Loading...

Business Growth in a Post-Brexit world

Many businesses may feel it is difficult to prepare for the coming months without knowing what will change on or after 29th March. Although the date the United Kingdom was scheduled to leave the European Union is fast approaching, it may seem that there is still relatively little certainty as to what Brexit means – either politically, or for business.

However, there are many areas of opportunity available to businesses regardless of the outcome of the coming weeks’ political decisions. Drawing on our 35 years of experience in public procurement, BiP Solutions have produced a new guidance document, ‘Opportunities and Trends for Business Growth in a Post-Brexit World.’ Drawing on recent announcements from the Chancellor’s Spring Statement, current guidance about the various possible outcomes for Brexit, and our expert knowledge of industry trends, the seven-page guidance document covers key areas that are set to provide multiple opportunities, both in the UK and across the world, over the months ahead.

Grahame Steed, Business Intelligence and e-Sourcing Director at BiP Solutions, said:

While the UK’s exit from the EU is creating a degree of uncertainty for businesses, the growth potential provided by the public sector at home and internationally remains vast. Now is the time to focus on identifying the right opportunities within this multi-billion pound sector, and engaging with the right organisations to ensure they are aware of what businesses can do to solve their challenges.

Read and download the latest guidance on upcoming trends and opportunities by clicking here.

To learn more about how BiP Solutions can help your business access opportunities in a range of sectors, visit www.bipsolutions.com.

Spring Statement 2019

Red briefcase

The Chancellor has today delivered his Spring Statement. Against the background of continued uncertainty around the UK’s departure from the EU, what will probably be seen as the main message of the Statement is that the Chancellor’s so-called ‘war chest’ of around £26.6bn is earmarked for preparations for a ‘no-deal Brexit.’

If the possibility of a ‘no deal’ exit is removed with the EU’s agreement, it will free up a significant amount of money to be spent in areas such as healthcare and education. However, as our last update noted, ‘no deal’ remains very much a possibility, in spite of this week’s parliamentary vote.

If a Brexit deal is agreed, the Chancellor has committed to a full, three-year spending review before Parliament’s summer recess, ahead of the next budget.

We look at a few other key announcements from the Statement below.

Housing & construction

The Government has made up to £3bn available to housing associations in England, through the Affordable Homes Guarantee Scheme, to support delivery of around 30,000 affordable homes.

In addition, £717m is earmarked for constructing 37,000 homes in London, the Oxford-Cambridge Arc and Cheshire.

The Chancellor also said that a National Infrastructure Strategy will be published along with the Autumn Budget.

For more on the implications of the Statement for the construction industry, see the latest Construction Online update.

Local areas

Alongside the above-mentioned areas for housing development, the Statement announces up to £260m for the Borderlands region, which comprises which comprises Dumfries and Galloway, the Scottish Borders, Northumberland, Cumbria and Carlisle City. There will also be £60m of investment in ten cities and local areas across England, from the ‘Transforming Cities Fund.’

Technology & innovation

While the major news in terms of technology may be around the Government’s planned reviews of digital advertising and the dominance of ‘tech giants’, there were announcements in other areas too, with over £200m earmarked for science and innovation projects. Major funding has been granted for state-of-the-art laser technology projects in Oxfordshire, genomics research and industry in Cambridge, and £79m for a supercomputer to be developed in Edinburgh.

Skills & jobs

The last Budget included updates to apprenticeship reforms. These mean that, from 1st April, employers will see the co-investment rate they pay reduced from 10% to 5%, while levy-paying employers are “able to share more levy funds across their supply chains”, with the maximum amount rising from 10% to 25%.

The Chancellor also reiterated that the previously-announced £37bn National Productivity Investment Fund, covering areas such as roads, the rail network and full-fibre networks, will help boost productivity.

