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Study shows only 8% of businesses prepared for PSTN Switch Off – how to make sure you aren’t caught out

Josh Haines
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Whilst we might only be in 2023, the time for the Public Switched Telephone Network (PSTN) Switch Off is creeping up on us which means that businesses, regardless of whether they are a start-up, small business, or large corporation, need to start thinking about whether they need to switch their business telephony into a different service other than PSTN.

This is especially important for businesses who still currently utilise a PSTN-based system as this service will become futile in the coming years.

In this blog, we will cover what the PSTN Switch Off is, what it means for your business, and how you can better prepare your business for it.  

What is the PSTN Switch Off?

Firstly, let’s explain what it is. The PSTN Switch Offrefers to the switching off of the service by BT Openreach in 2025, meaning that PSTN-based services will no longer be operating. This marks the UK’s migration towards internet-based services such as Voice over Internet Protocol (VoIP) when it comes to voice communications.

It is critical that businesses still using PSTN effectively switch to a VoIP service before PSTN is switched off in 2025 – whilst this may seem far away, your business might get extremely busy and thus it is possible that you might forget about switching before 2025 arrives.

The key benefits of switching to VoIP

There are a wide range of advantages that VoIP has which makes it excellent for business communications. In particular, its collection of advanced features that PSTN cannot provide, as well as its scalability capabilities and low-costs make it an excellent choice for your business telephony.

VoIP is more likely to be the popular option in today’s age where the majority of society is tech-savvy. The post-COVID business climate also calls for VoIP services, especially since such services enable voice and video conferencing of more than two people – something that PSTN lacks.

How to prepare

One report in 2021 has shown that only 8% of businesses in the UK are prepared for the PSTN Switch Off in 2025, which is less than 1 in 10 businesses – a significantly small figure. In another paper, 52% of businesses stated that they are aware of the PSTN Switch Off, but are yet to do anything about it within their business. For businesses with more than 51 employees, this figure rises to 56%.

So, how should businesses prepare and be ready for the PSTN Switch Off?

First and foremost, your business will need to migrate to a cloud-based phone system. The service that you choose is entirely dependent on your business’ needs, so it is important that you do your research when it comes to the different cloud-based services and what they can offer for your business.

As VoIP is reliant on the internet, it is also a good idea to make sure that your internet connectivity can accommodate VoIP at an efficient and effective rate. This may mean that for some businesses, they will also need to upgrade their internet service.

Another tip is to ensure that your employees are equipped with compatible devices that can connect to the internet and your integrated VoIP platform.

Cousin Pat Therapy Uses Social Media to Spread the Message of Mental Wellness

ABC Staff
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Cousin Pat aka Dr. Patrick Argiro of Cousin Pat Therapy utilizes social media to help spread the good word about how Mental Health Therapy can be beneficial and how mental wellness is important.

Cousin Pat utilizes Google Business which is important. Cousin Pat Therapy is growing its message of proper mental health and its positive effects slowly but steadily through YouTube with Cousin Pat Therapy w/Dr. Patrick Argiro and his channel just became monetized and now should be seen more due to the increase in subscribers.

Cousin Pat Therapy currently has approximately 30K instagram followers.

TikTok has been helping spread the Cousin Pat Therapy message by posting videos on mental health either by Dr. Patrick Argiro directly or reposting other mental health and wellness videos.

This is the strategy that is being used also with Twitter and Instagram.

There are additional social media platforms such as Medium which allows you to write articles and it can help build up a following.

Social media can be an effective tool for therapists to spread the message of mental wellness to a wider audience. Here are some ways therapists can use social media to promote mental wellness:

Share tips and strategies: Therapists can use social media to share tips and strategies for managing mental health issues, such as anxiety, depression, and stress. They can share resources and tools that can help people to improve their mental health.

Educate about mental health: Therapists can use social media to educate people about mental health issues and reduce stigma around mental health. They can share information about different mental health conditions, symptoms, and treatments.

