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Offsite Solutions awarded £5million contract at Square Gardens

Offsite Solutions, the UK’s leading bathroom pod manufacturer, has been awarded two contracts totalling £5 million for nearly 1,500 bathroom pods for Downing’s first co-living scheme in Manchester, boosting its sustainable credentials.

Designed by Simpson Haugh, Square Gardens is a £400m co-living scheme in Manchester developed and built by Downing, which will provide new homes for rent – a mix of private studios to five-bedroom apartments.

This project is also the very first application of Offsite Solutions’ new large format tile-effect finish for its GRP bathroom pods. An expanded range of finishes have recently been developed to widen the scope of factory-finished GRP shower rooms and bathrooms specifically for the build-to-rent sector.

Offsite Solutions is manufacturing 1,487 GRP shower rooms and ensuite bathrooms for towers A, B and block D up to the 17th storey. All the pods will be supplied floorless – a highly efficient solution to minimise floor build-up on high-rise apartment projects.

Offsite Solutions has worked on more than 20 Downing projects since 2013, involving the manufacture of nearly 10,000 pods to date in contracts worth over £23m.

Commenting on Downing’s use of pods for this scheme, Andy Thomas, Operations Director at Downing, said, “Manufacturing bathrooms offsite gives us a huge benefit in terms of programme, reduction of waste on site and certainty in quality.  Our demand for pods is pretty high once the internal fitout process starts on site, so keeping up with our programme is absolutely critical for Downing.”

“Pod technology continues to advance. At Square Gardens we are utilising new higher specification GRP finishes and floorless pods. We are happy with the level of quality and finish that Offsite Solutions achieves with its bathroom pods for Downing and have a good relationship with their organisation at every level.”

James Stephens, Managing Director of Offsite Solutions said, “Downing is one of our longest standing clients. We have provided GRP bathroom pods which have been rolled out on multiple student living schemes developed by Downing across the UK for more than 10 years. We are delighted to now be working on their major co-living development in the heart of Manchester.”

“Over the life of GRP pods, we estimate that the operating cost saving is at least 90 per cent more than in-situ bathroom construction. GRP pod technology continues to advance and we have now developed a series of new aesthetic options and features that developers can specify to further enhance tenant appeal in the shared living space.”

“We can also engineer standardised designs that developers can specify for multiple schemes – as we have done for many years with Downing – further increasing the efficiency of construction and optimising all the benefits of offsite manufacturing.”

All the pods will feature Offsite Solutions’ newly developed large format tile-effect finish in matt white – removing the need for porcelain tiles and grout lines to the wet areas. This option significantly reduces maintenance costs for retained assets.

The larger shower rooms for Square Gardens will have a 1.7m long shower with a sliding door and wall-mounted thermostatic shower. The pods will be fitted out in the factory with a three-door mirrored wall cabinet, bar tower rail, LED lighting, wall hung toilet, and a rectangular wall-mounted hand basin with a pearl white solid surface vanity top above. The ensuite shower pods will have a 780mm shower with a pivot door and a single mirrored wall cabinet.

Due for completion in 2024, Square Gardens aims to simplify and improve residents’ experience of living in the city centre by providing a quality place to live that is not only affordable, secure and convenient but creates a vibrant new connected community.

Offsite Solutions offers the largest range of bathroom pods of any UK manufacturer and to suit different building types, tenures and market sectors. Options include steel-framed bathroom pods with porcelain-tiled finishes for high-end apartments, PRS, student residences and hotels, and robust and low maintenance GRP composite shower and bath pods for student living, build-to-rent, care homes, social housing and healthcare.

PICO Technology reveal fun, effective solution to boring workouts

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Are you tired of the same old workout routine? Do you find it hard to stick to a fitness regimen because it feels more like a chore than fun? Well, you are not alone. But thanks to the advent of VR technology, a new era of fitness has dawned. Welcome to the world of fitness VR games where workout routines are no longer monotonous, but exciting adventures.

