UK Infrastructure Bank becomes the National Wealth Fund

Tess Egginton
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UK Infrastructure Bank becomes the National Wealth Fund
The UK Infrastructure Bank (UKIB) is becoming the National Wealth Fund (NWF), as announced by the Chancellor, Rachel Reeves, at the International Investment summit in London. The new NWF will expand UKIB’s remit beyond infrastructure in support of the Government’s industrial strategy, building on its success over the last three years. With additional financial capacity and an enhanced risk budget, the NWF will be capitalised with £27.8bn to catalyse private investment in the market. From its HQ in Leeds, the NWF will expand its team, securing additional sector expertise to support its new remit. Alongside boosting its private sector investments, it will continue to provide commercial and financial advisory services and lending to local authorities, strengthening its partnerships with Mayors to support the Government’s growth ambitions. The new organisation will also take on a more sophisticated partnership role with Government departments, bringing investment expertise and policymaking closer together, to accelerate policy development which supports and grows the market. The NWF will continue to make private sector investments against a clear set of principles, with a focus on crowding in private finance to sectors and technologies which are critical to the UK’s clean energy and growth ambitions. The government will set out further details of the NWF’s role in delivering the Industrial Strategy in a statement of strategic priorities, as well as reviewing the organisation’s success metrics, before the next financial year. Chancellor of the Exchequer Rachel Reeves said: “Today’s announcements are the first step in delivering on this government’s central mission to secure sustainable growth, rebuild Britain and make every part of the country better off.” John Flint, CEO at the National Wealth Fund, said: “It is a huge privilege to be entrusted with the responsibility of leading the National Wealth Fund. “Building on the strong foundations we have laid as UKIB, we will hit the ground running, using sector insight and investment expertise that the market knows and trusts to unlock billions of pounds of private finance for projects across the UK. “With additional capital to deploy against a bigger mandate, we stand ready to help the market invest with confidence, in support of the Government’s growth ambitions.”
Councillor James Lewis, leader of Leeds City Council, said: “We’re pleased to hear the announcement by Chancellor Rt Hon Rachel Reeves MP of the new steps for the National Wealth Fund and its headquarters in Leeds. “Leeds is the UK’s second largest city for financial services, and a major hub for related professional services, and this latest announcement further reinforces the city’s progress and influence as we continue to attract major players such as the UK Infrastructure Bank, Bank of England and the Financial Conduct Authority who have all chosen to locate their major UK hubs in our city. “These developments create exciting opportunities for local people, offering a wealth of new jobs and career paths. We have huge strengths in this area and offer a wealth of expertise underpinned by strong regional, national and international partnerships and a diverse range of businesses which puts us in a great position to support this initiative.”

Ground broken on café as part of £7.4m improvements at Rother Valley Country Park

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Ground broken on café as part of £7.4m improvements at Rother Valley Country Park

Rotherham Council’s Deputy Leader, Cllr David Sheppard joined partners Kier Construction Ltd. to officially break ground on the site of a new café at Rother Valley Country Park this month.