Share success stories: Therapists can use social media to share success stories of their clients who have overcome mental health challenges. This can inspire others who may be struggling with similar issues.

Offer online support: Therapists can use social media to offer online support groups or counseling sessions. This can be especially helpful for people who may not have access to traditional therapy or who are uncomfortable with in-person therapy.

Collaborate with other mental health professionals: Therapists can use social media to collaborate with other mental health professionals and share resources and information. This can help to create a community of mental health professionals who are working together to promote mental wellness.

Use visuals: Therapists can use visuals such as infographics, videos, and images to engage their audience and make their message more accessible. Visuals can also be a powerful way to convey complex information in a simple and easy-to-understand way.

Overall, social media can be a powerful tool for therapists to spread the message of mental wellness and reach a wider audience. It is important to use social media in a responsible and ethical way, following professional guidelines and maintaining client confidentiality.

Conclusion

Cousin Pat aka Dr. Patrick Argiro personally does not like social media as it seems in his opinion to mostly be used for unproductive purposes, however for spreading positive messages it does have its advantages.

JD.com Showcases Chinese New Year Grand Promotion Trends; Promotes New Atmosphere

Claire James
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JD.com Showcases Chinese New Year Grand Promotion Trends; Promotes New Atmosphere

The annual Chinese New Year Grand Promotion came to Chinese e-commerce mega-platform JD.com this past year, ranging 34 days from December 26 until January 28. During this shopping extravaganza, millions of customers took to JD.com as they showcased their strong preferences for certain gifts, sales, and marketing tactics. As China’s one-stop-shop for quality products of all categories, attractive prices, same/next-day shipping, and unparalleled customer services, JD.com    continues to expand its customer base with over 580 million active users as of this February and serves as a trusted partner for more and more brands and merchants globally to effectively grow their business.

JD.com showcased a litany of stats and figures relevant to their effective work from 2022 – ’23. In this coming year’s promotion, a new slate of products will empower merchants even more.

Let’s take a look back at the Chinese New Year Grand Promotion to better understand its trends and how it may impact the work of JD.com going forward.

Festivity For the Rest Of Us

This most recent Grand Promotion saw certain trends as impossible to ignore. According to a report by JD.com’ Consumption and Industry Development Institute, consumers were highly focused on crafting a festive atmosphere at home, with more than 82% of consumers purchasing traditional food. Another 60% of shoppers pointed out that they were ready to buy festive decorations, paper cuttings, traditional paintings, and other decor-related products.

Convenience is King

In the same way that consumers were flocking to festive products, JD also saw a serious focus on purchasing consumer care products. Through the same marketing data, JD revealed that nearly 27.7% of customers were looking to purchase educational books while even more (33.2%) were focused on consuming healthcare products and age-friendly household goods up to and including smart home devices like auto-floor sweeping robots.

As convenience continues to be the throughline for JD.com’s success, marketing metrics are backing that concept in spades. A report on JD.com revealed that nearly 80% of consumers were planning on shipping within their means, a direct change of action when compared to prior years. Additionally, nearly 28% of consumers posited that they looked at quality, service, and after-sales terms before they cared for pricing.

Thanks to convenient access and the synergy with Dada Group that provides online-to-offline shopping delivery service with its couriers, JD’s Shop Now, the on-demand shopping program, offers hourly purchases and delivery services within a single hour. During the Grand Promotion, JD saw the direct impact that Shop Now had on their bottom line when sales increased by nearly 70% Year over Year. Leading the charge during this sales drive have been dried gift boxes, low-temperature cooked foods, and ready-to-cook meals.

About Richard Liu

Richard Qiangdong Liu is the founder and chairman of JD.com. Under his leadership, JD.com was listed on NASDAQ in the U.S. in May 2014. Positioned as a “supply chain-based technology and service provider,” the company’s businesses have expanded into retail, technology, logistics, health, insurance, property, international business and more.

