New Bill set to cut National Insurance rates in the new year
Almost 30 million employees are to receive the largest-ever cut to National Insurance payments in the new year with a reduction from 12 percent to 10 percent.
The House of Commons has debated the National Insurance Contributions (Reduction in Rates) Bill, with the average employee and self-employed set to get an extra £450 a year and £350 a year, and allows the Government to say the £9 billion a year tax cut means that personal taxes on average salaries will be lower in the UK than every other major economy.
To the average employee on a salary of £35,400 this will be worth £450 a year, improving living standards and reducing the current combined tax rate of 32% for employees paying the basic rate of tax to 30% – the lowest since the 1980s.
Chancellor of the Exchequer Jeremy Hunt said: “I’ve been clear from the start that I want to cut taxes. Now, having met our pledge to halve inflation, taxes can be cut in a responsible way that rewards work and helps grow our economy.”
“These changes will mean that, for those on average salaries, personal taxes would be lower in the UK than every other G7 country, based on the most recent OECD data.
“Taxes for the self-employed will also be cut and reformed. From 6 April 2024, Class 4 NICs for the self-employed will be reduced from 9% to 8% and no self-employed person will have to pay Class 2 NICs, simplifying the tax system and saving the average self-employed person on £28,200 a year £350 in 2024/25.”
The changes will see an average full-time nurse on £38,900 receive an annual gain of over £520; an average teacher on £44,300 would receive an additional £630 a year; and a typical self-employed plumber on £34,400 would be £410 better off as a result of these cuts.
Rules relaxed around solar panel installations
Businesses will be able to install rooftop solar panels more easily under new rules which scrap the need for planning permission for systems generating more than a megawatt.
The rule change means organisations will be able to install more solar panels on rooftops without the delay and cost of applying for planning permission.
Energy Security and Net Zero Minister Graham Stuart, MP for Beverley and Holderness, said: “Today we are cutting through red tape to make it easier for businesses to install solar panels on their rooftops.
“Removing the 1MW restriction for industrial rooftop solar will help us meet our target of 70GW of solar power by 2035 while supporting hundreds of long-term skilled British jobs, bolstering our world-leading renewables sector and reducing bills for consumers with panels.”
The Government says that where possible already developed land should be used for solar panels, which is why the changes will make it easier for panels to be installed in canopies above car parks, if they are over ten metres away from people’s homes. The changes to permitted development rights build on government action to speed up the planning system and slash bureaucracy, as set out in the Levelling Up and Regeneration Act which is now law. Changes to permitted development rights rules will mean more homeowners and businesses will be able to install solar panels on their roofs without going through the planning system. Currently those who have to go through the planning system are having to wait over eight weeks and face extra costs. The move will encourage more people to install solar panels on their properties, slashing their energy bills in the process and cutting down on harmful emissions. Housing and Planning Minister Lee Rowley MP said: “We must make sure our homes are fit for the future and can help us meet our net zero ambitions.“By cutting red tape in the planning system we can make sure homeowners and businesses can install solar panels without being held up by costly delays. Crucially, these permitted development rights are still subject to important conditions, including their use in conservation areas.”
Engineering firm invests £850k in new machinery and creates ten new jobs
Barnsley engineering company LNS Turbo has invested £850,000 in new machinery, creating ten new jobs in the last year at its site at Waterside Park in Wombwell. The continued investment by new owners is helping to increase productivity and bring automation into their processes.
LNS Turbo opened in 1999 and makes chip disposal systems for industrial cutting machines, selling them across the UK and Europe. The Barnsley site is the company’s only manufacturing site for chip conveyor systems in Europe and currently employs 76 people.
Operations manager Mark Scanlan said: “The investment in new machinery, equipment and facilities is helping us to increase capacity to satisfy our growing customer demand and enabling us to change the manufacturing environment in which we operate.
“New facilities include offices, locker rooms and canteen facilities on a purpose-built mezzanine floor, freeing up much valuable floor space for further improvement activities.
“The support we have received from Enterprising Barnsley has been invaluable in helping the company access funding streams and having the support to develop our operation. This has provided job security and opportunities for our employees as we continue to grow and enables us to show that manufacturing is alive and well in Barnsley and the surrounding regions.”
