The Chancellor, Rachel Reeves, delivered her first Spring Statement in the House of Commons on Wednesday 26th March 2025.
To help you navigate these announcements, our colleagues from Streets Tax and our financial services arm have provided a comprehensive breakdown of the key changes. We also covered important updates on topics impacting businesses and private individuals as we prepare for the new tax year 2025/26.
Huge solar farm takes next steps on Nottinghamshire-Lincolnshire border
PS Renewables and Ørsted, developers of renewable energy projects in the UK, have submitted their application for Development Consent Order (DCO) for One Earth Solar Farm. At the border of Nottinghamshire and Lincolnshire, the project could produce enough energy for more than 200,000 homes a year.
With the Planning Inspectorate having reviewed the application and accepting it for examination, the scheme now moves into the ‘pre-examination stage’ in preparation for upcoming public examinations.
The project comprises the construction of a solar farm and collated battery energy storage system (BESS) and would be located across approximately 1,600 hectares of land, primarily in Nottinghamshire.
The location of the solar farm was chosen based on the availability of a grid connection point at High Marnham. When the old coal-fired power station was decommissioned, it created capacity at this location for new energy projects.
Randall Linfoot, programme manager for Ørsted, said: “We are delighted to have had our DCO application for the One Earth Solar Farm accepted for examination. It is crucial for the UK that large renewables projects such as One Earth can be progressed as quickly as possible whilst also ensuring they are properly scrutinised.
“Projects like this will be key contributors to the UK’s energy security alongside bringing investment, low-cost electricity for consumers and helping meet global climate goals and net-zero targets.”
The proposals for One Earth have changed significantly in response to two periods of consultation over the last two years. The masterplan has been reduced to remove panels near homes and villages that are located close to the project boundary.
Leicester air quality monitoring firm expands presence in Australia
EarthSense, the Leicester-based provider of air quality monitoring solutions, has entered into a new partnership with ECO Environmental, a specialist in environmental monitoring solutions based in Australia.
This strategic partnership will expand EarthSense’s reach in a key market and industry sector, bringing advanced air quality monitoring technology to Australia’s construction and environmental monitoring sectors.
“We are delighted to welcome ECO Environmental to our growing network of global distributors,” said Thomas Hall, CEO at EarthSense. “Their expertise in environmental monitoring and strong industry connections make them an ideal partner to support the adoption of our solutions in the Australian market.”
ECO Environmental’s Managing Director, Andrew Cooke, added: “EarthSense’s market-leading Zephyr air quality sensor is an excellent addition to our extensive catalogue of environmental monitoring solutions, and we look forward to offering it for sale or rental to our clients.”
Lubrizol hands over more than £18,000 to St John Ambulance charity
A Derbyshire science company has handed over more than £18,000 to help a charity carry on saving lives.
Lubrizol, whose UK Technical Centre is based in Hazelwood, has handed over a grand total of £18,026.16 to St John Ambulance after two years of employee fundraising across all its UK sites.
Over the past two years, teams from Lubrizol have taken part in a wide range of activities to raise vital funds for St John Ambulance so it can continue to treat patients, train volunteers and provide crews for community events.
St John Ambulance is England’s first aid charity and is committed to creating healthier, safer and more resilient communities through essential first aid services and training.
Among the Lubrizol fundraisers was Claire Hollingshurst who with her husband Tim and colleague Rich Trevatt took on walking the 55-mile ‘Heritage Way’ running through Derbyshire, completing the whole trek in under 24 hours.
Staff raised further funds with many activities including cake sales and Christmas jumper days. Employees also benefited from CPR sessions delivered at three Lubrizol sites.
Thanks to fundraisers like Lubrizol and charitable donations from the public, over the past two years, over 30,000 highly skilled St John Ambulance volunteers have treated tens of thousands of patients, trained more than 30,000 Young Responders and supported communities across the country. In Derbyshire, St John Ambulance volunteers have helped in 362 cases of clinical need – which equates to roughly one person every two days.
Eva Groves, corporate partnerships executive at St John Ambulance, was at Lubrizol with Derbyshire volunteer Heather Powell to receive the donation.