A Complete Guide to Development Finance

Claire James
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A Complete Guide to Development Finance

What is Development Finance?

Development finance is a type of funding that is specifically designed to support property developers in the UK who are looking to purchase land and develop it into a new property or to refurbish an existing property. It can be used to finance various types of property development projects, including residential, commercial and mixed-use developments.

Property development finance is typically provided by banks, specialist lenders, or private equity firms. The funding can be structured in a number of ways, including as a loan, equity investment, or a combination of both.

In general, development finance requires a detailed business plan, financial projections and an assessment of the development’s feasibility. The lender will typically assess the project’s risk, the borrower’s creditworthiness and the property’s potential value once completed.

Interest rates for development finance tend to be higher than traditional mortgage rates, reflecting the higher level of risk associated with property development projects. However, it can be an effective way for property developers to access the capital they need to get their projects off the ground and generate returns over time.

Why use Development Finance?

Development finance can be a useful financing option for individuals and companies that are involved in property development projects in the UK. Here are some reasons why:

  • Access to capital: Property development finance allows developers to access the capital they need to purchase land, refurbish or build new properties and cover other associated costs such as planning permission fees, construction costs and professional fees.
  • Speed: Property development finance can be arranged relatively quickly, which is important for developers who need to move fast to secure a property or take advantage of an opportunity.
  • Flexibility: Property development finance can be structured in a number of ways to suit the specific needs of the developer and the project. For example, the lender may offer a combination of equity and debt financing or offer flexible repayment terms.
  • Risk management: Property development finance can help to manage the risks associated with property development projects. By sharing the risk with the lender, the developer is able to reduce their exposure and protect their own capital.
  • Higher returns: Property development finance can enable developers to achieve higher returns on their investment compared to traditional mortgage financing, particularly if the project is successful and the property value increases over time.

Development finance can provide developers with the financial resources and flexibility they need to bring their projects to fruition and generate returns over time. However, it is important to carefully assess the risks and costs associated with this type of financing before proceeding.


When would I Need Development Finance?

You may need development finance in the following situations:

Property development: If you are a property developer looking to purchase land or an existing property to refurbish or develop, you may need development finance to finance the project.

Business expansion: If you are a small business owner looking to expand your business, you may need development finance to finance the expansion, such as purchasing new equipment or hiring additional staff.

Infrastructure development: If you are involved in infrastructure development, such as building roads, bridges, or public transport systems, you may need development finance to fund the project.

Renewable energy projects: If you are involved in renewable energy projects, such as solar or wind power, you may need development finance to fund the project.

Social housing: If you are a housing association or a non-profit organization looking to provide affordable social housing, you may need development finance to finance the project.

In general, development finance is used to fund projects that have the potential to generate economic growth and social benefits, but require substantial upfront investment. Development finance can provide the capital needed to get these projects off the ground and generate returns over time. It is important to carefully assess the risks and costs associated with development finance before proceeding.

Who would benefit from Development Finance

Development finance can benefit a wide range of individuals and companies involved in property development projects in the UK. Here are some examples:

Property developers: Property developers can benefit from development finance by accessing the capital they need to purchase land, refurbish or build new properties and cover other associated costs such as planning permission fees, construction costs and professional fees.

Investors: Investors who are interested in property development projects can benefit from development finance by providing capital to developers in exchange for a share of the profits.

Small businesses: Small businesses that are looking to expand their operations by purchasing or refurbishing a property can benefit from development finance.

Housing associations: Housing associations and non-profit organizations that are looking to provide affordable social housing can benefit from development finance to fund their projects.

Local communities: Local communities can benefit from property development projects that create new housing, commercial spaces, and public amenities.

Development finance can benefit a wide range of individuals and organizations by providing the financial resources and flexibility needed to bring their projects to fruition and generate returns over time. However, it is important to carefully assess the risks and costs associated with this type of financing before proceeding.