Fitness VR games, as the name implies, integrate the immersive capabilities of virtual reality with physical activity to create an interesting, entertaining, and effective training regimen. Consider a game that not only entertains you but also causes you to sweat and burn calories. It’s a fitness revolution that mixes the adrenaline thrill of gaming with the health advantages of physical activity.

Take, for example, ‘BoxVR.’ BoxVR, created by FitXR, transforms the violent and dynamic sport of boxing into an immersive VR game. Players can participate in a variety of workouts planned by expert fitness instructors while listening to upbeat music tracks. Players gain strength, agility, and cardiovascular conditioning as they punch, duck, and dodge their way through the game.

‘Beat Saber,’ another fascinating fitness virtual reality game, is also available. Players use lightsabers to slash through music beats, burning calories in the process. It’s a high-energy game that tests rhythm and coordination as well as physical power. Its engrossing activity makes players forget they’re working out, turning fitness into a pleasurable routine rather than a tedious obligation.

‘Racket: Nx’ is another game that has transformed a conventional activity, racquetball in this case, into a spectacular VR workout. Players use a racket to whack a ball against the walls of a 360-degree dome, creating an exhilarating and challenging full-body workout.

While these games can aid with fitness, they also have additional advantages. They can, for example, boost motivation to exercise and improve mood due to the production of endorphins linked with physical activity. They also provide a secure setting for those who are hesitant to exercise in public.

However, as with any type of physical activity, VR fitness games should be approached with prudence. Overexertion, dehydration, and motion sickness are all possibilities. During intense gaming sessions, users should be aware of their physical limits and stay hydrated.

VR fitness games necessitate specialized equipment in terms of technical requirements. A VR headgear, such as the Oculus Quest 2, HTC Vive, or PlayStation VR, as well as adequate space to move around comfortably, are required. While this is a considerable initial commitment, the unique combination of enjoyment and fitness provided by these games may make it worthwhile.

The evolution of virtual reality fitness games represents a substantial shift in our approach to fitness. It changes the perception of exercise from a boring chore to an exhilarating, immersive experience. There is something for everyone’s fitness level and tastes among the many games provided.

VR fitness games are being used in professional training and physical rehabilitation, in addition to personal fitness. Professional athletes, for example, use these games to improve reaction times, agility, and spatial awareness in a controlled environment that reduces injury risk. VR games in rehabilitation can help patients recover from strokes or physical injuries by providing low-impact activities that are entertaining and increase mobility, so assisting their recovery process.

Furthermore, research into the possible mental health advantages of VR fitness games is ongoing. It has been proposed that the immersive quality of VR can provide a type of escapism, lowering tension and anxiety. This, in conjunction with the recognized mental health advantages of regular physical activity, such as increased endorphin levels, could provide a holistic approach to mental and physical wellness.

Finally, VR fitness games represent a revolutionary convergence of technology and fitness. They provide a viable alternative to regular workouts by injecting them with excitement and intense engagement. VR fitness games can benefit more than simply physical fitness, from assisting personal fitness objectives to assisting professional training and rehabilitation. Fitness VR games are an example of this exciting synergy, altering our approach to preserving physical and mental health as we progress toward a future where technology and health are increasingly linked.

Manchester skin health brand SCIENCE OF SKIN receives Patent Protected Technology Approval

Science of Skin, a British-born skincare brand that specialises in scar treatments, today announced that it has received a world-first, patent approval for the pre-emptive use of their hero product, Solution for Scars. An estimated 100 million patients undergo elective surgery in the developed world each year, leaving them with permanent scars.  The patent approval is a significant milestone for the future of skin health, as use of the cream, in advance of surgery, has been shown to significantly improve scar outcomes.

This patent protected technology approval is for pre-emptive use of the active ingredients in the brand’s Solution for Scars. Priming the skin, by applying the cream, twice daily, 3-7 days in advance of surgery, significantly reduces scar thickness and redness and increases pliability and hydration.

