Month: June 2024

Conservative tax policies pay no regard to the best interest of the country and Labour’s policies are horrendous with no awareness of the social consequences
Mr. Hunt has slammed Inheritance Tax as “profoundly anti-Conservative” but despite hopes for the Conservative manifesto to abolish the tax it did not transpire. The Conservatives have been the primary governing party since 2010, and if they wanted to demonstrate inheritance tax was profoundly anti-Conservative, they’ve had more than 20 budgets to do so! The problem with electioneering policies, is that they have little regard to what’s in the best interest of the country. I would welcome a reform of inheritance tax to find an equitable rate of tax, as I recognise the growth in much of our assets like property is not just down to us but also by the economic and infrastructure policies taken by the government to encourage that growth.
The Chancellor has firmly stated that the Conservatives will not raise Capital Gains Tax (CGT), emphasizing their goal to “encourage people to earn and to save. The irony is that the Conservatives have reduced the CGT annual exempt amount from £10,100 in 2010/11 to £3,000 today and have also frozen personal allowance. Private landlords who are already suffering from high interest rates, would be discouraged to sell and forced to push up rent to pay the costlier mortgage. Furthermore, by not being able to sell or transfer to their millennial/Gen Z children during their lifetime, it forces them to hold onto the property until death, at which point they’d suffer the higher 40% inheritance tax on the market value as opposed to the lower maximum 28% CGT rate on only the gain. It appears Mr. Hunt and his colleagues have done exactly the opposite of helping facilitate the transfer of wealth to millennials and Gen Z, who I would argue have a greater chance to benefit the economy by having a larger capital to leverage against as opposed to the limited economic potential of the boomers.
Recently, Mr. Hunt criticised Stamp Duty Land Tax, calling it a tax on “aspiration” and “very distorting.” When asked about the possibility of new taxes on expensive properties, he responded, “If you are talking about Stamp Duty, then I think if anything we should be going in the opposite direction.”
I can’t believe I appear to agree with Mr. Hunt, but Stamp Duty certainly needs a drastic overhaul. On this point I agree with Mr. Hunt, but Stamp Duty needs a drastic overhaul. I cannot see any equitable justification for charging tax on a property purchase. It’s a transaction among private individuals, and I struggle to see why the state should receive a cut especially when it could very well be receiving CGT. The seller has also been responsible for the council tax and any business rates if relevant, which the buyer would be taking on thus ensuring public service costs continue to be met. Stamp Duty should have ended when our war with France ended!
The Conservative manifesto says that first-time buyers purchasing homes up to £425,000 will be exempt from stamp duty. There is also a proposed two-year Capital Gains Tax (CGT) relief for buy-to-let landlords selling to existing tenants starting April 2025.
This is in line with the expectation for high rates of interest to continue for another couple of years and allows landlords easy relief if they sell to their existing tenants. Whether their existing tenants would have a sufficient deposit and the ability to obtain a mortgage is another matter. After all, if a tenant could afford a deposit and obtain a mortgage, they would probably already be a property owner. I don’t think this policy has been thought out.
It would be better if CGT was scrapped if the property was going to pass to a family member, thereby facilitating financial security for the next generation sooner, thus improving the prospects of entrepreneurial risk.
Meanwhile, every single tax policy by Labour is horrendous. I oft wonder what level of due diligence is done on these policies to scenario plan the likely social consequences.
Labour’s plans to levy VAT on private school fees are a disaster. The fact that we have a private school system reduces the burden on state schools which are already overcrowded. We need to make private schooling more affordable, not less affordable. We need an educational policy that works for our future economy. The ideal scenario would be to fund state schools sufficiently to pay for the best educational environment. Right now, the cheapest way to do this would be to maximise the potential of our bright minds, and we should look to help more parents fund private schooling or even private tuition. We would make up this investment in future tax revenue.
Equally heinous are Labour’s plans to abolish the non-dom tax status and close
various tax loopholes, including those related to carried interest. We need to be careful of abolishing non-dom tax status. It feels grossly unfair to tax worldwide wealth that the UK had no part in helping to generate. This could reduce foreign direct investment into the UK not just in terms of financial capital but human capital too – the good immigrants we need.