Where in the UK is Development Finance Used the Most?

Development finance is used across the UK, but there are certain regions where it is particularly prevalent. Here are some examples:

London: London is one of the most active regions for property development finance in the UK, with a large number of development projects underway at any given time. This is due in part to the high demand for property in the city and the potential for high returns on investment.

South East: The South East of England, which includes cities such as Brighton, Southampton and Reading, is another region where development finance is commonly used. This region has a strong economy and a high demand for property, particularly in areas close to London.

North West: The North West of England, which includes cities such as Manchester, Liverpool and Leeds, is another active region for property development finance. This region has seen significant regeneration in recent years, particularly in urban areas and there is strong demand for new housing and commercial property.

Scotland: Scotland is also a popular region for development finance, particularly in Edinburgh and Glasgow, which are both experiencing strong demand for new housing and commercial property.

Wales: In Wales, development finance is commonly used in areas such as Cardiff and Swansea, which are both experiencing significant growth and demand for new property.

Overall, development finance is used across the UK, but is particularly prevalent in regions with strong economic growth and high demand for property.

MARCHING AWAY FROM THE BANK: 25 MILLION BRITS SET TO ABANDON THEIR YEARLY SAVING GOALS TODAY

ABC Staff
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MARCHING AWAY FROM THE BANK: 25 MILLION BRITS SET TO ABANDON THEIR YEARLY SAVING GOALS TODAY
  • Millennials are the age group most likely to give up on their savings goals as nearly half (42%) have abandoned their financial plans come spring 
  • The average Brit intends to add £334.93 to their savings pot every month 
  • Intention vs reality paints a very different picture as consumers take £139.17 per month from their savings account 
  • 9 million Brits admit to dipping into their savings at least once per week

With March beginning today, it seems Brits are spring cleaning everything but their finances with over a third (37%) admitting they abandon their annual savings goals today (March 1st) – equating to over 25 million people.  

The data by VoucherCodes.co.uk, the UK’s most trusted savings site, examines the nation’s savings habits, revealing Millennials (aged between 27 and 42) are the generation most likely to give up on their savings goal, with over two in five (42%) stating they do so on or before the first
day of spring. Following closely behind is Gen Z savers (18-26) at 41%.

Despite savings goals not always going to plan, Brits have every intention of stashing away £334.93 on average each month for a rainy day. The reality of how much consumers are saving each month paints a different picture. Typically, Brits remove £139.17 from their savings account each month due to unexpected events or circumstances, meaning on average consumers save £195.76 – 58% less than they intend to at the start of the month.  

Breaking this down by gender, men plan to save the most monthly, having every intention of putting away 42% more than their female counterparts at £430.41 and £248.80 respectively. However, they are also spending 51% more from their savings each month, as men dip into £192.34 on average, compared to women who only spend £93.36. 

Gen Z are the age group most likely to overestimate how much they can save, removing on average £236.84 each month – the highest of all age groups asked.  

Average intended savings amount per month compared to average amount taken from savings per month

RankAge Range/GeneratioAverage intended savings amount (£)Average amount taken out of savings to spend (£)Difference (£)
118-26 (Generation Z)£537.54£236.84£300.70
227-42 (Millennials)£410.51£167.75£242.75
343-58 (Generation X)£262.69£109.65£153.04
459-68£220.41£94.36£126.06
569-77£214.09£67.44£146.66 
678-95£150.96£50.64£100.32
National averageNational average£334.93£139.17£195.76

Over one in ten (14%), or the equivalent of 9 million Brits, admit to shifting funds from their savings account to their current account at least once a week. This rises to over a third (35%) of Gen Z savers, the age group most likely to dip into their savings account. The average consumer takes from their savings account roughly once every five days (74 times a year). 

Looking at why people need to dip into their savings account during the month, over half of Brits (52%) state rising living costs is making it difficult to stick to their monthly savings goals. Following closely behind is the increased cost of grocery bills (44%) and utility bills (41%).  