The benefits were confirmed by a double-blinded randomised, placebo-controlled trial, which showed that the use of Solution for Scars in advance of surgery lead to significant beneficial effects on dermal scarring. The patent recognises that this is the first time that pre-emptive treatment has been shown to produce better scar outcomes.

“I am so proud that our ground breaking research has been granted this patent” says Plastic Surgeon Mr. Douglas McGeorge MBE, Co-Founder and CEO of Science of Skin. “This is a significant milestone for patients. For the first time, we can pre-treat skin, in advance of surgery, knowing it will improve the scar outcome.  It is a major advance in surgery and wound care, and takes a significant step towards the holy grail of scarless healing.”

Solution for Scars is an award-winning, vegan approved scar cream that is formulated with a proprietary blend of natural ingredients. Including, Green Tea Extract (ECGC), Magnolia Bark, Phenohydrane and Vitamin E, it helps to combat the thickness, redness, itching, and improves the elasticity and hydration of scars, which all contribute to better outcomes from scaring. It should be used until the scar is fully mature for maximal benefit.

The best-selling product is already clinically proven to reduce the severity and appearance of existing scars of all kinds on the face and body, caused by injury, surgery, or skin conditions such as acne and chicken pox. In a prior clinical study, Solution for Scars was proven to be effective in reducing the appearance of existing scars by up to 40% after just two weeks of use.

“As a UK business, we are proud to have invested heavily in science and can stand by all our research, particularly when pitted against the giants of the industry” says Emma Blackman, Managing Director of Science of Skin. “Being able to improve scar outcome with Solution for Scars will be, for some, life changing. Our world-first patent for this technology will enable us to help millions of people who might otherwise suffer from painful, unsightly scarring for years” she continues.

“We sell tens of thousands of bottles of Solution for Scars every year in the UK alone” says Emma. “Common customers for Solution for Scars are new mums with C-section scarring. This patent approval for pre-emptive use means that consumers can now treat their skin in advance of surgery, with every confidence that their skin will heal at optimum levels.”

The patent validates the company’s invention, and their commitment to providing effective scar treatment solutions for all. So, what does this mean for the future of scar health? “This will help us to open up our global distribution, gain larger partners within the industry, and enable us to enter new markets with NPD based on our patented, proven technology” says Emma.

Roq Provides Vital Resources To Support Student Futures

Roq, one of the UK’s leading Quality Engineering firms, is proud to announce its commitment to support the education of local students by donating laptops to local schools, including Wellfield Academy and Our Lady & Saint John Catholic College. This initiative has been launched to help address the issue of a digital divide. It aims to bridge that gap and to support the educational achievements of students who would not otherwise have access to the resources they require to achieve their goals.

Recognising the high demand for digital resources required for effective learning and the challenges that many families face in purchasing new devices, Roq is stepping up to support local students where it is needed. The donated laptops are fully refurbished and equipped with the latest technology, ready for the schools to use.

“We are passionate about improving the lives of children, enabling them with opportunities for a future career in technology and have always prioritised education and innovation. We know there are many students who don’t have access to the resources they need to help them thrive at school, and we’re thrilled to be able to help support the local community in such a meaningful way,” said Shaheen Gul, Roq’s Academy Recruitment Specialist.

“We hope that these laptops will provide students with the resources they require to keep up with their studies, both in and out of the classroom, and continue to achieve great things.”

Our Lady & Saint John Catholic College Careers Lead, Andrew Larkin said, “Around 50% of our pupils don’t have computer facilities at home and this can significantly affect their ability to do good, structured work at home, such as research assignments.”

Mr West, House Progress Leader at Wellfield Academy, said, “The attainment gap felt by disadvantaged students is a problem across the UK.  We have approximately 100 pupils who don’t currently have access to resources that allow them to continue their studies effectively at home and open doors for their chosen career paths.

“We’re very grateful to Roq for this donation. Our students will be able to enhance what they’ve learned during lesson time and do things like apply for work experience opportunities, which can add to their CV and increase their future employability prospects.”

