Business News

People selling buy-to-let properties or other property owners could clock up financial penalties due to ‘seismic’ changes to the capital gains tax (CGT) payment rules, says tax specialist Imogen Lea, from Clarke Willmott LLP,

From April 6, anyone who disposes of a residential property giving rise to a capital gain on which CGT is payable, will be required to make a digital return to HMRC and to pay an estimate of the CGT due within 30 days from the sale completing.

People will also no longer be able to benefit from a possibly substantial sum of money remaining in their hands for up to 22 months after a residential property disposal.

“This is a very big change and could easily catch people out,” said Imogen, a consultant in Clarke Willmott’s Taunton private capital team. “Interest on the unpaid tax and other financial penalties will be due if the rules are not followed.

“The risk of such a tight turnaround is people being unaware of the changes and failing to comply. They need to be aware of the vastly reduced time limits and to be ready to make the return and estimate the CGT due.

“CGT computations are not always straightforward which could mean that if people are not prepared, they might not be able to collate the information necessary to make the CGT calculation in time.”

The changes will potentially affect owners of holiday homes, buy-to-let properties, main residences which have been let out at some point, owners of homes with grounds in excess of half a hectare, and owners of houses which have been partly used for business purposes.

Imogen says the changes will not generally apply on the sale of a person’s main residence, but will be relevant on the sale of second homes, and where the main residence exemption does not apply for any reason.

“Gains are not always straightforward to calculate – if an owner has made improvements to the property the cost of these will be deductible from the capital gain, but if there have been numerous improvements over many years it may be challenging for the client to find all the supporting documentation.”

Imogen urges property owners to make an early start to compiling the required information and to start thinking about the CGT position as soon as the property goes on the market.

CGT is calculated by treating the gain as the highest amount of the owner’s income during the tax year in question and therefore clients will need to estimate their income during the tax year of disposal as this will impact on the CGT rate applicable to the gain.

Personal representatives and trustees as well as individuals will be required to comply with the new rules. Meanwhile, gifts of properties also give rise to a disposal for CGT purposes triggering the new requirements.

John Bunker, chair of Chartered Institute of Taxation’s private client UK committee, has branded the new reduced deadline as “a seismic change”.

Clarke Willmott LLP is a national law firm with seven offices across the country in Birmingham, Bristol, Cardiff, London, Manchester, Southampton and Taunton. 

Mortgage Advice Bureau in Birmingham, has launched a dedicated Mortgage Information Support Service to help homeowners who are worried about their finances as a result of the Coronavirus (COVID-19) outbreak.

The free support service, which is available to homeowners in Birmingham, has been set up to answer any queries or worries local people may have about paying their mortgage, and to guide them back to financial security.

To speak to a qualified mortgage adviser via the support service, homeowners should call: 0121 431 2468.  

Mortgage Advice Bureau has also created an online resource of FAQs on the topic. This will be updated daily as more queries are raised.

In an ever-changing economic climate, the UK government is responding daily with new measures to minimise the impact of the Coronavirus, not only on our health, but our finances too. This includes access to a mortgage payment holiday of up-to three months for those worst hit financially by the virus.

However, this may not be homeowners’ only worry regarding monthly finances and with the new Mortgage Information Support Service, Mortgage Advice Bureau is answering people’s most common questions around managing their household finances to help them cope.

Raj Bedi, Business Principal, explains further: “We are living in unprecedented times and some homeowners are rightly worried about their finances. With a mortgage typically being a homeowner’s largest outgoing, monthly mortgage payments are naturally going to be homeowners’ biggest concern. We’ve set up the Mortgage Information Support Service to help local people through this challenging period and to offer advice to those who need it most.

“The helpline is managed by our fully qualified mortgage advisers who can provide guidance about what to do if repaying a mortgage is a worry during the Coronavirus outbreak. As the situation changes in the UK and across the globe, it’s difficult for people to foresee how their monthly income will be affected, particularly for homeowners on short-term, temporary or zero-hours contracts.  

“The government is doing its best to help people during these difficult times and we certainly take financial well-being very seriously, so we are also doing our upmost to support people. We hope that the helpline will allow homeowners to talk openly and get them back on track with their finances.”

Research has revealed that just under half (41%) of working women in the UK have money worries, a figure that dips significantly down to less than a third (32%) for men.

