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Impending tax rises temper business confidence - report

2025-04-13 04:00:54 By

Greater Birmingham Chambers of Commerce chief executive Henrietta Brealey

The impact of tax rises weighed heavily on Greater Birmingham businesses during the final quarter of 2024, according to newly published research.

The report, published by Greater Birmingham Chambers of Commerce for quarter four, reveals concerns among firms following business tax increases announced in the Chancellor's Autumn Budget.

This led to a fall in recruitment activity and the significant increase in the number of companies expressing concerns over price pressures.

However, there were signs of resilience from the region's businesses, with both domestic and export activity picking up towards the end of the year.

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The report, produced in partnership with Birmingham City University, revealed 47 per cent of firms increased their UK sales (up by seven per cent in quarter three), although nearly one in five (19 per cent) reported a decrease.

Export activity, which lagged behind domestic sales throughout 2024, showed signs of improvement in quarter four, the report says, with 33 per cent of companies reporting an increase in sales, custom and bookings - the highest level since the second quarter of 2023.

Meanwhile, data suggests employer cost implications arising from the 2024 Autumn Budget, such as national insurance contributions and minimum wage increases, may have contributed to a tempering of hiring activity.

Just 26 per cent of firms expanded their workforce in the period, down four per cent from quarter three and ten per cent since the start of 2024.

Less than a third of businesses (30 per cent) expected workforce growth in the coming quarter while just 44 per cent of firms said they were operating at full capacity - the lowest level since the first quarter of 2021 during the pandemic.

Business confidence weakened considerably over the last quarter, with just 47 per cent of firms anticipating improved profitability - a decline of ten per cent over the past three months.

Concerns over profitability were linked to rising costs forecasted for 2025, with half of businesses surveyed anticipating price increases in the next quarter.

Henrietta Brealey, chief executive of Greater Birmingham Chambers of Commerce, said: "In light of the business tax rises announced in the recent Autumn Budget and the introduction of the Make Work Pay programme, it was perhaps no surprise to see a record number of firms expressing concerns around the impact of corporate taxation.

"Profitability and turnover projections were also impacted as businesses continue to operate in an uncertain climate.

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Enterprise

Healthtech start-up bags Europe's largest pre-seed funding round for female founders

2025-04-13 04:00:54

UK-based healthtech start-up Level Zero Health has successfully raised $6.9 million (£5.5 million) in pre-seed funding, setting the record for the largest amount garnered by female founders in Europe to date. The investment, spearheaded by the European venture capital firm Redalpine, is aimed at bolstering the company's ambitious goal to transform hormone tracking, as reported by City AM. The funds are earmarked for furthering the development of the world's pioneering remote and continuous hormone monitoring device, which utilises novel DNA-based sensors for operation. Founded just over a year ago by former Palantir tech lead Ula Rustamova and medical device specialist Irene Jia, previously with Philips, Level Zero Health's achievement establishes a new standard for female-led startups across Europe, drawing 70 percent of the investment from within the region. The company's innovative approach centres on a non-invasive wearable patch that adheres to the user's arm, furnishing them with instantaneous hormone level readings. This technological solution offers continuous measurement of hormone levels, unlike conventional blood tests that provide only snapshot data points. The implications of this technology are vast and could impact various areas including fertility treatment protocols, menopause management, and stress tracking amongst others. Testing of the sensor's capabilities in simulated samples has demonstrated a formidable 98 percent accuracy rate, surpassing general industry benchmarks. Chief Executive Ula Rustamova has expressed her enthusiasm about the breakthrough, stating: "Our innovative remote monitoring technology marks an enormous leap in hormone testing." Level Zero Health has raised £4.2m in pre-seed funding, with the company's innovative hormone tracking solution attracting significant investment. "This funding will enable us to bring this revolutionary solution to the market, making hormone tracking more accessible and insightful than ever before". Level Zero has already gained a strong following of potential customers, despite being in its early stages. The funding will be used to advance research and development, as well as expand the team. While initially focusing on business-to-business (B2B) clinical applications, the company plans to expand into consumer health and pharmaceutical markets. Redalpine investor and Level Zero Health board member, Philip Kneis, said: "We did it for blood pressure, and we will do it again for hormones. Continuous hormone measurement is one of the holy grails of diagnostics". The company's clinical advisory board includes experts such as Harvard Medical School's Aaron Styler and reproductive science expert Joshua Klein.

