< Previous20 Business Link www.blmforum.net HULL AND THE HUMBER BANK concerning decarbonisation. This includes Ideal Heating, which has received significant Government funding to accelerate production of heat pumps in Hull, as the Government looks to kickstart a homegrown heat pump industry, boost energy security and support low carbon jobs. Ideal Heating launched its first heat pump production line in Hull in August 2023 and has since invested further in this facility. Construction is also well advanced on a £19m UK Technology Centre in Hull which will serve as a testbed for product innovation, including heat pump technologies. Meanwhile, the turbine blades for ScottishPower’s £4bn East Anglia TWO offshore windfarm will be built at Siemens Gamesa’s offshore wind blade factory in Hull, which now employs around 1,300 people, after the green energy company formalised a turbine supply agreement with Siemens Gamesa worth more than £1bn. Whilst assisting in offshore wind elsewhere, Hull and the Humber Bank region of course also have their own successful offshore wind industry — with a third of UK offshore wind capacity operating from the Humber today — and billions of pounds have been invested in the Humber through renewable energy projects. As highlighted in Humber Energy Board’s ‘Delivering the Vision: The Humber’s Roadmap for Industrial Decarbonisation’ report, the Humber is at the heart of the UK’s Net Zero journey, with its success “vital to tackling the so- called energy trilemma, providing energy security for homes and businesses, delivering the UK’s legally binding net zero targets, and doing so in a cost- effective way that unlocks regional growth.” The region generates 20% of the UK’s electricity, one-third of the UK’s refinery products, around one-fifth of all gas imported into the UK enters via the Humber, and industry across the Humber supports over 360,000 jobs and adds over £18bn to the economy. These factors, alongside the region’s position as the country’s largest-emitting industrial cluster, place the Humber well to be a world leader in industrial decarbonisation, something that businesses and Government are embracing. Recent approvals are set to support the region’s green transition and the ‘Delivering the Vision’ report’s strategy for the Humber’s Net Zero journey, which includes unlocking the potential of carbon capture and storage (CCS) technologies, the low-carbon hydrogen sector, and addressing barriers to expanding the Humber’s offshore wind strengths. Northern Endurance Partnership (NEP), for example, has been granted Government approval to progress development engineering of the Humber Carbon Capture Pipeline (HCCP), the proposed onshore infrastructure project that would transport CO2 from future selected carbon capture projects in the Humber region. Moreover, just last month, the Immingham Green Energy Terminal, a green energy import/export terminal, was granted development consent by the Secretary of State for Transport. The project comprises a new liquid bulk import terminal and associated processing facility, the purpose of which is to deliver a green hydrogen production facility. Imported ammonia will be stored and processed at the site to create green hydrogen, for onward transport to filling stations throughout the UK. Further backing the Humber’s decarbonisation, as well as supporting 22 Áwww.blmforum.net Business Link 21 Since 1989, Direct Gaskets have been the market leader in the manufacture of gaskets. Having been established for over three decades and based in Hull, the company has built up a strong reputation within the city’s manufacturing sector. They have built this reputation by supplying high quality products at competitive prices, combined with unbeatable service. No matter if your gasket needs are a one- off or an on-going concern, Direct Gaskets can assist. As well as standard tables such as; ASA 150, British Standard Table ‘E’ and PN6/10/16/25 and 40, ranging from 1” to 32”, Direct Gaskets offers a one-off bespoke gasket service which can be kept on permanent file to refer back to for future use. The company’s highly-trained workforce has the experience to always manufacture high-quality gaskets and joints in semi and non-metallic materials. Direct Gaskets also offers a swift turnaround time no matter the quantity of orders. Staff are also available for pre arranged call outs. Units 26 - 36 | Dansom Lane South | Hull | HU8 7LA 01482 219655 | info@direct-gaskets.co.uk www.direct-gaskets.co.uk SPECIALIST FIELD: GASKETS DIRECT GASKETS LIMITED Introduction: Associated British Ports (ABP) is the UK’s leading and best connected ports group with 21 ports. ABP’s Humber ports of Immingham, Grimsby, Hull and Goole, form the UK’s busiest trading gateway, handling more than 58 million tonnes of cargo between them each year worth approximately £75 billion. Product profile: ABP continuously invests in the infrastructure, equipment and skills needed to handle a vast array of cargo safely, efficiently and sustainably. Expert teams work collaboratively to build long term partnerships and deliver the right supply chain solutions for customers, including value-added services and new facilities tailored to suit their business needs. ABP offers large areas of development land across a wide range of strategic port locations; 364 hectares is available on its Humber estate. The