, followed by the internal fit-out.
“Spinners Yard is regenerating brownfield land and will breathe new life into the area, providing a desirable residential development with a range of properties to rent.”
The ground floor of Spinners Yard will incorporate a plant room, enclosed parking for cars, motor bikes and cycles to one half with the other containing the entrance lobby and reception, the centre management office, a lounge, break out and work spaces, and a gym. Two staircases/lift areas provide access to upper residential floors. The first floor will incorporate a residents’ garden space with another spacious roof garden on the tenth floor.
Once completed, the development will feed into the Leeds PIPES District Heat Network.
Nigel Rawlings, CEO of Rise Homes, added: “We are delighted with Clegg’s progress at Spinner’s Yard and we are very much looking forward to the completion of this sustainable development linked to the Leeds City energy from waste plant offering high-quality, spacious apartments at both affordable and market rents featuring many other environmental benefits.”
During construction work on the Spinners Yard site, Clegg Construction has been hosting groups of Leeds College of Building Trade and Management students, aged 16 to 19, to provide them with valuable insight into the sector. The students have also been visiting the site next door, where Clegg Construction is building The Fabric Works, a 402-bed student accommodation scheme.
In addition, Clegg Construction is sponsoring a local Army Reserve (formerly the Territorial Army) squadron in Leeds by providing T-shirts worn as part of the uniform and during physical training, and is currently collecting food, toiletries and other items for the Blessed of the Father Food Bank, part of Leeds Food Aid Network, at its Spinners Yard and The Fabric Works sites.
Galliford Try lands contract for work at the home of the Red Arrows
Galliford Try has won contracts to create new and refurbished infrastructure for the Red Arrows at their new home of RAF Waddington near Lincoln.
The contracts also include work to build or refurbish facilities at three other RAF stations. The Red Arrows moved to RAF Waddington in October last year. New facilities are now required for the team and their distinctive red Hawk fast jets.
Jon Marston, MD of Galliford Try Building East Midlands, said: “We are delighted to be signing these contracts and look forward to continuing our strong partnership with the MOD to successfully deliver these projects for the RAF and defence. The project team are set to deliver a combination of refurbishments, new build facilities and single living accommodation across the sites.”
The project is part of the MOD’s wider Defence Estate Optimisation Portfolio, which is investing £5.1bn in the infrastructure needed by service people through construction activity, unit and personnel moves, and the release of sites that are no longer suited to the needs of our modern military.
Air Officer Airbases, Air Commodore Portlock welcomed senior leaders from DEO, Defence Infrastructure Organisation and representatives from Galliford Try to RAF Waddington. They signed four contracts to deliver a project which spans RAF Leeming, RAF Saxton Wold, both RAF Boulmer sites and Waddington.
He said: “This significant milestone marks an exciting transition into the much-awaited design and build phase of the project. Providing this essential infrastructure will enable the RAF to make best use of its estate, whilst also delivering our capabilities which are critical to defence.
“Earlier this year, multiple contractors from the construction industry were awarded packages of work across the DEO Portfolio in a landmark move to speed up project delivery. The move will also provide a more collaborative way of working, and a consistent approach to sustainable building practices.”
Director of Major Projects and Programmes for DIO, Charles Hoskins said: “Our first DEO project for Air Command under the new contracting mechanism is embarking on a journey to turn vision into reality. Today we sign the design and build contracts and look forward to collaborating with Galiford Try to deliver all capabilities within this project.
These contracts, which have enabled the disposal of RAF Scampton, will now see Galliford Try design and deliver the required infrastructure for Battlespace Management Force’s Deployable Air Surveillance and Control System, the Mobile Meteorological Unit,and the Red Arrows.”
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Rule change will give more small firms support in energy disputes
More than 200,000 businesses in disputes with their energy supplier could for the first time get access to specialist support under new Government plans.
Under new proposals, companies with up to 50 employees would qualify for support from the Energy Ombudsman – with issues ranging from disputes over bills and energy supply, to how an energy product or service has been sold, or wider customer service issues – support until now available only to businesses of up to 10 employees.
Making this move will enable these companies to settle disputes with their energy supplier without facing costly court fees – ultimately saving them money.
It follows a survey conducted by regulator Ofgem, which found that 94% of the total respondents, which included businesses organisations, consumer groups, and suppliers, said they would welcome this move.
Minister for Energy Consumers and Affordability Amanda Solloway said: “This government has always stood by businesses, and we want to ensure they are getting proper support and service in dealing with energy suppliers.