Enterprise

10 questions for Sarah Thackray of Beaconhouse Events

2025-04-13 04:00:54

Sarah Thackray is originally from London and moved the North East to study modern languages at Newcastle University. She has spent more than 17 years working on a range of conferences and events across the UK as well as in the Middle East. In 2014 she co-founded Newcastle-based Beaconhouse Events. What was your first job (and how much did it pay)? If you don’t count babysitting, probably waitressing from age 15 for a friend of my mum who had a catering business. I have no memory of what I got paid but at the time I thought it was decent, London hourly rates! What is the best advice or support you’ve been given in business? Believe in your convictions if you’re sure something has potential. Look to collaborate at every corner; you are stronger if you have support and alignment with other like minded people. Don’t get hooked on the opinion of one person who doesn’t think you’re doing the right thing – focus on the 100 others. What are the main changes you’ve seen in your business/sector, and what are the challenges you’re facing? Our industry is fast paced and one that suffered badly in Covid but due to our resilience as event professionals we quickly moved to a new solution and pivoted to deliver everything in a hybrid world. Sustainability and delivering responsible, regenerative events is now one of the key priorities for many in the events world, to ensure we do our part to decrease carbon emissions, as well as adopting more community focused, audience led, purposeful experiences. What would your dream job be? I think I am lucky in my role that I have been able to build a job that I absolutely love and can focus on things that I am passionate about. I am motivated by creating partnerships and building impact through collaboration and purpose driven activities, so perhaps I’d do something in the community or charity sector, making a real, tangible impact in people’s lives. What advice would you give to someone starting out a career in your sector? Get experience wherever you can, make connections and follow up. People are willing to give you experience, advice and we want you to love our industry. So reach out, don’t be afraid. But remember, everyone needs to be prepared to work hard and get their hands dirty in our sector, we’ve all done it – and many of us still do it whatever our level. What makes the North East a good place to do business? It’s just so collaborative, people are really friendly and are mostly open to new ideas, ways of working and project ideas. I am from London originally but the North East definitely has something special, its people. I consider myself an adopted Geordie these days. How important is it for business to play a role in society? This is one of the most important roles business should play in my view. Business has a critical opportunity to enable progress by raising key issues with their stakeholders (clients, suppliers and partners) and we often have the platform and profile to champion key issues, and drive positive change for society. I think ‘doing good’ should be part of legislation for all businesses. Outside of work, what are you really good at? I am a busy and hands on mum, stepmum, partner and volunteer. If I am not playing netball or volunteering at my local junior park run, you’ll find me mainly supporting my children’s sporting activities at the sidelines of football and rugby pitches or at running tracks, usually in my waterproof trousers! Who would play you in a film about your life? No idea! I don’t watch many films. But I do resonate with the chaotic mum from Motherland, Anna Maxwell Martin. So probably her.

Enterprise

Trainline shares dive as UK government details railway reforms

2025-04-13 04:00:54

Shares in Trainline took a nosedive, plummeting nearly nine per cent on Wednesday, following the government's disclosure of further particulars regarding the extensive railway reforms and their implications for the ticketing industry. Great British Railway (GBR), the semi-autonomous entity set to manage the UK's rail network, is poised to consolidate the offerings of individual train operators into one unified website, as reported by City AM. The Department for Transport (DfT) announced late Tuesday that GBR would have the authority to overhaul the fares and ticketing system without needing consent from the operators. This move is aimed at facilitating "industry-wide modernisation and reform" that will break away from the privatisation era's complexities, where even "minor changes meant securing agreement across multiple train operators with their own commercial interests," according to a DfT document. "This will enable GBR to simplify the ticketing system and make it easy for passengers to find the right fare," the document further states. It also notes that while the legislation's purpose is to allow GBR to deliver these improvements, the Secretary of State will maintain specific oversight concerning the affordability of the railway. As more details surface about the future of Britain's disjointed railway sector, Trainline's stock has suffered, with shares trading down over 20 per cent year-to-date. The stock experienced a nearly seven per cent drop in January alone when the UK government announced its intention to introduce a state-backed competitor to the publicly traded company. Trainline has delivered a full-year profit of £34m in 2024, marking a 60% year-on-year increase, buoyed by thriving sales across Europe. This financial boost has assuaged investor worries amid uncertainties surrounding the future of Trainline's UK operations.