The works are part of a series of £7.4m improvements at the park which will boast a waterfront development, housing a new 150-seater eatery and indoor function space with views extending over the lake. The new development will also include external landscaping with an area for play outside the café for younger visitors. In addition, visitors will also benefit from new car parking facilities to the East of the lake, which will greatly improve accessibility and visitor experience. The improvements at the popular country park are part of wider aims to build a thriving leisure offer and visitor economy in Rotherham. Rotherham Council secured almost £20m from the government’s Levelling Up Fund to create new jobs and celebrate the hidden gems and green spaces that are unique to Rotherham’s heritage, transforming Rotherham into a major leisure destination. Cllr Sheppard, who is also Cabinet Member for Social Inclusion and Neighbourhood Working, said: “The Council aims to grow Rotherham’s leisure economy by making the most of our unique assets and green spaces and investing in training to support jobs in this sector. “Rother Valley Country Park is a landmark visitor attraction here in Rotherham, enjoyed by thousands of visitors from across the borough and all over the UK each year. I’m delighted work has started and I’m very much looking forward to seeing these improvements take shape, and eventually make what is a great day out even better.” The improvements follow extensive public consultation, with people invited to give their views on the changes which would bring the greatest benefit to visitors of the park. The partnership with Kier Construction will also build on the Council’s work on social value to promote local employment through council spending. Throughout the works the South Yorkshire based builders have committed to employing 18 local people on the project. Dan Doherty, regional director for Kier Construction North and Scotland, said: “We are delighted to be delivering improvements to the facilities at Rother Valley Country Park. The new Visitor Centre will provide a fantastic space for local communities to come together to explore and enjoy the great outdoors, enhancing the overall experience for everyone who visits.” In addition to the plans for Rother Valley, the Levelling Up funding secured by Rotherham Council is being used to transform part of Wentworth Woodhouse Grade I listed stable block to include a new commercial kitchen, café and events space, whilst Magna has benefited from exhibition upgrades and an improved visitor experience. Thrybergh Country Park will use the funding to refurbish its current café. These investments will be underpinned by a skills package which will see the creation of Skills Street at Gulliver’s Valley Resort and a new incubator space at the former Maltby Grammar School which has now reached completion.

Research aims to boost farmers’ arable profits by converting air pollution into fertiliser

Stuart Pearcey
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Research aims to boost farmers’ arable profits by converting air pollution into fertiliser
The University of Lincoln is part of a new Innovate UK project set up to improve growers’ profit margin by converting atmospheric pollutants into fertiliser within the crop. Leading the six-partner project consortium is Crop Intellect, alongside the UK Agri-tech Centre, Dyson Farming, Barworth Research, and the Allerton Project, aiming to deliver a novel approach to the UK’s crop nutrition space.  Dr Apostolos Papadopoulos, Founder of Crop Intellect said specially-processed titanium oxide in a product called R-Leaf used daylight to capture and convert polluting nitrogen oxides directly into crop-usable nitrates. He said the small but continuous doses of nitrate add up to an average of 50kg of nitrogen to every hectare during the growing season. “Extensive independent trials have demonstrated R-Leaf’s positive impact on crop productivity, with a six percent yield increase seen in cereals. Data also shows that R-Leaf can decrease the need for synthetic nitrogen fertilisers by up to 25 percent. “In addition to converting pollutants (NOx) into nitrates, R-Leaf also breaks down nitrous oxide (N₂O), a damaging greenhouse gas (GHG) known to be 265 times more potent than CO₂, into benign nitrogen and oxygen. Farmers could utilise this technology to reduce their net GHG emissions, making this a unique opportunity for farmers to help move towards their net-zero emission targets. “The estimated effect of R-Leaf’s N₂O capture is 5.4 tonnes of CO₂ per hectare, per year. Eventually, farmers may also be able to monetise their climate-change mitigation from using the proposed technology.” “R-Leaf is already being used by UK farmers, supported by commercial distribution agreements, but recent experiments identified a powerful opportunity to combine the photocatalyst technology with certain species of bacteria that form symbiotic relationships with plants. The bacteria capture atmospheric nitrogen, converting it into ammonia for supply to the plant, in exchange for organic carbon and other nutrients. “When we used these two technologies together, in a ‘farm standard’ crop of wheat, our estimation is that by combining R-Leaf with an appropriate bacteria, we can reduce nitrogen usage in wheat by 50 percent. That’s potentially a £100/ha profit for a UK grower.”