Similarly with CGT, CT, and IHT there’s nothing that I find encouraging to improve our lives.
Read more:
Tax Policies: the good, the bad and the ugly…

There are so many great reasons to start a business – research from American Express reveals that many entrepreneurs start their own businesses to have the freedom to manage their own work (51%), enjoy a better work-life balance (42%) and feel happier and more fulfilled (38%).
To ensure that the business is sustainable in the long-term, there are several ways small businesses can set themselves up for success.
Business owners recognise the need for help
Even though half (50%) of the entrepreneurs surveyed think it’s ‘easy’ to start your own business in the UK, business owners recognise that entrepreneurship can be challenging.
When asked what, if anything, they would have done differently when starting their business, 37% said they would have developed a clearer business plan, 30% said they would have built a stronger financial base, and 30% said they would have sought more advice or expertise.
It is clear entrepreneurs need ongoing support to help navigate some of the challenges they face on their business journey.
Networks are an integral part of success
The strong support networks that can be found among business communities are key to driving long-lasting, sustainable success for small businesses.
Business owners themselves recognise how integral support networks are – our research found that over two-thirds (67%) of business owners understand the challenges entrepreneurs face and are keen to help each other wherever possible. As part of this effort, we found that almost a quarter (24%) of business owners are joining small business networks to help support other entrepreneurs in their community.
By building a network of trusted contacts, business leaders can share their experiences and solutions, gain fresh perspectives from each other, and bounce their ideas off other small business owners who may raise factors that they might not have otherwise considered.
This is especially important for small business owners who might not yet have the experience to tackle issues on their own. Research conducted by productivity champions Be the Business found that a third (33%) of those businesses who received advice reported increasing revenues, compared with about a quarter (26%) who didn’t – having trusted peers who can provide their advice has a real impact on business performance.
As part of those advice-led conversations, small business owners can provide recommendations and referrals which can help others to make informed decisions about their business and take advantage of offers that can help them make the most of their spending.
Refer a small business owner and earn additional rewards with American Express
American Express is running its best ever refer a business offer on its American Express® Business Platinum and Business Gold Cards. Until 2 July 2024, Cardmembers who refer other small businesses owners for a Business Gold or Platinum Card will earn additional benefits.
Referrers who successfully refer a small business owner for a Business Gold Card will earn 20,000 Membership Rewards® points and an additional 2 points per pound spent for £10,000 of spend up to 20,000 points for 1 month of successful referral. Referees will earn 35,000 points if they spend a minimum of £6,000 within the first 3 months.
On the Business Platinum Card, referrers will earn 30,000 Membership Rewards® points and an additional 2 points per pound spent for £20,000 of spend up to 40,000 points for 1 month of successful referral. Referees will earn 70,000 points if they spend a minimum of £12,000 within the first 3 months.
Click for more information on the offer. Terms and conditions apply. 18+ subject to status. American Express Business Gold Card Annual Fee: £195 (£0 in the first year). American Express Business Platinum Card Annual Fee: £650.
American Express Services Europe Limited has its registered office at Belgrave House, 76 Buckingham Palace Road, London, SW1W 9AX, United Kingdom. It is registered in England and Wales with Company Number 1833139 and authorised and regulated by the Financial Conduct Authority.
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Strong networks are key to success for business owners

A student studying at City, University of London, has been crowned the winner of a Fintech scholarship, following a blog contest on the issues facing students in higher education.
Second year International Political Economy student Sabrina Abdow will receive a £1,000 bursary to help with her studies.  As part of her prize, Abdow also has the opportunity to take part in industry related work experience with fintech giant, Seopa – the firm behind one of the largest price comparison sites in the UK, Quotezone.co.uk.
The winning submission by Abdow focussed on the power of embracing financial technology and the opportunities available to students who champion it.
The price comparison experts behind the scholarship say the fintech industry is facing three main hurdles. Lack of gender diversity, tough criteria for graduate jobs and lack of finance for relevant university courses – all impacting career progression.
