Category Archives: Politics

Business, Business Advice, Business Finance, Economy & Jobs News, Politics

The Budget – key next steps for businesses

Gus Williams, interim CEO at Chambers Wales South East, South West and Mid, shares the key next steps for businesses in Wales following the Autumn Budget.

 

National Insurance and National Minimum Wage increases

“Businesses should look at their budget planning for next year and cashflow forecasts. Both of these increases will impact the next round of staff wage increases and the increases to National Minimum Wage don’t just impact those at the bottom, but put upward pressure on those above. Getting this right can take time and require a few rounds of review and revision to get right and ensure all the potential knock on impacts are carefully considered. Businesses will need to consider the impact of these increases to pricing, cashflow and working capital.”

 

Employee Rights Bill

“Although we don’t have fixed dates yet, businesses with staff currently on zero hours contracts may want to include this consideration in their planning for next year and think about the impact of those staff who are able and want to move onto fixed contracts.  Both the tax and National Minimum Wage increases along with the proposed Employee Rights Bill will have impact on future staff planning and recruitment.”

 

Business owners considering selling or retiring

“The increases to Business Asset Disposal start from 5 April 2025, so those business owners already thinking about exiting may wish to consider the impact on their timeline.”

 

Businesses looking to acquire

“As above, the changes in Business Asset Disposal Relief in 2025 may provide an immediate opportunity to look at potential acquisitions you would like to make.”

 

Capital Allowances

“Capital Allowances are set to remain in place as they are. Those businesses who were concerned about certainty can now act and plan with confidence that the rules should remain the same for the foreseeable future.”

 

Inheritance Tax, business property relief and Business Asset Disposal Relief changes

“A common issue we see is business owners leaving it too late to plan effectively for retirement or exit in a way that maximises the value of their business or meets all of their retirement and exit objectives. Achieving this can require several years of planning to align the short-term and long-term business and financial objectives. Ensuring you plan further ahead can help minimise the impact and risks of tax changes.”

 

The government’s growth strategy

“The Budget identified important sectors that the government will be looking to support with specific initiatives. Businesses operating in these sectors may want to keep an eye out for further announcements and engage in any consultations. The Chambers will of course be contributing and help facilitate these. The sectors identified are:

  1. advanced manufacturing
  2. clean energy industries
  3. creative industries
  4. defence
  5. digital and technologies
  6. financial services
  7. life sciences
  8. professional and business services”

 

The industrial strategy can be found on the government’s website.

 

Farmers

“Generational small farmers will feel particularly aggrieved by the changes to agricultural land relief for Inheritance Tax and some intense lobbying will be taking place before these come into effect. Whether that lobbying will have any impact we will wait and see. As with the changes to business property relief, farmers will need to consider their succession planning and seek advice to ensure they have a workable plan in place that meets their objectives.”

Wales-specific impacts

“The increases to funding for the Welsh Government will be rolled into the next Welsh Government budget planning this December. Support for business will be a part of those discussions, and the Chamber will continue to be a voice for members and businesses as a part of the Welsh Government budget planning process.”

Politics

Revealed: Top 20 UK Speakers On Geo-Politics… Who Can Help Business Leaders Make Sense Of US Election

The clock is ticking down to the US Election – with less than three weeks to go until polling day.

Although the impact of the November 5 vote might not seem that relevant to Brits, the reality is that the outcome of the race to the White House will have an impact around the world.

And for business leaders getting a grasp of the repercussions of the US election is particularly vital – not least because the current world geo-political outlook seems to be the most uncertain it has been in perhaps a generation.

Aside from the election, escalating tensions in the Middle East, the continuing conflict in Ukraine, slow economic growth in China, and the uncertainty over Taiwan are all hot subjects for observers of global political issues.

Jack Hayes, director of the Champions Speakers Agency, has assisted many organisations to develop strategies to impart valuable geopolitical insights to employees.

He said: “In a world where the contours of geopolitics seem as elusive as they are impactful, understanding this complex phenomenon is more crucial than ever.

“With over 70% of global leaders acknowledging the increasing complexity of international relations in the past decade, we navigate through the fluid landscape of global politics, where discursive constructions morph into potent political actions.

“The need for insightful analysis has never been greater.”

To help further many business leaders are now hiring speakers who specialise in geopolitics.