Stafforce appoints new operations manager for South Yorkshire

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Stafforce appoints new operations manager for South Yorkshire
South Yorkshire-based recruitment agency, Stafforce has appointed Rachel Oldfield as operations manager for South Yorkshire. This appointment is a key element of the ongoing transformation program at Stafforce, where new operational managers are being appointed to drive growth and deliver excellence to clients across the region. Rachel’s appointment is particularly significant given Stafforce’s deep roots in South Yorkshire. With a strong background in recruitment and operational management, Rachel will play a pivotal role in expanding Stafforce’s service offerings. Under her leadership, the company will not only continue to provide temporary labour solutions, it will also drive its support to permanent recruitment, solidifying its position as a comprehensive recruitment partner for businesses in the region. Alison Cook, brand director for the North of the UK, commented on Rachel’s appointment: “We are thrilled to welcome Rachel to the Stafforce team. Her expertise and leadership perfectly align with our vision for growth and excellence in South Yorkshire. “As a company with deep roots in this region, Rachel’s appointment marks a significant step in our transformation program. We are excited to expand our offerings beyond temporary labour, providing our clients with a full spectrum of recruitment solutions. Rachel’s leadership will be instrumental in achieving our ambitious goals.” Rachel shared her excitement about joining the team “I am honoured to join Stafforce at such a pivotal time in the company’s growth. South Yorkshire holds a special place for the company, and I am eager to contribute to its ongoing success. “My focus will be on delivering excellence to our clients and helping to expand our services to include permanent recruitment, ensuring we meet the evolving needs of businesses across the region.”

Sale to see The Regency Club in Sheffield reopen as care facility

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Sale to see The Regency Club in Sheffield reopen as care facility
Specialist business property adviser, Christie & Co, has sold the former restaurant, The Regency Club, in Sheffield. The Regency Club was owned and operated by Kevin Johnstone for over 10 years before coming to the market in 2019. The site attracted interest from the local hospitality market and latterly caught the interest of a number of care providers looking to redevelop the site. Following a confidential sales process with Alex Rex and Hayley Hughes at Christie & Co, it has been purchased by a care operator with interest in homes across the country. Their application was accepted on the basis that their plans to demolish the existing private club and erect a single-storey residential care facility, made up of six apartments with a communal lounge, offices and a pre-fabricated training room, were approved by the local council. Alex Rex, Senior Business Agent – Pubs & Restaurants at Christie & Co, said: “The Regency Club was a popular social hot spot known to the local community of Sheffield and was further afield. “The transformation from a licensed premises to a housing development to provide support for vulnerable adults was approved by the local authority in early 2024 and the sale concluded swiftly thereafter. We wish Kevin all the very best for the future.” The Regency Club was sold for an undisclosed price.

Inflation dips to lowest level in three years

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Inflation dips to lowest level in three years
Inflation fell to 1.7% in September, below expectations of 1.9% and the lowest level in three years. Measured by the Consumer Prices Index (CPI), the figure recedes from 2.2% reported last month and dips below the Bank of England’s target. The largest downward contribution came from transport, with larger negative contributions from air fares and motor fuels; the largest offsetting upward contribution came from food and non-alcoholic beverages. Core inflation, meanwhile, which takes out volatile factors like energy, food, alcohol and tobacco to give a clear picture of underlying trends, rose by 3.2% in the 12 months to September 2024, down from 3.6% in August.