Throughout 2021 the company saw an extraordinary hike in demand for its products, far exceeding growth projections, which has continued this year.
Working closely with Enterprising Barnsley, the council’s business support team, LNS Turbo has received support over several years in reviewing their business operations and achieving efficiencies.
Councillor Robert Frost, Cabinet Spokesperson for Regeneration and Culture, said: “LNS Turbo are a well-established business in Barnsley, and it is excellent news that they are once again investing to drive further growth and create jobs in the area.
“They have a thriving business model, supplying right across Europe, and we are delighted they are achieving such success here in our borough.”
Barnsley offers white heat of Technology at The DMC Furnace
Barnsley’s Digital Media Centre has launched The Furnace, an intensive six-month tech and digital incubation programme, starting in January 2024, and now open for applications.
This fully funded six-month residency at the DMC will provide dedicated workspace, use of its MakerLab and CreatorLab facilities and lots of practical and specialist support in digital and tech innovation, business development and access to finance.
The incubator will also bring participants into the heart of Barnsley’s thriving digital business community, which has developed a national and international network of contacts in the tech sector, over the past 15 years.
Manager Ben Hawley said “We’re keen to hear from people with a burning desire to work on an original tech innovation. Whatever they have in mind, and whatever stage they are at in the process of turning their innovative digital or tech idea into a commercial product or service, we want to hear from them.
“If they have the potential, we have the tools, resources and guidance to help them transform their vision into reality.”
The Furnace will offer technical support to build, test and refine protypes; help to develop the business proposition around their idea, and support to finesse their pitches for investment, introducing them to possible funders.
Applicants are invited from across Yorkshire and the wider region – in fact from anywhere in the UK, or the world.
Cllr Robin Franklin, Cabinet Spokesperson for Regeneration and Culture, said: “This will be Barnsley DMC’s first incubator for tech entrepreneurs with a new idea. It builds on a proven track record of helping digital and tech businesses to start-up and scale through a range of programmes, accelerators and events.
“We’re regional leaders in tech and digital ecosystem growth and believe that, to see our community succeed, we need to support those who want to innovate. We, therefore, look forward to receiving applications for the Furnace incubator and would like to stress that applicants are welcome from anywhere. Come to Barnsley and be part of our dynamic digital community. It really is the place of possibilities. We make it so.”
Applicants to the Furnace must commit to spending two days a week in the DMC for the duration of the incubator, attend events included in the programme, and sharing a progress report on what they have gained through the programme at its conclusion.
Apply online here before Wednesday 20th December to start in January 2024.
Not-for-profit company buys Glanford Park
Glanford Park has been bought by a not-for-profit company, securing the home of Scunthorpe United for generations and creating a new, sustainable future for the club which has played at the ground since 1988.
As part of the deal, an anticipated 100 jobs are expected to be created from developments around the ground, along with up to 150 homes for older residents and people with complex needs on an area which already has outline planning permission.
Club owner owner Michelle Harness said: “Wanting to bring Glanford Park back to Scunthorpe United supporters and the community was the reason I stood up in the first place, along with the Board of Directors. To all of us, it’s why we’ve been working hard every day and every night. It means a lot to the Board, it means a lot to me, and I know hugely that it means a lot to the fans.
“Going forward, we need to continue to tackle the extreme levels of debt that were left with the club when we took custodian. Donations from local businesses and people around the town have been totally humbling, and it shows how desperate everyone in the area has been to keep their beloved football club going.
“All of the additional money that we’ve been able to get in is helping to pay off our debt and get us one step closer to being more sustainable as a football club, which we are striving to do every day.
“The hard work doesn’t stop. In fact, it truly does start today. We got our football club back. We got Glanford Park, our home, back and now, we must fight to keep it, and the only way we can do that is through donations, sponsorship, buying tickets and merchandise, and supporting as many of our initiatives as you possibly can.”
Holly Mumby-Croft, MP for Scunthorpe and Vice-Chair of the Towns Fund Board, said: “This deal represents a bright new future for club, for the community and for our town – it has been backed by Government cash.