In addition to the donation of resources, Roq actively supports a variety of skills initiatives to fuel the growing digital economy.

Shaheen Gul went on to say, “Amongst other initiatives mainly in the UK, but also some in developing countries overseas, we support mock interviews, arrange school visits to our offices, attend careers fairs and guest lectures around the UK, host ‘Defectives’ challenges, carry out CPDs for teachers and actively promote careers in Quality Engineering across all ages and genders. The technology community needs support to thrive. We take pride in campaigning to raise awareness of the growing digital skills gap – bringing the root causes to the fore.”

The Role of Technology in Simplifying Workforce Management

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Workforce management easily stands out when we look at the various ways technology is transforming businesses. And as humans, we have always tried to optimize this process, starting from the days of manual record keeping.

Today, thanks to technology, lots of businesses have turned to software to ensure both simplicity and optimization in workforce management. This helps handle different tasks such as time tracking, scheduling, and resource allocation. And today, we look at how it’s simplifying the entire process of workforce management.

Streamlined Time Tracking and Attendance

Thanks to the innovations of today, businesses are past the days of manual punch cards and paper timesheets for monitoring employee working hours. Instead, more efficient solutions are available to both streamline processes and do away with errors.

When using time tracking software, employees can log their working hours conveniently. This can be through various methods such as biometric scanners, web-based portals, or even mobile apps. All these will let the business capture data in real time. The data can also be processed automatically, helping managers analyze the productivity of a particular employee or even the entire workforce.

Automation of Scheduling and Shift Planning

Traditionally, creating schedules and coordinating shifts was a complex and time-consuming task. On top of that, it often led to confusion, conflicts, and inefficient resource allocation. However, thanks to scheduling employees software, businesses can now simplify this process and do it well. Automation usually factors the various skills and abilities of different employees in relevance to their workload. This helps ensure that work gets done on time by the right people, and it also minimizes conflicts.

Besides that, employees will stay updated through notifications, and they can also see their entire schedules online. And in case of unexpected changes, such as employee absences or last-minute shift swaps, the software can quickly redistribute resources accordingly.

Enhanced Communication and Collaboration

Effective communication is a crucial part of ensuring a productive and cohesive workforce, and advancements in technology have provided tools and platforms that facilitate seamless and efficient information exchange. There are lots of tools that can ensure this, such as email and instant message apps. These allow communication regardless of the time zone or location of an employee.

Moreover, technology has introduced video conferencing and virtual meeting solutions, which have proven invaluable in today’s globalized and remote work environments. And besides these, there are collaborative software platforms, which act as a centralized hub for project management, document sharing, and task assignment.

Centralized Data and Reporting

In the past, gathering and analyzing workforce-related data was a time-consuming and labor-intensive process. But today, businesses can get comprehensive data sets easily, which they can then use to make informed decisions. This includes employee profiles, performance metrics, training records, attendance data, and more. 

Not only just the centralization but the tools also enable businesses to generate insightful reports and analytics. This allows managers and decision-makers to gain valuable insights into areas such as employee productivity, performance, training needs, and labor costs. This information can then be used to optimize workforce management.

Compliance and Regulatory Requirements

All businesses need to ensure that they operate within the boundaries of applicable laws and regulations. Technology helps achieve this through various ways, one of them being automation. Since all times and schedules are automated, over-working can be avoided, and payment calculations can be done accurately.

Besides that, technology assists in ensuring accurate and up-to-date compliance with labor laws. Businesses can also stay informed about changes in regulations and adapt their workforce management practices accordingly. 

These advancements have not only simplified tasks but also improved efficiency, productivity, and employee satisfaction.

Bolton based ABL Health accelerates mission to tackle health inequalities

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  • Bolton company has supported more than 20,000 people 
  • Team has grown from 120 to 200 amid national roll-out since Foresight investment  

Bolton based ABL Health Ltd (“ABL Health” has reported an 115% increase in turnover in the last three years following investment from Foresight Group (“Foresight”), which has allowed to enhance its services dedicated to address health inequalities across the country. 