opportunity will attract investment and deliver transformational benefits for the economy, both locally and nationally. ABP has outside storage land and warehouse space available for immediate occupation. ABP is dedicated to supporting the communities which rely on our ports. Website: www.abports.co.uk Email: humber.commercial@abports.co.uk LinkedIn: Associated British Ports SPECIALIST FIELD: PORTS Whether it is long term or short-term product storage, GWS provide a reliable, flexible and cost- effective warehouse storage solution, designed to suit your individual needs. Our fully secure 23 acre site with 24/7 staffed gatehouse is within a mile of the Port of Immingham, the UK’s most centrally located port with access routes to the whole of Europe and beyond. GWS gives customers experienced and reassuring product handling services from any of the Humber and UK Ports and a warehouse, distribution and storage centre that can access 75% of the UK within 2 hours. We have site customers who require 1,900 sq ft to customers who require 60,000 sq ft of managed space with full stock control, product rotation, pick and pack and daily distribution, to secure storage of oversized high valued production machinery requiring our experienced handling team. Our high-quality storage solutions and service are industry leading and will help drive down your costs; experienced handling and quality of pallet stacking allows customers to have costs as low as £1.50 per pallet per week. Global Warehousing & Storage Ltd Kiln Lane Trading Estate | Worldwide Way Stallingborough | Grimsby | DN41 8DY 01469 550600 | hello@gwsl.co.uk https://gwsl.co.uk/ SPECIALIST FIELD: WAREHOUSING Introduction: Ashcourt Group is a family-run organisation and a leading supplier of construction materials and waste management solutions. Since the group’s inception in 2012, we have expanded significantly through organic growth and a number of strategic acquisitions. Product profile: We have recently launched Ashcourt (West Yorkshire), further strengthening our leading position in the construction and aggregates market. This continues our expansion and complements our regional growth with us now operating in four regions, Ashcourt (Hull & East Yorkshire), Ashcourt (Durham & Tees Valley), Ashcourt (Lincolnshire) and Ashcourt (West Yorkshire). Ashcourt (West Yorkshire) current services include: • Aggregates• Muck away • Road sweeper hire• Plant hire • Fuel • Haulage Ashcourt (West Yorkshire) Limited Haigh Park Road | Stourton | Leeds | LS10 1RT Tel: 0113 302 7044 SPECIALIST FIELD: CONSTRUCTION MATERIALSIntroduction: GL Commercials are a Grimsby- based, commercial & non- commercial trailer hire company, also providing trailer sales, repairs & servicing. Their premises, on Europa Way in Grimsby are large enough to accommodate even the largest of trailers and are within easy reach of the M2 and the M180. Product profile: With many options available, GL Commercials bring quality trailer hire services to Grimsby and the surrounding areas. If you are looking to secure a single trailer, or several trailers to add to a large fleet, GL Commercials has what you are looking for. In addition to trailer sales and hire, GL Commercials also have the equipment, space & expertise to service your trailer – whether that be an individual trailer or a fleet. Serving Grimsby, Nottingham, Chesterfield, Lincoln, Peterborough, Scunthorpe, or anywhere else in Lincolnshire or Humberside, GL Commercials has been providing services for local businesses since 1980, and their expertise and experience speak for themselves. Europa Way | Grimsby | North East Lincs | DN41 8DS 07739 644398 | glcommercials@btinternet.com www.glcommercials.com SPECIALIST FIELD: TRAILER HIRE 22 Business Link www.blmforum.net HULL AND THE HUMBER BANK innovation and investment in the region, is the Humber Freeport, which aims to accelerate the region as a world- leading hub for renewable energy, clean growth, digital innovation and advanced manufacturing. Launched in 2023, in its first year major investments from global businesses were committed to the Humber Freeport tax sites in Hull and Goole. These are expected to create more than 700 skilled jobs, in sectors ranging from advanced manufacturing and technology to ports and green energy. Businesses investing within the Humber Freeport tax sites benefit from advantages from business rate and stamp duty land tax relief, to National Insurance support designed to reduce employment costs. Much of the early investment in Humber Freeport sites has been made within the Hull East tax site, including Pensana choosing Saltend Chemicals Park for its rare earth processing facility, and Meld Energy doing the same for its green hydrogen plant. Two other key projects have also taken a step forward – Equinor’s low carbon hydrogen production plant and Standard Gas Technologies’ clean gas plant. Within the wider Hull East tax site, plans have also been approved for the £200m Yorkshire Energy Park, a technology campus which could support more than 4,000 jobs. Elsewhere, Finnish manufacturer Metsä Tissue has selected part of Humber Freeport’s Goole tax site to develop the UK’s largest paper tissue mill, creating more than 400 jobs once operational, with thousands of indirect jobs in the supply chain and local economy. Hull and the Humber Bank represent a region of