Forth Green Freeport (FGF) announces today (16 July 2024) that it has appointed Sarah Murray as the first Chief Executive of the public/private consortium.
FGF officially opened for business last month (12 June) with a commitment to deliver an ambitious green growth strategy to re-industrialise Scotland, bringing economic and net zero benefits for the country as a whole and the local communities in Fife, Falkirk, Leith and beyond.
Sarah is a highly professional leader who brings to the role considerable relevant experience working with multiple layered organisations (public and private sector) developing skills and infrastructure that drive economic activity. She also has considerable stakeholder engagement experience and collaborative successes which are seen as being particularly relevant. Sarah is currently the Director of Local London, a sub-regional economic growth partnership of nine London boroughs, and was previously Head of Regulation for the City of London Corporation (2016-2021).
Sarah spent 16 years working in Brussels in various senior roles, including leading the East of England Brussels Office, Lancashire Brussels Office and as Deputy Director at the Channel Islands Brussels Office. Sarah has also been an Executive Director of the Thames Estuary Growth Board (2021-2023) and has recently been included on the Net Zero 50 list for 2024.
Sarah was appointed following an exhaustive recruitment process led by independent recruitment specialists and involving a recruitment panel and a two stage interview process. She will take up her role as CEO on 27 August.
Welcoming Sarah to the role, Dame Susan Rice DBE, Chair of Forth Green Freeport, said: “The position of CEO of Forth Green Freeport is core to our success. We conducted a robust recruitment process to ensure that we got the right person for the job and we’re thrilled to have appointed Sarah. She brings with her a host of qualities and professional experience which are vital for the role as CEO of the Forth Green Freeport and we’re looking forward to working with her to deliver this exciting long-term programme for Scotland.”
Commenting on her appointment, Sarah Murray said: “This is an exciting opportunity for me personally and for Scotland to deliver significant economic and environmental benefits, both nationally and for local communities. Throughout my career I have gained a wealth of experience of working with multilayered partnerships and I understand the importance of good, transparent stakeholder engagement. I am looking forward to getting started in August and to begin building on the excellent start that the consortium has already made.”
The Forth Green Freeport officially “opened for business” on 12 June 2024 following approval from the Scottish and UK Governments of its Outline Business Case and the designation of its three tax sites, located in Grangemouth, Rosyth, Mid-Forth (Leith and Burntisland). The public / private consortium will attract new businesses and new jobs into the FGF area, aided by a suite of financial incentives to deliver major economic and net zero benefits for Scotland as a whole and for the local communities in Fife, Falkirk, Leith and beyond.
Focusing on the key target sectors of offshore wind, hydrogen, sustainable fuels, modular manufacturing and logistics, FGF will support the re-industrialisation of Central Scotland and large-scale economic regeneration over the next decade. The consortium is currently developing its Final Business Case which will be submitted to the Scottish and UK Governments later in the summer.
The Taste of Tattu menu features a hand-picked selection of signature small plates, large plates and some of our favourite desserts. Extended availability just for you.
(This is perfect for pre-theatre and post theatre meal)
- Two courses £28.50
- Three courses £33.50
Available:
- Monday to Thursday 12 PM until 6 PM and 9 PM until close
- Friday 12 PM until 6 PM
- Saturday 12 PM until 3 PM
- Sunday All-day
Link: https://tattu.co.uk/taste-of-tattu-menu/
Wednesday 3rd July – Friday 16th August.
Make the most of the summer holidays and enjoy a kid’s breakfast on us!
Treat your little ones to our kid-friendly dishes, such as sweet & savoury Pancakes, Caramelised Banana Waffles, Greek Yoghurt, Eggs, and more!
Available daily with every adult breakfast purchase.
T&Cs: Enjoy one complimentary kid’s breakfast with each adult breakfast purchased, limit one per child. Valid 3rd July – 16th August during breakfast, Monday – Sunday, 9am – 11am. Kids breakfast must be selected from the kid’s menu. Booking encouraged but not required. Available for children 12 years and under. Cannot be used in conjunction with any other offer.
- Business conditions, measured by sales and cashflow improved in Q2, returning to pre-pandemic levels.
- Business confidence has increased, with 58% of firms expecting an increase in turnover in the next twelve months.
- Fewer firms expect to increase their prices in the next three months
- Concern from businesses about external factors continues to decline – with worries about inflation falling to 49% of companies.
- Despite a boost in conditions and confidence most firms (75%) are still not increasing investment, with wide sectoral variations.