She said: “Thank you so much to every single person at Lubrizol for raising such an amazing amount for St John Ambulance. All money raised will go towards helping us continue to save lives.”
It is estimated that every year in the UK there are over 30,000 out of hospital cardiac arrests but currently fewer than one in 10 people survive. When a defibrillator is used in the first three minutes of a cardiac arrest, the chances of survival can increase by up to 70 per cent.
Eva continued: “A cardiac arrest is a medical emergency and, in this situation, every second counts. We’re proud that through our Restart a Heart training, Lubrizol employees now have the confidence to step in and save a life if it’s ever needed.”
Tom Grazier, chair of Lubrizol’s charities and communities committee, said: “We are delighted to have raised this great total for St John Ambulance to help continue the charity’s life-saving work.
“It’s important to us at Lubrizol to give back to the communities we serve and every two years we are very proud to nominate a new charity for all our UK sites to support. It’s been great to welcome St John Ambulance volunteers who have delivered really valuable CPR sessions for Lubrizol colleagues. This is a great charity doing important work and we know our donation of more than £18,000 has a lot of impact.”
British Steel weighs closure of Scunthorpe blast furnaces amid financial strain
British Steel is considering shutting down its two blast furnaces in Scunthorpe, putting up to 2,700 jobs at risk. The company says high operating costs, tariffs, and environmental regulations have made the furnaces unsustainable.
Since acquiring British Steel in 2020, Chinese owner Jingye has invested over £1.2 billion but continues to face daily losses of around £700,000. Talks with the UK government about financial support for new Electric Arc Furnaces (EAF) have not resulted in a deal.
The potential closure has raised concerns among unions and industry leaders, who warn it could end the UK’s ability to produce primary steel, affecting supply chains and infrastructure projects. The government has pledged up to £2.5 billion for the steel industry but has yet to finalise a plan for Scunthorpe.
British Steel is consulting on three possible timelines, with the earliest furnace shutdown by mid-2025. The company says discussions with workers, unions, and officials are ongoing.
UK motor industry urges urgent talks as US imposes 25% tariffs on car imports
UK automotive leaders are calling for immediate trade negotiations following the US government’s decision to impose a 25% tariff on imported vehicles, set to take effect next Wednesday. The move threatens a sector already facing declining sales and rising production costs.
The US is the UK’s second-largest car export market, valued at £7.6 billion. In 2023, over 101,000 UK-built vehicles—mainly premium and luxury models—were shipped to the US, accounting for nearly 17% of total car exports. The tariffs will hit major UK manufacturers, including Jaguar Land Rover, BMW, Toyota, Nissan, and Stellantis.
Jaguar Land Rover, which employs 11,000 people in the UK, relies on the US as its biggest overseas market. BMW’s three UK plants, which focus on Mini production and employ around 8,000 people, could also face significant cost increases. The US remains a key Mini market despite declining sales due to model changes.
The Society of Motor Manufacturers and Traders (SMMT) is pushing for a trade deal to avoid disruption, emphasising the long-standing UK-US automotive relationship. The British Chambers of Commerce has also called for “intensive dialogue” to mitigate the economic impact.
Chancellor Rachel Reeves confirmed that discussions with the US are ongoing, while business leaders warn that the tariffs could increase costs for American consumers and create further supply chain instability.
Leicestershire firms reunite for new Burbage residential development
Leicestershire firms Springbourne Homes and Hayward Architects have teamed up again to design a new exclusive development in Burbage, near Hinckley.
The properties will be built at Springbourne’s new site called The Spinney, which is off Elm Tree Drive and close to Burbage Common and Woods.
Haywards has designed eight luxury detached homes, including two bungalows for the development, with construction set to commence this Spring.
Springbourne chairman Adrian Burr is hoping this latest collaboration will prove as successful as their previous partnership which delivered the Hornsey Rise development near Market Bosworth.
Adrian said: “Springbourne Homes and Hayward Architects is a proven, winning combination. We have a long and fruitful history of working together again and we are confident that The Spinney will be another success story.
“I will be delighted if we go on to emulate what we achieved at Hornsey Rise where we scooped four national construction awards and delivered what is arguably our best-ever site.