Statistically, the figure is also higher in younger women with 55 per cent of women aged 16-24 reporting money worries, and 53 per cent of those aged 25-34.

The recently reported research was carried out by Salary Finance, an employee financial wellbeing platform, and also revealed the shocking impact of these figures on women’s mental health.

The stats show that women with money worries are much more likely than their male counterparts with the same concerns to be suffering sleepless nights (51% to 43%), anxiety and panic attacks (62% versus 57%) and are more likely to have depression and suicidal thoughts (71% versus 65%).

These figures mean that when compared to those with no money worries women with financial concerns are over five times more likely to have anxiety and nearly seven times more likely to have depression. For men with financial worries, it is far less – they are 1.3 times more likely to say they’re suffering from anxiety and/or depression due to financial problems.

It’s also more likely that you will run out of money before pay day if you’re a woman, according to these statistics. Over a third (34%) of women are running out of money before pay day each month, compared to just under a quarter (24%) of men. Younger women were again much more highly impacted, being much more likely to run out of money before pay day.  

Of course, the impact of maternity leave is keenly felt by the female workforce. Of those surveyed that took maternity or paternity leave, a massive 73 per cent of women said they took on additional debt as a result, compared to just 27 per cent of men. Yet resulting childcare costs did not cause significantly higher levels of stress for women.

Asesh Sarkar, CEO and co-founder of Salary Finance, commented: “In 2020 it’s disheartening to see such a discrepancy between financial wellbeing in men and women. Our extensive research has shown the crippling impact that money worries can have on the UK workforce, and see these figures that show women suffer much more.”

Although there were many differences the survey did reveal that there are no notable differences in the approach to savings between women and men, suggesting attitudes and behaviour play a far bigger role in saving habits than gender.

Another similarity between men and women was an apparent unwillingness to discuss their finances. This highlights a general attitude rather than a gender-specific issue.

Asesh added: “Whilst the figures show that women are suffering more as a result of poor financial wellbeing, it’s important to remember that financial stress and concerns affects a wide range of people, regardless of gender, age or salary. 

“There is a need to tackle the stigma attached to discussing financial concerns and this is where financial solutions in the workplace can help. It is therefore important for employers to take an interest in the financial health of their employees. Our research has shown that around 77 per cent of workers feel they can trust their employer when it comes to sharing personal information. This really highlights the role that employers can play when it comes to tackling the issue of poor financial wellbeing amongst the UK workforce.”

People selling buy-to-let properties or other property owners could clock up financial penalties due to ‘seismic’ changes to the capital gains tax (CGT) payment rules, says tax specialist Imogen Lea, from Clarke Willmott LLP,

From April 6, anyone who disposes of a residential property giving rise to a capital gain on which CGT is payable, will be required to make a digital return to HMRC and to pay an estimate of the CGT due within 30 days from the sale completing.

People will also no longer be able to benefit from a possibly substantial sum of money remaining in their hands for up to 22 months after a residential property disposal.

“This is a very big change and could easily catch people out,” said Imogen, a consultant in Clarke Willmott’s Taunton private capital team. “Interest on the unpaid tax and other financial penalties will be due if the rules are not followed.

“The risk of such a tight turnaround is people being unaware of the changes and failing to comply. They need to be aware of the vastly reduced time limits and to be ready to make the return and estimate the CGT due.

“CGT computations are not always straightforward which could mean that if people are not prepared, they might not be able to collate the information necessary to make the CGT calculation in time.”

The changes will potentially affect owners of holiday homes, buy-to-let properties, main residences which have been let out at some point, owners of homes with grounds in excess of half a hectare, and owners of houses which have been partly used for business purposes.

Imogen says the changes will not generally apply on the sale of a person’s main residence, but will be relevant on the sale of second homes, and where the main residence exemption does not apply for any reason.

“Gains are not always straightforward to calculate – if an owner has made improvements to the property the cost of these will be deductible from the capital gain, but if there have been numerous improvements over many years it may be challenging for the client to find all the supporting documentation.”

Imogen urges property owners to make an early start to compiling the required information and to start thinking about the CGT position as soon as the property goes on the market.

CGT is calculated by treating the gain as the highest amount of the owner’s income during the tax year in question and therefore clients will need to estimate their income during the tax year of disposal as this will impact on the CGT rate applicable to the gain.