Data compiled by Champions Speakers, which is based on reviews and feedback from thousands of events, shows the current top geopolitical speakers in 2024 to be:

 

Lord Kim Darroch, British Ambassador to the United States and UK Permanent Representative to the European Union

Ian Bremmer, Founder of Eurasia Group, professor and author

Helga Flores Trejo, Vice President Head of International & Multilateral Affairs for Bayer AG

Ian Goldin, distinguished professor at Oxford University, former advisor to Nelson Mandela

Carmen Reinhart, author and Harvard Kennedy School professor

Sir Iain Duncan Smith, former Leader of the Opposition

Clive Myrie, multi-award-winning journalist and TV presenter

Howard Gutman, background in law and American politics, former United States Ambassador to Belgium

Helen Clark, New Zealand’s second female Prime Minister

Angus Roxburgh, author and former BBC Moscow and European Correspondent

David Murrin, renowned geopolitics speaker, polymath and super forecaster

Mark Malloch-Brown, former Deputy Secretary-General of the United Nations

Arne Elias Corneliussen, geopolitical and strategic advisor, Fellow of the Royal Geographical Society

Tim Marshall, former Diplomatic Editor and Foreign Correspondent for Sky News

General Philip Breedlove, retired General of the United States Air Force and former Supreme Allied Commander of NATO

Alec Ross, Visiting Professor at the Bologna Business School

David Nissan, officer and commander in the Israeli Defence Forces

Karishma Vaswani, high-profile journalist for BBC and Bloomberg Opinion

Jay Tuck, investigative journalist and founder of Airtime Dubai

John Pienaar, esteemed political reporter with BBC and Times Radio

 

To read more about this report visit: https://champions-speakers.co.uk/worlds-top-geopolitical-speakers

Accountancy, Accountancy & Accounts, Accounts and Accountancy, FInance, Finance and Banking, Politics

Accountants praise government for promising action – but more still to be done

  • In the first 100 days the government has taken some positive steps but significant barriers to economic growth and increased productivity remain
  • Proposals to late payments, corporate governance regulation, and local authority audit backlog all welcomed as announcements

 

As Keir Starmer’s Labour party celebrates 100 days in office, global accountancy body ACCA (the Association of Chartered Certified Accountants) calls on the UK government to stay focused on the key priorities to boost economic performance and business growth, and to be clear on this vision to boost optimism.

 

Just over three months since Labour’s decisive victory at the 5 July General Election, ACCA is encouraging the new government to stick to its priorities of putting economic growth at the heart of its agenda for the country.

 

Glenn Collins, head of technical and strategic engagement at ACCA UK, said: “We have seen some encouraging signs that the new government’s Treasury and business team understand the worries of the business sector and the concerns that we hear consistently from our 100,000 UK based members.

 

“We want them to build on the foundations that they have set out and we will continue to hold them to account.”

 

ACCA reports that members support the government’s emphasis on growing the economy, and ACCA welcomes moves over the first 100 days including:

 

  • Action on late payment which ACCA has consistently called out as a blight on the growth prospects of small business.
  • The appointment of a government minister as chair of HMRC board. ACCA hopes James Murray’s appointment will result in further investment in HMRC and strengthen delivery, particular around HMRC service levels which continue to be a major drag on business effectiveness.

 

  • The King’s speech announcement of long promised regulation on corporate governance including placing the planned new regulator, the Audit, Reporting and Governance Authority (ARGA), on a statutory footing and setting out clear expectations and accountability for boards, management and auditors.

Lloyd Powell, head of ACCA Cymru/Wales added: “The government needs to build on progress to date and to build confidence. Business confidence is low with many highlighting uncertainty and challenges in their day-to-day work. We feel the government has a critical month ahead to provide to business insight on industrial strategy at the upcoming International Investment Summit, and to see this clarified further at the Autumn Budget.”

 

Visit ACCA’s website for more information.

Economy & Jobs News, News, Politics, Property, Storage

70% of UK home owners disagree with Labour’s plan to reverse Tory Stamp Duty relief for First Time Buyers

A massive 70% of UK home owners believe that Labour’s plan to reverse the Tory Stamp Duty relief for First Time Buyers will negatively impact the property market, according to new research from leading self storage provider, Ready Steady Store.