The BCC’s Quarterly Economic Survey – the UK’s largest and longest-running independent business survey – shows measures of business confidence and business conditions slightly improved in Q2 2024, albeit from a very low base.
38% of firms (compared with 36% in Q1) said they had seen an increase in domestic sales over the previous three months, while 43% reported no change, and 20% a decrease.
After a static picture in Q1, business confidence has increased slightly in Q2. 58% of firms say they are expecting an increase in turnover over the next year compared with 56% in Q1. 29% expect no change and only 13% expect a decrease.
With inflation easing to target – the data also reveals that fewer firms (39% compared to 46% in Q1) expect to hike their own prices in the coming months.
The survey, which was conducted between 13th May and 10th June, of nearly 5,000 firms across the UK (91% of whom are SMEs – fewer than 250 employees) – also reveals that despite improved trading conditions most firms are still not increasing investment.
Improvement in overall business conditions
The percentage of respondents reporting increased domestic sales rose to 38%, compared with 36% in Q1. 43% of firms said sales had remained constant and 20% reported a decrease.
There were some sectoral differences – 37% of manufacturers and 40% of business-to-business service companies (such as legal and finance) reporting a boost in sales. By contrast, only 33% business to consumer firms (such as hospitality and retail) saw an increase.
There has been an uptick in firms experiencing an increase in cash flow, rising to 28% compared with 26% in Q1. 47% report no change in cash flow, while 24% report a decrease.
Business confidence has increased
58% of firms expect to see their turnover increase over the next 12 months – an increase from 56% in Q1. 29% expect no change and only 13% expect to see turnover decline.
Profitability confidence has also increased, with 51% of companies expecting profits to increase in the next year. That compares to 48% in Q1. 32% expect no change and 17% of respondents believe their profits will fall.
Fewer firms expecting to increase prices
As inflation continues to ease, fewer firms are now expecting to put up their prices. 39% of respondents say they are expecting to raise the cost of their goods or services in the next three months, compared with 46% in Q1. 59% think their prices will stay the same, and just 2% are expecting a decrease.
Labour costs continue to be cited as the main cost pressure across all businesses. 67% of responding firms say they are under pressure to raise prices because of this (68% in Q1). Some sectors are feeling this pressure more than others, with 77% of hospitality firms and 76% of construction or engineering firms citing it as a key driver.
Concern about external factors continues to decline
While inflation remains the biggest external worry among businesses, the level of concern has fallen significantly. Around half (49%) of firms say they are more concerned about inflation than in the last quarter (58% in Q1). That’s returning to levels of concern last seen in 2021 and significantly below the 84% reported in Q2 2022, at the peak of the inflation crisis.
39% of respondents say they are concerned about competition, and 36% tax. With an interest rate cut likely in the coming months – the percentage of firms raising the cost of borrowing as an issue remains at roughly the same level – 34% in Q2 compared with 35% in Q1.
Most firms still not increasing investment
Despite the boost in business confidence and conditions, investment levels continue to struggle. Most firms say they haven’t increased the amount of new plant, machinery and equipment they’ve bought or rented. Only 25% reported an increase in investment, compared with 24% in Q1. 61% said levels had remained the same, 14% reported a decrease.
There are large sectoral disparities in investment levels. 42% of transport and logistics firms say they have increased investment levels, while the figure for retail companies was just 19%.
David Bharier, Head of Research at the British Chambers of Commerce said:
“The latest results from our QES show that both business conditions and business confidence have improved, albeit from a relatively low base.
“The last four years have seen SMEs deal with one crisis after the other, from Covid lockdowns to supply chain breakdowns and new trade barriers with the EU. As some of these crises have ebbed, more SMEs are regaining confidence and reporting increased sales and cash flow.
“The data also show that concern about inflation among businesses has dropped to levels last seen in 2021 as fewer firms expect to raise prices. A Bank rate cut later this year will help bring down borrowing costs.
“However, investment levels remain a long-term concern and significant sectoral divergences remain, as sectors such as hospitality and retail continue to report far tougher trading conditions.
“The new Government should capitalise on the confidence momentum and focus on addressing skills shortages, trade barriers, and unlocking the potential of AI and green innovation.”
Shevaun Haviland, Director General of the British Chambers of Commerce said:
“It’s really encouraging to see positive shoots of recovery from businesses across the UK.
“Confidence has been improving among companies in recent months. Our data show the tangible impact of that positivity, as businesses report improved sales and cashflow. But investment levels remain an area of concern.
