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.
New hire strengthens estate and farm insurance expansion at Dallas Scott Davey
A specialist in agricultural and commercial insurance, Dallas Scott Davey (DSD), has appointed Toby Baker as part of its strategic growth and ongoing specialisation in estates and farm insurance.
Toby, a highly experienced rural risks insurance broker, will be an integral part of the Lincoln team, heading up the company’s expansion into Northamptonshire and the surrounding counties.
Toby lives in Pilton, Northamptonshire, and joins DSD, which is part of the TL Dallas Group, following a long and successful career at Lycetts. He will focus on serving farming and estate clients across Leicestershire, Northamptonshire, Cambridgeshire, Bedfordshire, Warwickshire, and beyond.
As part of DSD’s expansion strategy, the company also plans to establish a satellite office within a livestock mart, providing a local physical presence to better serve clients in the region.
“I’m thrilled to be joining DSD at such an exciting time for the business,” said Toby. “The family and employee-owned company’s commitment to providing specialist agricultural insurance solutions aligns perfectly with my experience and passion for supporting rural businesses. I look forward to growing the client base and offering tailored insurance solutions across the region.”
Ed Davey, co-founder of DSD, said: “Toby’s wealth of experience in farm and estate insurance makes him a fantastic addition to the team. His deep understanding of rural risks and his commitment to outstanding client service will be instrumental in strengthening our presence beyond our Lincolnshire heartland. We are delighted to have him on board.”
Shawbrook invests in digital growth as profits dip 3%
Shawbrook Group reported a 3% decline in underlying pre-tax profits to £294 million in 2024, citing significant investment in digital and data infrastructure to support long-term expansion. Despite the drop, profitability improved in the second half of the year.
The specialist lender’s loan book grew 16% to £15.2 billion, driven by strong demand from commercial and retail customers. CEO Marcelino Castrillo remains confident in the bank’s organic growth potential, highlighting its scalable technology and diversified portfolio.
Shawbrook also reduced its cost of risk by four basis points to 47bps, attributing the improvement to a disciplined underwriting approach and enhanced data-driven portfolio management.
The bank expanded its presence in motor finance with the September acquisition of JBR Auto Holdings and signalled its readiness to pursue further strategic acquisitions.
New chair of Destination Chesterfield announced
Andrew Byrne, group property development director of The Devonshire Group, has been officially announced as the new chair of Destination Chesterfield.
Business leaders and key stakeholders from across the town were updated on Andrew’s election to the role at Celebrate Chesterfield 2025.
Held at the Winding Wheel Theatre, the annual conference brought together the local business community to outline the future of Destination Chesterfield’s promotion of the town.
Andrew will lead the strategic direction of the Destination Chesterfield partnership alongside the Destination Chesterfield board and team, guiding the initiative as it continues to raise the profile of the town as a thriving place to live, work, visit and invest.
His appointment to this voluntary position marks a new chapter in the mission to drive investment, support local businesses, and showcase Chesterfield’s unique identity. The post was previously held for more than a decade by Peter Swallow, managing director of Bolsterstone PLC.
Speaking to delegates for the first time as chair, Andrew expressed his enthusiasm for the role: “I am delighted to step into the role as chair of Destination Chesterfield, and I’m excited to bring my passion for the local area to continue our progress.
“I’m looking forward to working with partners to highlight the new East Midlands Investment Zone, which will bring highly skilled jobs in green industries and advanced manufacturing to the Staveley area.
“We are also evolving into a town to experience – through the revitalisation of our high streets in Chesterfield and Staveley, an extension to Chesterfield Canal, and the ongoing development of the groundbreaking visitor attraction, PEAK Gateway Resort.
“We continue to build quality housing for residents in Chesterfield, including increasing the number of homes around our town centre. My priority, and that of the Destination Chesterfield partnership, is to ensure this continued regeneration benefits residents and bolsters our communities, as we continue to promote Chesterfield as a prime location to live, work, visit and invest.”
For 15 years, Destination Chesterfield has played a crucial role in supporting local economic growth and promoting Chesterfield as a contemporary destination.
During his address at Celebrate Chesterfield 2025, Andrew provided an overview of the new Destination Chesterfield plan, which will guide the promotion of Chesterfield until April 2027. This will concentrate on four key areas of activity:
- A place to call home – Showcasing Chesterfield as an attractive place to live whilst also encouraging further residential development across the borough.
- Made in Chesterfield – Promoting manufacturing, engineering, and green industries to attract investment and drive growth, while inspiring future generations to pursue rewarding careers in these thriving sectors.
- Experience Chesterfield – Showcasing the town’s tourism, hospitality, and cultural offerings to attract new businesses to the town centre and high streets, encourage people to spend leisure time locally, and support the visitor economy, while positioning Chesterfield as a gateway to the Peak District National Park.
- Telling the Chesterfield story – Strengthening Chesterfield’s brand and reputation through effective storytelling and working alongside the town’s network of Chesterfield Champions to raise the profile of Chesterfield as a contemporary destination. In addition, supporting businesses to grow by signposting support and encouraging innovation.
Freeths appointed to retail giant’s legal panel
Law firm Freeths has been appointed as a new supplier on Frasers Group’s legal panel.
Shirebrook-based Frasers Group is a retail, sport and premium fashion business, marketing products for global brands such as Slazenger, Flannels, Sports Direct, GAME and Jack Wills, among others.
This appointment will allow Freeths to deliver legal expertise to the company, advising across a range of national real estate and property litigation matters.
Real estate partner Caroline Smith has been named as the client partner. She will be supported by partner Paul Tomkins and a wider, multi-disciplinary team.
Caroline Smith said: “We are delighted to have been appointed to Frasers Group’s panel at a time of continued growth for the business, bucking the trend of the retail sector over the last few years.
“With our own team here at Freeths expanding, this appointment is a real opportunity for us to combine the breadth and depth of expertise, helping to really strengthen and support the client’s operational strategy.
“Having only joined Freeths in October, I’m delighted with this significant appointment and excited to work with the Frasers Group wide variety of brands.”
Davinder Poonia, group head of real estate – legal – at Frasers Group, added: “We are delighted to welcome Freeths to our panel of solicitors. The firm’s expertise in the market and proven track record in the real estate industry will further strengthen our ability to navigate complex legal matters with confidence.
“Caroline is a highly skilled and trusted real estate lawyer and an expert in the industry. Her deep industry knowledge, strategic approach and commitment to delivering practical, commercially sound solutions make them an invaluable asset. Her approach perfectly aligns with our core values of the business and being able to deliver without limits.
“This partnership reflects our commitment to working with top-tier legal professionals who share our values of excellence and innovation. We look forward to a successful collaboration that enhances the support and solutions available to our business and welcome Freeths on our journey to building the planet’s most admired and compelling brand ecosystem.”
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.
