Bank of England holds interest rates at 4.5%
The Bank of England has held interest rates at 4.5%, in line with expectations.
The Monetary Policy Committee (MPC), which sets monetary policy to meet the 2% inflation target, voted by a majority of 8–1 to maintain Bank Rate at 4.5%. One member preferred to reduce Bank Rate by 0.25 percentage points, to 4.25%.
Alpesh Paleja, Deputy Chief Economist, CBI, said: “Today’s announcement was in line with the ‘cut/hold’ tempo on interest rates that we expect for the rest of this year.
“This understandable caution largely reflects a growing trade-off facing the Monetary Policy Committee in setting borrowing costs. Activity remains weak, but this doesn’t seem to be having much of an impact on inflationary pressure yet. Indeed, our own surveys show that pricing intentions have picked up again, at least in part reflecting businesses reacting to higher employment costs.
“The MPC have also become more split on whether the persistence in inflationary pressure is driven by a deterioration in the economy’s supply capacity, which means that weaker demand may not have much of an impact in taking the heat out of pricing and wage intentions. The upshot of all this uncertainty is that while interest rates are likely to be cut further this year, the path down will remain gradual.”
First stage of construction work transforming Goole’s historic Market Hall begins
The first stage of construction work to transform Goole’s historic Market Hall into a food, drink and events venue has begun.
William Birch & Sons Ltd, the contractor appointed to carry out the refurbishment work, will make the venue more energy efficient by replacing the roof and glazing, as well as making structural repairs and installing improved heating; a new, start-of-the-art sound system; new flooring; a new fire alarm; new electrics; and new toilet facilities.
This will be followed by a second phase of work that will see the interior of the Market Hall fitted out in preparation for it becoming a food, drink and events venue. The Market Yard to the rear of the building will also be transformed as part of the project. It’s anticipated that the venue will open for business before Christmas 2025.
The Goole Town Deal Board is investing £4 million of Government funding into the Market Hall and sees it as an important ‘anchor’ destination that will significantly increase footfall and spending in the town centre.
Chair of the Goole Town Deal Board, Phil Jones, said: “We’re delighted that work on the Market Hall is now underway. We chose to allocate funding to this exciting project to safeguard the future of one of Goole’s most historic and best known landmarks, but also because it has enormous potential to benefit other town centre businesses and boost the local economy by bringing more people into Goole.
“We believe that the new-look Market Hall will become a central part of what we consider to be Goole’s cultural quarter, in close collaboration with Junction Goole and Goole Museum, which are both nearby.”
Last summer, the Goole Town Deal Board announced that Brew York, a brewery operating tap rooms and bars at venues in York, Leeds, Otley, Pocklington, Guiseley and Knaresborough, had submitted a successful bid to bring its combination of craft beer and street food to Goole. In addition to the food and drink offering from Brew York, the refurbished Market Hall will also offer flexible space for local creative and craft businesses and host events of both a commercial and community nature to generate an income.
Yorkshire Water to pay £40m following wastewater investigation
After an investigation into how Yorkshire Water was managing its treatment works and wider wastewater network uncovered a number of failings, breaching the company’s legal obligations and impacting the environment and customers, an enforcement package of £40m is to be paid by the wastewater company.
Yorkshire Water has worked with regulator Ofwat to put forward a package that will address the failures the investigation has found.
To acknowledge what has gone wrong and how it will put things right, Yorkshire Water will pay £36.6m during 2025-30, to prioritise work on some of the most problematic storm overflows in environmentally sensitive areas to ensure they spill less than 20 times a year.
The company will also contribute £3.4m of support to the Great Yorkshire Rivers Partnership to enable them to go beyond their target for the next five years of clearing artificial barriers in Yorkshire rivers, which will improve water quality and biodiversity in the area and reconnect more than 500km of river.
Yorkshire Water will additionally commit to an action plan to ensure all of its storm overflows are compliant with legal requirements.
Lynn Parker, Senior Director for Enforcement at Ofwat, said: “Our investigation has found serious failures in how Yorkshire Water has operated and maintained its sewage works and networks, which has resulted in excessive spills from storm overflows. This is a significant breach and is unacceptable.
“We are pleased that Yorkshire Water has recognised this failure and is taking steps to put it right for the benefit of customers and the environment. They deserve credit for stepping up and agreeing an enforcement package with us that will help get things back on track as soon as possible. These commitments will contribute to the company delivering on its promises for cleaner rivers and seas.
“We now expect them to move at pace to correct the remaining issues our investigation has identified. We hope more companies will follow this example so that the public sees transformative change across the sector.”
The cost of the £40m enforcement package will not be passed on to Yorkshire Water’s customers in their bills – it will be paid for by the company and their shareholders.