“We have applied the same high standards, design principles and attention to detail for The Spinney and we are once again anticipating keen interest from buyers who are in the market for a quality home in a desirable location.”
Hayward’s director Zoe Massey is equally confident there will be high demand.
Zoe explained: “We have designed eight spacious properties, six detached homes and two bungalows, on a lovely landscaped site in a sought-after area.
“There are three five bedroom homes, three four bedroom homes and two three bedroom bungalows, all with double garages and ranging from just over 3000 sq ft to just under 2000 sq ft.”
Nottinghamshire invests £1m in feasibility study for new River Trent bridge
Nottinghamshire County Council has allocated £1 million to explore the feasibility of a fourth road bridge over the River Trent at Colwick. The study is part of a broader transport development initiative to ease congestion and improve regional connectivity.
The funding comes as the council secures an additional £15.2 million from the East Midlands Combined County Authority for road infrastructure. If approved, the project could become one of the largest transport investments in the county in years, potentially benefiting businesses reliant on efficient logistics and commuter ro
Amplius invests £41m to improve energy efficiency in 2,000 homes
Housing provider Amplius, formed from the merger of Longhurst Group and Grand Union Housing Group, is set to invest £41 million to upgrade energy efficiency in nearly 2,000 homes across the Midlands and East of England.
The investment includes £20.3 million in provisional funding from Wave 3 of the Warm Homes Social Housing Fund. The upgrades—covering Northamptonshire, Bedfordshire, Cambridgeshire, and Lincolnshire—will include insulation, new doors and windows, and low-carbon heating systems to meet at least an EPC rating of C.
This follows Amplius’ previous £16 million investment in Wave 2.1, which improved 750 homes. The latest project will bring the total number of upgraded properties to 2,700.
Amplius is partnering with Morgan Sindall Property Services to deliver the improvements, aligning with broader net-zero goals and efforts to reduce fuel poverty in social housing.
Leicester updates scaffolding and skip licensing rules
Leicester City Council has introduced new guidance outlining licensing requirements for scaffolding, skips, and hoarding on public highways. The updated policy aims to clarify regulations for contractors and ensure compliance with safety standards.
The changes require scaffolders to apply for a licence well in advance, except in emergencies. Applications must include detailed site plans and traffic management arrangements to demonstrate that safety risks have been properly assessed. Skips also need a licence, even if they are placed on the highway for a short time.
City officials emphasise that while many contractors operate responsibly, some fail to meet legal requirements. The council has made the guidance easily accessible to remove any excuses for non-compliance. Enforcement will be stricter, with breaches leading to action ranging from warnings to prosecution.
The policy update follows consultation with the scaffolding industry, which has welcomed the increased clarity.
Derby electric bus project scrapped as funds reallocated
Derby City Council has cancelled its £11.5 million electric rapid transit (eRT) project, citing post-pandemic economic challenges. The scheme, announced in 2020, aimed to introduce 12-metre electric buses to improve city centre connectivity, but was deemed financially unviable.
The project was initially part of a £161 million government-backed transport improvement package for Derby and Nottingham. Nearly £500,000 had been spent before its cancellation, with £11 million reallocated to other local transport initiatives with Department for Transport approval. Plans for new Park and Ride buses were also scrapped, freeing up an additional £6.4 million, which has been redirected to cycle routes and public realm improvements.
Council officials noted that while the eRT project had potential benefits, it would have required long-term revenue support, which was unavailable.
Nottingham Council approves cost-based leases for community centres
Nottingham City Council has approved plans to introduce cost-covering leases for community centres, replacing previously proposed market-rate rents. The move aims to keep centres open while improving the Council’s financial sustainability.
Under the new lease agreements, set to take effect by April 2026, community associations will take on responsibility for repairs, maintenance, and compliance. As third-sector organisations, they will have access to funding streams unavailable to the Council, helping cover operational costs.
The Council will support associations with training on grant applications, business planning, and procurement to ensure long-term viability.
Spring Statement 2025 – a defensive play or offensive push for growth?
