Bank of England raises interest rates to highest level in over 14 years
The Bank of England has started February by raising the base rate from 3.5% to 4%. Marking the 10th consecutive hike in interest rates, to their highest level in over 14 years, it comes as part of a continued approach to reduce inflation, but this is not without significant side-effects and further pressure for many small businesses.
Those impacted most by the decision will be mortgage holders and businesses reliant on debt to keep afloat after three years of economic shocks, as noted by David Bharier, head of research at the British Chambers of Commerce (BCC). He added: “Our research shows that while inflation remains by far and away the top concern for businesses with 80% citing this in Q4 2022, concern about interest rates has risen sharply with 43% now citing this. With the Bank expecting inflation to slow to around 4% by the end of the year, further rate rises could now simply add to the risk of a deeper recession, outweighing the benefits.
“The main driver of inflation for most firms is energy costs, but this requires a clear policy solution, with immediate relief for those most affected and longer-term structural changes to ensure this market failure does not occur again. Businesses will also need to see concrete action in the upcoming Budget to promote growth, including plans on infrastructure, tax, skills, and trade.”
The rise comes as the Bank of England now expects a recession in the UK to be shorter and shallower than previously anticipated.
Cost of late tax payments will rise later this month
Making late tax payments to HMRC will get more expensive later this month as the organisation reacts to the Bank of England’s MPC decision to hike interest rate to 4%.
Late payment interest is set at base rate plus 2.5%. Repayment interest is set at base rate minus 1%, with a lower limit – or ‘minimum floor’ – of 0.5%.
These changes will come into effect on 13 February for quarterly instalment payments, and on 21 February 2023 for non-quarterly instalments payments.
A spokesman for HMRC said: “The differential between late payment interest and repayment interest is in line with the policy of other tax authorities worldwide, and compares favourably with commercial practice for interest charged on loans or overdrafts and interest paid on deposits.
“The rate of late payment interest encourages prompt payment and ensures fairness for those who pay their tax on time, while the rate of repayment interest fairly compensates taxpayers for loss of use of their money when they overpay.”
House of Lords ceremony celebrates opening of Nuclear Skills Academy in Derby
Rolls-Royce and the Nuclear AMRC have celebrated the launch of a first-of-a-kind Nuclear Skills Academy at an event in the House of Lords.
More than 150 representatives from Parliament and industry attended to hear how the British engineering firm is investing in the nuclear experts of the future to sustain nuclear capability within the UK’s submarines programme by creating a dedicated pipeline of talent at the start of their careers.
Based in Derby’s former iHub building, the Nuclear Skills Academy is supported by industry and education experts, including the University of Derby, Nuclear AMRC, National College for Nuclear and Derby City Council. This ensures new apprentices have access to the best courses and mentors throughout their apprenticeship.
The launch was supported by Keith Beckett, technical director and deputy CEO of the Submarine Delivery Agency, and Rolls-Royce apprentices, who shared their initial experiences of the academy, the nuclear industry and the benefits of the apprentice route.
Steve Carlier, President of Rolls-Royce Submarines, said: “We were thrilled by the levels of interest in these apprenticeships and the enthusiasm shown by our first intake of students. It highlights how attractive a career in the nuclear sector really is. With the growing demand for clean, carbon-free energy and with our submarines contracts with the MoD likely to sustain us into the next century, this could be a job for life for our new apprentices.
“Having started with Rolls-Royce as an apprentice myself and being born and bred in Derby, the launch to the Nuclear Skills Academy is especially exciting for me. I’m delighted that we are leading the way in developing nuclear talent for the submarines enterprise and proud that it will all be done in Derby.”
The Nuclear Skills Academy has the funding to provide 200 apprentices each year for a decade, with nuclear education across four different courses. The support of key industry organisations and MPs in driving the project forward has been invaluable for Rolls-Royce.
