Alternative finance provider, Reward Finance Group (“Reward”), has passed the £200 million loan book milestone. 

The news comes just over a year after Reward received a £50m increase in its credit line from regional growth company investor, Foresight Group (“Foresight”). This increase brought the total capital committed to Reward, by Foresight, to £130 million – the largest credit facility the Foresight Private Credit team has agreed to date.  

In its twelfth year of continuous growth, Reward is now in the process of doubling the size of its business, facilitated by its ambitious regional expansion programme and the launch of new funding products. 

With a presence in Leeds, Manchester, Birmingham, London, Edinburgh and Cardiff, Reward lends up to £5 million across every sector, from start-ups to established businesses across England, Wales and Scotland. 

The £200 million lending milestone has been a major boost to the local economies in which Reward’s offices are located. Since its inception in 2011, Reward has supported over 2,000 businesses across the UK by providing over £1 billion of working capital. This has resulted in a positive impact in the local areas where these businesses operate; driving increased revenue, creating high-quality jobs, enabling innovation and providing the support for companies navigating difficult trading periods. 

Nick Smith, Managing Director at Reward, said: “Achieving such an exceptional lending milestone underlines the ongoing hard work and expertise within our team across our six regional offices. It’s also testament to the terrific relationships we’ve forged with our extensive network of SMEs, commercial finance brokers and other introducers.” 

Amy Crofton, Director at Foresight Group, added: “Reward has developed a niche in combining responsible lending with a pragmatic and flexible approach, acting quickly to deliver finance to companies when required. It has been a privilege to have supported such a dynamic company on its journey to date, and it is a source of pride to see the positive impact that Reward has had on local economies. We look forward to seeing what is next for the Reward team.” 

Leading business and financial adviser Grant Thornton UK LLP is set to welcome a record 213 school leavers onto its apprenticeship programme this year. This is a 13% increase compared to 2022 (188) and the highest number ever welcomed by the firm in one intake. 

This year, for the first time, the ratio of school leavers and graduates joining the firm’s audit department – which hires the largest number of trainees in the business – reached over a 50:50 split, with more school leavers than graduates joining the function.

Grant Thornton is also set to welcome a record number of new joiners to its overall trainee intake, with 496 school leavers and graduates joining the firm this year combined.  

As well as welcoming its new trainee intake, the firm, which is a founding member of Access Accountancy, is set to offer 218 work experience placements to sixth form students through the scheme this year – a significant increase compared to 2022 (131). 

Carl Williams, Managing Partner at Grant Thornton UK LLP in the North West, said: “The fight for talent in the accountancy profession is fierce and, at Grant Thornton, we’ve been evolving our approach to identifying talent for several years now, with much more of a focus on future potential and strengths, as opposed to past achievements and academic profile. Our focus on increasing our school leaver intake has allowed us to access a new, diverse talent pool that we would previously have been missing. 

“The school leaver apprenticeship route offers an excellent path into the profession for young students. Our school leavers develop into well rounded business advisers, gain an internationally recognised qualification and become professionally qualified a year ahead of their peers who choose to go to university and then join our graduate programme. 

“There are now many different routes available for young people considering a career in accountancy, but we know that misconceptions remain about how to enter the profession. Our continued involvement in important initiatives such as Access Accountancy, helps us to reach young people still at school who would most benefit from the opportunity for work experience and to gain invaluable insight into the profession and the routes available to them.” 

Georgia Wright is an audit associate based in Manchester. She joined the firm’s school leaver apprenticeship programme two years ago: “I knew that I would not thrive at university and wanted to kickstart my career in a role that involved numbers, so getting straight into a job was the best decision for me.   

“The school leaver apprenticeship route has built my confidence and given me independence. Getting paid whilst training meant I could afford to move out of my parents’ house and live independently. I also love that my exams directly correlate to a qualification that will open many doors in the future.” 