James Pinchbeck, partner at Streets Chartered Accountants, reflects on the Spring Statement.
In delivering her first Spring Statement, Chancellor Rachel Reeves made it clear that this government intends to follow the principle of a single annual Budget, with major tax changes reserved for the Autumn. The Spring Statement, instead, is positioned as a fiscal checkpoint, a chance to update the nation on the economic outlook and to adjust financial levers as needed.
For many businesses and individuals, the most immediate takeaway will be relief in that there were no further tax increases. That said, there was also no reversal of previous tax hikes, nor any uplifting announcements such as increases to the personal allowance or adjustments to frozen tax thresholds. Those hoping for fiscal giveaways will have found little to cheer about.
As anticipated, the Chancellor’s focus was on tightening public spending. With the UK economic growth forecast for 2025 revised downward from 2% to just 1%, the pressure is on to rebalance the books. Lower than expected tax revenues and rising borrowing costs have left the Treasury with less fiscal headroom, prompting action.
The Chancellor cited global geopolitical tensions and instability as major headwinds, but much of the UK’s stagnation has been homegrown with a combination of suppressed consumer confidence and cautious business investment. Households continue to grapple with the cost-of-living crisis, while employers face increased staffing costs, notably from the rise in National Insurance contributions from 6th April.
Public sector reform, transformation or austerity 2.0?
A key announcement was the creation of a £3.25bn Public Sector Transformation Fund, aimed at shrinking the size of the state and boosting productivity through AI and digital innovation. This includes structural changes such as the dissolution of NHS England, in an effort to cut costs and improve decision-making.
There will also be further tightening of welfare budgets, with cuts to Universal Credit and other support mechanisms flagged as part of the savings drive.
A defence led growth strategy?
Perhaps the most headline grabbing shift is the government’s framing of defence spending as an economic growth strategy. With £400m earmarked for defence innovation, particularly in AI and drone technology and a commitment to increasing defence investment as a percentage of GDP, the Chancellor declared her ambition to make the UK a “defence industrial superpower.”
To complement this, capital spending commitments will continue with a £2bn increase, alongside a renewed push to meet housing targets and accelerate homebuilding. Whether this marks a bold new direction for economic strategy or a reactive shift to global instability remains to be seen. What’s clear is that growth is now expected to come from defence procurement and infrastructure investment, rather than tax cuts or consumer led stimulus.
As ever, the effectiveness of this strategy will depend not just on the vision, but the execution. Businesses, investors and households alike will be watching closely.
For the devil in the detail and tax planning advice for 2025/26, including managing the increase in employer’s national insurance, there is still time to book for Streets Chartered Accountants’ post Spring Statement webinar which takes place from 11am until 12noon on Thursday 27th March. Watch live or on catch up!
Register to join live and/or to receive a post broadcast recording to watch on catch up.
https://www.streetsweb.co.uk/about/events/the-spring-statement-2025-what-will-it-mean-for-you/
Chesterfield packaging manufacturer reports “substantial sales growth” in 2024
Robinson, the custom manufacturer of plastic and paperboard packaging, has reported “strong progress” for 2024, in its audited results for the year.
Revenue at the firm jumped 14% to £56.4m, up from £49.7m in 2023, while underlying operating profit increased to £3.2m, from £2.2m.
The business, meanwhile, posted a loss before tax of £3.8m, expanding from £0.7m in 2023, as a result of non-cash and non-Company costs of £3.7m related to the buy-out of the defined benefit pension scheme and a non-cash impairment charge of £1.7m related to start up issues at the company’s Denmark operation. Interventions, however, are delivering improvements and expected to return the operation to profitability in 2025.Alan Raleigh, Chairman, said: “I am pleased to report strong progress in 2024. Our results build on the positive momentum experienced in the second half of 2023, with substantial sales growth of 14% to £56.4 million, gross margin increasing to 20% and a 45% increase in underlying operating profit to £3.2 million.
“This confirms that our strategy of partnering with major FMCG brand owners, investing in new technology, driving efficiencies, and supplying sustainable packaging is delivering the anticipated results.