Personal representatives and trustees as well as individuals will be required to comply with the new rules. Meanwhile, gifts of properties also give rise to a disposal for CGT purposes triggering the new requirements.

John Bunker, chair of Chartered Institute of Taxation’s private client UK committee, has branded the new reduced deadline as “a seismic change”.

Clarke Willmott LLP is a national law firm with seven offices across the country in Birmingham, Bristol, Cardiff, London, Manchester, Southampton and Taunton. 

The new committee consists of 22 highly talented individuals, located across 13 different locations and has a 50/50 gender balance where all committee members volunteer their skills, expertise and knowledge in supporting the vision for RBS to become the most inclusive bank for their customers and employees.

The RBS Sikh Network was launched in 2018, has 950 members across 68 locations and is inclusive of all. The employee led network is based on the three key teachings of the Sikh faith, kirat Karo (engage in honest and ethical hardwork), Vand Shako (help others selflessly) and Naam japo (Spirituality and Wellbeing, remember God in all we do). The group runs a variety of events across key locations throughout the year for RBS employees as well as activities with externals stakeholders.

James Holian, Chief Operating officer and Executive Sponsor said: “I’m delighted by the work of the bank’s Sikh Network and support the continued efforts made by the team.  It is privilege to work with the network, and to see them engage with our stakeholders and communities.  Each of the committee members really makes a real difference and I find the team truly inspiring to work with”.

Committee members include:

Co-Chairs - Manjit Kaur Kang, Kuljit Singh Dulai, Inderjit Singh Narwal

Secretariat: Amandeep Tumber

Stakeholder Engagement Co-Leads: Dara Singh Chauhan, Manjinder Kaur Panesar

Communication Co-Leads – Surinder Kaur Pandha, Kiran Kaur, Kanwardip Singh Sihota

Creative Leads: Sarbjit Singh Gohel, Manisha Tiwari

Community Engagement Co-Leads: Gurpal Grewal, Kavita Sanger, Parveen Briah

Events Co-Leads – Sukh Singh Majhail, Hardeep Singh Bharj, Arjan Singh Matharu

Marketing Lead - Rosie Franca

Treasurer - Bhupinder Singh Sagoo

Midlands Co-Leads – Kamaljit Kaur Ragha, Amandeep Sahota

Coutts Lead – Rav Thiara

Edinburgh Lead: Manisha Tiwari

Frontline, which runs the largest social work training programme in the country, is reopening applications for its 2020 Leadership Development Programme. The charity is calling for people in the Midlands to apply to become social workers and transform the lives of the most vulnerable children and families in this region. 

Frontline has partnered with councils in the Midlands who are in great need of social workers, with 80 participants from the 2019 Cohort currently working across 11 of the region’s local authorities, including Derbyshire, Nottingham and Wolverhampton. With over 14,000 looked-after children in the region and more than 50% of children in the region living in poverty, there is an urgent need for more life changing professionals. Due to increased demand, applications are now open for a limited time only for additional participants to join Frontline’s 2020 Cohort. 

Already bringing almost 1,400 people into the profession, Frontline’s increasing influence represents an excellent opportunity for the country’s next generation of social workers to continue to make a difference to those most in need. 

Ash Silverstone, Frontline participant in Wolverhampton, said: “In Wolverhampton, like a lot of other authorities, we are seeing an increase in gang related violence and the effect that’s having on the local community. There are also cultural and economic challenges within areas of the city. I love being a social worker because no two days are the same; what comes through the door is so varied. Sometimes our interventions are short and brief, and sometimes we work with families for longer periods. When you walk away from a successful case you know that these children now have the opportunity to move on and improve, grow and flourish.

“It’s my belief that the Frontline programme is helping to rewrite that social work script, and help families understand that social care intervention isn’t necessarily a bad thing”.

Mortgage Advice Bureau in Birmingham, has launched a dedicated Mortgage Information Support Service to help homeowners who are worried about their finances as a result of the Coronavirus (COVID-19) outbreak.

The free support service, which is available to homeowners in Birmingham, has been set up to answer any queries or worries local people may have about paying their mortgage, and to guide them back to financial security.

To speak to a qualified mortgage adviser via the support service, homeowners should call: 0121 431 2468.  

Mortgage Advice Bureau has also created an online resource of FAQs on the topic. This will be updated daily as more queries are raised.

