Author: Scott Dylan

Gross domestic product (GDP) is now predicted to rise by 1% in 2023, up from the previous estimate of 0.5%, with growth projected to continue at 1.2% next year, revised from 0.9%.Despite the Bank of England’s gradual reduction of interest rates, KPMG has stated that the UK base rate is expected to decline to 3.5% by 2025 from its current 5%. Yael Selfin, KPMG UK’s chief economist, emphasised that Chancellor Rachel Reeves must utilise the forthcoming autumn budget to foster stronger growth through increased public investment.Reeves has already indicated that there will be no return to austerity under her leadership,…

A recent survey has revealed increasing apprehension among business leaders regarding the potential rise in capital gains tax (CGT). The survey, conducted among companies backed by BGF, highlights a widespread belief that such a tax hike could stifle investment within the UK.The findings indicate that 88% of chief executives and company founders feel that a CGT increase would suggest a lack of governmental support for entrepreneurs. Furthermore, 74% of respondents anticipate that the tax hike would have a direct negative impact on their business operations. This view is reinforced by over three-quarters (78%) who believe that an increase in CGT…

The latest property data highlights the most sought-after locations for renting in Britain, and Bristol has emerged as a frontrunner.With letting agents in the city receiving an average of 51 enquiries per available property, Bristol’s rental market is now one of the busiest in the country.Bristol’s Rental Demand Outpaces National AverageAccording to the new Demand Tracker report, Bristol ranks third in terms of rental demand, just behind Wrexham and Glasgow. The average number of enquiries for rental properties in Bristol stands at 51, which is significantly higher than the national average of 19 enquiries per property. This data underscores the…

Admiral marks a notable milestone, celebrating two decades as a listed entity on the London Stock Exchange. The organisation, which began as a motor insurance provider, has evolved significantly since its inception.From its modest beginnings in 1993, Admiral has grown to become a global player in the finance and insurance sectors, reflecting a remarkable journey of growth and success.Founded in 1993, Admiral initially sold car insurance over the phone. Its early years were marked by rapid growth, culminating in its flotation on the London Stock Exchange in 2004. At that point, Admiral had already achieved significant milestones, including a market…

Matt Boyle, a prominent figure in the North East automotive sector, has achieved one of engineering’s highest honours. He has been named a Fellow of the Royal Academy of Engineering.Best known for his leadership roles at electrification companies Sevcon and Turntide Technologies, Boyle’s influence continues to resonate within the industry.A Celebrated Career in Automotive EngineeringMatt Boyle’s illustrious career spans several decades, marked by significant contributions to the automotive and engineering sectors. He notably led Sevcon and Turntide Technologies, organisations at the forefront of electrification innovation. His work has consistently focused on advancing electric vehicle technology, which has positioned him as…

The proposed redevelopment of Old Trafford, home of Manchester United, is gaining momentum as key stakeholders provide updates on the project. A major development in this plan involves the potential relocation of a freight depot, a move that could significantly impact the transformation of the area.Greater Manchester Mayor Andy Burnham has recently outlined the steps being taken to secure government funding for this crucial aspect of the redevelopment. This article delves into the various components of the project, highlighting the roles of different stakeholders and the anticipated benefits for the region.Stakeholder Engagement and Project FeasibilityA major participant in the planned…

In a recent development, Andy Burnham, the Mayor of Greater Manchester, highlighted the dependency of a new railway line between Manchester and Liverpool on government funding. Just hours prior, Transport Secretary Lou Haigh announced that the necessary funds were not available.The proposal for the Manchester-Liverpool railway was initiated in May, with Burnham and Liverpool’s Mayor, Steve Rotheram, earmarking £17 billion for its construction. This ambitious project aims to enhance connectivity in Northern England, but its realisation now hangs in the balance due to potential funding cuts.Background of the Proposed Railway LineThe proposed railway line between Manchester and Liverpool has been…

Around 100 employees are facing job losses as Hull-based offsite construction firm ESS Modular falls into administration. The decision comes after the company suffered substantial financial losses.Insolvency experts from EY-Parthenon have been appointed to handle the administration of ESS Modular and its subsidiary, Spatial Initiative Limited.ESS Modular has ceased operations immediately, and insolvency experts from EY-Parthenon’s Turnaround & Restructuring Strategy team have been appointed. The firm encountered significant financial challenges due to losses on legacy contracts, which resulted in liquidity problems.Approximately 100 workers employed by ESS Modular and Spatial Initiative Limited are expected to be made redundant. EY is providing…

In a significant cost-cutting move, a major player in the paint industry has announced plans to reduce its workforce by 2,000 jobs globally.This decision is part of a broader strategy to improve operational efficiency amid rising costs and inflationary pressures.Paint industry giant and Dulux owner AkzoNobel has announced plans to significantly reduce its workforce as a measure to cut costs. The firm will finalise these job cuts by the end of 2025 to enhance operational efficiency. AkzoNobel, present in 150 countries, aims to streamline its management hierarchy, affecting over five per cent of its 35,700-strong global workforce.The firm’s UK facilities…

In 2023, the fashion brand saw a remarkable rise in revenues, underscoring its success.Despite the challenges, the company’s innovative strategies paid off, resulting in significant growth.The year 2023 proved to be transformative for Represent, marked by a nearly 70% surge in sales. According to the latest accounts filed with Companies House, the company’s turnover soared from £48.4m in 2022 to an impressive £80.8m in 2023. This growth was accompanied by an increase in pre-tax profits, escalating from £9m to £13m during the same period.The company’s strategic investments and market adaptations played a crucial role in achieving this growth. Represent’s focus…