“Our excellent customer relationships have created a very strong sales pipeline for 2025, and as our customers respond to new market opportunities, we see additional growth potential in future years. As we grow revenue and underlying volumes, we will continue to drive improved efficiency and profitability across our operations.
“The underlying performance of the business gives the Board confidence to recommend an increase in the final dividend to 3.5p per share. This brings the total dividend declared for 2024 to 6.0p (2023: 5.5p).
“Progress has also been made on the buy-out of the defined benefit pension scheme, but the closure of the scheme has resulted in a non-cash and non-Company cost of £3.7m included in our income statement (required by accounting standards despite no impact on shareholders’ funds).
“The disposal of surplus properties, with some sales expected to complete in 2025, will further improve our financial leverage and ability to support attractive growth projects.
“Finally, despite strong progress in H2 2024, there is a non-cash impairment charge of £1.7m related to the Denmark operation due to start up issues earlier in the year associated with processing post-consumer recycled resin, demand variability and a longer learning curve than anticipated on the large project implemented there.
“Pleasingly, interventions during the second half of 2024 are already delivering improvements and are expected to return that operation to profitability in 2025.
“In combination, these other items have resulted in a Group loss before tax of £3.8m (2023: loss before tax £0.7m).
“Despite these non-recurring items, the combination of volume and revenue growth, efficiency and profitability gains, improved financial leverage and new leadership, gives the Board confidence that we are well placed to compete and win.
“As such, we expect underlying operating profit for the 2025 financial year to be ahead of 2024, and ahead of current market expectations. We remain committed to delivering above-market profitable growth and our target of 6-8% underlying operating margin.”
Former bank and bar in Daventry could be converted into apartments
If planning approval is granted, a former Halifax bank and the adjacent Retro Bar in Daventry could be redeveloped into nine apartments. The site, located at the corner of High Street and New Street, is owned by Achrom Limited, which has submitted a proposal to convert the upper floors into residential units while retaining the former bank’s ground floor for commercial use.
The plans include four one-bedroom and five two-bedroom flats, replacing the 17-room HMO setup. To improve the exterior, proposed changes to the building include reopening blocked windows, installing new doors, and repairing or replacing broken windows. Due to its central location and access to local amenities, the development will not include on-site parking.
The project aims to bring the long-vacant building back into use, addressing concerns over its deteriorating condition and its impact on the town’s appearance. The proposal is open for public consultation, with a final decision expected by the end of April.
Kettering hospital secures £713k for solar panel installation
Kettering General Hospital (KGH) has received £713,000 in funding to install over 1,000 rooftop solar panels, which is expected to reduce energy costs by approximately £150,000 annually.
The investment is part of the initial phase of nationwide funding from Great British Energy, the Labour government’s new state-owned energy company. It is separate from KGH’s planned £57 million energy centre project and the hospital’s scheduled rebuild between 2032 and 2034.
The hospital estimates savings of around £3 million from the solar panels. Nationally, the programme is projected to save the NHS £8.6 million per year and up to £260 million over the panels’ lifespan.
Sales soar at Next
Enderby retailer Next has seen profit and sales soar in the year to January 2025.
The company saw total group sales of £6.3bn, up from £5.8bn in the year prior. Meanwhile, pre-tax profits passed £1bn, growing from £918m.
Maintaining this momentum, full price sales in the first eight weeks of the year have been ahead of Next’s expectations, seeing the business upgrade its financial guidance for the year to January 2026.
The firm has now put full price sales guidance for the first half to be up 6.5% (from 3.5%), resulting in sales for the full year being up 5% (from 3.5%). Moreover, pre-tax profit guidance has increased by £20m to £1.066bn, up 5.4%.
Microlise delivers record performance
Microlise Group, a provider of transport management software to fleet operators, has hailed “strong” results for 2024, delivering a record performance.
Revenue at the Nottingham-based firm grew to £79.5m, according to audited results, increasing from £71.7m in 2023. Meanwhile, adjusted profits increased 16% to £6.5m.A cyber incident cost the business £4.4m, though this is expected to be covered in full by cyber security insurance.