 

Founded in 2009 by healthcare and education professionals, ABL Health addresses health inequalities such as obesity, child & adult mental health issues and smoking cessation initiatives. 

 

Aiming to put community at the heart of their services, ABL Health works with local authorities and community experts to deliver impactful programmes. Since 2018, ABL Health has seen major growth across its operations through its community-centric approach. 

 

Through Foresight’s stewardship, ABL Health has been able to expand its reach from its North West roots to become a nationwide provider. Since its inception, it has helped upwards of 20,000 service users into better health, greatly relieving the strain on local services. 

 

ABL Health works with community experts to deliver across all demographics, needs and nuances, employing over 200 full-time staff. Its ongoing expansion includes the launch of an integrated lifestyle service in Torbay in the South West and a Smoking Cessation Service in Sunderland in the North East – underlining the geographical growth enabled by Foresight’s investment. 

 

The quality of its services and their impact on communities throughout the country saw it win the Bridges Positive Impact award at the 2022 Growing Business Awards.  

 

Foresight has supported the management of ABL Health since taking a majority stake in the business through the Foresight Regional Investment Fund for ambitious SMEs. Experienced health and care sector leader Chris Jessop, who previously held senior roles in Optima Health, Nuffield Wellbeing, BUPA and AXA PPP, was appointed Chair to support the team to help ABL Health put the structures in place for further growth. 

 

Foresight has helped bridge the gap between clinical and operational support – creating a growing platform, ultimately for the betterment of local communities.  

 

Matthew Pomroy, Director, Foresight Group said: “As ABL Health continues to grow, we’re excited about the impact that it is have on local communities. Applying our expertise in growth, we’ve been able to make a difference in a tangible way. ABL Health is a credit to their industry, and it has been a privilege to work with them to understand their needs and to support them during a period of rapid growth.” 

 

Denise Leslie ABL Health founder said: “Having Foresight on board as investors has taken us on a really rewarding journey. We’ve ‘grown up’ in business terms, implementing structures to take us from a small family sized company to one looking forward to the next stage of growth. Foresight has helped us expand outside of the North West and enabled us to help support more individuals and families faced with the injustice of health inequalities. This proves you can achieve substantial growth by doing the right things and sticking to your social principles.” 

Challenges Faced by Small Businesses in Meeting Employee Benefit Demands

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Small businesses are currently grappling with the pressing issue of attracting and retaining employees in the face of evolving demands for comprehensive benefits packages. This paradigm shift is not merely a response to the pandemic but rather a new reality in the working world. In order to ensure long-term competitiveness and sustainability, SMEs must explore flexible working models, enhance their benefits packages, and highlight non-financial perks that enhance work-life balance for their employees.

Embracing flexibility in benefits provision:

According to Emma Cromarty, an independent Human Resource Specialist and director of ECHR Ltd, the key to attracting and retaining employees lies in offering benefits packages that outweigh the allure of higher wages. Small businesses can successfully attract top talent without exceeding their budgetary limitations.

“There has been a noticeable increase in the number of requests I receive from businesses seeking assistance in recruiting and retaining employees,” says Emma. “While this used to be a service primarily sought by clients with a retainer, more companies are now seeking support beyond the traditional recruitment agency setting.”

A study conducted by Aviva revealed that a significant proportion of employees (41 percent) were drawn to their current positions due to the favorable work-life balance offered. Surprisingly, this percentage surpasses those who prioritize salary as the main factor.

Addressing the rising cost of living crisis through improved benefits:

SMEs face the added challenge of coping with rising living costs and employees’ demands for higher wages. Balancing affordability becomes increasingly difficult, especially with recent hikes in the minimum wage. Emma assists employers in exploring alternative solutions, such as bonuses and benefits packages, to supplement wages without exceeding their salary budgets. These strategies promote job satisfaction, thereby maintaining employees’ interest in staying with the company.