Andrew Storer from the Nuclear AMRC said: “We need to work together to tackle skills shortages which affect the whole nuclear sector. The organisations backing the Nuclear Skills Academy will ensure that apprentices have the best training and support and develop the skills to deliver the UK’s commitments for low-carbon power and national security. As a former Derby apprentice, I am very proud that we are helping set a new standard for training which could be rolled out across the sector.”
Professor Kathryn Mitchell CBE DL, Vice-Chancellor and Chief Executive of the University of Derby, said: “Equipping the future workforce with the skills and knowledge required to assure a pipeline of talent into the nuclear industry is crucial; the University is delighted to be playing a key role in this.
“Derby is a city at the cutting edge of engineering and manufacturing, with an internationally renowned reputation as a centre for industrial innovation. The Academy will further strengthen this and is set to be a game-changer in how we respond, at pace, to the evolving skills needs of the country.”
PM Law Group acquires Derby law firm John M Lewis & Co
The PM Law Group has acquired John M Lewis & Co – a law firm specialising in residential conveyancing, wills, trusts and probate.
The business will continue to trade under the John M Lewis & Co name and remain at their offices on Vernon Street near Derby City centre and will offer a new, wider range of complementary legal services as part of the PM Law Group’s national law firm practices. This will include personal injury, employment and civil litigation/dispute resolution services.
Since PM’s launch in 1989, the business has built a strong reputation for providing specialist legal services to private individuals and families, as well as businesses, landlords and property developers and the acquisition of John M Lewis & Co complements the national reach with local, customer-centric face-to-face services that customers continue to want and need.
PM Law Group CEO Jon Bostock says: “We are really pleased to be able to bring the John M Lewis & Co team into the PM Law Business Group family of businesses. They stood out to us because of the quality of the service that they provide, which has been recognised by the awards they have won.
“We hope to be able to complement and build upon this with our additional range of services as well as tech know-how, which allows us to offer services to customers however they wish – both digitally and locally.“We continue to look to expand our business with either acquisitions or joint ventures in localities we have so far not reached to and through our broad reach have devised models to try and help those firms by reducing their regulatory burden whilst allowing them to keep their independence. We’ve partnered with other firms this way and it’s working very well for all parties so we’re on the lookout for more.”
John M Lewis senior partner Lisa Wills says: “We’re delighted to join the PM Law Group. It was very important to us that we could still build and retain close relationships with our clients and retain that degree of independence. We’re well-known locally so keeping our existing brand name is a big positive for our clients and staff. I’m very optimistic about our prospects and opportunities for 2023 and beyond.”
With its head office and several partner law firms already in Yorkshire, the move into Derbyshire helps broaden the Group’s footprint.
PPC expert joins Nottingham digital agency
A Nottingham digital marketing agency has added an experienced pay-per-click expert to its team – and says it plans to make two more appointments as industry confidence grows.
PPC agency Repeat Digital, based in Bramley Road, Long Eaton, has appointed Layton Weatherall as paid media account manager, responsible for overseeing the day-to-day running of multiple campaigns including paid search and search engine optimisation strategies.
Layton, who has worked in the industry for seven years, including at website providers GoDaddy, is the first of three appointments which the agency plans to make this year as it seeks to grow its services and client base.
The move to appoint three new starters follows a positive start to the year for Repeat, which has begun 2023 in fine form with new client wins and, as a result, is feeling upbeat about the next 12 months.
And its increase in confidence is mirrored across the industry in the wake of the recent influential Q4 IPA Bellwether Report, which said that, despite fears of the UK entering a recession – when companies traditionally trim their marketing budgets – the amount of money spent on marketing rose by 2.2% in the last quarter of last year.
Rob Sherwood, commercial director at Repeat Digital, said: “We’re extremely pleased to welcome Layton to Repeat Digital. He brings with him a huge amount of experience, especially in an account management role, and his ability to liaise with clients is really important for us.