Enterprise

Vitality reports £168k loss despite revenue boost to nearly £1bn in 2024

2025-04-13 04:00:54

Vitality, the health and life insurance company, has reported a loss before income tax of £168,000 for the financial year ending 30 June, 2024, a stark contrast to last year's profit of £37.9m, despite a significant revenue increase. The London-based insurer saw its insurance revenue jump by almost £100m, as detailed in newly filed accounts with Companies House, reaching £991.5m up from the previous year’s £894.9m, as reported by City AM. Nonetheless, the firm has seen a profit before financing and income tax of £29.5m, although this is also lower compared to £64.6m in the previous year. Comprising Vitality Life, Vitality Health Insurance, Vitality Health, Vitality Corporate Services, Better Health Insurance Advice, and the Healthcare joint venture, the group recorded an uplift in both the health and life division's insurance revenues. Specifically, Vitality Health saw its insurance revenue climb from £634.6m to £698.4m, with new business sales also rising from £109.8m to £117.4m. Similarly, Vitality Life's insurance revenue went up from £260.4m to £293.1m, with its new business sales growing from £80.3m to £83.1m. A statement from the group declared: "Both Vitality Health and Vitality Life have seen robust year-on-year growth broadly consistent with lives growth." It added: "Overall, an increase in new business sales year on year, on track retention levels and dynamic market pricing has led to growth in premium income year on year." Regarding its new business sales, the group stated: "Strong year-on-year growth was driven by increased relevance of PMI [private medical insurance] and life insurance in the wake of the Covid-19 pandemic as well as Vitality's continual innovation and adoption of new ways of doing business both digitally and telephonically." During the year, the remaining motor insurance policies offered by Vitality Car were largely run off, with the remaining policies expiring by August. This followed a decision made in June 2023 to not offer members cover beyond their plan year after the UK car insurance market "experienced unprecedented claims inflation which led to significant price increases". These increases were passed onto Vitality Car members by underwriting Covea. Vitality noted that the rises "materially impacted Vitality Car's ability to deliver value for good drivers". In February 2024, the shareholders of Healthcare Purchasing Alliance, of which Vitality Corporate Services owned 50 per cent, decided to place it into voluntary liquidation. The process was completed in June. Despite these challenges, Vitality bosses 'remain optimistic'. A statement approved by the board read: "Vitality's core purpose is to make people healthier and enhance and protect their lives. "By focusing on lifestyle as well as illness and death, Vitality will create awareness of the real issues facing society, empower members to make positive change and contribute towards a healthier nation. "Heath and wellbeing will remain a strong feature of the products offered as the directors believe that the promotion of good health will bring benefits in terms of lower claims rates, as well as leading to improvement to individuals' lifestyles and health, their productivity and public health generally. "With this vision and purpose Vitality aims to build a substantial profitable business. "Over the period, there has been continued geo-political uncertainty and conflicts, increased economic uncertainty and high inflation. "Vitality is closely monitoring and managing the associated risks and remains committed to supporting its staff and customers as these emerging challenges are navigated.