Historically, the fintech sector has been dominated by men. Women make up only 26% of the technology workforce in the UK, and just 27% of female students say they would consider a career in technology.*
The Fintech Scholarship is hoping to encourage more women into STEM jobs after graduating.
A recent study by Quotezone.co.uk found 73% of students in the UK were shocked at how expensive university was – with 76% of students needing to work part-time while studying to afford university, with over half of those students, 54%, saying it impacted their studies.
Students are also required to meet tougher criteria in order to get their first graduate job. A study revealed 51.3% of entry-level jobs require previous work experience, asking for an average of 2.7 years.**
With these hurdles in mind, Quotezone.co.uk designed their Fintech Scholarship to help students with their finances and give them vital work experience, while raising awareness of the vast career opportunities available for graduates within the fintech sector in the UK.
Greg Wilson, Founder and CEO of Quotezone.co.uk said: “It isn’t easy for students in the UK right now, with stretched finances and tougher graduate job criteria, it can be difficult for many to get started on the career ladder.
“We want to help alleviate some of that pressure for students while also raising awareness of the potential for graduates from all industry backgrounds. The fintech sector has highly competitive starting salaries, strong long-term career prospects and a wide network of opportunities for creative and technology-based skills.
“Congratulations to this year’s winner, Sabrina Abdow from City, University of London, who wrote a powerful blog, highlighting the limitless possibilities for students embracing fintech.
“Both our winners this year across NI and GB were women, it’s great to see female graduates exploring what the world of fintech has to offer. Historically data shows the fintech industry struggles to attract female employees with women making up just 28% of the UK fintech sector– so this is really encouraging.
“We want to help all students realise their potential and recognise the diverse benefits of a life in fintech.”
Read more:
London student named Fintech scholarship winner

HSBC has announced reductions in its mortgage rates, joining Barclays and NatWest in a move that comes on the heels of hints from the Bank of England about a potential summer base rate cut.
Barclays lowered its fixed-rate home loan costs for new deals on Tuesday, with HSBC’s cuts set to take effect on Wednesday. Mortgage brokers anticipate that more lenders will follow suit.
Despite these reductions, the overall impact remains modest. Borrowers continue to face relatively high costs, with many expected to see significant increases in their monthly repayments once their current, cheaper deals expire.
Mortgage rates have been rising, partly due to reduced competition among lenders during the election campaign. According to Moneyfacts, the average rate for a two-year fixed mortgage stands at 5.96%, while the average five-year deal is at 5.53%.
“These moves suggest that the recent edging up in rates is now unwinding and most cuts are being made in small steps,” said David Hollingworth from broker L&C.
Fixed mortgage rates remain unchanged until the deal expires, usually after two or five years, requiring borrowers to select a new rate. If they do nothing, they revert to a variable rate, which can be very costly.
This year, about 1.6 million existing borrowers will see their relatively cheap fixed-rate deals expire.
While spring typically brings more activity in the housing market, uncertainty over political outcomes may have dampened this trend.
Borrowers are also closely watching the Bank of England’s Monetary Policy Committee (MPC), which will decide on interest rates at its next meeting on 1 August. Recent signals from the MPC suggest a majority might support a rate cut.
Optimism about this potential outcome may have spurred the latest rate reductions by major lenders, who are also keen to attract more customers.
“Lenders will be keen to kickstart a market lethargic from the election, hot weather, and football,” said Andrew Montlake from mortgage broker Coreco. “The country desperately needs the boost of a cut to relieve some of the financial pressures that have held back the economy and put borrowers under immense pressure.”
However, Montlake cautioned that the recent positive news about falling inflation might be temporary, possibly prompting more cautious actions from the Bank.
Michelle Lawson from Lawson Financial noted that while borrowers are “beleaguered,” more lenders might cut rates in the coming days.
Additionally, figures from UK Finance, representing lenders, show a further decrease in the number of people paying only the interest on their home loans, despite the challenging conditions for borrowers.
Read more:
HSBC Joins UK Banks in Cutting Mortgage Rates

Global ultra-fast fashion giant SHEIN has reportedly filed documents with the UK’s market regulator, signalling an impending flotation on the London Stock Exchange. This move has sparked severe criticism from Amnesty International, which has highlighted the company’s questionable labour and human rights standards.