The year further saw over 375 new customers, including companies such as GSF, Woolies, STAF and FSSI, and 52 contracts were renewed, including JCB, Bidfood, Sainsbury’s and Cemex.
Microlise also experienced strong international growth with new direct customers secured in Australia, New Zealand and France.
Nadeem Raza, CEO of Microlise, said: “Microlise delivered record performance in FY24, exceeding market expectations in cash levels and adjusted EBITDA which is reflective of our comprehensive growth strategy and continually improving customer offerings. We have continued to secure major customer contracts and have renewed our longstanding partnerships with longstanding customers such as JCB.
“Toward the end of the year, the hard work of the Microlise team and our previous commitment to cyber security ensured that we successfully navigated a cyber security incident, loosing no customers and we have continued to build and convert our new business pipeline.
“We remain focused on improving our customer offering and expanding our international business in key geographies such as Australia, New Zealand and France. Our strong pipeline, paired with our growing international footprint gives us much to look forward to in 2025 and I would like to thank everyone at Microlise for their hard work in the period.”
Nottingham City Council puts focus on long-term financial stability
Nottingham City Council’s Corporate Scrutiny Committee met yesterday (26 March) to review progress on the Council’s multi-year Improvement Plan.
The Council reported that most of its eleven key programs are currently on-track. This positive news comes alongside its recent approval of the five-year Council Plan and confirmation of the Council’s current financial stability.
While making strides forward, it has been highlighted that the Council needs to keep working on two specific areas: ensuring ongoing financial sustainability (Programme 4) and strengthening financial management (Programme 5).
The Council claims to have already taken “strong steps” to address these through its finance improvement plan, for example now having healthy reserve funds, an improving financial performance, and its 2024/25 general fund spending anticipated to be very close to its budget.
Looking ahead, the Council has significantly reduced its budget gap for 2025/26 to approximately £20.79 million – an improvement from the £41 million gap faced in 2024/25, and this gap is expected to shrink further.
The Council added: “With our finances now stable, we’re focusing on achieving full financial sustainability. This will involve successfully implementing our planned transformation program, with a key goal of having a completely balanced budget by 2027/28.”
Multi-million pound enterprise hub prioritises all-electric development
Independent construction and property consultancy Edmond Shipway has been appointed to provide mechanical and electrical (M&E) consultancy services for a multi-million pound enterprise hub building in Stapleford, Nottinghamshire, called the Pencil Works.
The multi-use hub will comprise of seven ground-floor starter units which will be occupied and fitted out by local businesses, as well as office spaces on the upper floors that will be rented out by Broxtowe Borough Council.
Edmond Shipway was appointed in a joint bid with Maber Architects following the successful completion of the Arnold Market Place, a similar scheme that the two worked on together under Gedling Borough Council. Having recently received planning permission, the project is due to start on site in May and is expected to complete in 2026.
Josh Croft, director at Edmond Shipway, said: “It’s always rewarding to work on projects that benefit the community, and the Pencil Works is no exception, delivering vital business and retail space that prioritises small businesses and enables them to get a foot on the ladder.
“We’re working closely with the Stapleford Towns Fund team at Broxtowe Borough Council, as well as Maber Architects on what will be a fantastic space for local people and businesses to enjoy together.”
As part of the project, the team at Edmond Shipway carried out energy modelling to predict the energy consumption of the all-electric building. Adopting a fabric-first approach, the hub will utilise heat pumps, mechanical ventilation with heat recovery, and high efficiency LED lighting, while solar PV panels will also be installed on the roof.
Funded through the £21.1m Stapleford Towns Fund, the hub is expected to create 50 jobs and 1,000 square metres of new retail, leisure and office space, including spaces for specialist craftspeople and artists, retail units for food and drink outlets, and flexible office space for small businesses. Disabled parking, bicycle storage and public toilets are also included in the plans.
Emma Georgiou, head of environment at Broxtowe Borough Council, said: “Our new Pencil Works building exemplifies our commitment to sustainability.
“With a fabric first approach and all electric systems, we are utilising heat pumps, solar panels and LED lighting to minimise the building’s carbon footprint. The project showcases our focus on energy efficiency and the council’s proactive role in mitigating climate change.”