In an ever-changing economic climate, the UK government is responding daily with new measures to minimise the impact of the Coronavirus, not only on our health, but our finances too. This includes access to a mortgage payment holiday of up-to three months for those worst hit financially by the virus.

However, this may not be homeowners’ only worry regarding monthly finances and with the new Mortgage Information Support Service, Mortgage Advice Bureau is answering people’s most common questions around managing their household finances to help them cope.

Raj Bedi, Business Principal, explains further: “We are living in unprecedented times and some homeowners are rightly worried about their finances. With a mortgage typically being a homeowner’s largest outgoing, monthly mortgage payments are naturally going to be homeowners’ biggest concern. We’ve set up the Mortgage Information Support Service to help local people through this challenging period and to offer advice to those who need it most.

“The helpline is managed by our fully qualified mortgage advisers who can provide guidance about what to do if repaying a mortgage is a worry during the Coronavirus outbreak. As the situation changes in the UK and across the globe, it’s difficult for people to foresee how their monthly income will be affected, particularly for homeowners on short-term, temporary or zero-hours contracts.  

“The government is doing its best to help people during these difficult times and we certainly take financial well-being very seriously, so we are also doing our upmost to support people. We hope that the helpline will allow homeowners to talk openly and get them back on track with their finances.”

Leading partnership homes developer Lovell is investing in opportunities for young people with its management trainee scheme, where they’ll aim to become future leaders within the business.

22-year-old Matthew Tompkins-Hall from Shirley, Solihull, has recently joined the Midlands region of Lovell as a management trainee where he will spend time working in multiple departments to gain an insight into the wider business.

Currently working with the technical department, Matthew will also spend time with estimating, new build site operations, refurbishment site operations, commercial and buying over the next two years.

Matthew will be working towards Level 4 and 5 qualifications in Construction Management and the Built Environment and will attend the University of Wolverhampton one day per week for two years.

He said: “I am really enjoying my time at Lovell and I have learnt so much already. I am constantly learning and the involvement in different departments is what appealed to me most about this role, as well as the opportunity to work towards a nationally recognised qualification.”

25-year-old Joshua Ball joined the Midlands region of Lovell as a management trainee over two years ago and has recently had the opportunity to develop his job role, now working as a trainee urban designer.

As a trainee urban designer, Joshua works with the in-house architectural team to get the development designs to the planning submission stage, ensuring full policy-compliance and that it is a viable and efficient project.

Attending Birmingham City University one day per week, Joshua is working towards a BA Honors degree in Architecture.

Joshua, from Tamworth, said: “The management trainee scheme at Lovell provides the opportunity to undertake a construction related degree whilst rotating around each department in the business, allowing us to find a role that we truly enjoy. After spending three months with the design and technical team, I knew that I wanted my role to progress within this team.”

Kelly Truman, regional training manager at Lovell, said: “I’m really impressed at how well Matthew has settled in and I hope that he is able to go on to have a successful career within the company, just as many of his colleagues have gone on to do, such as Joshua.”

Stuart Penn, regional managing director at Lovell, said “It’s very important to Lovell to invest in developing raw talent and that’s why we’re very keen on funding an education for our management trainees. We also value the importance of having a team of diverse and talented individuals and love being able to give young people the opportunity to flourish within the industry.”

A £2 million charity campaign to raise funds for a West Midlands super hospital which will enhance the patient journey has been launched.

Cash raised will be used to fund research nurses, pharmacists and community spaces at the Midland Metropolitan University Hospital (MMUH), which will be run by Sandwell and West Birmingham NHS Trust (SWBH).

The state-of-the-art facility will open in 2022 and boast the biggest Accident and Emergency department in Europe, serving 700,000 people across Sandwell and West Birmingham.

The campaign, called We Are Metropolitan, was launched this week by Your Trust Charity, the registered charity of SWBH.

Richard Samuda, Chairman at SWBH, said: “Besides our drive to ensure MMUH delivers the best care possible for our patients, our charitable appeal for funding enables the Trust to develop in parallel, important community outreach activities and research relevant to our patients. We see this as key to making this more than a hospital build project and to contribute to wider improvement in public health outcomes.

“There will also be an arts and culture programme, which will be supported not just through exhibits, but through summer concerts, plays, stage shows and other examples of the performing arts put on by schools and amateur groups.”