“That’s why we’re proposing expanding the reach of the Energy Ombudsman to cover an extra 200,000 businesses, allowing them to access free, impartial advice and resolve issues with their supplier without the need for an expensive trip to court.”
Nuclear submarine crew signs bond of friendship with Sheffield Forgemasters
Commander David ‘Bing’ Crosby and crew members of the UK submarine HMS Agamemnon have signed a Bond of Friendship with Sheffield Forgemasters which will see both parties work together to promote joint aims and share news of the submarine’s progress.
HMS Agamemnon is the UK’s newest of seven Astute Class nuclear submarines, scheduled to launch at enterprise partner BAE Systems in Barrow-in-Furness next year. The submarine’s friendship agreement with Sheffield Forgemasters recognises our continuing importance within the Royal Navy supply chain and in the delivery of these extremely complex and highly capable machines.
Commanding Officer, David ‘Bing’ Crosby, Captain of HMS Agamemnon, said: “It was a privilege to tour the Sheffield Forgemasters site and to see at first hand the incredible work that the company delivers on behalf of the UK’s defence programme.
“We are reliant on the impeccable safety requirements and high-end product quality that our suppliers must meet to ensure that our vessels can head out to sea safely, often for considerable periods, as we work to provide support to the Country’s Continual at Sea Nuclear Deterrent, a submarine-delivered National endeavour.
“This Bond of Friendship means that we will always be linked with this great Sheffield company. We will share news of each other’s progress and collaborate on various events when we are back in dock.”
HMS Agamemnon has strong Yorkshire connections with its formal affiliation to the City of Wakefield, supporting many regional Mayoral events, and is also affiliated with the Yorkshire University Royal Navy Unit, based in Leeds.
Sheffield Wednesday fan Bing, and many members of his crew, also live in or come from Sheffield and the Yorkshire region, making football derbies a hot topic of conversation onboard!
Richard Bell, Sales and Business Development Director said: “It is a great honour to have signed The Bond of Friendship with HMS Agamemnon and its crew and we look forward to learning much more about the team and their lives at the forefront of our defence strategy.”
The Astute Class submarines are nuclear-powered vessels and capable of spending almost limitless time at sea, restricted only by food rations. These highly capable boats, with a crew of around 120 men and women, produce their own drinking water and oxygen.
Publisher and Chamber unite in strategic partnership
West & North Yorkshire Chamber has entered into a strategic partnership with publisher LOCALiQ to promote its services across the region and to enable members to market their business through the goods and services both have to offer.
The Chamber says the arrangement is a perfect B2B partnership as both organisations already work closely together, with LOCALiQ sales director Steve Lowe already sitting on the leadership of the West Yorkshire leadership group and as a member of the Chamber’s BAME committee.
Together they will highlight the positive B2B activities taking place and promote the services they both offer to help local businesses, from finance and legal advice, start up support and skills and training which the Chamber specialises. With LOCALiQ, an award-winning marketing company, offering advice and guidance around all things marketing including websites, generating leads, enquiries and awareness using digital media, news websites, magazines, and networking events.
James Mason, CEO of the West & North Yorkshire Chamber said: “The Chamber and the titles LOCALiQ manage have been proud champions of the region’s business community for centuries.
“This partnership will allow us to take our convening powers and reach to a how new level”
Steve Lowe said: “Both organisations are focused on supporting local business to grow, we offer very different support and combined we can provide great advice to what a large, small or start up business needs to grow.”
The West & North Yorkshire Chamber of Commerce exists to support local business. Their mission is to be recognised as an essential part of growing businesses by sharing opportunities, knowledge, and expertise, with a strong business voice influencing decision makers at all levels. As accredited members of the British Chamber of Commerce (BCC) they have been supporting business for over 150 years.
Leeds’ Eville & Jones acquired by Nottingham group
Nottingham-headquartered Phenna Group, whose aim is to invest in and partner with selected niche, independent Testing, Inspection, Certification and Compliance (TICC) companies that serve a variety of sectors, has made its 15th deal of 2023, and its 4th in food and health sciences.
Formed in 1993 by vets Rob Jones and Pete Eville, Leeds-based Eville & Jones (E&J) is a provider of veterinary, compliance and public health solutions to the food industry. Its UK-wide team of nearly 1,000 professionals delivers audit, verification, inspection and compliance services in the fields of animal health, public health, food safety and animal welfare.
E&J works with various government departments across the UK to safeguard animal welfare within abattoirs and ensure that meat is safe to enter the food chain. E&J is also the country’s largest provider of Export Health Certification services to the private sector, enabling the export of Products of Animal Origin.