Top five reasons Brits struggle with saving money

RankReasoning% of Brits
1Living costs have risen52%
2The cost of my grocery shop has risen44%
3My utilities bills have risen41%
4I do not have money available to save after paying for my essential outgoings32%
5The cost of transport has risen22%

Anita Naik, Savings Expert at VoucherCodes.co.uk comments: “Despite the ongoing cost-of-living crisis pushing up consumer outgoings with no signs of stopping, its positive to see that Brits still have optimistic intentions surrounding their savings goals. Even with the best intentions, it can be disheartening when dipping into your savings pot from time to time, but it doesn’t need to feel daunting.  

“The start of spring offers the perfect time to give your savings goals a realistic refresh. Firstly, set small but achievable savings goals, similar to new year’s resolutions, focusing on your medium- and long-term goals. Keeping your monthly savings targets attainable will help you stay on track and limit the need to abandon them.  

“It’s always recommended to identify what your spending triggers are to stop you from dipping into your savings, for example if you know you can’t resist ordering a takeaway or food delivery delete apps such as Deliveroo off your phone so you can’t be tempted. Lastly, create a strong financial plan, this will reduce your vulnerability to be derailed by unforeseen bills and expenses. Our data reveals one in 20 (5%) admit they don’t create a monthly budget and never know how much their outgoings will be – creating a budget will tell you what you have available to save.”

More Than Half of UK Adults Check Ethical Credentials of Savings Accounts Before Putting Forward Money

ABC Staff
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More Than Half of UK Adults Check Ethical Credentials of Savings Accounts Before Putting Forward Money

A new study conducted by Gatehouse Bank has revealed that more than half of British adults consider the ethical credentials of a savings account before committing their money. The survey found that fifty-five percent of respondents evaluate factors such as sustainability and charities supported by the bank before investing.

Gatehouse Bank have uncovered research which indicates that, even in the face of a rising cost of living, UK citizens remain committed to ethical saving options.

Analysis of the responses from adults living in the UK showed that more than half (52%) of them would investigate the ethical standards of a savings account before committing funds. This was especially true for those aged 18-24, with three-quarters (76%) expressing an interest in such criteria versus only 24% of those above 65.

Gatehouse Bank has created their Easy Access Cash ISA and Easy Access savings account to offer young people assistance in developing financial security while staying faithful to their values. With a minimum deposit of £1, they can take advantage of both accounts’ competitive interest rates – 2.90% for the ISA and 3.00% for the savings account.

The results of the research showed that just one-third of those interviewed have their money invested in an ethical savings account, meaning that even though they may be motivated to investigate the moral values of banks and organisations, they are not necessarily acting upon it.

Ravi Kumar, Senior Product Manager at Gatehouse Bank, commented: “The findings demonstrate that ethical concerns are still a main priority for consumers, especially among the new generation of savers who have the greatest awareness of such issues.

We have experienced first-hand the popularity of our Woodland Saver accounts; with each one opened or renewed, we plant a tree in our customers’ honor.

As a Shariah-compliant Bank, we are committed to ethical standards and therefore do not provide services in areas such as alcohol, gambling, or the arms industry which have a potentially damaging impact on society. Our goal is to assist customers in bringing their financial plans and moral beliefs into alignment. To this end, finance providers must continue to effectively share their values with the public so people can be better informed regarding their range of savings options.

You can check our research into the best UK savings accounts for high interest to find which bank account can provide you with the return you are expecting. NatWest’s interest rate is 6.17 percent on sums up to £5,000 and Nationwide is offering 5% among many more.

The Best UK savings accounts and rates for 2023 – Get up to 5% !!

ABC Staff
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We have searched the current top ten regular savings accounts across the UK offering the highest interest are available in 2023.

These accounts boast impressive savings rates, so be sure to check them out!