“Securing the ground as Scunthorpe United’s home will be a welcome relief to fans who now know that the team will always be able to play at Glanford Park.
“We have had meetings with the club and with Government to get the right deal in place to make sure the community is a key part of developing a new sustainable future. Glanford Park not being in the hands of any one single person was critical to securing that new future.
“Lots of people have been in touch with me, supporters and local residents alike and I’ve listened. It’s great to be able to confirm that through working with the council and the club we can now start to build further.
“Michelle has shown a real passion for the club and the fans, she has been a pleasure to work with and her iron will has ensured the deal has been completed.”
Cllr Rob Waltham, leader, North Lincolnshire Council, said: “The Government has provided a lot of cash to back communities across North Lincolnshire in recent years and today marks another such occasion.
“The ground is safely in the right hands to create a new future for the club and the revenue generated will ensure a good deal for taxpayers and that more money can be reinvested back into the ground and the host of community activities for young people and families.
“The new jobs that will be created and the new homes for older people – which is more than a third of the population here, are key parts of building a brighter future.”
For Scunthorpe United, it is another monumental milestone in the resurrection of the football club. The primary focus of the Board of Directors when they took over as custodians of the club was to bring Glanford Park back to the fans, and back to the community.
By completing the deal in a community interest company, Glanford Park will always be protected within the community, and will never be at threat, regardless of any changes to the Board or future ownership.
University of York research projects awarded funding to deliver bio-based solutions to key industry challenges
Two University of York research projects have been awarded funding, as part of a £42 million programme, to work with industry partners in co-developing new sustainable technologies for healthcare, agriculture, cosmetics and wastewater treatment.
Working with Croda Europe Ltd, a specialist chemical company, Professor Ian Graham, from the University’s Centre for Novel Agricultural Products in the Department of Biology, will co-develop new sustainable technologies to improve the performance of new medicines, increase food production and help reduce the use of ingredients in cosmetic formulations from unsustainable sources.
The project is part of the BioYorkshire programme, which aims to deliver a new green agenda to create jobs and boost the regional economy through sustainable solutions to environmental challenges.
Professor Graham said: “This funding will enable us to develop sustainable production platforms for bioactive chemicals from plants that have the potential to replace petrochemical derived products across a range of industrial sectors.”
In the second project, Professor James Chong, from the University’s Department of Biology, will work with Yorkshire Water Services Ltd, to understand how groups of microorganisms respond to design and process engineering in wastewater treatment. The project will result in digital models to help improve anaerobic digestion – a process through which bacteria break down organic matter – such as animal and food wastes – in the absence of oxygen.
Professor Chong said: “Through this new award we will be able to develop and enhance the biobased technologies used to recover resources from wastewater. Our partnership with Yorkshire Water provides a route for lab-based results to be rapidly applied as process innovations.”
The two projects, along with eight others, are supported by £17 million from the Biotechnology and Biological Sciences Research Council (BBSRC), and is part of its first round of bioscience prosperity partnership funding, including funds from the Medical Research Council (MRC) and the Engineering and Physical Sciences Research Council (EPSRC).
This UKRI cross-council investment has been further supported by more than £21 million invested by industry partners.
Science, Research and Innovation Minister, Andrew Griffith, said: “Our new bioscience prosperity partnerships are a valuable opportunity for government, business and academia to come together and help unleash world-class, pioneering discoveries across the UK while growing our local economies.”
Dr Lee Beniston FRSB, Associate Director for Industry Partnerships and Collaborative R&D at BBSRC, said: “The projects supported will deliver on UK ambitions for private sector investment in research and innovation as outlined in the Science and Technology Framework, helping to drive economic growth and societal impact through key bioscience and biotechnology sectors and industries.”
New tenants take occupancy to pre pandemic levels at Leeds’ Marshall’s Mill
Edward Architects and Regenerate Asset Management are the latest businesses to take space in Marshall’s Mill, part of Holbeck Urban Village within Leeds South Bank, with both making the move into the historic estate due to business growth.
Edward Architects have moved from Whitehall Waterfront in Leeds to a 2,000 sq ft suite on the fourth floor of the Mill to accommodate a need for more space due to an expanding team.