In a world grappling with the climate crisis, the UK is leading the charge in a green revolution, and electric vehicles (EVs) are at its vanguard. As the government sets its eyes on a net-zero carbon future by 2050, EVs have transcended from being a futuristic concept to a rapidly adopted reality. Take Manchester, for instance—where electric car adoption rates have soared, embodying the national trend. And with government policies like EV salary sacrifice making getting behind the electric wheel even more affordable than ever, green mobility isn’t just an environmental win; it’s a new frontier of economic opportunity and technological innovation.

Rising Adoption Rates

Recent statistics underscore the UK’s growing appetite for EVs. According to the AA, the number of electric cars increased by more than 50% last year in Manchester alone, with 1,305 battery-electric vehicles registered at the end of 2022, up from 809 the previous year. This local surge reflects a broader national trend: the number of battery-electric cars across the UK rose by 66%, with 629,000 licensed at the end of 2022 compared to 379,000 at the end of 2021. These compelling numbers suggest that Manchester’s booming EV scene may be a microcosm of a larger, country-wide shift towards sustainable transportation. 

Government Initiatives and Targets

The UK Government has set ambitious targets to phase out petrol and diesel cars by 2030, aiming for battery-electric vehicles to account for all car sales by 2035. A crucial part of this strategy is the proposed Zero Emission Vehicle (ZEV) mandate, which would require British automakers to ensure that at least 22% of all new cars and 10% of their vans are electric-powered starting from 2024. Those failing to meet these quotas could face hefty fines. The initiative has received support in the form of a £381m Local Electric Vehicle Infrastructure Fund to aid in the rollout of charge points.

Challenges and Criticisms

While government initiatives signal a robust commitment to a greener future, they are not without criticisms. Industry leader Auto Trader has expressed concerns that the current rate of EV adoption isn’t sufficient to meet the ambitious 2030 goals. Additionally, there has been a drop in interest in brand-new electric vehicles, possibly owing to supply chain issues. Other critics suggest more supportive measures, like cutting VAT on public chargers, are necessary to encourage wider EV adoption. These challenges raise questions about the UK’s ability to transition to electric vehicles within the set timelines.

The Economic Picture

The transition to electric vehicles isn’t just an environmental imperative; it’s also an economic opportunity. According to figures from the Guardian, the electric revolution could create up to 80,000 jobs and generate £30 billion in growth. And with tax incentives to support adoption, including an ultra-low 2% Benefit in Kind rate boosting the popularity of electric car salary sacrifice schemes, the route to EV ownership is more accessible than ever before.

Political Landscape

The road to net-zero emissions is paved with political bumps and turns. Despite the government’s ambitious targets, there’s a palpable tension between maintaining economic viability and pursuing aggressive climate goals. Rishi Sunak and his allies, for instance, are contemplating using the costs of net zero as a potential “wedge issue” in the next election. Possible changes to the ZEV mandate, including reducing quotas or postponing the start date, add a layer of uncertainty that could dampen progress and investment in the electric vehicle sector.

Infrastructure and Accessibility

While the UK is gearing up for an electric vehicle revolution, infrastructure remains a pressing issue. Charging stations, grid capacity, and accessibility are all crucial factors. According to AA, one in six British drivers plans to switch to an electric vehicle by 2023. This kind of mass adoption will require significant investment in charging infrastructure and could strain existing electrical grids, posing challenges that the government and private sector must collaboratively address.

Public Sentiment and Environmental Urgency 

The AA reports that public sentiment towards electric vehicles is increasingly positive, indicating a readiness for this technology. However, environmental groups warn that legislative delays could hinder the UK’s transition to a greener future. The Energy and Climate Intelligence Unit specifically highlights that any delay in the planned ZEV mandate would create industry uncertainty and slow down the growth of the second-hand EV market, impacting millions of households that aim to make the transition. 

The Road Ahead: A Journey Worth Taking

As the clock ticks towards a climate tipping point, the UK is driving full throttle toward a greener tomorrow, propelled by government initiatives and public enthusiasm for electric vehicles. Navigating legislative corridors, economic forecasts, and infrastructural labyrinths, the collective journey toward a net-zero future seems intricate and inevitable. If you’ve ever wondered where rubber truly meets the road in fighting climate change, look no further than the burgeoning EV market—where the promise of innovation meets the urgency of now.