Charles Hartwell, CEO of Eville & Jones, said: “My team and I are hugely excited to join Phenna Group. Our business has grown steadily over recent years and I believe with Phenna’s support, that can continue and allow us to expand more rapidly into complimentary services and geographical areas.
“Since our first interaction with Paul and his team, the process has run smoothly and they have acted with great integrity and professionalism throughout. I’m confident in our ambitious future growth strategy and look forward to working with the Phenna Team to deliver it.”
Paul Barry, Group CEO of Phenna Group, added: “I am delighted to welcome Charles and his team to Phenna Group. The addition of Eville & Jones really augments our fast growing Food & Health Sciences platform.
“By headcount, this is our largest deal to date and their experienced team creates a UK wide footprint of experts, that we hope to leverage into new adjacent services into the future. E&J provide a critical service to the UK food industry and I’m proud to have them join Phenna Group. I look forward to working with Charles and his team to help them deliver their exciting growth plans.”
Phenna Group was advised by Avonhurst and RSM. Eville & Jones was advised by Blacks Solicitors, Parsons Chartered Accountants, and Claritas Tax.
The deal follows hot on the heels of Phenna Group’s acquisition of CEIMIC Life Sciences Testing Group.
One City Park reaches completion in Bradford
One City Park in Bradford, delivered in partnership between Muse and Bradford City Council, has reached completion, and contracts have been exchanged with an anchor tenant.
The city centre workplace offers 56,403 sq ft of sustainable and flexible workspace in the heart of the city. One City Park features five floors of workspace and a roof terrace. It is designed to suit a range of businesses from home grown starts-up and SMEs, through to larger organisations and multi-national occupiers.
Simon Dew, development director at Muse, said: “One City Park will be a catalyst for further investment in the city and signifies a newfound confidence in its commercial centre that will attract future big-name businesses.
“The project also demonstrates a very successful public/private partnership that will reap long-term benefits by providing incredible job opportunities for the younger, growing, population in the city.”
Cllr Alex Ross-Shaw, Bradford Council’s Executive Member of Regeneration, Planning and Transport, said: “We already have a talented and ambitious workforce and we’re now providing the highest spec office space for businesses who are serious about making their mark in the North.
“This is an exciting time for Bradford and the completion of One City Park is just the beginning of the commercial transformation that is taking place here.”
The building, which has now been formally handed over to Bradford Council as the owners, is framed by new public spaces including stepped access and attractive seating areas.
Other key project partners involved included: Arup, G&H Building Services, Howard Civil Engineering and re-form Landscape Architecture, with additional funding from the West Yorkshire Combined Authority.
Developer chosen for York Central
McLaren Property and Arlington Real Estate have been selected as the strategic developer for one of the UK’s largest city centre regeneration schemes.
Network Rail and Homes England have selected McLaren Property and Arlington Real Estate as the preferred developer for their major brownfield scheme, York Central.
York Central is being brought forward by a partnership between Network Rail, Homes England, the City of York Council and the National Railway Museum. The scheme has the potential to significantly boost the local economy by creating up to 6,500 jobs and delivering over £1.1 billion of Gross Value Added to the economy of York per annum.
There are already £135m of infrastructure works underway to enable this major regional scheme to progress. These include over 3km of new roads, footpaths, cycleways and also include two new bridges over the East Coast Main Line.
The appointment of McLaren Property and Arlington Real Estate as a development partner is the latest milestone in delivering York Central, which will see a key piece of York city centre brought to life by transforming underutilised railway land into vibrant and distinctive residential neighbourhoods, cultural spaces, high quality public realm and a high-quality commercial quarter.
McLaren Property and Arlington Real Estate partnership have significant experience in delivering major mixed use regeneration schemes and neighbourhoods including Durhamgate, Newton Aycliffe and Upper Brook Street, Manchester.
Peter Denton, Chief Executive at Homes England said: “This is a major milestone in the important regeneration of York Central. Over the last few years, Homes England and Network Rail have worked closely with City of York Council to create a vision and masterplan, and have invested in the critical infrastructure to make this a reality.
“It will now be delivered at pace through our chosen development partner for long term delivery and stewardship.”
Robin Dobson, Group Property Director at Network Rail, said: “This is a strategic step forward in the regeneration of over 110 acres of underused railway land to deliver significant investment and social value for the City and region.
“York Central puts infrastructure at the heart of a new residential, commercial, and cultural neighbourhood. The project demonstrates the pivotal role Network Rail Property can play in unlocking sites which deliver growth, jobs and housing.”