SHEIN, notorious for its low-cost production, has faced allegations that workers in its supply chain receive less than 4 US cents per garment. Additionally, there are claims that the company uses cotton harvested by forced labour.
Dominique Muller, Amnesty International’s Researcher specialising in the garment industry, reacted strongly to the news:
“It’s deeply troubling that a company with questionable labour and human rights standards and an unsustainable fast fashion business model could be set to reap hundreds of millions of pounds via a sale of shares and a listing on the London Stock Exchange. Where SHEIN goes, others will try to follow. The UK authorities and the London Stock Exchange should not facilitate SHEIN’s listing until transparent and binding safeguards regarding internationally accepted human rights standards covering its entire supply chain are agreed and applied, and any abuses identified fully remedied.”
Muller emphasised that allowing SHEIN’s flotation would be a “badge of shame” for the London Stock Exchange, the involved bankers, and prospective investors, suggesting it perpetuates a system where the rich benefit by exploiting the poor. This process, she argued, devalues workers, products, and the environment, undermining societal values.
The IFS highlighted the UK’s significant debt level, near-record high taxes, and increased public spending, all while public services are visibly struggling. Despite significant spending on debt interest and rising welfare costs, demands on the health system due to an ageing population and increased defence funding are expected to continue.
Muller also called on the new UK government to prevent a “race to the bottom” in corporate and human rights standards. She insisted that companies should be held accountable for preventing serious environmental harms and human rights abuses throughout their operations and supply chains. Furthermore, workers worldwide affected by company activities should have access to justice through UK courts.
SHEIN’s business model involves subcontracting garment manufacturing to smaller producers in China, often with little transparency or accountability regarding worker pay or conditions. The company’s garments, frequently made from synthetic fibres derived from fossil fuels, contribute to environmental degradation and rapidly accumulate in landfills, polluting communities in the Global South.
While SHEIN claims to use independent auditors to assess conditions at its subcontractors, it does not disclose supplier details or remediation processes for worker abuses. The company also lacks transparency in the sourcing and traceability of raw materials used in its supply chain.
SHEIN, originally founded in China and now headquartered in Singapore, recently engaged with Amnesty International representatives, providing some details about its supplier auditing, garment recycling schemes, and its Supplier Community Empowerment Programme. However, significant concerns remain unresolved.
As SHEIN prepares for its potential London listing, the scrutiny over its labour practices and environmental impact continues to mount, with Amnesty International urging stringent safeguards and accountability measures before any flotation proceeds.
Read more:
SHEIN’s London Flotation: A ‘Badge of Shame’ for the Stock Exchange, Says Amnesty International

Pressure is mounting on the construction industry to bring in fresh talent as new insight shows around 500,000 workers are needed to fill skills gaps.
With a number of large-scale, government-funded infrastructure schemes, such as the National Grid expansion, hanging in the balance, the industry would benefit from casting its recruitment net wider. However, this is not a one-sided tale – construction’s labour shortage presents a significant opportunity for job seekers with experience in different fields too.
In more recent times, the construction industry has come up against a shift away from trade-focused jobs and misconceptions that other fields are greener or more progressive. Despite construction’s rapid development since the pandemic, the industry has struggled to shake stereotypes that its careers are one dimensional and rigid. Whilst this is only part of the skills shortage story, such stigma has contributed to sizeable talent gaps – for instance, in technical and office-based roles. This is furthered by a greater focus on trade-based apprenticeships and lack of awareness about the diverse training opportunities on offer.
Historically, the construction industry has not been self-promotional, but this must change for its evolving workplace and breadth of careers to be recognised by a larger demographic. Unknown to many, numerous construction companies have been part of the hybrid working movement since it took off four years ago and are evolving to better accommodate employee needs as flexible working becomes a bigger priority.