Lincolnshire nuclear waste site plans could be scrapped
Lincolnshire County Council is considering withdrawing from consultations on a proposed nuclear waste disposal facility near Louth, a move that could effectively end plans for the site. The proposal identified land between Gayton le Marsh and Great Carlton as a potential location, was one of three sites under review by Nuclear Waste Services (NWS), alongside two locations in Cumbria.
Public opposition has been strong, leading East Lindsey District Council to exit the consultation process earlier this year. Concerns were raised that the site differed significantly from a previously considered location at Theddlethorpe, sparking protests outside council offices.
Lincolnshire County Council initially agreed to consultations to assess the proposal with an open mind but now says the project’s scope has changed, increasing local concerns. The council’s executive will discuss withdrawing from the process in an upcoming meeting.
NWS, formerly known as Radioactive Waste Management, acknowledged the council’s position, stating that the UK Government’s geological disposal facility (GDF) siting process is consent-based and requires both a suitable site and a willing community. To date, NWS has provided over £2 million in funding for local projects related to the consultation. The facility will not be built in Lincolnshire if local support is not secured.
Regional firms join construction team on Huddersfield’s Our Cultural Heart
BAM, the lead construction contractor on Kirklees Council’s Our Cultural Heart regeneration scheme, has appointed two regional firms to support the project’s delivery.
Construction on Phase One of the landmark development is progressing well, with the former Queensgate Market building in Huddersfield undergoing a major transformation into a community-focussed library hub and vibrant food hall.
As part of the project’s commitment to regional economic growth, Wakefield-based CCL Facades has secured the contract to deliver aluminium curtain walling, automatic doors, windows, and internal fire screens for both the library hub and new food hall. Their work begins this month and is set for completion by autumn 2025.
“West Yorkshire is our home,” said Tony Blake, Managing Director of CCL Facades. “We’re proud to contribute to this landmark project, which respects the market’s 50-year heritage while delivering a modern, striking development.”
Additionally, Rose System Scaffolding, based in Chadderton, has been providing essential scaffolding services over recent months. Both firms operate within a 20-mile radius of Huddersfield town centre, reinforcing the project’s commitment to supporting regional businesses.
Cllr Graham Turner, Cabinet Member for Finance and Regeneration, said: “Our Cultural Heart will bring significant economic benefits to Huddersfield, Kirklees and the wider region – not just in the future but right now. By prioritising a regional supply chain, we are actively supporting businesses and local jobs during the construction process.”
Matt Garnett, Construction Manager for BAM, added: “At BAM, we are committed to using a regional supply chain wherever possible. Working with local companies brings multiple benefits – from leveraging local expertise and stakeholder connections to improving efficiency and lowering our carbon footprint.”
Northern Build-to-Rent market sees strong start for CBRE with £420m deals
CBRE has reported an excellent start to 2025 in the Build-to-Rent (BTR) market in the North with three forward funding deals totaling £420m transacting in just two weeks across Manchester and Leeds.
However, the firm’s northern sector lead warns that the Building Safety Act (BSA) is a major challenge; impacting transactions and ultimately new homes delivery, representing the single biggest barrier to building in city centres.
The two stand out deals to complete in recent weeks include the acquisition of the 51-storey, 494 apartment development in Renaker’s New Jackson area of Deansgate, Manchester by a partnership between L&G, Nest and PGGM. Known as F1, the development is currently underway.
In Leeds, property investment management firm Barings agreed the £152m forward funding deal with Glenbrook for a 600 apartment mixed-use scheme at Kirkstall Road in Leeds.
The commonality between these two forward funding deals is that they were both already implemented ahead of the new Building Safety Act Gateway 2 regime, which affects the construction of higher-risk and large-scale buildings.
Head of Residential Investment, North at CBRE, Tom Sinclair, explains: “With BSA compliance now being mandatory for developers and building owners, and whilst the construction sector adjusts, there are significant challenges ahead.
“All projects must now navigate three critical safety gateway check points, meaning that approval is required at the planning stage, before building work can commence and before a building can be certified complete and occupied.
“The two significant transactions we have concluded in recent weeks were already implemented before the Act came into force and as a result we will see the delivery of much-needed new homes in Leeds and Manchester.
“Whilst many viability constraints on funding deals can be overcome with creative solutions, the Gateway 2 approval may have a major cost and time impact on future strategic funding deals of this scale, due to lengthy delays being imposed by going through the system. This will further compound challenges in the market, restricting delivery of new homes.”
Sinclair continues: “For schemes that can successfully navigate the Gateway process, we are seeing proven investor demand for Build to Rent developments in all regional markets. Indeed, the contraction in anticipated supply of new developments and consequential lack of new rental options is anticipated to drive strong occupational demand and investment performance.
“In the meantime, we are working with Developers across the region to optimise funding structures that mitigate the impact of the BSA regulations and present developments in a manner that work for both Investors and Developers to enable new forward funding agreements and seed the delivery of new homes.”
Long-established electro-mechanical manufacturer secures grant to upgrade equipment
A long-established electro-mechanical manufacturer has received a grant from the Keighley Towns Fund to upgrade its equipment.