Do you need assistance in making a wise investment decision this year? ABC Money has made the effort to research the top savings rates, eliminating the need for you to search.

The cost of living continues to rise, with inflation gradually reducing the worth of money. This has caused people in Britain to look for savings options that can provide them with the greatest returns.

Regular savings accounts have been providing savers with some of the most generous interest rates in recent memory, however, these can change from time to time so it is important to keep an eye on changes in the market.

Rachel Springall, finance expert at Moneyfacts, commented on the savings market trends saying that beneficial competition among providers has resulted in both easy access and notice rates climbing to their highest levels in over 14 years. This is largely attributed to the consecutive Bank of England Base Rate rises.

She pointed out that the total number of savings accounts had risen significantly, with a larger increase than in March 2022 and the most since November 2022.

Ms Springall stated that this was an optimistic outlook for the future, particularly as we approach a new tax year.

There are numerous methods of saving, yet regular savings accounts provide an excellent starting point for gathering funds.

These accounts typically offer attractive interest rates and terms that incentivize savers to make regular deposits. With minimal withdrawals, they can earn money on their savings, as long as they meet the requirements of each account.

Savings accounts that beat the UK’s inflation rate are currently unavailable, however Moneyfacts has brought together a list of the 10 with the highest-interest rates.

TOP Ten Regular Savings Accounts With Higher Interest Rates

If you’re looking for a regular savings account with a competitive rate of interest, here are 10 accounts which offer some of the highest returns. These offerings from various banks and building societies provide an opportunity to save funds whilst earning maximum gains each month.

First on the list is First Direct’s Regular Saver offering a seven percent Annual Equivalent Rate (AER) for up to £3,600 per annum.

Interest is calculated on a daily basis and given upon the maturity of the account, one year after its opening. Savers are given the ability to deposit amounts from £25 to £300 in increments of £5 each month.

NatWest’s interest rate is 6.17 percent on sums up to £5,000, and 0.65 percent thereafter. Monthly interest is added, and you’re free to make as many withdrawals as you wish.

Nationwide Building Society’s Start to Save (Issue 2) trailed in fourth with an AER of five percent.

Interest is computed every day and paid annually on the day it was opened. Anyone who regularly sets aside between £25 to £50 each month will be automatically entered into a prize draw of £250, with several fortunate people being chosen as winners.

This savings account offers instant access, meaning any money withdrawn can be quickly retrieved. However, if individuals want to enter the prize draw, they should aim to return at least some of their withdrawal before the end of the current month.

TSB’s Monthly Saver Account came in fifth, offering a competitive AER of five percent.

You can open this account with as little as £1 and the returns are calculated daily and paid annually at the end of the term.

A standing order for a sum between £25 and £250 must be set up from a TSB current account on a monthly basis. No more than one payment can be made each month, with the ability to withdraw instantly without any penalties. However, the removed funds can not be returned.

Hinckley & Rugby BS’s Regular Saver 30 Day Notice Account takes sixth place with an AER of 4.75 percent.

A £10 initial deposit is needed in order to open the account, with the potential of up to £500 deposited on a monthly basis. Unrestricted withdrawals can be done, although this will necessitate giving thirty-days’ notice in advance. If payments are missed twice, then the account will convert back to Plain Sailing Easy Access Account.

Coming in seventh is Yorkshire Building Society’s Christmas Regular Saver, boasting an AER of 4.5 percent.

£1 is required to open the account, and interest is accrued daily, with payment on October 31. Up to £300 can be deposited every month, however only one withdrawal is allowed within the duration of the term.

The Monthly Saver from Lloyds Bank offers an AER of 4.5 percent, placing it eighth.

In order to open the account, a minimum deposit of £25 is necessary. Additionally, regular contributions of between £25 and £250 should be added each month.

In order to open a Lloyds Savings Account, savers must already possess a Lloyds Current Account. After the term finishes after 12 months, any withdrawals made are without penalty and interest is then payable.