“Our message to the new Government is clear. We need a long-term economic plan that has the green transition at its heart, with a workforce fit for the future, living in thriving local places and powered by businesses that are globally facing and digitally enabled.
“Business stands ready to work in partnership with Government to capitalise on the positive signs our data is showing.”
Enjoy a soothing summer treatment which offers an indulgent escape into complete relaxation and rejuvenation.
Begin with a relaxing foot soak followed by an invigorating full-body exfoliation to reveal a radiant, summer-ready glow. Following a refreshing shower, your therapist will use energising massage movements to sweep away any tension on the feet, legs and calves, before cleansing and exfoliating the face. Rose Quartz crystals will be used for a soothing massage, extending the blissful sensation to your scalp. Emerge from this treatment with radiant, luminous skin and a recalibrated sense of overall well-being.
Includes Afternoon Tea and facility use.
£190.00 MON-FRI
£210 SAT-SUN
Available until 31st August 2024.
To book, turnberry.info/spaday
Forth Ports has submitted a Proposal of Application (PAN) to The City of Edinburgh Council (CEC) for phase two of Harbour 31, known as The Dry Dock at Harbour 31, an exciting new creative and commercial hub on land to the east of Edinburgh Dock within the Port of Leith.
The PAN submitted is the next phase of the wider Harbour 31 development plans for the area and follows on from the Planning Permission in Principle (PPP) submitted in March this year for 337 new homes and approximately 244sqm of commercial space.
This PAN identifies specific opportunities including business, general industrial use, storage and distribution, training/education facilities, with retail, food and drink uses on a site situated to the east of Edinburgh Dock at the Port of Leith; integrating land at the port into the wider community in and around Leith.
As part of the consultation process to inform the submission of a detailed planning application later in the year, two public exhibitions will be held at Ocean Terminal, Ocean Drive, Leith, Edinburgh, EH6 6JJ. The first exhibition will be on Tuesday 30 July 2024 between 3pm and 7pm. The date of the second exhibition is still to be confirmed but will likely be in the month of September.
The redevelopment of this area of Leith represents an exciting opportunity to create a new neighbourhood while providing high quality architecture, landscaping and public space which will enhance the city’s connection to the waterfront.
Pamela Smyth, Chief Legal and Property Officer, of landowners Forth Ports Group, said: “This application is the next part of the Harbour 31 vision to create a vibrant new quarter for people to live, work in and enjoy as new green jobs come to Leith.
“Leith is quickly transitioning into a leading renewables hub and coupled with the benefits which can now be gained as the Forth Green Freeport, this will completely regenerate the area.”
The proposals have been designed by gfivethree architects.
The result of the 2024 General Election will come as no surprise to pollsters, with Labour securing 412 seats – a landslide majority ending 14 years of Conservative rule. Inevitably taxpayers will be considering how this sweeping change in the political landscape will affect them.
During the campaign, Labour did not provide particularly detailed tax proposals, keeping their cards close to their chest. However, there is one cast-iron certainty: reliance on organic economic growth and fiscal drag, inherited from successive Conservative governments, will not be sufficient to fund Labour’s wider plans, and so changes to the current tax regime are inevitable.
The changes we know about, and the ones we don’t
Prime Minister Keir Stamer and Chancellor Rachel Reeves have confirmed Labour will not make any changes to the rates of Income Tax, National Insurance Contributions or Corporation Tax in this Parliament. There has, however, been widespread discussion of two of their headline tax policies: ending tax breaks for private schools, including exemptions from business rates and VAT on school fees, and potentially raising the rate of tax on ‘carried interest’ from Private Equity Funds. The new Labour government will be subjecting more of this to income tax rates, but how this will work in practice is yet to be determined.
We anticipate that Rachel Reeves will be pressing ahead with the non-domicile (‘non-dom’) plans of her predecessor, Jeremy Hunt, as this was originally a Labour proposal. However it’s worth noting that Labour’s commentary during the election campaign has suggested they may go even further than the changes already proposed in the Spring Budget.
It will come as no surprise that as well as targeting non-domiciled individuals and Private Equity the new Labour Government have not ruled out increasing other capital taxes such as Inheritance Tax (IHT) and Capital Gains Tax (CGT) and scrapping or capping certain reliefs such as Business Relief (BR). While prospective plans surrounding these changes have not been explicitly outlined, a Labour-led Government may look to target reliefs and taxes used mostly by the wealthy.