Firms offered advice on dealing with the unexpected

Stuart Pearcey
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Firms offered advice on dealing with the unexpected
Business owners in Yorkshire and the Humber are being given free online advice about how to deal with a variety of emergency situations to ensure that their enterprises are able to cope during major events. The new artificial intelligence tool has been launched to provide interactive conversations for businesses across the region about how to prepare for emergencies ranging from flooding, fires and extreme weather to power outages, cyber-attacks and pandemics. Using an artificial intelligence chatbot, the online tool will allow businesses to have real-time, two-way conversations about emergency preparedness. Members of the public can also use it to talk about emergency awareness through the interactive website and QR codes. South Yorkshire Mayor Oliver Coppard said: “I’m proud to partner with mayors across Yorkshire to launch the Yorkshire Ready Together project. We’ve seen first-hand the challenges local businesses have faced in recent years, from flooding to dealing with the Covid-19 pandemic. “I’m determined to support the cause for increased resilience in dealing with emergencies that affect our local businesses and urge business owners to get involved with the Yorkshire Ready Together project, to allow a swift response when dealing with unfolding emergencies. “Harnessing new technologies is a vital step towards supporting and protecting South Yorkshire’s businesses and minimising disruption. I hope by using this new tool, businesses will be able to support themselves and one another when faced with challenging situations.” The Mayor of the York and North Yorkshire Combined Authority, David Skaith, who owns a clothing store in York, said: “I’m pleased to see local resilience forums coming together to develop this app. In emergency situations businesses are at the forefront of how we respond as a community and this tool will support businesses across Yorkshire and beyond to be prepared and ready for emergencies together. “We’ve seen how businesses across Yorkshire responded to the Covid-19 pandemic so we know there’s a strong tradition of being resilient and adapting. Through this tool businesses will be able to identify what measures they can take to reduce the impact of disruptions – whether that is a power cut during a storm, flooding, disruption to supply chains due to issues with the road networks, a mains water emergency, or a cyber-attack. “It is important that we engage with businesses, and later residents, in different ways and we hope this initiative will spark some great conversations about emergency planning, preparedness and awareness.”

£200m Immingham Ro-Ro terminal development features in International Investment Summit

Stuart Pearcey
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£200m Immingham Ro-Ro terminal development features in International Investment Summit
Development Consent has been given for a £200m freight ferry terminal at Immingham. It’s the Eastern Ro-Ro Terminal, and is a joint investment by ABP and Stena Line. It featured at today’s Government’s showcase International Investment Summit, where it was hailed as a more resilient and sustainable supply chain solution option for UK businesses, and an important inward investment opportunity for UK logistics infrastructure. Henrik L. Pedersen, CEO of ABP, said: “We are delighted that the Development Consent Order for the Immingham Eastern Ro-Ro Terminal has been granted. This approval marks a significant milestone in our mission to Keep Britain Trading through enhancing the UK’s logistics infrastructure and bolstering trade capacity across the North Sea. “The terminal is a key component of our strategy to strengthen the UK’s supply chains and improve trade connectivity, whilst also bringing substantial economic benefits including the creation of hundreds of jobs during construction and ongoing operations. We are confident that, with the necessary adjustments, we can proceed on schedule to begin construction in 2025 and complete the project by 2026.” Stena Line CEO Niclas Mårtensson said: “We are very pleased that the Secretary of State has approved the new RoRo terminal at the Port of Immingham. The port is of great strategic importance to Stena Line and we’re looking forward to building on the success we have seen in the unaccompanied freight market. This is a long-term commitment for us and will be integral to expanding our freight operations on our routes between the UK and Continental Europe to serve demand.” Simon Bird, Regional Director of the Humber ports added: “This is fantastic news for the Humber and the UK more generally. The IERRT development significantly increases the Port of Immingham’s capability and capacity for handling unaccompanied freight units across the North Sea. This additional capacity is required to meet the identified growing commercial demand whilst at the same time strengthening the Humber Estuary’s contribution to an effective, efficient, competitive and resilient UK Ro-Ro freight sector. IERRT also responds to the trend for larger RoRo vessels, requiring larger port infrastructure and landside space. As well as supporting and growing jobs in the businesses using IERRT, the project itself is the source of additional employment. It will create c700 jobs during the construction phase and then c200 permanent jobs once fully operational.”