Enterprise

Gateshead father and son bicycle firm secures top award for gravel model following £750k investment

2025-04-13 04:00:54

A bicycle brand founded by a father-and-son team in Gateshead has hinted at growth following a major award win and new funding. Vielo Sports was set up eight years ago by Ian Hughes and his son Trevor using their experience in the bike trade, including having run a distribution company on Tyneside. The pair have invested more than £750,000 in the brand which offers a range of road, race and gravel models. The Gateshead-based firm scooped Gravel Bike of the Year 2024/25 at the cycling news outlet Road CC's annual awards. Judges praised the firm's Vielo V+1 Race Edition model as being "incredibly capable". Ian Hughes, a former BBC presenter who subsequently helped bring the Scott mountain bike brand to the UK, said: "The Vielo V+1 Race Edition was competing against major international brands, so for a small company from Gateshead to win the overall Gravel & Adventure Bike of the Year award is incredible. It’s a huge achievement and a proud moment for the whole team. "In designing this lightweight bike, our goal was to create something truly unique - tailored to real-world riding conditions, built for versatility, designed around the user, and engineered to the very highest standards. "The future for Vielo is incredibly exciting. We’ve navigated the highs and lows, investing in developing this bike and the business. We’re looking forward to a long-term sustainable future for the brand, allowing us to expand globally and push forward with an ambitious programme of design and development for new products in the years ahead." Vielo's bikes are designed in Gateshead with input from German engineers and Taiwanese Carbon Fibre experts. The brand was originally set up to appeal to third or fourth-time buyers who value high-end design, materials and detailing. Prices of the models start from £4,500. Since investing £750,000, Vielo has secured additional six-figure funding to expand its operations and export its high-performance bikes internationally. Trevor Hughes added: "We chose to design the bike from carbon fibre because it’s a material we have a lot of experience with. It’s also a material that allows us to shape and form the frame into tubes and profiles that give it the ride characteristics we desire. Oval down tubes and flat curved seat stays for comfort but retaining stiffness where you need it most. It’s also known for being incredibly strong and lightweight.

Enterprise

BBC Studios retain contract to produce Cardiff Singer of the World

2025-04-13 04:00:54

BBC Studios has retained the contract to produce Cardiff Singer of the World. Following a competitive tendering process launched last July, the BBC said BBC Studios, which is a commercial subsidiary of the public service broadcaster, scored the highest of the bidders against the criteria. The prestigious week long opera singing competition is held every two years. However, with its venue since its 1983 launch in St David’s Hall in the centre of Cardiff closed due to ongoing work to remove reinforced autoclaved aerated concrete (RAAC), the event will not be held this October. Instead the BBC will host a one off gala concert at the Wales Millennium Centre in Cardiff Bay which will feature previous winners and competitors. With work at St David’s Hall scheduled for completion next year, the competition is expected to return there in 2027. Nick Andrews, head of commissioning BBC Cymru Wales said: “BBC Cardiff Singer of the World holds an important place in the international musical calendar as well as here in Wales. I know the competition will continue to uncover exceptional voices, adding to the extraordinary alumni who have emerged from this competition over the past four decades.

Enterprise

Anglo American presses ahead with demerger of platinum business

2025-04-13 04:00:54

Anglo American is pushing forward with the demerger of Anglo American Platinum, aiming for a June separation. The mining giant, which owns around 67% of the world's top platinum group metals (PGMs) producer, will seek shareholder approval for the split at its annual general meeting on April 30, as reported by City AM. Anglo American plans to retain a 19.9% stake initially but intends to gradually exit after the separation. This move is part of a broader strategic shift for the mining group. Anglo Platinum will operate independently, with its financials no longer consolidated under the larger group. Chief Executive Duncan Wanblad stated: "We are on a clear timeline towards demerging Anglo American Platinum – the world’s leading PGM producer – in June, with its primary listing on the Johannesburg Stock Exchange and an additional listing on the London Stock Exchange. "Consistent with our commitment to deliver a responsible demerger, Anglo American intends to retain a 19.9 per cent shareholding in Anglo American Platinum in order to further help manage flowback by reducing the absolute size of the shareholding that will be emerged. "Anglo American will no longer have any representation on the Anglo American Platinum board post demerger and we intend to exit our residual shareholding responsibly over time, and subject to customary lock-up arrangements." The mining company announced that the deal would result in an immediate cash boost for the group. It stated it would receive a total dividend payout of R16.5bn ($0.9bn) before the split, with the parent company's share amounting to approximately $0.6bn. The PGMs unit reported an adjusted EBITDA of R19.8bn ($1.1bn) for 2024.