John Gatley, Chief Executive of McLaren Property, said: “We are proud to have been selected to deliver York Central – the most significant regeneration scheme in the north of England. McLaren have deep roots in Yorkshire, and we are committed to working with local stakeholders to enhance the great city of York.”
Allan Cook, founder of Arlington Real Estate, said: “Having spent the last 15 years focussing on the delivery of large scale mixed use development schemes in the North of England we have witnessed firsthand the positive benefits, to both communities and the local economy, of large scale regeneration.
“We are delighted to have been given the opportunity, alongside our partners McLaren Property, to be able to write the next chapter in the story of this great historic city.”
York Central is a 45-acre site that will deliver up to 2,500 homes, 20% of which will be affordable, and create up to 1 million sq ft of commercial space for offices, retail and leisure. A network of vibrant public squares linking to surrounding neighbourhoods in the city centre will be delivered, as well as improvements to York Railway Station and an expanded and enhanced National Railway Museum.
Struggling streets in our region become pilot regeneration scheme guinea pigs
Scunthorpe High Street, Grimsby Town Centre, and The Stepney area of Beverley Road in Hull are amongst ten struggling locations chosen take part in a new government pilot – the High Street Accelerators programme – to create partnerships that empower residents and community organisations to work together on long-term regeneration plans.
Funding pf £7m will help communities partner with local authorities and businesses to address some of the biggest challenges facing their high streets – building on wider action to tackle empty shops, anti-social behaviour and a lack of visitors.
These 10 areas to be called High Street Accelerators will receive an initial £2.37 million to kickstart their partnerships – a total of £237,000 each. They can also apply for a share of up to £5 million to improve their high streets’ green spaces and create more pleasant environments for residents to meet and socialise.
This £7 million will be spent over the next two years and the impact will be evaluated to inform future government policy and support for left-behind high streets, building on larger interventions like the £1.1 billion Long-Term Plan for Towns.
Minister for Levelling Up Jacob Young said: ”It has been a tough few years for our high streets following the pandemic and the changes we’ve seen in consumer behaviour.
“We know that local people know what’s best for their area, and we’re keen to understand the benefits that High Street Accelerators could bring working with local businesses and their communities.
“These Accelerators will complement other interventions like High Street Rental Auctions, empowering local people to tackle vacancy and other issues on their high streets.”
The High Street Accelerators Pilot Programme was announced in March 2023 as part of the Anti-Social Behaviour Action Plan. It will complement other interventions designed to revive England’s high streets such as the High Streets Task Force which is helping local leaders to regenerate their areas, and changing planning rules so councils have greater certainty.
New regulations to be introduced next year will also give local authorities more powers to work with landlords to rent out vacant properties on high streets. The High Street Rental Auctions regulations will allow councils to sell off the rental rights for empty properties to willing tenants, such as businesses and community groups.
Along with High Street Accelerators, this will incentivise and empower local people to tackle vacant buildings, enabling local communities to reinvent their high streets for the future.
First supermarket signs up to put ‘buy British’ tab on its web site
Following years of NFU campaigning, Morrisons has taken up the call to back Britain’s farmers by allowing shoppers to be able to identify British food more easily when doing their online food shop.
The move follows an open letter written by Conservative MP Dr Luke Evans to the chief execs of eight major supermarkets asking for a filter which would direct shoppers to homegrown food to help boost the economy and cut the UK’s carbon footprint. The letter was was co-signed by 121 cross-party MPs, and echoed a long-standing NFU ask dating back to 2016.
Morrisons Chief Executive Rami Baitiéh has written to Dr Evans to confirm the company has implemented a ‘British’ section to morrisons.com which enables customers to quickly navigate to British produce including meat, fish, vegetables and dairy products.
Dr Evans said: “I’m so pleased to see Morrisons step up and make this small but meaningful change. The ball is now firmly in the other supermarkets court, let’s see what they do.”
NFU President Minette Batters said that she hopes the news would pave the way for other supermarkets to follow suit.
Streets Chartered Accountants covers tax, national insurance, pensions and more in new news roundup
Streets Chartered Accountants covers tax, national insurance, pensions and more in its latest monthly news roundup.