The research, which questioned over 500 home owners on their perception of the likely tax changes to be implemented by UK Government during the autumn budget, also revealed that 69% believe the reduction in the stamp duty threshold from the current £425,000 to £300,000 will force First Time Buyers to opt for lower value properties.

 

Furthermore, 72% of respondents also felt the Labour Government should utilise the autumn budget to implement new schemes to aid First Time Buyers in purchasing their first home rather than increase taxes, particularly as growing numbers of home owners are now downsizing their properties, according to the latest data from Rightmove.

As such, 74% agreed that any increase in tax rates on Stamp Duty, Capital Gains and Pensions will negatively impact the public, with 40% advising their trust in Labour has diminished as a result.

Other key takeouts from the research include:

  • 30% of home owners advised they would try and move house before changes to Stamp Duty were implemented, with 18% advising they would wait until the Bank of England reduces the base rate even more.
  • 42% revealed they would move their belongings into self storage to agree a quick property sale, with 38% advising they follow suit to prevent a break in the chain during a house move.
  • A further 28% advised they would use self storage to aid them in downsizing their property – being a move 70% of home owners believe more people will be forced to do in 2025, with high mortgage rates [32%] and the cost of living [48%] to blame.

 

Discussing this latest research, Mehran Charania, Director of Ready Steady Store, said:

“This latest research is incredibly telling and highlights the level of concern UK home owners share over the forthcoming autumn budget and the negative impact it could have on the general public and particularly the UK property market.

“There is clearly a careful line to tread as even though the latest Rightmove data has shown a marginal increase in the average property price, more and more people are having to downsize their homes and this is a trend likely to increase into 2025 – particularly if the cost of living remains too high for many.

“However, there are also many positive reasons as to why home owners opt to downsize their properties – like simply not requiring as much space – being a step we at Ready Steady Store are well versed in supporting our customers with.”

 

Established in 2005, Ready Steady Store is an award-winning self-storage provider with cost effective storage units located in the Midlands, and South, North and East of England.

For more information, visit: https://www.readysteadystore.com

Politics

I think dad’s more excited than I am….he’s my biggest champion

A new Tory MP has said her famous father is “her biggest champion” – and that her aim is to fight to ensure half of the seats in the Commons are occupied by women.
Aphra Brandreth, the daughter of former MP and TV personality Gyles Brandreth, became the MP for Chester South and Eddisbury at the last General Election.
She’s also an honorary vice president of Conservative Women’s Organisation (CWO).
Speaking exclusively to Gloria De Piero on GBNews, Ms Brandreth outlined how she plans to fight for change.
She said: “The CWO is actually the oldest women’s political organisation in the world, which is quite amazing.
 “And it’s about getting more women to stand for elected office, but it’s also making sure that women’s voices are heard in policy development. And for me, I think that’s a big part of it, is there’s lots of great men, but there’s lots of great women too.
“And we need to have that diversity of voices. And still in 2024, we don’t have 50:50 men and women in Parliament. So, I just want to be part of making sure that I’m supporting other women to get involved and to put themselves forward to stand, because it’s so important. But it is tough. And, you know, we need to do a lot more because I think we’re only at about 25% of our Conservative parliamentary party are women at the moment, and I’d love to see that at 50% or more.”
She said women thinking of entering politics need to be strong and prepared to cope with disappointment: “I think you’ve got to believe in yourself and keep persevering, because this is not an easy journey to go down.
“And it’s not one that necessarily gives you results straight away. But I think particularly as women and this obviously isn’t all women, you can’t kind of group everybody into one big pot. But we tend to want to be perfect at everything before we do it.
“I mean, I’m terrible at doing that as well. I always feel like unless I know a topic 100%, I feel very wary about speaking about it. But a lot of the men are just very confident to just go in, even when they’re only at 60%.
“You’ve got to have self-belief, you’ve got to go and do it and also take the knock backs, but keep going through them, see what you can learn from them.
“And you know we can do it. And there are lots of women here since I’ve come in who’ve been so supportive and who want to help more women to get involved, so the sisterhood is strong.“
Asked if she was saying she will not rest until there was gender equality in the Commons, she said: “Absolutely, absolutely.”
Gloria asked if her father was proud: “I think he’s more excited than I am. He’s definitely my biggest champion.
“He doesn’t just give me one piece of advice. I get, honestly, daily texts and phone calls and emails giving me hints and tips. And I mean, it’s actually so lovely.
“I made a speech just recently on the winter fuel allowance, and I got a text immediately afterwards saying that him and my mum had watched it and how proud they were, so that was really amazing.”
The full interview is broadcast on GBNews from 2.30pm on Sunday September 15
Economy & Jobs News, News, Politics, UK