The reluctance to embrace modern work practices poses a significant burden on small businesses. Failure to adapt can result in recruitment difficulties, decreased productivity, and challenges in retaining talent. Companies that cling to traditional models risk falling behind their more forward-thinking counterparts, missing out on valuable opportunities for growth and success.

“To remain competitive and sustainable in the long run, SMEs must adapt to these changes,” advises Emma. “This involves exploring flexible working models, enhancing benefits packages, and promoting other non-financial perks that enhance employees’ work-life balance. This paradigm shift is not merely a response to the pandemic – it represents the new reality of the working world.”

Celebrating the Unstoppable Self-Starters: UK Freelancer Awards Recognise Outstanding Talent

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Business Awards UK takes great pride in presenting the prestigious UK Freelancer Awards, a platform that celebrates the remarkable accomplishments of dynamic and independent professionals who are redefining industries, shattering barriers, and embodying the entrepreneurial spirit within the ever-evolving realm of freelance work.

Winners of the 2022 Freelancer Awards The 2022 Freelancer Awards witnessed the crowning of exceptional winners who left an indelible mark on their respective fields. Here are the notable awardees:

  1. Attila Szelei: Recognised for outstanding projects, significant impact, and excellence in the B2C domain, Attila Szelei emerged as a force to be reckoned with.
  2. Beatriz Jardim: Celebrated for her exceptional freelancing skills, Beatriz Jardim claimed the coveted Best Freelancer Award.
  3. Helen Hill: Helen Hill’s dedication to health and wellbeing, sustainability, and her rise as a promising talent earned her multiple accolades, including the Health Wellbeing Award, Sustainable Freelancer Award, and Rising Star recognition.
  4. Hello Simon: Acknowledged for his digital expertise and exceptional website design, Hello Simon secured the Digital Freelancer Award and the UK Freelancer Best Website title.
  5. Laura Potter: As a young freelancer, Laura Potter showcased tremendous talent and was awarded the Young Freelancer Award.
  6. Lorna Simpson: Lorna Simpson’s impressive debut in the freelance world earned her the Newcomer Freelancer Award.
  7. Motion Videos: Recognised for creativity and excellence in the B2B realm, Motion Videos claimed both the Creative Freelancer Award and the Best B2B Freelancer Award.
  8. WooExpert: WooExpert’s global reach and exceptional services earned them the esteemed Global Freelancer Award.
  9. Yavin Ltd: Celebrated for their professionalism and expertise in providing exceptional services, Yavin Ltd secured the Professional Services Freelancer Award.

Finalists of the 2022 Freelancer Awards The finalists of the 2022 Freelancer Awards also showcased exceptional talent and were recognised for their outstanding achievements. Noteworthy mentions include:

  1. Attila Szelei: Demonstrating excellence in the creative and digital spheres, Attila Szelei garnered recognition as a finalist in both categories.
  2. Beatriz Jardim: Acknowledged for her prowess in professional services and B2B freelancing, Beatriz Jardim stood out as a finalist.
  3. Helen Hill: Helen Hill’s overall brilliance earned her a well-deserved finalist position.
  4. Lorna Simpson: Lorna Simpson’s commendable work as a freelancer positioned her as a finalist.

The UK Freelancer Awards serve as a platform to celebrate and applaud the remarkable achievements of these freelancers. Their unwavering dedication, unmatched expertise, and entrepreneurial spirit continue to inspire and elevate the freelance industry as a whole.

For more information about the UK Freelancer Awards or to request interviews, please contact Business Awards UK.

Purbeck Personal Guarantee Insurance Addresses SME Funding Inquiry

Managing Director of Purbeck Personal Guarantee Insurance, Todd Davison, Emphasises the Importance of SME Funding Inquiry.

At Purbeck Personal Guarantee Insurance, we wholeheartedly welcome the review and inquiry into the financing of SMEs,” says Todd Davison, MD of the company. “As a champion of small businesses, we want to see barriers to finance broken down.”