Corporation Tax marginal rate
The Corporation Tax main rate for companies with profits in excess of £250,000 increased to 25% on 1 April 2023…read more
Marriage allowance entitlement
The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or pay tax above the basic rate threshold for Income Tax…read more
Income Tax – £5,000 savings zero rate band
If you have taxable income of less than £17,570 in 2023-24 tax year you will have no tax to pay on interest received…read more
CGT – Lettings relief
In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family residence…read more
IHT – Giving away your home before you die
The majority of gifts made during a person’s life, including gifting a home, are not subject to tax at the time of the gift…read more
Filling gaps in National Insurance record
National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record…read more
NIC changes for the self-employed
In the recent Autumn Statement, the Chancellor announced two important changes to National Insurance contributions (NIC) for the self-employed…read more
NIC changes for employees from 6 January 2024
In the recent Autumn Statement, the Chancellor announced a significant change to National Insurance contributions (NIC) for employees…read more
Tax relief on pension contributions
Taxpayers can usually claim tax relief for their private pension contributions…read more
Help to Save bonus payments
The Help to Save scheme is intended to help those on low incomes to boost their savings…read more
Due a student loan refund?
Student Loans are part of the government’s financial support package for students in higher education in the UK…read more
Childcare support from HMRC
Parents may be eligible to receive childcare support from HMRC using the Tax-Free Childcare (TFC) scheme…read more
Current State Pension age
The second review of the State Pension age has been published by the Department for Work and Pensions. The State Pension age is currently 66…read more
Paying tax by direct debit
One of the many ways that payments can be made to HMRC is by using a direct debit…read more
Tax Diary December 2023/ January 2024
1 December 2023 – Due date for Corporation Tax payable for the year ended 28 February 2023.
19 December 2023 – PAYE and NIC deductions due for month ended 5 December 2023 (if you pay your tax electronically the due date is 22 December 2023).
19 December 2023 – Filing deadline for the CIS300 monthly return for the month ended 5 December 2023.
19 December 2023 – CIS tax deducted for the month ended 5 December 2023 is payable by today.
30 December 2023 – Deadline for filing 2022-23 self-assessment tax returns online to include a claim for under payments to be collected via tax code in 2024-25.
1 January 2024 – Due date for Corporation Tax due for the year ended 31 March 2023.
19 January 2024 – PAYE and NIC deductions due for month ended 5 January 2024 (if you pay your tax electronically the due date is 22 January 2024).
19 January 2024 – Filing deadline for the CIS300 monthly return for the month ended 5 January 2024.
19 January 2024 – CIS tax deducted for the month ended 5 January 2024 is payable by today.
31 January 2024 – Last day to file 2022-23 self-assessment tax returns online.
31 January 2024 – Balance of self-assessment tax owing for 2022-23 due to be settled on or before today unless you have elected to extend this deadline by formal agreement with HMRC. Also due is any first payment on account for 2023-24.
Read more
2024 Business Predictions: Ben Coggin, Partner and Transaction Services Leader for EY in Yorkshire and the North East
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Ben Coggin, Partner and Transaction Services Leader for EY in Yorkshire and the North East, on prospects for the Mergers and Acquisitions market.
The Mergers and Acquisitions (M&A) market is undoubtedly in a more complex place compared to this time last year as it contends with a range of challenging headwinds, with geopolitical instability, inflation and interest rates weighing significantly on deal volumes and activity throughout 2023. These factors are likely to continue having an impact on deal activity in 2024 and, as such, the outlook for the deals market is difficult to predict.
That said, there is undoubtedly still an appetite to do deals. Corporate acquirers have continued to transact and have benefitted from a period of decreased competition as private equity has weathered the headwinds of rising interest rates and an uncertain debt market. For private equity investors, many of whom have raised funds recently in addition to sitting on record levels of capital, there is a real need to source and deliver on deals in 2024 to deploy capital raised. When headwinds stabilise, private equity will be well-placed to drive a resurgence in M&A activity.
Deal activity currently reflects a buoyant mid-market, with acquirers favouring the lower risk profile, reduced financing requirements and ease of execution associated with smaller deals as they target strategic growth opportunities and look to capitalise on a narrowing valuation gap between buyers and sellers. For those in Yorkshire, and across the North, a buoyant mid-market should be welcome news as we move into 2024.
From a sector perspective, technology and digital transformation are driving deal activity – a trend that will continue into 2024 – particularly as investors and CEOs recognise the potential disruptive impact of Generative Artificial Intelligence (GenAI). The latest EY CEO Outlook Pulse survey found that nearly all (99%) of the UK CEOs interviewed are making or planning significant capital investments in GenAI in the next 12 months. Whilst this is likely to result in a substantial uptick in investment in the sector, an increase in companies claiming AI expertise will likely complicate decisions about identifying and implementing credible value-adding ecosystem partnerships and acquisitions.