Sustainability & environment

Sustainability and efficiency are one of the major areas of focus in the Statement, with the Chancellor pledging to increase the amount of ‘green gas’ in the National Grid. Additionally, from 2025, all new homes will be ‘future-proofed’ with low carbon heating, as opposed to fossil fuel-based heating systems.

The Statement also announced a ‘call for evidence’ specifically focusing on the benefits of energy efficiency and carbon reduction for SMEs. The results of this will lead to SME-specific investment commitments.

Spring Statement 2018 – Industry Highlights

https://bipdev2.bipsolutions.co.uk/wp-content/uploads/2018/03/philip-hammond_spring-statement-2018.jpg

“There is a light at the end of the tunnel”, the main message from today’s Spring Statement.

Chancellor of the Exchequer, Philip Hammond, presented the Government’s Spring Statement on 13 March 2018.

He has promised that the Government will champion those who create jobs and wealth, not “demonise them”.

What is the spring statement?

  • Philip Hammond provides an update on the overall health of the UK economy.
  • The Spring Statement includes forecasts from the Office for Budget Responsibility (OBR).
  • Informs the UK public on any progress that has been made since the Autumn Budget 2017.
  • The Spring Statement encourages the public and businesses to give their views on changes that are being made by the UK Government.

What’s changed since Autumn Budget 2017?

Hammond says “substantial progress” has been made in the Brexit talks.

Philip Hammond announced that over £1.5 billion has been allocated to departments and devolved administrations in preparation for Brexit.

This spend is part of the £3 billion figure which was announced at the Autumn Budget 2017, which will be spent over two years.

Economy and fiscal forecasts

The Chancellor of the Exchequer was glad to announce that the economy continues to grow. The economy has been growing for five consecutive years, and exceeded expectations last year.

The OBR has also increased their forecast for growth this year.

Business

Moving forward, the Government say that they will “go on supporting British businesses”.

This year’s Spring Statement gives businesses a sense of stability that will help them to plan. Philip Hammond said that the Conservative Government is “the champion of entrepreneurs” and that he places to reduce business rates by “over £10 billion”.

Next business rates valuation will be brought forward to 2021, it was due in 2022. Many businesses will benefit from the change to three-year revaluations earlier, with the first taking place in 2024.

Education

After announcing that this market economy embraces talent and opportunity, Philip Hammond stated that the “Education secretary will release up to £80m for small firms to take on apprentices”. In total, he promised that £2.2 billion more will be spent on education and skills.

He believes that this investment will take public services and infrastructure “to its highest sustained level in 40 years”.

Construction

In April 2018, the £29 million construction skills fund will open for bids. This project will pay for a maximum of 20 construction skills villages around the country.

Housing

During the Spring Statement Philip Hammond revealed more about his plan to tackle the UK’s housing challenge.

It was announced during the Autumn Budget 2017 that the Government are backing an investment programme. £44 billion will be spent over the next five years.

The Chancellor of the Exchequer said that we are on track to raise the supply of homes to 300,000 a year on average by the mid-2020s.

Other key housing announcements include:

  • The Government are working with 44 areas on their bids into the £4.1 billion Housing Infrastructure Fund.
  • The Housing Growth Partnership, the organisation that provides financial support for small housebuilders, will be doubled to £220 million
  • London will receive £1.67 billion, this will help the city to build 27,000 affordable homes by the end of 2021-22.

Technology

During the Spring Statement 2018, Philip Hammond made the first allocations of the £190 million local full fibre challenge fund which was first announced during the Autumn Budget 2018.

He confirmed that £25 million would fund the first 5G testbeds.

What’s Next?

Today the Chancellor revealed that the Autumn Budget 2018 will set an overall path for public spending for 2020 and beyond. There will also be a detailed Spending Review to take place in 2019.

BiP Solutions

As thought leaders within the Procurement sector, we keep up to date with all the latest news not just in the UK but across the world. Follow us on LinkedIn or Twitter to gain access to all of the content we post on our blog.

To find out more about our business and products, visit the BiP Solutions website.