Employees at the company, which has offices in Leeds and London, know the area well having spent over 200 hours of their free time working on the Holbeck HiLine, a community-led project that aims to bring the former viaduct back to life as a walkway and sky garden.
Becky Edward, practice manager, said: “We love how light it is in the Mill, as well as the rustic feel of the building, the environment has such character, it’s inspiring. We really enjoy too that we are working near other creative companies and the communal reception, with the nod to the Mill’s past use through considerate attention to restoration, perfect for when we welcome guests.”
The Leeds office for Regenerate Asset Management will be the first office in the North of England following the team opening a London office earlier this year. It will also be headquarters for the new and growing company which focuses on finding new and improved ways to conserve and diversify agriculture practices in a more ecological way.
Around 10 people will initially be based in the 1,566 sq ft space on the second floor of Marshall’s Mill with the space also being used for training, meetings and workshop sessions. The location was key for the national company as they regularly host visitors from across the UK and the regenerative aspect of the Mill fitted well with the ethos of the sustainable organisation.
“Working from home has been our only option until now,” says group financial controller for Regenerate Asset Management, Philippa Saxon. “Moving into the space has already helped us to collaborate. There are lots of communal spaces in the building and Holbeck Urban Village is a striking conservation area as well as having plenty of options in the neighbourhood for somewhere we can grab a coffee or some lunch.”
Both lettings were managed by agents Creative Space Management and Knight Frank. Paul Taylor, Managing Director for CSM, said: “The Mill continues to be well occupied and is popular with businesses looking for quality distinctive space. It’s been a strong year overall with take-up back at pre-pandemic levels.
“Utilisation of office space seems to have stabilised recently with many back working in the office rather than from home, often underpinned by some kind of social element during the week.”
Yorkshire business confidence amongst highest in UK
Business confidence in Yorkshire fell two points during November to 50%, according to the latest Business Barometer from Lloyds Bank Commercial Banking – conducted between 1st-15th November, before the Chancellor’s Autumn Statement announcement on Wednesday 22nd November.
Companies in Yorkshire reported higher confidence in their own business prospects month-on-month, up three points at 49%. When taken alongside their optimism in the economy, down six points to 52%, this gives a headline confidence reading of 50%.
Yorkshire businesses identified their top target areas for growth in the next six months as investing in their teams (44%), introducing new technology (36%) and evolving their offer (33%).
The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide. A net balance of 26% of businesses in the region expect to increase staff levels over the next year, down 15 points on last month.
Overall UK business confidence rose three points in November from 39% to 42%, the third consecutive monthly increase, while firms’ outlook on the overall UK economy increased four points to 38%. Businesses’ optimism in their own trading prospects also continued the upward trend for the second consecutive month, rising three points to 48%.
Companies’ hiring intentions reached their highest level since May 2022, with 35% of firms intending to increase staff levels over the next 12 months, up three points month-on-month.
Firms in London reported the highest level of business confidence, jumping nine points to 56% followed by the North West (54%), Yorkshire and the Humber (50%) and the North East (48%). Companies in the North West reported the biggest uptick in business confidence, increasing 20 points month-on-month to 54%.
Firms in the services industry reported an increase in confidence to 46% (up three points), the highest level for over two years (since September 2021), reflecting broad-based optimism in the sector. Retail confidence also rose for a second month to 42% (up five points), while sentiment among manufacturing firms reached a five-month high of 45% (up nine points) in contrast with recent shortfalls. Construction firms’ confidence improved for the first time in three months to 35% (up four points), but this still lags other sectors.
Steve Harris, regional director for Yorkshire at Lloyds Bank Commercial Banking, said: “It’s interesting to see that businesses in Yorkshire are looking to introduce new technology as they target growth over the next six months. Not only will this help them to introduce more modern working practices, but it can also help unlock profit and have productivity benefits.
“Businesses can also take advantage of the Chancellor’s recent announcement in the Autumn Statement that a 100% upfront tax deduction for UK capital expenditure on plant and machinery is becoming permanent. This makes it a great time for businesses considering significant capital investment to invest into new technologies.”
