More people than ever are giving to charity in their Will to mitigate their Inheritance Tax bill, a major study has revealed.
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North of England attracts “record levels” of venture capital investment despite coronavirus pandemic
Businesses based in the north of England attracted some £315 million in venture capital (VC) investment during the first three months of 2021, it has been revealed.
The figures, published by accountants KPMG, form part of the Global Venture Pulse Survey.
According to the report, the north of England – including Liverpool, Newcastle and Manchester – recorded 37 VC deals between January and March this year, representing over £315 million in value or around 10 per cent of all UK deal value.
The “record figures” were bolstered by a huge $100 million (approximately £70.5 million) deal secured by Manchester-based software firm Matillion and a £30 million deal agreed between LDC (the private equity arm of Lloyds Banking Group) and Rochdale-based Wireless CCTV.
Commenting on the figures, Nisha Sharma, M&A director at KPMG in the North West, said: “The North proved its resilience and the strength of its offering against the challenging backdrop of 2020.
“To see it attract record levels of investment in the first quarter of 2021 off the back of its performance then is credit to the character of businesses here and shows the raw ingredients are there for future success.
“While economic risks still exist, particularly with inflation being a real worry and the gradual withdrawal of government support measures, businesses in the North will be feeling confident of growth in the coming months.”
The 2021 Global Venture Pulse Survey also suggests strong VC investment across the whole of the UK. The data shows that some £5.1 billion was invested in UK scale-ups over the same period, up 21 per cent compared to the previous three months, while £1.9 billion was raised across the whole market (including start-ups and established leaders).
Bina Mehta, chair of KPMG UK, added: “The UK continues to be the powerhouse of Europe when it comes to attracting investment in fast growth innovative companies.”
For commercial support, including advice on start-ups, mergers, acquisitions, investment, and corporate finance, please get in touch with our expert team today.
Steep rise in working poverty prompts appeal
Employers have been asked to play their part after a new
report highlighted a sharp rise in working poverty.
Working poverty rates have risen across the entire country, according to the
report by the Institute for Public Policy Research (IPPR) think tank.
Court of Protection delays soar in wake of coronavirus pandemic
The average property and financial affairs deputy application now takes 48 weeks to process from start to finish, new figures have revealed.
Read moreTemporary Trade Credit Reinsurance scheme to close on 30 June, Government confirms
The temporary Trade Credit Reinsurance (TCR) scheme will close as planned on 30 June 2021, it has been confirmed.
The Government said the scheme had benefitted over half a million businesses and provided certainty throughout the pandemic, but is no longer necessary.
The TCR scheme launched in response to the coronavirus outbreak last year amid concerns that companies were being refused insurance cover for transactions. Trade credit insurance – described as the “key to successful trade” – protects businesses from losses should a customer become insolvent.
But due to the unprecedented financial pressures created by the pandemic, it became almost impossible to continue offering trade credit insurance.
In response, the Government agreed to act as a reinsurer to the trade credit insurance industry, meaning losses would be shared among both parties.
However, it has now been confirmed that the scheme will cease to exist from 30 June 2011 “in the context of a positive outlook for economic recovery in 2021, appetite for new business among participating insurers and the continued success of the vaccine rollout”.
According to the Government, the scheme supported some half a million businesses and protected more than £575 billion of business turnover by providing around £210 billion in insurance cover.
Commenting on the scheme, Business Minister Paul Scully said: “The scheme allowed trade to continue flowing despite the uncertainty caused by the pandemic, and it is only right that now our economic outlook has improved and businesses are getting back on their feet, the private sector resumes its role of providing insurance cover.”
Huw Evans, Director General of the ABI, added: “At a time when firms needed extra support during the pandemic, the scheme has helped ensure that businesses remained able to insure against potential risks in their supply chain.”
For help and advice with related issues, please get in touch with our expert legal corporate team today.
Returning workers face crisis of confidence
As the country and industry gradually returns to a semblance of normality, many people who have been away from the workplace for over a year are facing a crisis of confidence, according to a new report.
Working from home is obviously different from the furlough, where staff have been inactive for more than 12 months.
Furlough has had a devastating effect on many, who have spent time away from the team that gave a sense of belonging.
Paying people to do nothing also disincentivises them from seeking alternative work that might be better for them in the long term.
According to the report by Vodaphone, almost two fifths (37 per cent) of people returning to work after a year away experience a loss in confidence, creating more concerns for workplaces post-coronavirus and beyond.
Extended periods away from the workplace has a gendered impact on the population as women were found to be almost twice as likely (42 per cent) to report a knock in their confidence at work than men (24 per cent).
Re-acclimatising to working life also proved challenging for 31 per cent of women and 25 per cent of men.
The findings urged employers to offer more support to their under-confident, returning workers – those potentially returning from furlough in the coming months, as well as employees that may have taken career breaks.
Doing so would not only benefit the people returning but business and the wider economy, said Helen Lamprell, general counsel and external affairs director at Vodafone UK.
“Supporting returners helps organisations bridge skills shortages and improve retention and diversity, while supporting those individuals and the wider economy,” she said.
“As workplaces continue to adapt and evolve, it is the responsibility of employers to support returners both while they are away and once they return.”
As women are more likely to take a career break for caring responsibilities and find the cost of childcare more challenging than men (46 per cent of women vs 23 per cent of men) it is vital that they especially receive support.
Clare Corkish, HR director at Vodafone UK, told HR magazine: “This report draws attention to the need for support for those re-entering the workforce, especially women, given the disproportionate challenges faced by female returners.
“Whilst the findings of the new report are relevant for those returning to work post-COVID, they also reflect the feelings of people who have been absent from work or who have taken an extended career break.”
The report called on Government to allocate part of the £2.5 billion National Skills Fund to help returners develop their skills, and suggested employers be more open-minded about gaps on prospective employees’ CVs.
For help and advice on matters relating to employment law, contact our expert team today.