transformation, attracting injections of innovation and investment, leading the country’s sustainability journey, and bringing a long industrial heritage into the future.www.blmforum.net Business Link 23 LAW / LEGAL SERVICES 24 Á T he government’s new Employment Rights Bill was tabled for amendments at the beginning of March, following consultation and responses from business groups. Many businesses in our region will be wondering what changes, if any, will be felt by the bill and how it will affect their business. Zero-Hour Contracts Zero-hour contracts are one of the first targets in the bill’s sights, with plans to ban zero-hour contracts and ensure that all employees receive a contract that more accurately reflects the hours they regularly work. This change is likely to affect the “gig economy” more than it is traditional businesses, who rarely make use of zero-hour contracts in the first place. There are likely to be issues surrounding agency workers who are brought in for temporary contracts to fill a vacancy or pick up for extra work (such as a doctor at a hospital or a substitute teacher), and the bill is likely to be controversial in those industries. However, this does protect agency workers who are brought in for a set number of hours and then have their contract terminated early. Under the new scheme, agency workers in this scenario could be entitled to compensation. Sick Pay More topical to the majority of businesses in the region is that sick pay will be capped to 80% of the employee’s New laws The Employment Rights Bill will change the way many businesses interact with their employees. We look into it here. 24 Business Link www.blmforum.net LAW / LEGAL SERVICES salary. The amendments suggest that, in the event of an employee on long- term sick leave, they will receive either Statutory Sick Pay (SSP) or 80% of their weekly sick pay – whichever is lowest. Employees will also have a right to SSP from the first day of their sickness. This is not only aimed at protecting people who are ill but preventing those who are sick feeling they have to go to work to make ends meet and infecting other people. This could therefore also be seen as a future preventative measure in the event of another pandemic. Fire and Rehire A practice despised by many in government and the public, the tightening of rules around this and the extension of the period for protections awarded for redundancies from 90 days to 180 days is likely to be popular in almost all circles. What this essentially means is that in the event that an employment tribunal decides in favour of the employee for an employer’s failure to meet consultation requirements, the tribunal can grant a larger award to the employee. This should go some way to removing the financial benefits from the point of view of employers toward “fire and rehire” practices. The reaction to the amendments and consultations from business groups has been predictably mixed. While many businesses have espoused support of it in public, associations and larger groups have reported that many of their members feel nervous. In many cases, this is less due to unscrupulous practices and more down to increased legal costs as HR frameworks will have to be redone. With the changes to employment tribunals and redundancies www.blmforum.net Business Link 25 LAW / LEGAL SERVICES especially, it may mean contacting law firms for advice, which can prove costly. There is also the risk of good businesses being caught because they are unprepared for the changes. Responding to the tabled amendments on the Employment Rights Bill, Helen Dickinson, Chief Executive at the British Retail Consortium, said: “The BRC supports the Government’s goal to ensure improved employment practices. We want a level playing field for responsible businesses, which means tackling unscrupulous employers and we support measures to crack down on those who exploit their workforce. While Government has been listening to the concerns of businesses, the latest amendments show that they have much further to go if they wish to reach a place which protects employees while supporting investment in jobs. We welcome the changes made around collective consultation, but further amendments are urgently needed, particularly in relation to guaranteed hours and trade unions. The focus of the Employment Rights Bill should be on unscrupulous employers who undermine confidence in the labour market, instead the current regulations risk punishing responsible businesses who provide employment. We will continue to work closely with Government on the future of the Bill to ensure a progressive approach that avoids raising the costs of employment for those already doing things well and limiting the flexibility for staff, which is so important in retail. This pragmatism and collaboration also needs to continue beyond the passage of the Bill, as the implementation detail of various areas is still to be worked through.”26 Business Link www.blmforum.net FINANCE T he ebb and flow of domestic demand, influenced by consumer confidence and spending patterns, plays a crucial role in shaping inflation trends. When consumer confidence is high, and spending increases, demand-pull inflation can occur. Conversely, decreased demand can lead to deflationary pressures. In response to these pressures, the Bank of England continues to utilise monetary policy, notably