Davison highlights the significance of SME finance as a vital lifeline for businesses grappling with macroeconomic challenges such as inflation, the cost of living crisis, and rising interest rates. He stresses that access to responsible finance is critical to provide SMEs with the breathing space necessary to navigate this demanding period.

“Our response to the Inquiry will include the following recommendations and observations,” Davison adds:

“Our response to the Inquiry will include the following recommendations and observations:

Financial Support for ESG Initiatives

There is currently a big focus on SMEs acting in accordance with strong ESG principles. We all understand the reasons why but the costs can weigh heavy on already cash-strapped operations.  Access to finance and flexible finance solutions should be considered for these initiatives. This would ultimately benefit the market and the economy as a whole.

Improved Awareness and Education

The myriad of SME finance options available for SMEs can be daunting when determining the best loan/finance facilities to suit their needs. There needs to be better education and awareness of the options available, calling on the expertise of commercial finance intermediaries/brokers such as the NACFB to help SMEs navigate for the best options available.

Faster Decisions by Big Banks

Access to finance from the larger banks for SMEs can be difficult and precious time can be wasted in pursuit of the facilities.  We would like to see decisions by the big banks expedited for SMEs so that they have the opportunity to explore other avenues if necessary.

Stress Testing Part of the Loan Process

The process of applying for funding should encourage SMEs to stress test their finances in the event of interest rates rises for example.

Forbearance Measures Made Clearer

With SMEs, cash flow can sometimes fluctuate. Prior to taking finance, SMEs need to check what forbearance/assistance a lender would be able to provide in order to help manage cashflow and repayment obligations.  Policies on interest only repayments, repayment holidays and a clear understanding fees/charges in these circumstances should be provided up front in the application process.

Interest Rates and Personal Finances – Economic Impacts on Manchester Communities

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Manchester is effectively the Northern capital of England, being a seat of industry and a fast-growing urban centre with international appeal. But for those that live here, life is getting harder. Manchester’s swift growth has seen its local economy grow, with prices inflating accordingly – but recent economic events continue to threaten residents of Manchester’s smaller communities, and the fabric of those communities altogether.

Rising Rates of Interest

Rising rates of interest are a direct response to rising inflation. The Consumer Price Index (CPI) tracks the rise in costs of goods and services across the UK, producing a percentage that essentially tracks the severity of the cost-of-living crisis. With inflation still high after over a year, the Bank of England’s attempts to curb inflation involve the hiking of interest rates.

The BoE hopes to reduce economic activity by making it more expensive to borrow money; interest rates apply not just to savings accounts, but also to loans, credit and – crucially – mortgages. As such, borrowing is reducing, but households are impacted.

Direct Community Impacts

It is in this way that Manchester communities are expected to endure increased hardships in the coming months. Rises in interest rates have direct and immediate impacts on mortgage repayments, as those on tracker mortgages see their repayments leap up to meet new rates. Those on fixed rates are briefly saved from the cost, but will have a much steeper rise when that rate eventually ends.

Re-mortgaging has always been a useful way to re-access equity in a property, but with property values set to fall significantly, this could result in even more dire economic consequences for local communities. An alternative, and one which could enable continued mortgage payments and property ownership, comes in the form of equity release – wherein part of a home’s equity is released in advance, and repaid from the estate.

Indirect Impacts

But communities are not just set to be hit by falling property values and high mortgage rates. These same interest rate rises will heavily impact businesses, big and small, in the same communities. Businesses with long-term loans might see their terms change, while newer businesses might struggle to secure affordable funding for new enterprises or growth.

As such, local economies risk being stymied by lower economic activity, negatively impacting neighbourhoods. Small business owners could have to shutter their doors, while customers spend more money seeking the same goods and services elsewhere. In this way, smaller deprived areas like Sale Moor and Blackley risk further deterioration, and the loss of vital economic circulation.

But what is the solution? England’s regions are currently at the mercy of government and Bank of England policy, and the consequences of mistakes made along the way. Continued devolution of powers to regions, as has been happening with Manchester and West Yorkshire, are important first steps in ensuring each region’s best interests are met.