NSF Controls, based at Ingrow Bridge Works, are specialists in the bespoke design and manufacture of solenoids, switches, and electro-mechanical services, producing over a million components a year for a global market.
The business was awarded £53,051 to upgrade their equipment to reduce product cycle times, improve efficiencies, and ultimately improve margins.
Sarah Smith-Birch, CEO, said: “Our integrated manufacturing facilities, procurement team, and engineering experts, are all based at one site ensuring an efficient process from design concept to end assembly.
“The investment in equipment means we can maximise efficiencies even further while maintaining the same exacting high standards in world-class quality. The new equipment is vital for our continued growth and for developing new skills within the business.”
Bradford Council’s Portfolio Holder, Alex Ross-Shaw said: “Keighley has a long-standing manufacturing heritage and the Council’s Invest in Bradford team were pleased to have been able to provide business support in modernising key equipment at NSF.
“This support has included support in accessing the grant funding from the Capital Assistance to Business Growth programme, which is funded by the Keighley Towns Fund.”
Chair of the Keighley Towns Fund, Tim Rogers added: “This is a business which has been based in Keighley for almost 80 years. We’re delighted to have been able to support them with their plans for continued growth into the future. We wish them every continued success.”
Preferred operator revealed for new events space in Sheffield
The transformation of a building on Fargate in Sheffield City Centre has moved a step closer to becoming reality with the Council announcing the preferred operator.
Event Central is a regeneration project commissioned by Sheffield City Council and funded through support from Government, which will see the building in the middle of Fargate transformed into an events space – showcasing Sheffield’s diverse talent. The venue is also expected to host several community events, showcases, exhibitions, workshops and talks.
In a major milestone for the project, Sheffield City Council has revealed Creative Arts Development Space (CADS) as the preferred bidder to be the operator for Event Central when the building opens in 2026.
Cllr Ben Miskell, Chair of the Transport, Regeneration and Climate Policy Committee at Sheffield City Council, said: “We know that Sheffield is packed with talent, and we have some fantastic venues, and Event Central will be an ideal location, right in the heart of our city, for all the various types of talent to be showcased under one roof.
“The transformation of the building will be a crucial part of our vision for Fargate, attracting more visitors to this well-loved area of the city centre.”
Dan Butlin, Head of Operations at Creative Arts Development Space, said: “We’re delighted to have been selected as the operator for Events Central. Once renovations are completed, we look forward to delivering a diverse programme of events and making the most of the space for years to come.
“With over 15 years of experience in managing cultural spaces and supporting creative industries in Sheffield, we’re committed to ensuring Event Central becomes a vibrant hub that serves the people of Sheffield in the best way possible.”
Updated plans for Event Central show the 250-person live event space on the ground floor alongside the main entrance and café/bar area. The other three floors will contain co-working space along with meeting rooms.
Cllr Miskell added: “I’m delighted to be able to announce Creative Arts Development Space as the preferred bidder to become the operator of Event Central, this is an exciting stage in the project and brings us ever closer to being able to unveil this incredibly exciting project.”
Yorkshire Water launches £406m mains renewal programme
Yorkshire Water is investing £406 million over five years to replace more than 1,000km of ageing water mains across the region. The project, the company’s largest infrastructure upgrade in two decades, will install durable plastic pipes to reduce leaks, supply disruptions, and bursts.
In the first year, £89 million will be spent replacing 238km of mains, with 211km scheduled for the second year. Priority areas include Kiveton Park, York, Sheffield, Sowerby Bridge, Harrogate, and Stannington, prone to frequent supply issues. Work will extend across Yorkshire, from South Yorkshire and the East Coast to North Lincolnshire, with York and North Yorkshire set to receive 43km and 90km of new mains by March 2026.
Yorkshire Water is coordinating with local authorities and utility providers to minimise disruption, using trenchless technology to avoid major roadworks. The initiative is part of the company’s broader £8.3 billion environmental investment, which includes £1.5 billion to reduce storm overflows, £360 million to prevent nutrient pollution, and £327 million for smart meter installations.
Huddersfield solvent recycling plant planned for 2028
Waste management company Indaver has proposed a £35 million solvent recycling facility at Syngenta’s manufacturing site in Huddersfield. The plant would process 15,000 tonnes of industrial waste annually, recovering acetonitrile (ACN), a solvent used in agricultural product manufacturing.
Construction would begin in 2026, with operations starting in 2028 if approved. The facility would create 16 new jobs and operate within a closed-loop system, ensuring contained and controlled recycling on-site. Direct pipelines would link Syngenta’s production facility to Indaver for efficient waste processing.
The project aligns with Syngenta’s sustainability goals by reducing waste, lowering carbon emissions, and minimising transport impact. It would be built on previously developed industrial land, supporting Huddersfield’s manufacturing sector while advancing circular economy principles.