Hann-Ju Ho, senior economist, Lloyds Bank Commercial Banking, said: “Business confidence rising to a 21-month high shows the resilience of UK companies, as both trading prospects and economic optimism continue to rise.
“It’s encouraging to see signs that wage expectations may be stabilising, even against the backdrop of hiring intentions increasing to an 18-month high. Price indicators in the survey are similarly up, with our data continuing to show that firms are still safeguarding their profit margins in response to past rises in interest rates, wage increase pressures, and the prospect of higher energy prices again this winter.
“Our next survey in December will reveal how firms are digesting the measures announced in the Chancellor’s Autumn Statement last week as they navigate the busy festive season and make plans for 2024.”
Henry Boot Construction start work on Minsthorpe Community College sports facilities
Construction has started on a major new sports facility at Minsthorpe Community College in South Elmsall.
The project is being carried out by Henry Boot Construction and, when finished, it will provide two activity studios, changing rooms, toilets, storage facilities and office space, as well as a 594 m2 main sports hall.
Work got underway this summer to replace the previous sports facilities and is expected to be completed by spring 2025, alongside refurbishment works to several of the existing blocks.
The new sports block is targeting a rating of A+ for energy efficiency (EPC).
During the pre-construction phase, Yorkshire-based Henry Boot Construction has worked closely with the Department for Education (DfE), Niemens Architects and Dudleys Consultant Engineers.
During the turf-cutting ceremony at Minsthorpe, Tony Shaw, Henry Boot Construction Managing Director, said: “It’s great to get started on the construction stages of our work here at Minsthorpe Community College. Since the beginning of the design and planning process, we have had a clear vision of what the final product will look like.
“Projects like this are always incredibly rewarding, providing high-quality facilities to the local community that will greatly benefit them. We are modernising existing spaces so that we can support curriculum activity and greatly enhance the student experience.
“We’re starting to build a strong portfolio in the West Yorkshire area and this project adds to our ever-increasing Department for Education portfolio which began in 2017. We’re proud to be working on this fantastic project.”
Leeds insurance group makes fresh acquisition
Leeds-based Bspoke Insurance Group Ltd (Bspoke Group) has agreed to acquire the personal lines elements of the Police & Forces Mutual businesses, Police Mutual Healthcare (PMHC) and Police Mutual General Insurance (PMGI), from The Royal London Mutual Insurance Society Limited (Royal London).
Bspoke Group, which is backed by private equity investors RCapital Partners LLP & MIG Partners LLP, will acquire 100% of the share capital of the two businesses, subject to regulatory approval.
This is the second acquisition for the specialist insurance MGA group following their buy-out in October 2022, further building the momentum for their organic and inorganic growth strategy within the niche insurance sector.
The transaction will see over 250,000 general insurance policies and c16,000 healthcare policies transfer to Bspoke Group.
Tim Smyth, Bspoke Group CEO, said: “With a 150-year history, PMHC and PMGI are both highly regarded and trusted names within the police and military sectors, and we are thrilled to have secured their purchase.
“This type of specialist product fits perfectly within the Bspoke Group portfolio. It was always our intention to combine organic growth with acquisitions where they have a clear strategic fit to our long term aims.”
Siobhan Barrow, Royal London UK Distribution Director, said: “We are delighted to have reached agreement with Bspoke Group on this transaction on the general insurance and healthcare elements of the Police and Forces Mutual businesses.
“These are not central to our core business of protection, long-term savings and asset management. Customers will be better served by an expert in those GI and Healthcare markets. Central to our considerations has been finding a buyer with the right strategic and cultural fit, and who recognised the heritage of the businesses.”
Tim Smyth added: “It’s a hugely significant deal for Bspoke Group which continues our recent substantial growth in the MGA sector. We are taking on a well-run, highly respected business that enjoys a loyal customer base with very high persistency and an experienced, respected team who really know their customers and appreciate the value of high-quality service.”
The PMGI and PMHC businesses are based in Lichfield and Liverpool. 140 colleagues, including the management team led by Kerry McMahon White, Managing Director, and Phil Hall, Commercial Director, are expected to transfer across to become part of the Bspoke Group under TUPE arrangements in the New Year.