First spade in the ground at new sports facility

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First spade in the ground at new sports facility
The first spade has gone in the ground at the site of the new Parkside Centre, signifying a key milestone in the development of an impressive sports facility in Hoyland Common. Work has begun on the new community pavilion at the site, which will also include a café alongside 3G pitches, a purpose-built archery range, activity spaces and changing facilities. The Football Foundation has contributed over £1.5 million of funding to the Parkside Centre and once completed, the facilities will cater to both the local area and the borough as a whole for decades to come. Barnsley Council contributed funding of £2.5m through section 106 funding for the project. Councillor James Higginbottom, Cabinet Spokesperson for Environment and Highways, said: “The new Parkside Centre at Hoyland Common will provide a state-of-the-art facility to greatly improve the health and social wellbeing of not just local residents but everyone across the borough. “Significant investment from the council and the Football Foundation will greatly improve the existing facilities in the area and offer increased opportunities for more people to enjoy the benefits of a healthier and more active lifestyle. “Improving the health and wellbeing of our residents is a key element of our Barnsley 2030 ambitions and the Parkside centre will provide the means to do just that. “I’d like to thank Stephanie Peacock MP for visiting the site today to show her support for the development and I look forward to seeing the work on the site completed.” Stephanie Peacock, MP for Barnsley South and Minister for Sport, said: “We want as many people as possible to get involved in sport and physical activity for the host of benefits it brings. “Forge Parkside Centre is a great example of a high-quality grassroots facility that will help residents of Hoyland and Birdwell, and those across Barnsley.” Robert Sullivan, Chief Executive of the Football Foundation, said: “The Football Foundation is working closely with our partners – the Premier League, The FA and Government – to transform the quality of grassroots facilities in England by delivering projects like this across the country. “Good quality playing facilities have a transformative impact on physical and mental health and play an important role in bringing people together and strengthening local communities. “We’re delighted that works are now underway to deliver Forge Parkside Centre and we’re excited to see the new facilities in action.” Once fully completed in July 2025, the new Parkside Centre will bring a wealth of benefits to the local area, increase the amount of people who can use and benefit from the facilities in Hoyland Common, provide more playing time for football and support ambitions to support residents to feel the physical and mental benefits of being more physically active for good health. The centre will be funded by Barnsley Council and the Football Foundation who will oversee the building of the facility with the local community organisation Forge Community Partnership managing the site once it is completed.

SME business owners feel “overwhelmed”

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SME business owners feel “overwhelmed”
Significant numbers of small and medium-sized business leaders feel “overwhelmed” by their roles and “like they should know more than they do,” according to new research. The survey by the Small Business Charter of 1,200 senior business people in SMEs across the UK found anxiety about some aspects of the burden of running and growing their companies. A fifth (20%) say they feel overwhelmed by everything that’s required of them, with this rising to over a third (35%) among leaders aged 18 to 24. In Yorkshire and the Humber, 23% of bosses say they feel overwhelmed. Meanwhile, a quarter (24%) nationally say they feel like they should know more than they do, with those aged 35 to 44 most likely to admit this (27%). The proportion feeling they should know more is 25% among leaders in Yorkshire and the Humber. Nationally, almost one in five (18%) – 15% in Yorkshire and the Humber – also say they feel burdened by the responsibility to protect their employees’ jobs. According to the Department for Business & Trade, there are 5.6 million small- and medium-sized businesses in Britain, suggesting there are hundreds of thousands of leaders across the UK feeling overwhelmed and lacking in knowledge and knowhow. Nevertheless, despite their anxieties, most UK business leaders still feel confident in the broad day-to-day running of their business or department (96%). When pressed on what would make them feel even more confident, a third (33%) say access to leadership training and 40% want a larger network of peers to turn to. Flora Hamilton, executive director, Small Business Charter, said: “Our survey of business leaders shows that even though they generally feel comfortable on a day-to-day basis, significant numbers have underlying anxieties. “Running a company or department can be a heavy burden and at times many feel overwhelmed and insecure about having the business knowledge they need to do their jobs well and grow their companies. “With its practical SME focus, the Help to Grow: Management Course helps small business leaders and senior managers develop the business knowledge and skills they need to succeed. “Delivered by our network of expert business schools, it provides a fundamental understanding of core business topics from strategy to marketing and employee engagement but also the support of a local peer network that many small business leaders see as crucial to helping them tackle challenges and feel more confident.”
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