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Welcome to the DPC round up of the latest business news for our clients for 3rd March 2025
Please contact us if you want to talk with out team of experienced Stoke-on-Trent accountants about how these updates affect your business. We are here to support you!
THIS WEEK…
Pulpex, a sustainable packaging company, has received £43.5 million from the National Wealth Fund in exchange for an equity share of the business. The Scottish National Investment Bank is also investing £10 million with a further £8.5 million coming from existing investors.
This investment will help Pulpex build its first commercial-scale manufacturing facility near Glasgow. You might wonder why there is so much interest in Pulpex!
Pulpex has developed a fibre-based bottle that is manufactured from sustainably-sourced wood pulp and that can be recycled just like paper and card. With a lower carbon impact than the glass or plastic packaging that is currently used, this represents a positive contribution to the environment.
The new Glasgow plant will produce 50 million bottles a year and will be the start of the UK’s first fibre-bottle supply chain.
To illustrate the potential for growth, 38.5 million plastic bottles are used each day in the UK, and it is estimated that 16 million of these don’t end up being recycled.
In today’s world, environmental consciousness is no longer just an ethical choice – it’s a strategic advantage.
Here’s a run-down of some of the ways that prioritising sustainability can benefit your business.
The latest figures show that the government had a surplus of £15.4 billion in January. This represents the difference between the tax it receives and what it spends.
Although this is the highest level of surplus for a January since records began over 30 years ago, it is lower than the £20.5 billion that was forecast. The Office for Budget Responsibility (OBR) have said that the shortfall was mainly due to tax receipts being lower than expected and debt interest becoming more expensive.
The chancellor has set two fiscal rules: (1) day to day government spending is to be funded by tax income and (2) debt needs to be falling as a share of national income by 2029/30.
Although the OBR said that the measures announced in the Autumn Budget would provide £9.9 billion of headroom, this wriggle room may have been eaten up over the last few months.
The Environment Agency (EA) have reported an increase in soil run-off incidents in Devon and Cornwall during January. There were 25 incidents of heavy rain carrying loose soil running from fields – almost double the number of incidents reported in January 2024.
This can be bad news for farmers as crops, top soil, organic matter and nutrients are lost in run-off incidents. In addition, there are then the costs of recultivating those fields.
It can be difficult to establish crop cover ahead of winter as dry spells in autumn can often be very short. However, according to the EA, using reduced tillage and drilling seed into compacted earth “no longer works in Devon and Cornwall in this changed climate.” They note that winter cereals and cover crops aren’t taking, which leaves bare, compacted soil exposed to the elements allowing for run-off to happen more easily.
The Chancellor Rachel Reeves met recently with major financial firms at Canary Wharf, encouraging them to invest in emerging markets to boost Britain’s economy.
A key initiative launched at the meeting was the “London Coalition on Sustainable Sovereign Debt,” which aims to improve debt financing in developing countries by bringing together private sector and government stakeholders.
This Coalition is expected to strengthen trade ties, promote economic growth and position London as a global leader in development finance.
10 major culture projects around the UK are set to receive additional funding amounting to more than £67 million.
The projects may provide a welcome boost to attracting tourism to these areas, as well as opportunities for local construction and other businesses.
Find out which areas funding applies to:
Following the recent run of storms and wet weather, the government has announced that £2.65 billion will be spent over the next two years to build, maintain and repair flood defences.
Extreme weather events are increasing in frequency, so flood defences are becoming increasingly important in protecting both homes and businesses. The funding will also help protect farmland, which has also suffered in the recent storms.
Environment Agency Chair Alan Lovell said: “The impact of flooding on our communities will only become greater as climate change brings more extreme weather, like Storms Bert, Conall and Eowyn.” He also expressed his commitment to delivering on the vital projects that are needed across the country.
The Institute of Chartered Accountants in England and Wales (ICAEW) have published an insight piece based on a study carried out by technology market analyst, IDC.
The study indicates that AI could help CFOs with some of their biggest challenges, but only if it is human-centred. Finance teams in businesses need to build practical applications of AI that work along with them instead of replacing them.
The study confirms, as has been seen in the wider press in recent weeks, that over reliance on AI in finance could lead to mistakes. However, having the correct goals and properly understanding workflow processes can help in adopting AI with confidence.
The Charity Commission have launched a statutory inquiry into Zlotchiv over concerns about its financial controls.
It appears that irregularities in the charity’s financial management include a series of bounced cheques from the charity’s bank account alongside payments that appear to be related party payments but were not disclosed by the charity in its annual returns.
A statutory inquiry allows the Charity Commission to formally investigate and use protective powers for benefiting the charity and its beneficiaries, assets, or reputation. Once the extent of risk has been determined, the Commission will decide what action is needed.
The creative industries provide about £124 billion to the UK economy, with the cultural sector supporting 666,000 jobs. However, many arts and culture related venues, museums, libraries and heritage buildings are struggling.
The Arts Everywhere Fund will provide additional financial support to the creative industry, particularly aimed at organisations in urgent need of financial support to stay up and running and to carry out vital infrastructure work.
The government sees the creative sector as having potential for growth and is hoping this support will drive growth and help to create opportunities for young people to learn creative skills and protect jobs.
A letter from the government’s Non-Domestic Rates Team to councils has confirmed the Business Rates Relief measures for 2025/26 announced at the 2024 Autumn Budget. Our summary looks at standard and small business multipliers, relief for retail, hospitality and leisure properties, private school charities and film Studios Business Rates relief
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