New Government Urged to Plan for the Worst as Experts Launch Report on Challenges of National Resilience

Mark Drakeford Reveals the Challenges of Managing a Crisis

Leading policy makers and practitioners have urged the new government to put national resilience at the top of their agenda and on a statutory footing. The recommendations are included in a report; “A Blueprint for Resilience in 2035 Reflections on the Cityforum Conference, London, May 2024” by Stephen Hawker, a former senior member of the UK’s intelligence and security community. It has been published by Cityforum, the senior, expert, policy debating forum. In a Cityforum podcast to discuss the issues raised in the report, Rt Hon Mark Drakeford, the former First Minister of Wales, highlighted in conversation with Sir David Omand the challenges to governments in managing resilience. The discussion is now available as a Cityforum podcast.

Click to Download the Report

In May, some of the UK’s leading policy makers and practitioners met to discuss how to build a broader understanding of national resilience; to identify what could be done now to improve the prospects for a sustainable future; and review how to build capacity to withstand and recover from the anthropogenic (human-causation) and natural shocks. They looked at the roles of government, businesses, civil society, and individuals in taking coherent action to foster a resilient society. The importance of this has recently been highlighted by the impact of War on Europe’s borders, turbulence in the Middle East, China in imperial mode and Covid-19, which challenged the UK’s resilience in key areas.

 

The supporting podcast explores crisis management, devolution challenges, and long-term governance strategies, with a focus on the practical and the human dimensions of resilience.  The discussion covers the COVID-19 response, UK resilience, volunteer mobilisation, leadership in a crisis, and Wales’s innovative Future Generations Act.

The UK faces geopolitical tensions, economic uncertainties and environmental challenges. The report highlights how critical UK’s ability to adapt and recover is. It is noted that 90% of the infrastructure we rely on now will still be in use by 2035. It is therefore accepted that major changes take time; but small adjustments now could still make a disproportionate difference. In the Podcast Rt Hon Mark Drakeford noted that too often these changes are put off by governments in favour of taking action that can be seen and appreciated now. An action that averts a crisis will probably not even be recognised.

 

Commenting on the report and the podcast, Stephen Hawker said: “We need the new government to create a vision of what resilience needs to look like by 2035 or 2050. Without broad standards, indicators, rankings, ratings, and quantitative measures it is impossible to track overall progress and to hold those responsible (not just government) to account.”

 

The report concludes that if the scale of the threats and the extent of vulnerability is as great as feared then we need greater energy, focus and direction on resilience.  Cityforum calls on the new government to:

  • Put national resilience at the top of their agenda and on a statutory footing (as suggested by the National Preparedness Commission).
  • Undertake a comprehensive assessment of the resilience needed in the UK to provide a baseline for judging change. Government should be required to report annually on progress.
  • Develop a national resilience strategy with national goals, focusing on reducing vulnerability as well as preparing for and managing crisis. The strategy needs to be realistic and affordable; and to address human, health and economic as well as system issues and emergency planning. Resilience to be made an integral part of decision-making throughout the economy.

The report and podcast are available free of charge on the Cityforum website. Hugh Morris of Z/Yen will chair a special webinar on the Hawker report on 18th July 2024.  You can register to attend on the Z/Yen website event page.