Increasingly, construction companies are also adapting to champion environmental change. Growing public concern for businesses to deliver environmental, social and governance (ESG) commitments has encouraged the industry to implement more sustainable practices, from choosing greener supply chains to the materials used. The modern methods of construction (MMC) faction of the industry is paving the way forward in this regard, typically applying lean manufacturing principles to cut waste and lower the embodied and operational emissions associated with end products.
As an industry that’s actions will dictate the sustainability of the built environment, there are an increasing number of construction professions dedicated to propelling greener internal operations and projects. Whilst design and procurement teams play a key role in this, other occupational areas are contributing to sustainable change in construction, such as ESG teams. Although a relatively new department for many companies, ESG in construction covers a broad scope of work and offers a good fit for job seekers who have covered similar disciplines. For instance, environmental engineers will bring a specialist perspective to a company’s environmental ambitions and develop an understanding of social and governance niches in their role.
Construction is a compatible home for other experienced professionals too. Whilst there is a clear synergy between certain roles, such as architectural graduates and designers, less obvious transitions exist, such as building surveyors to estimators or good administrators to document controllers. Managers that have operated in entirely different areas to construction are typically very successful in the industry, bringing fresh perspectives to their work – be that the management of sales teams, projects or procurement.
Technological developments are also opening doors for individuals to participate in driving innovation and creativity in construction. Building Information Modelling (BIM) has transformed the way facilities are designed and constructed, allowing even the most complex of projects to be more cost-efficient and less carbon intensive.
In such a fast-moving industry, there is huge scope for progression. Professions in commercial control for instance can be highly rewarding; whilst those at entry level might initially handle project purchase orders and basic administration tasks, commercial controllers that show aptitude can be readily trained to adopt greater responsibilities, such as managing spending on complex projects.
As the government pushes to drive economic growth through construction, opportunities to build a solid career in the industry are multiplying. With new insight showing that interest is picking up, it’s time for careers in construction to be considered a little closer.
Annelee Roscoe is the ESG and HR director at offsite manufacturer, Premier Modular.
Read more:
Careers in construction are an untapped treasure trove

Evri, the prominent parcel delivery company, is set to significantly enhance its sustainability initiatives by embracing “pedal power.”
Over the next year, Evri plans to expand its fleet from 33 to 99 e-cargo bikes and from 168 to 270 electric vehicles, as part of a £19m investment in eco-friendly delivery methods.
The company’s ambitious target is to have 3,000 electric cargo bikes operational within the next decade, a key component of its strategy to reduce carbon emissions and achieve net-zero status by 2035. This initiative aligns with Evri’s broader commitment to environmental sustainability across its delivery network.
Chief Executive Martijn De Lange remarked, “Pedal power will rev up our efforts to reimagine parcel deliveries in the UK as we aim to become the biggest operator of e-cargo bikes in the sector. We achieved a nine per cent decrease in carbon emissions since last year. The £19m investment announced today will lay the groundwork for Evri to dial up on its ambition to become the UK’s most sustainable parcel carrier.”
Currently, Evri delivers 1.5 million parcels annually via electric vehicles or e-cargo bikes in cities including London, Bristol, Oxford, and Cambridge. The company aims to triple this volume to around four million parcels within the next year. Each e-cargo bike, with a capacity of approximately 2,000 litres, is used for the “last mile” of urban deliveries, potentially saving emissions equivalent to driving over 400,000 miles as the fleet grows.
Pauline Potter, Director of Procurement and Sustainability at Evri, emphasised the company’s commitment to environmental stewardship, stating, “Evri is committed to making a positive impact on the environment and delivering a sustainable future. Our multi-year ESG plans represent a significant leap forward, and we are confident that these initiatives will propel us towards our net-zero goal. We are not just investing in technology, but also in our people, empowering them to be part of the solution. Together, we can build a more sustainable future for the parcel delivery industry, as well as the communities we serve.”
This sustainability push comes amid speculation that Evri’s private equity owners, Advent International, are preparing for a significant £2bn sale of the company. Reports suggest that Advent International is collaborating with advisors from Rothschild to explore strategic options, which could result in a major deal for the parcel delivery giant.