Enterprise

SMEs could win more public sector contracts under new AI-powered procurement pilot in Greater Manchester

2025-04-13 04:00:54

SMEs could win more contracts with local councils under an AI-powered procurement scheme being launched this morning. STAR Procurement – an organisation that looks after the procurement needs of four councils in Greater Manchester and another two from Merseyside – has begun a pilot scheme to help smaller firms and voluntary and community sector organisations (VCSOs) to win public sector contracts. It follows a campaign from the Federation of Small Businesses (FSB) to launch a procurement scheme in Greater Manchester to “ensure businesses are at the front of the queue to deliver goods and services needed by their own local authority”. The pilot will include Stockport, Tameside, Trafford and Rochdale councils – who together make up STAR – but the FSB hopes that if successful it will be extended across the city region. The FSB says smaller firms tend to see council procurement as “overly complicated, time consuming, and out of reach”. The pilot aims to make the process easier by using “an AI powered digital platform” to connect SMEs with lower value council contracts. It will focus at first on contracts of over £50,000 but will be reviewed as the pilot goes on and could go up to contracts worth as much as £213,000. Robert Downes, development manager for the FSB in Greater Manchester, said: “This is an exciting opportunity for businesses and councils in GM alike – and it’s something FSB has been campaigning for here in GM for a number of years. It’s great news for businesses based here as we begin the new year. “For smaller businesses and VCSOs who have traditionally seen public sector procurement as beyond their reach and aimed at large organisations, this will help open-up contracts that at the moment aren’t even officially advertised anywhere. This means many new contracts will be up for grabs for the first time with the clear aim to award to local businesses. These will be new opportunities for the smallest firms to deliver public sector contracts, minus the quite onerous processes that more expensive town hall contracts incur during the established procurement process. “For councils, it means they could and should be getting better value for taxpayers’ money by opening up contracts to many more business, and spending locally which we know helps create wealth in our communities. It’s a real win-win for the public and private sectors particularly at a time when budgets in all sectors are under pressure.” Metro Mayor, Andy Burnham added: “Helping more small businesses compete for, and win public contracts is key to building a more inclusive economy in Greater Manchester. By keeping spending local, we can ensure the benefits are felt by our people and communities.” Lorraine Cox, director at STAR Procurement, has been leading on the pilot and said she hoped it would strengthen relationships between the public sector and SMEs. She added: “This pilot will test a proof of concept, and contracts will therefore release in small phases to allow STAR to assess processes and impact. We anticipate success and therefore intend to widen the scope in the future.” Janine Smith, director of GM Business Growth Hub, said: “Understanding and winning public contracts can be game-changing for smaller businesses as they provide a steady source of income, allowing businesses to build upon a solid foundation. This much welcome support will only help create more resilient businesses across our city region.”

Enterprise

Gold price to hit new record as 'deep-rooted bullish sentiment' drives it higher

2025-04-13 04:00:54

Gold prices have surged by 10 per cent in 2025, reaching $2,900 (£2,300), prompting UBS to revise its target price for the precious metal upwards once more. UBS analyst Joni Teves commented on the performance of gold, noting that it has faced "unprecedented market dislocations" and achieved a record high in 2024, with expectations set for even higher movements in 2025, as reported by City AM. Teves pointed out that the gold market is currently driven by "deep-rooted bullish sentiment," as investors consider it a safe-haven asset amidst the highly uncertain and volatile macroeconomic climate. "After missing several buying opportunities in 2024, investors are likely wary of repeating the same patterns and may want to take advantage of corrections sooner this time around," she remarked. Teves also mentioned that factors such as uncertainty over tariffs, concerns about the return of stagflation, and ongoing global conflicts could see gold continue to benefit from its 'safe haven' status. Furthermore, UBS anticipates stronger-than-expected official sector demand, bolstered by initiatives like China's pilot programme that permits insurance companies to invest in gold, providing significant support to the market. The bank's updated forecasts suggest that gold will rise to $3,200 later in the year before gradually declining, yet still ending 2025 above $3,000. UBS also observed a continued lack of investor positioning in the precious metal, indicating "suggesting plenty of scope to add gold to portfolios." Alec Cutler, director at Orbis Investments, has noted that despite the soaring price of gold, Western investors have largely refrained from flocking to this asset class. "The number of iShares and SPDR ETF investors has been dropping for the last two years... meaning gold's rally so far is being driven by central banks and Asian investors," he shared with City AM. He suggested that the robust returns of the 'Magnificent Seven', coupled with the allure of cryptocurrencies, have deterred investors from gold, but this trend is likely to change over the course of the year. Consequently, Cutler anticipates that the rally in gold will gain further momentum once Western investors start investing in it. On a different note, UBS analysts have maintained their forecasts for other precious metals, such as silver and platinum, unchanged.