Halifax’s Regular Saver takes ninth spot with an AER of 4.5 percent.

To open a Lloyds Regular Saver account, an initial deposit of £25 is mandatory, and ongoing monthly deposits from £25 to £250 must be made.

The AER is set for 12 months, after which the balance will be moved to an Everyday Saver account on the anniversary of the account opening.

It is not allowed to make withdrawals, however the account can be terminated before the term ends at no cost.

Lastly, the Bank of Scotland’s Monthly Saver comes in tenth with an AER of 4.5 percent.

This 12-month bond requires a Bank of Scotland current account and allows savers to make deposits of between £25 to £250 per month.

You can take out as much money from this account as you like without incurring any penalties, and after 12 months, it will become an Instant Access Savings Account.

Green for go – a budget wishlist for small businesses

ABC Staff
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Green for go – a budget wishlist for small businesses

Purbeck Personal Guarantee Insurance, the provider of personal guarantee insurance to the owners of SMEs has set out its wishlist for the Chancellor The Rt HON Jeremy Hunt MP, ahead of the Budget on 15th March 2023.

Todd Davison, MD of Purbeck Personal Guarantee Insurance said: “This budget needs to deliver for small and medium sized businesses unlike the last which focused on controlling the budget deficit and calming the markets in the wake of the controversial mini-budget.  It needs to be progressive and encourage sustainability in every sense – there is no time to waste, The Rt HON Jeremy Hunt MP has an opportunity to help businesses cut costs, improve productivity and encourage future investment.”

A Budget Wishlist for UK SMEs:

  1. ‘Help to Green’ – Holistic strategy to support business transition away from high-cost energy:
    Purbeck supports the development and publication of a holistic approach to transitioning the UK away from high-cost energy. Small businesses are susceptible from market price fluctuations and the current subsidies offered are not sustainable and place a burden on the UK taxpayer. The UK needs initiatives to help businesses plan for energy consumption with a focus on renewable and green technologies. This could be further supported by a “Help to Green” initiative to support training and awareness around energy consumption, identification of government support schemes and energy assessments to focus on renewable energy sources.
  1. Encourage businesses to undertake sustainable investment:
    A government supported tax scheme to encourage businesses to move to green technologies could be introduced by way of tax relief for investment in green plant and machinery. An additional initiative as supported by the NACFB, would be to provide ‘green loans’ by way of a government guarantee loan scheme. Finance would be provided at attractive rates to support the use of green technology and agendas. This could help the UK in reaching its zero targets.
    Companies who have achieved a net zero could pay a lower corporation tax than those that have not.
  1. Enhance UK’s labour market participation rates:
    Current estimates indicate that there are now around 6.6m people of working age who are not in full-time education or employment and are economically inactive. This is a combination of young workers and early retirees. Purbeck endorses The Federation of Small Business’s wider 15 point strategy to improve the UK’s labour market participation rates by encouraging employees to get into work and employers to take on and train/develop their workforce. Vocational training vouchers could be issued to workers who wish to be reskilled and for employers to receive tax benefits for employing and training staff in desirable sectors or skills (such as sustainability, technology, health etc.). There could be a launch of consultations on reduced National Insurance Contributions for returning workers and retraining funding for vocational qualifications.
  1. Corporation tax regime:
    As above, corporation tax is due to increase from 19% to 25%. There needs to be additional tax incentives to focus small business investment in green technologies, sustainable investment, and the labour force to encourage employers to pursue outcomes which meet and contribute towards UK Plc.
    Furthermore, with these tax rates it means the UK is seen as less attractive than other international locations. The budget is an opportunity for the Chancellor to mitigate this impact as far as possible and provide a corporation tax roadmap over a number of years to help businesses make planning decisions.

VISA Steams Ahead With Crypto

ABC Staff
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VISA Steams Ahead With Crypto

Visa has made it clear that its plans for crypto-related products aren’t slowing down anytime soon.