Read more:
Evri Accelerates Sustainability with £19m Investment in E-Cargo Bikes

In a bold move to rejuvenate the UK’s beleaguered hospitality sector, the Conservative Party has vowed to launch a comprehensive review of licensing laws and planning regulations within the first 100 days if elected.
This initiative aims to support pubs, restaurants, and music venues, which have been significantly impacted by the COVID-19 pandemic and subsequent economic challenges.
The Conservatives plan to address what they describe as “disproportionate conditions and restrictions” imposed by local councils, aiming to streamline operations and reduce bureaucratic hurdles for businesses. The party also hinted at the potential establishment of a dedicated ministerial position for the night-time economy.
However, Labour has criticised the Conservatives’ track record, stating it is “time to call last orders on the Tories.” The Labour Party highlighted the substantial number of closures in the sector, attributing them to the incumbent government’s policies.
The pandemic’s toll on hospitality has been severe, with venues closing and operational costs rising. Industry figures reveal that around 400 nightclubs shut permanently between March 2020 and December 2023. High-profile closures, such as those by nightclub owner Rekom, underscore the sector’s ongoing struggles.
Michael Kill, CEO of the Night Time Industries Association (NTIA), expressed cautious optimism. While recognising the Conservatives’ response to the industry’s calls for detailed plans, he emphasised the need for substantial and specific commitments to support the two million people employed in the sector.
Conservative small business minister Kevin Hollinrake reiterated his party’s support for the night-time economy, citing past relief measures and pandemic support. He criticised Labour for proposing higher taxes and more stringent regulations, which he claimed would further harm the industry.
Labour, however, remains sceptical. A spokesperson pointed to widespread closures under Conservative governance and accused Prime Minister Rishi Sunak of offering insufficient solutions. The Liberal Democrats and SNP also dismissed the pledge as inadequate, with the latter advocating for a VAT reduction to bolster the tourism and hospitality sectors.
As the general election approaches, the Conservatives’ pledge to revitalise pubs and clubs will be a key point of contention, with the hospitality industry’s future hanging in the balance.
Read more:
Conservatives Promise Pub and Club Revival in First 100 Days

Britain’s celebrated pottery designer, Emma Bridgewater, has reported a near £1.4 million loss for her homewares brand, attributed to heavy discounting and increased competition online. This downturn follows a £1.1 million profit the previous year.
The Stoke-on-Trent-based company, founded by Bridgewater herself, experienced a 9% rise in sales to £36.2 million in the year ending May 2023, up from £33.1 million the previous year. However, this was insufficient to counterbalance a nearly 20% hike in production costs to £21 million and a 15% rise in staffing and administrative expenses to £16 million, pushing the business into the red.
The company faced fierce competition in the homewares market, leading to significant online price reductions during the peak summer season, which impacted sales growth. Additionally, surging raw material prices and higher energy costs required to maintain operations at its Stoke-on-Trent factory in Hanley further squeezed profits.
In response to the financial strain, the company has laid off dozens of staff from its 480-strong workforce. Last summer, 40 jobs were cut, and the factory adopted a four-day workweek for two and a half months. A further 36 positions were eliminated in February, accompanied by another two and a half months of reduced working hours for both part-time and full-time employees.
To mitigate future losses, Emma Bridgewater plans to review its pottery stock levels through 2025 to avoid substantial discounting.
Emma Bridgewater, alongside brands like Cath Kidston and Boden, has established a niche for quirky and colourful homewares. The brand is particularly renowned for its Royal-themed ceramics, with the then-Prince of Wales unveiling a plaque designed by Bridgewater during a 2017 visit to Stoke-on-Trent.
Founded in 1985, Bridgewater started by selling ceramics at a Covent Garden stall before expanding to luxury retailers such as Harrods and Selfridges. Together with her former husband, Matthew Rice, she acquired a Victorian-era pottery factory in Stoke in 1996, which has been pivotal to the company’s growth. Today, all ceramics are still produced at this facility, making it one of the largest pottery makers in the UK.
Despite the financial challenges, the brand maintains a devoted following, with approximately 30,000 visitors attending factory tours annually.
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Emma Bridgewater’s Pottery Empire Faces £1.4m Loss Amid Rising Costs