Mr Samuda added: “The thinking behind the We Are Metropolitan campaign is to reflect the fact that everyone within Sandwell and West Birmingham is part of this hospital, which is not just about caring for our community, but also including them.”

The local community and businesses across the region are being encouraged to support the campaign by donating to the fund by hosting events. Thrill seekers can even take part in a bungee jump on site in September.

Paul Faulkner, Chief Executive of the Greater Birmingham Chamber of Commerce, is also Co-Chair for the campaign’s Business Committee. He said: “I am delighted to support this worthwhile campaign and would encourage the business community to get involved. The scale, ambition and impact of the hospital will be truly transformational for our region. We are already over half way there - but we need the help of our local community to get to two million pounds by 2022. We want to make it more than a hospital, but that can only be achieved if we raise these vital funds.”

As the country comes to terms with the outbreak of COVID-19 and weeks, if not months, of uncertainty in everyone’s business life, the Black Country Chamber of Commerce has set up a series of ‘Business Webinars’ alongside a ‘Business Support Hotline’, for those organisations needing to discuss the latest guidance, access the Chamber’s business support, receive answers to their COVID-19 questions and to discuss the impact these unprecedented times are having on their business.

Corin Crane, Chamber Chief Executive said, “These are unprecedented times and we need to help and advise the business community in order for them to steer their way through this in the best possible way over the coming weeks.”

The Chamber will also host regular online webinars which will run on a weekly basis from 10.30am every Friday over the coming weeks and are inviting business across the region to join them.

The Coronavirus Business Clinics will run:

FRIDAY MARCH 20^th

Details: https://www.blackcountrychamber.co.uk/events/20032020/coronavirus-business-clinic/

Black Country Chamber Coronavirus Business Clinic
Fri, Mar 20, 2020 10:30 AM - 11:30 AM (GMT)Please join my meeting from your computer, tablet or smartphone.
https://www.gotomeet.me/BlackCountryChamber/coronavirus-business-clinicYou can also dial in using your phone.
United Kingdom: +44 330 221 0097
Access Code: 616-938-141

FRIDAY MARCH 27^th

Details: https://www.blackcountrychamber.co.uk/events/27032020/coronavirus-business-clinic/

Black Country Chamber Coronavirus Business Clinic
Fri, Mar 27, 2020 10:30 AM - 11:30 AM (GMT)Please join my meeting from your computer, tablet or smartphone.
https://www.gotomeet.me/BlackCountryChamber/black-country-chamber-coronavirus-business-clinicYou can also dial in using your phone.
United Kingdom: +44 20 3713 5028
Access Code: 345-693-533New to GoToMeeting? Get the app now and be ready when your first meeting starts:
https://global.gotomeeting.com/install/345693533

FRIDAY APRIL 3^rd

Black Country Chamber Coronavirus Business Clinic
Fri, Apr 3, 2020 10:30 AM - 11:30 AM (BST)Please join my meeting from your computer, tablet or smartphone.
https://global.gotomeeting.com/join/316257677You can also dial in using your phone.
United Kingdom: +44 808 178 0872
Access Code: 316-257-677New to GoToMeeting? Get the app now and be ready when your first meeting starts:
https://global.gotomeeting.com/install/316257677

Meanwhile the Black Country Chamber have set up Coronavirus Business Helpline, abusiness and employee dedicated helpline to support businesses with the outbreak of COVID-19. 

Midlands businesses affected may wish to consider support being offered by Black Country Chamber of Commerce

A GP and an entrepreneur frustrated by the lack of high-quality CBD products on the market have launched their own brand.

Dr Peter Naylor and Ian Craggs launched CBDDIRECT2U to sell a range of flavoured CBD oils direct to customers via their website.

The range has been developed by the company’s Medical Director Dr Peter Naylor who has over 20 years of experience in the health industry. He took CBD after suffering a neck injury.

CBDDIRECT2U’s range of guaranteed premium CBD products include 4% and 10% strength pure oils and are all made in the UK.

The oils are made using a luxury MCT (medium chain triglyceride) coconut oil for maximum flavour and a broad-spectrum hemp extract oil with naturally occurring CBD. The company sources its oils from Oregon in the United States.

The range comes in seven exceptional flavours and is independently tested to guarantee quality.