interest rate adjustments, as a key tool to manage inflationary expectations and maintain price stability. The Bank of England recently lowered interest rates by 25 basis points, reflecting a cautious approach amidst mixed economic signals. Inflation concerns persist, with recent data showing an unexpected rise, complicating the outlook for further rate adjustments. Policymakers are balancing growth support with the need to manage inflationary pressures. The Bank’s decisions are closely watched by businesses and consumers alike, as they have a direct impact on borrowing costs and investment decisions, influencing everything from mortgage rates to business expansion plans. The agricultural sector in Yorkshire and Lincolnshire, a vital contributor to the UK’s food supply, faces a distinct set of economic challenges. Farmers navigate evolving tax implications, grapple with the rising costs of essential inputs like fertilizers, fuel, and feed, and contend with the unpredictable nature of weather patterns. The intricate web of tax regulations, including those related to land ownership, income, and environmental stewardship, presents a complex landscape for agricultural businesses. Specifically, the government’s proposals to introduce inheritance tax (IHT) at 20% on farm assets worth over £1 million, starting in April 2026, have sparked significant concern. While the Treasury estimates The economic pressures shaping UK businesses and consumers The UK economy is facing shifting pressures, from rising inflation and interest rate changes to new tax policies and global market disruptions. As businesses and consumers navigate these challenges, understanding key economic indicators is crucial. 28 Áwww.blmforum.net Business Link 27 FINANCE28 Business Link www.blmforum.net FINANCE this will affect around 500 farms annually, the National Farmers’ Union (NFU) argues that up to 70,000 farms could be impacted. Farmers, despite being asset-rich in land and livestock, often struggle with cash flow, raising fears that these changes will force them to sell their farms to pay the tax. The NFU has urged the Prime Minister to halt the changes for further consultation, highlighting the need for a more nuanced policy. Rising input costs, driven by global commodity prices and supply chain disruptions, significantly squeeze farmers’ profit margins, making it increasingly difficult to remain competitive. For instance, fertilizer costs are often linked to global gas prices; therefore, fluctuations in these prices drastically affect farmers’ expenses. The unpredictable nature of weather patterns, from periods of drought to excessive rainfall, poses a constant threat to crop yields and livestock production, further adding to the sector’s economic vulnerability. Recent extreme weather events, like prolonged dry spells, have led to reduced crop yields and increased feed costs. The removal of EU subsidies, and the introduction of new UK-based schemes, is also having a large effect on the industry. The transition from the EU’s Common Agricultural Policy to the UK’s new agricultural support framework requires farmers to adapt to new rules and funding mechanisms, such as those focusing on environmental land management. The UK’s tax and finance scene is also in a state of flux. Recent budget announcements, like the Autumn Statement and Spring Budget, have brought in a raft of changes to taxes and spending, affecting everyone from individual taxpayers to big businesses. These adjustments are aimed at tackling the nation’s economic challenges and steering government finances. Just think, tweaks to income tax or corporation tax rates can have knock-on effects across the board. Plus, the core tax rules themselves – income tax, corporation tax, VAT – are constantly evolving, meaning businesses have to stay on their toes. On top of that, financial regulations in areas like banking, investment, and insurance are always being updated, adding another layer of complexity to keep the financial system stable. And if you want to get a handle on where the economy might be headed, the Office for Budget Responsibility’s reports are essential. They give independent forecasts and analyses of the UK’s economic and fiscal outlook, shedding light on the potential impact of government policies and future spending. Turning to the overall state of the UK economy, key metrics such as Gross Domestic Product (GDP), employment rates, and the trade balance provide a comprehensive picture. Data from the ONS underscores the impact of global events, from geopolitical tensions to international trade dynamics, on the UK’s economic performance. GDP, a measure of the total value of goods and services produced in the UK, provides a snapshot of the economy’s overall health. Employment rates, reflecting the strength of the labor market, and the trade balance, indicating the difference between exports and imports, offer further insights into the UK’s economic performance. For example, a decline in exports can indicate weakening global demand. It’s crucial to remember that this report provides a factual overview of these developments and does not constitute financial advice. Readers are encouraged to consult official sources, such as the ONS, HM Treasury, and the Bank of England, for in-depth analysis and to make informed decisions.www.blmforum.net Business Link 29 FINANCENext >