“There is no doubt that he is a strong addition to our team and we are now looking to recruit two more team members. There was a dip in confidence at the end of last year, but there is a real bounce-back feeling in the industry now and we’re feeling upbeat about this year.”
Layton said: “I am thrilled to have joined Repeat Digital. I am very excited to be part of such a great team and to have the opportunity to work alongside some brilliant minds.
“I’m looking forward to continuing the fantastic work we do for our clients and I really appreciate having been made so welcome over the last few weeks.”
Airport partners with SignLive to offer British Sign Language option
East Midlands Airport has joined forces with the online interpreting service SignLive to provide Deaf customers with interpretation in British Sign Language when using and contacting the airport.
The new service enables customers who want to communicate in BSL to connect via video with a certified interpreter who can provide two-way translation between the customer and an airport team member.
Customers can log-on to the SignLive app on iOS, Android, or a web browser, and find East Midlands Airport in the Community Directory to use the service.
Mike Grimes, Director of Customer Services and Security, said: “We want all passengers to enjoy their experience of travelling through EMA, and no one should ever feel excluded from accessing any of our services or facilities. We’re delighted to announce the introduction of the SignLive app, which will help our Deaf passengers and is another illustration of our commitment to removing all barriers to travel.”
Christiane Link, chair of EMA’s Accessibility Advisory Group, said: “Being able to use BSL when communicating with the airport team will enhance the customer experience of Deaf customers using East Midlands Airport. It’s one of many initiatives the airport implements after consulting with the advisory group and listening to its disabled customers.”
British Sign Language is a visual language using gestures, facial expressions, and body language. Sign Language is used mainly by Deaf people. According to the census 2021 data, the areas near East Midlands Airport have the highest percentage of people with BSL as their main language across England and Wales. The Royal School for the Deaf is situated in Derby, and Derby has an active Deaf community.
Purpose Media makes senior hire
Full service marketing agency Purpose Media has further strengthened its team following the appointment of Lauren Sherwin as a senior account manager.
Lauren, who now lives in Derbyshire, was previously based in Nottingham and worked for a global creative agency, as a production account manager. The agency specialises in designing packaging.
In her new role, Lauren will be responsible for a variety of clients in the retail, manufacturing and sport sectors, helping them to define their marketing strategy, target audiences and marketing tactics. Following this analysis, she will coordinate with the client and other Purpose Media specialists to deliver new websites and content/SEO strategies, branding projects, video and social media schedules and email marketing campaigns.
Commenting on joining Purpose Media, Lauren said: “After coming back to the UK after living in America for a year, I was looking for a role in which I could really make my own and have the opportunity to thrive. Having come from a creative background I was impressed by Purpose Media’s reputation and its positioning to engage audiences, inspire customers and more importantly deliver a return on investment.”
CSR is no longer a box-ticking exercise, says recruitment firm boss
A boss at recruitment firm Sellick Partnership has urged fellow Marketing Derby Bondholders to back charities as a way to boost their bottom line and help worthy causes in the process.
Nikki Kinsey, group director at the Pride Park firm, believes businesses should strongly consider adopting a charity of the year to help fulfil their corporate social responsibilities.
She said: “CSR has become critically important for businesses in the contemporary world, with companies who do not place value on this side of corporate life risking being left behind, for example, by employees for whom volunteering, reducing environmental impact and giving back are increasingly important.
“Another factor is the importance of CSR to public sector organisations, with tangible social value now accounting for 10 per cent of the weighting when propositions are evaluated.”
In its case, Sellick Partnership has backed the memory-making charity me&dee for the past eight years.
She said: “I got involved with me&dee when I was a judge for the Derbyshire Live awards.
“Sellick Partnership was looking for a local charity to support. Since then, I’ve been an ambassador for the charity and then I became a trustee – in fact I’m the longest standing one!
