Financial advisor assesses impact of budget and interest rate cut
Uckfield-based Cranwell Wealth Solutions has been assessing the impact of yesterday’s Bank of England’s interest rate cut and the budget.
The firm’s financial planner Peter Morris said: “The news of interest rates dropping to 0.25% will undoubtedly create a mixed reaction, but if you are a saver looking for a better return, we recommend viewing your savings as three layers:
1) Ensuring you have sufficient emergency money accessible, such as Premium Bonds or instant access savings.
2) Then look at your next layer of cash savings being in longer term deposits to look to achieve better returns.
3) Finally your longer term money, that you are unlikely to need in the next five-plus years or that you could benefit from an income from, consider how this could be invested to look to give you greater potential for returns over and above inflation.”
Some good news for businesses
Cranwell’s assessment of the budget highlights the following points:
- The economy is predicted to grow by 1.1% this year, revised down from 1.4% a year ago. This figure does not take into account the impact of coronavirus. Inflation is forecast at 1.4% this year, increasing to 1.8% in 2021-2022.
- The main headlines on tax were, the tax threshold for National Insurance Contributions will rise from £8,632 to £9,500. Those earning more than £9,500 will be, on average, £85 a year better off. Tax paid on the pensions of high earners is to be recalculated.
- Some good news for businesses as business rates in England will be abolished for those in the retail, leisure and hospitality sectors with a rateable value below £51,000. Business rate discounts for pubs will rise from £1,000 to £5,000. Firms eligible for small business rates relief will receive a £3,000 cash grant.
- Tobacco taxes will continue to rise by 2% above the rate of retail price inflation, but duties on fuel and alcohol will be frozen. VAT on digital publications, such as newspapers, e-books and academic journals are to be scrapped from December. Plastic packaging tax to come into force from April 2022.
- Entrepreneurs’ Relief will be retained, but lifetime allowance will be reduced from £10m to £1m.
- High quality broadband will continue to see a focus with £5bn to be spent on getting gigabit-capable broadband into the hardest-to-reach places.
- Total investment in flood defences in England to be doubled to £5.2bn over the next five years.
Swindells announces new partner
Swindells has announced that Sally Webber is to become a partner in the firm from April 1.
She has worked at the firm for 11 years since leaving Heathfield Community College and has done all her training as a chartered accountant, and chartered tax advisor, with Swindells.
Read more about the appointment here: Sally Webber is new partner at Swindells.
Mansell McTaggart markets new homes to be built in Buxted
Two new homes are due to be built in Buxted High Street and estate agents Mansell McTaggart have started marketing them.
They will be on the site of Rowan, near Littlewood Lane. Read more about them here.
Family business chooses new manager for The Cock, Ringmer
Ridley Inns have appointed a new manager at The Cock Inn, Ringmer. He is Simon Maltby, who is already well known in the area having run other pubs and restaurants over 25 years.
Ian Ridley, director of the family business, which also runs The Highlands Inn, Uckfield, and The Tavern, Heathfield, said they needed to have in place proven managers in the hospitality industry to maintain high standards of service.
You might remember Simon from Di Marco’s restaurant in Uckfield, the 272 restaurant in Newick, The Bull, Newick, or The Lamb at Piltdown.
Read more about his new role at The Cock here: Simon Maltby is new manager at The Cock
Big celebration at Claire Davies Hairdressing
Claire Davies Hairdressing invited customers and friends to join them as they celebrated 25 years of business in Uckfield.
Cakes and cookies were offered to guests and funds were raised for charity too.
Read more here: Salon celebrates 25 years of hairdressing.
What’s new in Uckfield shops
See what’s new in Uckfield shops in our March shopping feature. Individual pots of bedding plants, garden furniture, gifts for Mother’s Day and Easter – all things pointing towards the approach of Spring.
Uckfield training centre celebrates exam success
Partners4Training, an Uckfield training centre specialising in hairdressing, barbering and beauty is celebrating exam success.
Two out of five hairdressers, who were independently assessed, received distinctions and three achieved high passes.
Read more about the training centre, which encourages members of the public to book appointment with apprentices, here: Identical twins learn identical barbering skills at Uckfield training centre.
Estate agents back Uckfield trees campaign
Estate agents from Rowland Gorringe have been helping to plant trees as part of the Uckfield of Trees campaign and donating funds to the cause too.
Read more here: Rowland Gorringe boosts Uckfield of Trees campaign.
Buzz at business expo in Uckfield
East Sussex Business Expo was held for the first time at Uckfield Civic Centre and the organisers were pleased with the move.
Businesses too were enjoying the buzz as they talked about their work at the event brought to Uckfield by NetXP.
Read more here about the exhibition and its additional attractions: Business expo brings buzz to Uckfield Civic Centre.
Duke Letting judged best in Uckfield
Mystery shoppers judged Duke Letting be best letting agent in Uckfield for customer service.
The firm won Gold in British Property Awards 2019-20 and hadn’t even known they were being tested.
Read more here: Duke Letting wins top award