Flavours include Pure Chocolate, Mixed Berry, Peppermint, Lemon & Lime and Orange plus a Natural CBD oil and a Lavender Night Oil. 

Dr Naylor said: “All our products come with a guaranteed CBD concentration and have been rigorously tested giving our customers total confidence.

“We wanted to make products that people could trust what they read on the pack was what they were actually getting and we also wanted to create something they could actually look forward to using.

“We’re proud to have created an excellent CBD product range both in terms of flavour and the science behind it.”​

Ian Craggs, CEO and founder of the DIRECT2U Group, said: “People are becoming ever more conscious of their health and wellbeing, but they also want to know they are buying high quality products that have been developed by industry experts.

“By launching a series of direct to consumer ecommerce websites we are also making it easy for customers to buy products when they want them.

“We also offer a subscription service allowing people to have their favourite products delivered to them on a regular monthly basis.”

With reports of supermarket shelves clearing of toilet paper, Severn Trent is encouraging its customers not to flush potential substitutes like wet wipes or kitchen roll down the toilet.

Severn Trent’s sewer blockages lead, Grant Mitchell, says: “We know just how worrying it is for everyone at the moment and we want to reassure our customers that we’re working really hard to keep our essential service running as usual.   

“Flushing the wrong things down the toilet is probably very low on everyone’s list of priorities right now, but by flushing the wrong thing down the toilet, you could end up blocking our sewer pipes, which could cause issues for you, or for your neighbours or out in the street, and no one wants that during this difficult time.

“So we’d just like to remind everyone that anything other than toilet roll shouldn’t be flushed down the loo in case it causes any problems.”

Sewer blockages across the region are still around 45,000 per year, three quarters of which are caused by people putting things down their toilets and sinks which they’re not supposed to.

Grant continued: “Sewers are only designed to cope with toilet paper and human waste.  So some of the things people throw down the toilet, like wet wipes and kitchen roll, can easily snag on the inside of a pipe and block it.  And, because some of the sewer pipes are only a few inches wide, any fats or oils you throw down your sink can build up on the inside of it, clogging it up – even if you rinse it off with boiling water.

“Then, when a sewer is blocked the waste has to go somewhere.   This means it usually comes out of a drain and can flood roads, or even your home with sewage.  And, during times like this, this is the last thing anyone wants. 

“But all this can easily be avoided, by people disposing of items in the bin, and not the toilet or sink.”

Hotel du Vin Stratford-upon-Avon has appointed all-new manager Natalie Heath ahead of its third year. The new general manager brings over 20 years of hospitality experience, and a full suite of new ideas to the boutique hotel.

The hotel, which took Stratford-upon-Avon by storm in 2018, has had a successful two years since opening in the former registry office building, and with new manager at the helm more successes are yet to come.

Newly appointed Natalie will be focussed on driving sales and strategy for the hotel, having studied hotel management and training at The Savoy and built her wealth of experience working at the likes of Q Hotels, Hyatt, Marriott, in most recent years Natalie was the Operations Director for a local independent groups.

One of her passions while in post is to support the progress of women in hospitality: She will oversee the hotel team of 50, where 70% of the Head of Departments are women.

Mentoring and developing the management team will be just one of her responsibilities in her new role, along with taking the lead on raising awareness of the hotel, increasing sales and profitability and maintaining an excellent quality in service.

Commenting on her appointment, Natalie says: “The Hotel Du Vin name has always been held in such a high regard to me, as its consistently high performing results are well-respected in the industry.

“I am really excited to be appointed as the General Manager here in Stratford.

“The quality of the team, food and service are already fantastic, so I’m delighted to have been appointed to steer the way with such a great product already. I have lots of ideas to take the hotel to the next level of excellence.”

Since her appointment, Natalie has set the tone for 2020 with new plans to open the courtyard overlooking Rother Street, whilst launching a new co-working space within Bistro du Vin.

Hoping to make Hotel du Vin Stratford-upon-Avon the go-to venue in town for locals and tourists alike, Natalie Heath has new developments on the horizon for the boutique hotel this summer.

Analysis published by the TUC reveals that the average woman has to wait more than two months of the calendar year before she starts to get paid, compared to the average man.

The current gender pay gap for all employees stands at 17.9%. This pay gap means that women effectively work for free for the first 65 days of the year, until they begin to get paid on Women’s Pay Day.