 

Cityforum is grateful to the following organisations for their help with the development of the report:

  • The National Preparedness Commission (NPC) is an independent and non-political body, whose fundamental objective is to promote policies and actions to help the UK be significantly better prepared to avoid, mitigate, respond to, and recover from major shocks, threats and challenges.
  • BT is a systemically important part of the UK’s national connectivity capability and as such enables the broadest range of industries to function and to operate in an efficient manner sharing information with customers, suppliers and internally. The same criticality applies to organisations of state from National Air Traffic (NATS) to UK Policing, Work and Pension, the tax Office, Health services and a myriad of public services around the UK.
  • Northrop Grumman UK is a growing British business, wholeheartedly committed to supporting the defence and national security of the United Kingdom and its allies
  • Surevine build secure, scalable collaboration environments for the most security conscious organisations.
News, Pensions, Politics, Retirement

Punter Southall urges government to prioritise retirement adequacy in Pensions Review

Punter Southall, a UK professional services company specialising in retirement, pensions, analytics, and legal issues, welcomes the appointments of Stephen Timms as Minister at the Department of Work & Pensions and Liz Kendall as Secretary of State for Work and Pensions. While the planned comprehensive review of pensions is a positive step, Punter Southall highlights the need for government to also address retirement adequacy to prevent millions from retiring without appropriate guidance and advice.

Steve Butler, Managing Director of Pension Potential and trustee for the Centre of Ageing Better, states: “The government’s commitment to maintaining the state pension triple lock and reviewing the pensions and retirement savings landscape is highly positive. However, retirement adequacy is a major issue. The Resolution Foundation[i] highlights that around two-in-five working-age individuals (13 million people) aren’t saving enough to meet the minimum target for an adequate retirement income. Nearly half fear their savings will run out, creating a ticking time bomb.”

Butler says better education around retirement planning could also help address this issue and close the ‘advice gap.’

He notes, “The lack of affordable advice for those approaching retirement with relatively small pension pots (less than £100,000) is a significant deficiency in the UK’s pension provision. We also risk a lost generation, those too young to have benefitted from defined benefit pensions and too old to have built up substantial defined contribution pension pots. Many don’t understand the implications of drawdown and other options, such as annuities, that provide a guaranteed income. Age UK[ii] highlights that around 90,000 retirees are making unsustainable withdrawals, taking an annual income of 8% or more from their funds. Seeking financial advice before choosing drawdown is crucial to mitigate these risks.”

Research by The Lang Cat[iii] shows that only 9% of people currently pay for financial advice, down from 11% in 2023. Cost remains the main barrier, with one in five avoiding advice due to perceived expense. Butler stresses that simplifying retirement planning and improving access to affordable advice is crucial.

However, he highlights the promise of the Financial Conduct Authority’s advice guidance boundary review. This review aims to create a regulatory system that fosters commercially viable models of advice and support, enabling consumers to make effective financial decisions. Labour’s “Financing Growth” policy paper pledges to monitor this review closely to ensure it effectively closes the advice gap and aligns with the statutory remit of the Money and Pensions Service.

Punter Southall’s Pension Wish List:

  1. Commit to the continued roll out of Auto-Enrolment:
    • Address the gender pension gap by allowing partners to pay into the pension pots of those on career breaks.
    • Lower the minimum age and salary level for auto-enrolment to include younger or part-time workers, benefiting women significantly.
  2. Introduce greater flexibility in pension access:
    • Remove the Money Purchase Annual Allowance to enable true pension freedom, allowing people to draw on pension funds for retraining or upskilling without penalties.
  3. Promote the Pension Tracing Service:
    • Increase awareness of the nearly £20bn in unclaimed pensions. Support initiatives like “National Pension Tracing Day” to help individuals locate lost pensions, which could significantly improve their financial situations.

Punter Southall also supports the National Association of Pension Funds (NAPF)’s call for the appointment of an Independent Retirement Savings Commission, that would be accountable to the Secretary of State for Work and Pensions, and have a clear remit to define, measure, and promote good retirement outcomes.

Butler concludes, “The planned pensions review is a major opportunity to rethink government-led education on retirement planning and the importance of seeking advice, which will also increase understanding of online planning tools and digital advice models. These initiatives can provide affordable financial guidance, helping everyone make better retirement decisions and ensuring pension adequacy for all.”

 

—

[i] https://ifamagazine.com/study-reveals-nearly-one-in-two-are-worried-about-running-out-of-money-in-retirement/#:~:text=Fear%20of%20running%20out%20of,%26%20Investment%20(UK)%20shows.

[ii] [ii] https://www.unbiased.co.uk/news/financial-adviser/drawdown-pensioners-unaware-of-risks-study-suggests#:~:text=An%20estimated%2090%2C000%20retirees%20are,would%20last%20only%2017%20years.

[iii] The Advice Gap 2024 – The Lang Cat