Enterprise

North Wales port to create 300 jobs in major expansion

2025-04-13 04:00:54

A North Wales port is to create 300 new jobs with a major expansion to cater for the offshore wind industry. The Port of Mostyn, Flintshire, is pressing ahead with plans to build a new 350-metre quay capable of handling the next generation of super-sized floating offshore wind turbines. The scheme was green-lighted after it was granted a Marine Works Licence by Natural Resources Wales. Thirteen acres of adjoining land will be reclaimed and the port has also announced it has bought the adjoining 45-acre former Warwick International site. The new quay has been designed to enable the world's largest jack-up crane barges to berth and load the turbines. Preparatory work will start in the autumn and the construction phase will create 130 temporary jobs over 21 months. A total of 300 permanent jobs are expected to follow once the next round of windfarm projects gets underway in 2027. With recent expansion and modernisation Mostyn has become one of Europe's most important ports for the offshore renewable energy sector. The first two commercial windfarms in UK waters, North Hoyle off the North Wales coast and Robin Rigg in the Solway Firth, were constructed from the port in 2002. Mostyn is already in negotiations with windfarm developers over the use of the port as a base for future offshore projects. Dredging work will be needed to create new berths and, to accommodate the size of visiting ships, existing berths need deepening. The port's approach channel in the outer Dee estuary will have to be re-dredged as well. Managing director Jim O'Toole said the work was needed because the facility will be catering for the next generation of much larger turbines. "To put it into context, the weight of the first turbines handled at the port in 2002 was 610 tonnes, whereas the next generation will have floating foundations, with the weight of the turbine alone being up to 2,000 tonnes. "This new twin development will secure the future of the port and is a major step forward for the future of the offshore wind industry in Wales." Join the North Wales Live WhatsApp community group where you can get the latest stories delivered straight to your phone As one of the oldest ports in the country, Mostyn has been handling cargoes for four centuries. Depending on the region's heavy industries of the time, coal, iron ore, woodchip and sulphur passed through the port, along with steel, timber and wood pulp. Animal feedstuffs and farm fertilisers were other staples. Deepening of its outer berths has enabled expansion in recent decades. Currently 240 people are employed at the port, servicing three windfarms. The number of jobs are expected to increase as its windfarm support services grow. Mr O'Toole said: "Once the Warwick site is integrated into the port, it will increase the land available for offshore renewable energy projects to 120 acres and its berths to 650 metres. The site has a significant number of large buildings that will be used for the fabrication and assembly of wind turbine structures and the establishment of supporting services in steel fabrication, electrical, hydraulic and coatings. We're also going to be creating a marshalling area where the blades and the large turbine components are laid out." The news was welcomed by Ken Skates, cabinet secretary for transport and North Wales. Saluting Jim O'Toole's leadership, he said the scheme was a "fantastic boost" for the region. Sign up for the North Wales Live newsletter sent twice daily to your inbox "The Port of Mostyn will become a magnet for investment and job creation through this expansion," said the minister. "The roll-out will maximise the opportunity for growth in the renewable energy sector, especially with all the activity around projects in the north. "Ports are driving the national economy and playing their part in our ambition to create jobs and growth. Renewable energy projects, including offshore wind, provide long-term and well paid jobs and many hundreds will be created at the Port of Mostyn." Welsh Secretary Jo Stevens said Wales has an important role to play if Britain is to become a "clean energy superpower". This was echoed by Rebecca Evans, cabinet secretary for economy, energy and planning, who said the port's expansion aligns with the Welsh Government's commitment to create green jobs and growth.