“At Sellick Partnership I’m the director responsible for tenders and bids, and a big part of that work is about your CSR policy, or how you give back. This is no longer merely a box ticking exercise for companies. It’s about the added value that you can demonstrate.
“Having a charity that we support is actually really important for us as a business as it demonstrates that responsibility. It’s very helpful when you’re applying for awards, for example.
“And consumers are also very interested in a company’s CSR. There has been compelling research proving that a huge proportion of customers would prefer to buy from companies committed to making the world a better place.”
Digital High Street Adviser offers Rushcliffe firms advice about boosting online revenue
Rushcliffe’s new Digital High Street Adviser is helping West Bridgford and Rushcliffe-based businesses to develop their digital offer, offering wide ranging business advice to complement their in-person sales at the Borough’s retail premises.
Steve Phillips from East Midlands Chamber is an experienced Business Adviser contracted by Rushcliffe Borough Council to deliver the project in the Borough and courtesy of UK Shared Prosperity Funding.
The authority is one of the first in the region to use the funding, aware of some impact on the recent retail climate in West Bridgford and responding to the pressures high street businesses are currently facing.
Steve said: “I’ve met and chatted with many business owners across Rushcliffe already and it’s heartening to see where we can find ways to maximise their online presence even further and ultimately raise revenue.
“I refer businesses to our specialist colleagues, tailoring owners’ needs to particular support and advice they need in their sector.
“Business owners are exceptionally positive here in the Borough and we want to reach out even more, assisting them in this currently unpredictable economy by offering expert insight.”
The project runs until June with initial contact and adviser visits from Steve made to all participating businesses by the end of March.
Cllr Abby Brennan said: “We are focussing our energy on supporting local businesses in West Bridgford and across the Borough, listening and responding in as many ways as we can such as this digital project with local business owners, Steve and the Chamber.
“Maintaining our vibrant high streets is a priority for us and we know the importance of our independent businesses. We are here to listen and will be flexible in responding to their needs, very much aware owner’s skills needs continue to change quickly.
“The outlook in West Bridgford is positive and there is still considerable interest from businesses coming in here.
“We’re exploring a study of our town centres that will look at what opportunities there are to help shape the future of our high streets.”Businesses wishing to contact Steve directly can complete an online expression of interest form over the phone 0330 053 8639 or email steve.phillips@emc-dnl.co.uk
The Digital High Street Adviser project has received £25,000 from the UK Government through the UKSPF.
Long Tall Sally signs Loughborough kit sponsorship deal
Specialist tall clothing retailer Long Tall Sally will be Loughborough Lightning Netball’s headline sponsor for the 2023 Netball Super League season.
The agreement will see Long Tall Sally become an integral part of Lightning, including main kit sponsors for both the club’s home and away dresses.
Long Tall Sally will also sponsor Lightning’s player of the match awards as Vic Burgess’ side embark on what is sure to be another season of high drama in the Netball Super League.
Lightning, who have been members of the Super League since its inception in 2005, boast a squad full of international talent and emerging future stars of the sport. Lightning were crowned champions in 2021 and finished runners-up in 2022.
Jo Simpson, Commercial and Facilities Director at Loughborough Sport said: “It is really important that we have the right partners to work with our teams and this fantastic new partnership is exactly that. Long Tall Sally is a brand that resonates with our players, staff, and fans, bringing outstanding fashion to tall women.
“Our Lightning team showcases the very best in female sport, bringing together international superstars, live Sky Sports coverage, and a large fan base. The 2023 Netball Superleague season is set to be the most exciting one yet and I can’t wait to see both our Lightning team and our new partnership succeed at the highest level.”
Leigh Porter, Commercial Director for Long Tall Sally said: “We are proud to be associated with a such a successful Netball Super League side and we are looking forward to supporting the team in helping them achieve their objectives for the new season.
“The whole Loughborough set up and philosophy is very inspiring, we share many values around striving for excellence and being the best so we also can’t wait to get going and for the relationship to go from strength to strength.”
