National Living Wage (NLW) and National Minimum Wage (NMW) both increased from 1 April.

NLW, for over-25s, has gone up 30p an hour from £7.20 to £7.50.

NMW for workers aged 21 to 24 has risen from £6.95 to £7.05 an hour, for 18- to 20-year-olds from £5.55 to £5.60 and for under-18s from £4 to £4.05.

The apprentice hourly rate has increased from £3.40 to £3.50 for under-19 or aged 19 or over and in the first year of their apprenticeship. Over-19s on a second or subsequent year of apprenticeship are entitled to the appropriate age-related minimum wage.

George Osborne, when Chancellor of the Exchequer, said NLW would rise to £9 an hour by 2020.

Scott Knowles, Chief Executive at East Midlands Chamber, said: “Most of our members already recognise that their greatest asset is their staff and pay above minimum wages.

“But there are sectors such as catering, caring, hospitality, retail and leisure for instance, where minimum wages are the norm and they are struggling to meet rising wage bills.

“While supporting the need to pay living wages, the Chamber urges Government to take into account that employers have additional costs to pay for staff, including employers’ National Insurance Contributions, pensions, sick and maternity pay and holiday cover and even a relatively small increase in minimum wages can create cash flow problems for companies running on tight margins.

“It is vital that Government finds ways of mitigating these added costs, particularly at a time when inflation is rising and will add to the pressure to increase wages. One way would be to carry out the review we have been calling for of the ‘broken’ business rates system.

“Business is the driver of the economy, the creator of jobs and wealth, but it can’t keep picking up the cost of the Government’s initiatives at the risk of its own survival, no matter how well intentioned those initiatives might be.”

Paul Beeson, Senior Partner at Shorts has recently retired after a highly successful career in accountancy.   Paul qualified as a Chartered Accountant in 1977 whilst working for a large independent firm of Chartered Accountants in Sheffield. He then went on to work within the motor industry for three years before finally deciding to return to private practice when he joined Shorts in 1988.  Paul was appointed as partner in 1990 and took the position of Senior Partner in 2012 following the retirement of Peter Freeman.  After 29 years with the firm, Paul has now taken the decision to retire.

Friendly and approachable, Paul has always been popular with both colleagues and clients alike and built a large network of professional contacts within the business community.   His strengths have allowed him to advise all areas of business large and small during his career.  His specialism has been in advising owner-managed businesses, drawing on his significant experience to provide commercial advice, overseeing accounting, audit and tax services for businesses of all sizes.

When asked how he plans to spend his retirement, Paul commented “I consider this to be a new and exciting phase of my life and whilst I am sad to leave such a friendly, professional and successful firm, I am looking forward to new challenges ahead.“

Paul has played an instrumental part in the continued development of Shorts, which has grown from 30 to over 100 staff during his time with the firm.  He was a driving force behind the expansion of the Chesterfield-based firm into Sheffield with the opening of offices on Ecclesall Road in 2002, introducing Shorts to the South Yorkshire business community.

During his time as Senior Partner he has also overseen the redevelopment of the Sheffield and Chesterfield offices into professional, modern premises enjoyed by staff and clients alike.  As “Chairman” of the partner group he has overseen the implementation of a growth strategy which has realised organic growth of over 62% for the firm over the last 3 years.  Now the largest Independent firm in North Derbyshire with strong presence in South Yorkshire, the partners consider this continued success has been greatly influenced under his leadership and strength of judgement.

In 2000 Paul was elected by his peers to be President of the Sheffield and District Society of Chartered Accountants, and this led to Paul taking up a prestigious and important position as a member of the Council of the Institute of Chartered Accountants in England and Wales, at Moorgate Place in London, which he held for several years.  A well-known, sociable fellow, keen golfer and cyclist, whose family life is as important to him as his working life, Paul will be very difficult to replace at Shorts. Partners and staff alike all wish him a long and happy retirement.

Manufacturing has accelerated into 2017

Manufacturing has accelerated into 2017 according to the results of the East Midlands Chamber* Quarterly Economic Survey for the first three months of the year, Chris Hobson, Director of Policy at East Midlands Chamber.

The survey, conducted every three months by the Chamber to build an accurate picture of the region’s economy, showed that in the first quarter of 2017:

• half of manufacturers saw growth in domestic sales and four-out-of-ten reported growth in overseas sales
• advance orders for both domestic and overseas markets were impressively up,
• nearly half of manufacturers had increased their workforce to meet growing demand, although over half of those were still struggling to recruit suitably skilled staff
• a third of manufacturers said they planned to increase training budgets
• a quarter said they planned to invest in plant and machinery
• three-quarters said they expected turnover to rise in the coming year, and
• nearly six-out-of-ten anticipated profitability growth for the coming year.

Chris said: “It’s great to see our manufacturers accelerate into 2017, taking advantage of growth in both domestic and international markets, aided by a favourable pound for those exporting. In past surveys, many reported plans to grow into new markets and it may be that we’re starting to see some of those plans being realised.

“There are still uncertainties about how Brexit negotiations may unfold, but what these results show is that manufacturers in the East Midlands will be on the front foot in facing these uncertainties, investing in training and new equipment to make sure they’re as well placed as they can be to rise to the challenges and opportunities that the coming months and years will bring.

“A plan for a long-term successful UK economy must have manufacturers and engineers at its heart. They’re certainly doing their bit to deliver. As we begin negotiations to exit the EU it’s vital that UK policy now does its bit too.”