No need for panic, but planning is prudent
Without certainty in this area, it would be premature to start making major structural changes to your financial position. That being said, those currently benefitting from ‘BR’ should consider the potential impact of changes in legislation, and seek advice as soon as possible. Similarly, it may be prudent to accelerate any current IHT or CGT planning ahead of the first Budget.
Of course, timing is everything. The new Chancellor has ruled out a snap Budget or fiscal statement, remaining committed to waiting for an independent forecast from the Office for Budget Responsibility (OBR), which generally requires a 10-week notice period. This gives taxpayers a window until at least September, to utilise existing reliefs and plan for the inevitable changes coming their way. It’s important to take full advantage of this period to put effective plans in place, and as such we would recommend reviewing your overall tax position now with an experienced adviser.
Keep in touch
Follow our LinkedIn page for the most current commentary on how the new Government’s policies and plans will affect taxpayers.
In the meantime, if you would like any further information on the proposed tax changes and what they could mean for your particular circumstances, please don’t hesitate to contact Paula Fraser, Blair Hay, or your usual AAB adviser.
Accountants & Business Advisors | Audit, Tax & Recovery | AAB
Enjoy a perfect blend of rejuvenating treatments, a healthy balanced lunch and plenty of relaxation along the scenic Ayrshire coast with our exclusive summer offer.
Priced £120 per person (Usually £168 – save 29%) spa day includes:
- Two 25-minute treatments
- Light Buddha bowl lunch
- Use of spa facilities
Choose two 25-minute treatments and discover your best self through the restorative power of personalised wellness rituals, designed just for you.
- Back Massage: Relieve tension with a soothing back massage.
- Boutique Facial: Refresh your skin with a customised facial.
- Salt & Oil Exfoliation: Rejuvenate your skin with an invigorating exfoliation.
- Hand Recovery: Restore your hands with a revitalising treatment.
- Foot Recovery: Soothe your feet with a relaxing foot therapy.
For lunch, savour a balanced and nutritious Buddha Bowl served in our spa featuring baby tomatoes with sumac shallots, roasted chickpeas with turmeric and ginger, honey-roasted sweet potatoes with sesame, cucumber and fennel with minted yoghurt and cumin, couscous and pomegranate with toasted pumpkin seeds.
You can also add a protein to complement your bowl. Choose from lemon and herb chicken, soy and ginger salmon, or crisp tofu with black sesame and pickled ginger.
Available Monday to Friday until August 31, 2024.
To book, turnberry.info/dayspabookings
The team at Hotel Du Vin Edinburgh are delighted to share some fantastic offers, exclusively for Chamber members.
SUMMER PRIVATE DINING – £45.00PP
Glass of Prosecco
3 courses Prix Fixe menu
½ Bottle of House Wine
Private room Hire included.
Chambers Summer DDR – £35.00pp
Morning Rolls + Tea and Coffee
Baguette Lunch, with House Salad and Soup of the Day
Afternoon Tea and Coffee with Snack
Private Room Hire included.
These will offers will be available for July & August! Please contact Lauren McRae for more details – Lauren Macrae – LMacrae@malmaison.com
The UK Parliamentary General Election results for Edinburgh’s five constituencies have been announced at the Royal Highland Centre today (Friday 5 July).
The announcement was made by the Returning Officer for Edinburgh, Paul Lawrence.
The Members of Parliament for each constituency are listed below and further details of the results are available online:
- Edinburgh East & Musselburgh: Chris Murray, Scottish Labour Party (majority 3,715)
- Edinburgh North & Leith: Tracy Gilbert, Scottish Labour Party (majority 7,268)
- Edinburgh South: Ian Murray, Scottish Labour Party (majority 17,251)
- Edinburgh South West: Scott Arthur, Scottish Labour Party (majority 6,217)
- Edinburgh West: Christine Anne Jardine, Scottish Liberal Democrats (majority 16,470)
Returning Officer for Edinburgh, Paul Lawrence said:
“I’d like to sincerely thank our fantastic colleagues in the Elections team and across the Council for their hard work, dedication, and diligence in what has been a challenging election to deliver under tight timescales. This is truly public service at its very best and one of the most important duties that we’re bound to carry out. I’d also like to thank Police Scotland, the candidates, agents, and media for working alongside us to conduct proceedings properly and efficiently.
“Our new MPs have my best wishes and I’m sure they will all be great representatives of our city and its people.
“Finally, I’d like to thank our residents for making their voices heard and taking the time to cast their votes.”
Electorate: 375,712
Votes cast: 240,799