Cuy Sheffield, Head of Crypto at Visa – has said that its dedication to expanding in this area remains strong and shows no signs of waning.

The payments giant is still seeking to expand its digital asset division, according to the firm’s leader of cryptocurrency.

Visa has made it clear that they are not backing away from their cryptocurrency plans, despite recent reports to the contrary in light of the current bear market.

Cuy Sheffield, the Head of Crypto of the U.S. firm, took to Twitter Tuesday and denied Reuters’ statement that Visa and Mastercard had cooled off their crypto enthusiasm. He particularly specified that the accusation did not pertain to Visa.

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">1/ This story is inaccurate as it pertains to Visa, here’s the reality 👇🏼<a href="https://t.co/oAEaj7MsX0">https://t.co/oAEaj7MsX0</a></p>&mdash; Cuy Sheffield (@cuysheffield) <a href="https://twitter.com/cuysheffield/status/1630600554069082112?ref_src=twsrc%5Etfw">February 28, 2023</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

In spite of the difficulties and insecurity in the crypto-sphere, Visa concluded that stablecoin-based digital currencies functioning on public blockchains could be a critical factor in the payments system.

Visa has been a part of the crypto space for a while, however lately things have not been as active. Last month, it cancelled its international credit card deals with failed crypto exchange FTX.

The company announced its intention to introduce cards to 40 new nations in a “long-term global partnership”. However, their plans were abandoned when their crypto partner collapsed.

The highly publicized crash of FTX led to its bankruptcy and prosecutors subsequently alleging criminal mismanagement. Sam Bankman-Fried, the company’s former CEO, has been charged with 12 offenses stemming from an alleged commingling of customer funds.

Visa recently filed new trademark applications, which could suggest plans for a crypto wallet and a metaverse product. Crypto wallets like MetaMask or Phantom offer users the ability to store digital currency such as Bitcoin or Ethereum and make payments. The metaverse is an online shared virtual world that is receiving increasing attention from the crypto and fintech sectors.

The failure of FTX and its after-effects are pushing U.S. authorities to develop new approaches for controlling the sector.

A Visa representative shared with Decrypt that recent unsuccessful attempts in the crypto sphere remind us that there is still much progress to be made before cryptocurrency can become a commonly used means of payment and financial services.

The spokesperson went on to say that Visa is putting its energies into honing its abilities in Web3 infrastructure layers and assessing the blockchain protocols powering crypto development.

Aston Martin claims profitability will improve this year after a rough 2022

ABC Staff
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Aston Martin claims profitability will improve this year after a rough 2022

After a tough 2022, Aston Martin expects profitability to improve this year

At the Gaydon factory, an Aston Martin Valkyrie is driven off the line

As it begins deliveries of its next-generation sports cars in the third quarter, Aston Martin said it expects profitability to improve this year and to turn free cash flow positive.

It forecast wholesale volumes of about 7,000 units for 2023, slightly below average market expectations of 7,134, but its outlook for an adjusted core profit margin of about 20% exceeded analysts’ expectations.

By 0816 GMT, the company’s shares had jumped 7% to their highest level since July last year.

Last year, Aston Martin hired former Ferrari NV CEO Amedeo Felisa as its new CEO in a bid to emulate the Italian carmaker’s success.

By 2024, the company hopes to become sustainably free cash flow positive, helped by last year’s capital raising, which made Saudi Arabia’s Public Investment Fund (PIF) its second-largest shareholder.

In 2022, the Gaydon-based group expects its core average selling price to rise 18% to 177,000 pounds. Its revenue grew 26% to 1.38 billion pounds ($1.67 billion) last year.

Due to supply chain snarls that delayed deliveries of its cars, the British company reported an adjusted operating loss of 118 million pounds for the year ended Dec. 31.

According to a company-compiled consensus, analysts expected an adjusted operating loss of 135 million pounds for 2022.

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