Red Arrows ready to begin summer display season

By James Pinchbeck Partner, Streets Chartered Accountants

Listening to the Chancellor Rishi Sunak’s Budget live, who would have thought that over the last 18 months we have experienced one of the biggest economic shocks and seen unprecedented levels of financial intervention from a government to support our economy and public welfare.

It would be interesting to know if anyone has or was able to tot up the sums of money, billions and millions, pledged and earmarked in terms of public spending over the next few years.

It certainly seemed to be a Budget based on our economic and social prosperity being driven by investment in both the public and private sector. Whilst few predicted that this would be a Budget of tax hikes, it was not unreasonable to think it might have included some, or some inkling of future changes.

It looks like balancing the books is dependent on business innovation and investment, along with public sector and consumer spending giving rise to tax revenues from direct and indirect taxes. 

With government borrowing at a level not seen since the end of the Second World War, there is surely a risk of a bumpy ride ahead if growth targets are not achieved and levelling up doesn’t really lead to levelling up.

The current rise in inflation is being, in part, attributed to increased and renewed global demand, particularly for goods following lockdown. This has led to supply chain issues along with increased energy costs linked to increased manufacturing and supply to meet such demand.

It is given this background coupled with low interest rates that inflation will settle down and so too will supply chain issues. However, perhaps workforce shortages will still be a real concern. The OBR forecast that the UK economy will return to pre-pandemic levels by the turn of the year.

Looking at the plethora of public sector spending announcements, few would disagree with much needed spending being allocated to our health service, education and infra structure projects, especially those that lead to a real levelling up. Those in the public sector will welcome the lift on the freeze for public sector pay increases.

More specific announcements, for businesses in particular, included the reduction in Business Rates for those in the retail, hospitality and leisure sectors including a 1-year discount of 50%, more frequent revaluations – every three years from 2023; and relief for adopting solar panels and a 12-month rate holiday on property improvements.

For those businesses looking to make capital investments, the £1m Annual Investment Allowance will be extended to March 2023, instead of ending in December.

The arts, museums, entertainment and culture sector will no doubt applaud the announcement that the covid support and recovery Creative Tax Reliefs will not only be doubled but that they will now remain in place until April 2023.  

Whilst considering relief those involved in innovation, including research and development, will be delighted to hear about the enhanced reliefs available for R &D, along with increased funding available to support such activity through Innovate UK. For those undertaking research involving cloud computing and data, they will be pleased to hear that such costs are now eligible for tax relief.

Whilst the increase to the National Minimum Wage, for those aged over 23, from £8.91 to £9.50 an hour was announced before the Budget, few were perhaps aware of the pending changes to alcohol duty which focused going forward on these being ‘simpler, fairer and heathier’ – a key winner certainly seems to be English sparking wines and draft pulled beers/lagers all benefit from lower duties.

Moving on to fuel duty, but not advocating a drive to the pub, the good news as we face unprecedent prices at the pump, was that fuel duty will again be frozen.

It would be easy to think perhaps there was little in this Budget, in some ways it would be difficult not to agree. Perhaps the test will be around the impact and effectiveness of what seems to be an unprecedented public sector spending spree. In the Chancellor’s own words, it certainly seems like ‘an age of optimism’.  

For further in-depth commentary of the Autumn Budget & Spending Review 2021 you can still register for Streets’ virtual presentation at 12noon till 1pm on Thursday 28^th October. All those registering and unable to join live will receive a link to the presentation recording and a digital copy of our Budget Summary.  Register here.

James Pinchbeck is Partner at Streets Chartered Accountants, a top 40 UK accountancy practice. James, as a specialist in marketing professional services, is responsible for the development and implementation of the firm's strategic marketing as well as its engagement in the community it which it works and serves. His role allows him to capitalise on his broad interest in the national and local economy as well as his passion for enterprise. As part of his wider interest in enterprise, marketing and education, James is a board member of NBV – the East Midlands Enterprise Agency, an FE College Governor and a board member of the University of Lincoln’s Business School. He is also an Institute of Director’s past Branch Chairman.

Men and women will boycott bars and nightclubs in Lincoln this evening due to concerns about a rise in ‘spiking’ incidents.

The Lincoln Night In event on October 27 is part of the national Girls Night In movement – recently changing its name to become more inclusive. It aims to empty the streets of the city, protesting the prevalence of spiking in the nighttime economy.

Organisers of the Lincoln event say they hope to “demonstrate a statement of solidarity and symbolic action against women, whilst promoting safer streets and creating a better dialogue surrounding these issues.”

Fears have grown among revellers, particularly with stories surfacing of people being spiked with needles.

Lincolnshire Police said that eight cases of drink spiking were reported to them in the first weeks of October. While none of those reported involved needles, stories have emerged that were not reported to police.

Some campaigners have been critical of the move, suggesting victims should not miss out, and venues financially penalised.

An online petition asking the UK Government to impose laws on nightclubs to search all guests on arrival has now reached almost 170,000 signatures.

Councillor Calum Watt, City of Lincoln Councillor for the Boultham Ward, said he was pleased to see young people standing up and participating.

“It is unfortunately common to dismiss the issue as something which “just happens” sometimes on nights out – with the blame often falsely landing on the victim for “not keeping an eye on their drink”. But the alleged use of intravenous needles being used in these attacks, has brought the issue into sharp focus and it is quite plain that more now needs to be done to protect people on nights out in Lincoln and elsewhere,” he said.

“The solutions lie in education and in nightclubs improving the way they look after their patrons – it is hardly an unreasonable demand, and one which we must heed now, or else risk an epidemic of spiking or drugging incidents costing the health and possibly even the lives of people simply looking to enjoy a night on the town.”

Venues across the city have been implementing a number of procedures to address the issues surrounding drink spiking. The Strait and Narrow reiterated that it was the first bar in the world to run the Ask For Angela scheme.

Home Lincoln and sister businesses Moka, Bierkeller and Void have introduced testing kits for suspected spiked drinks, as well as toppers to block any potential spiking.

If you have been affected by spiking in Lincoln, and wish to speak to a journalist, you can get in touch with the team confidentially via [email protected] or 01522 837217. 

Duran Duran’s latest music video ‘Anniversary’ was filmed in Grantham’s Belvoir Castle and features lookalikes including the Queen Elizabeth II, George Clooney and a bare-chested Vladimir Putin.

The music video released earlier this month marks the band’s 40th anniversary and was directed by BAFTA winner Alison Jackson.

A George Clooney lookalike slides down the banisters in the video, which was shot over three days. It features other lookalikes including Elton John, Lady Gaga, Dolly Parton, Brad Pitt, Stormzy, and even four posing as the band in their 1980s heyday.

Belvoir Castle in Grantham hosted the filming of Duran Duran’s latest music video. | Photo: Duran Duran

Anniversary features on Duran Duran’s newest album Future Past, which was released on October 22 this year.