Regional gender pay gaps

The analysis published today – which is also the first day of the TUC’s annual women’s conference in London – shows that in some parts of the country gender pay gaps are even bigger so their Women’s Pay Day is later in the year.

• In the East of England the gender pay gap is 20.3%, so Women’s Pay Day in that part of the country won’t fall for another 9 days (Friday 15 March).
• Women in the South East (19.3% pay gap) and the East Midlands (19.2%) have to wait until Monday (11 March) for their Women’s Pay Day.
• And women in the West Midlands (18.3% pay gap) had to wait until March 7.

Regional variations in the gender pay gap are likely to be caused by differences in the types of jobs and industries that are most common in that part of the UK.

Industrial gender pay gaps

The analysis also shows that in a number of key industries – even in those dominated by female workers like education and social work – gender pay gaps are even bigger. In these sectors women get paid much less on average than men, both because they are more likely to be in part-time jobs and because they are in lower-paid roles.

• In education the gender pay gap is currently 25.9%, so the average woman effectively works for free for more than a quarter of the year (95 days) and has to wait until the 4 April 2019 before she starts earning the same as the average man.
• In information and communication, the average woman waits 77 days for her Women’s Pay Day on 18 March 2019.
• The longest wait for Women’s Pay Day comes in finance and insurance. The gender pay gap is the equivalent of 130 days, meaning its more than a third of the year before Women’s Pay Day finally kicks in on 10 May 2019.

TUC Regional Secretary Lee Barron said: “The UK still has one of the worst gender pay gaps in Europe. Women effectively work for free for two months of the year – and at current rates of progress it’ll take another 60 years for this gap to close.

“Making employers publish information on their gender pay gaps is a start but it’s nowhere near enough. Employers must be legally required to explain how they’ll tackle pay inequality at their workplaces and advertise jobs on a more flexible basis.

“Women in the UK will only start to get paid properly when part-time jobs are better-paid and jobs are flexible from day one. And we need higher wages in key sectors like social care.

“Workplaces that recognise unions are more likely to have family-friendly policies and fair pay. So a good first step for women worried about their pay is to join a union.

 OakNorth Bank – the UK bank powered by OakNorth – has provided a £9.4m loan to Care Concern Group, one of the UK’s most highly-regarded care home operators for dementia and general nursing to enable Care Concern Group to acquire Willowbrook Care Home in Birmingham – a purpose-built home with 75 units spread across two buildings. The care home improved its rating from “Good” to “Outstanding” in 2018 and experiences higher-than-average occupancy rates - 99% vs between 87-93% across the rest of the West Midlands.

To-date Care Concern Group has borrowed C. £40m from OakNorth Bank to support its expansion. Established in 2005, Alpha Real Capital is an investment services group focused on income security from real assets. It invests in assetbacked income from real estate, infrastructure, and lending, with an emphasis on long income and inflation protection, and has over £2 billion of assets under management.

Manpreet Johal, CEO of Care Concern Group, said: “We’re excited to work with Deepesh and the rest of the OakNorth team for a second time this year. They have once again been incredibly supportive, working closely with Alpha Real Capital to ensure we were able to take advantage of this exciting opportunity to acquire a leading care home in Birmingham. With this purchase we’ll be able to provide an even higher standard for dementia and general nursing care facilities in the city and help reduce its 240-bed footfall.”

OakNorth Bank Senior Director of Debt Finance Deepesh Thakrar, said: “The West Midlands’ supply of care homes is lower than most other regions in the UK which is why it experiences such high average occupancy rates.

“The deal represented the opportunity to once again support a brilliant business and management team who have been able to build a portfolio of over 80 sites with an average of 87% occupancy across them.

“This is a sector we understand and are keen to support more deals in, so it’s great to have a returning customer in the Care Concern Group.”

Nearly one in three people retiring this year plan to use their property wealth to help boost their retirement income highlighting the growing importance of property in retirement planning, new research from the UK’s leading over-55s specialist adviser Key shows.

Its unique study into the finances and ambitions of over 1,000 people expecting to finish full-time work in 2020 shows they own property worth more than £142.5 billion with an average of £388,900 each.

Key’s “Retirement Class of 2020” research shows 30% of people retiring this year will use their property wealth in retirement. Nearly half (46%) will look downsize to a smaller property while 23% will consider equity release or remortgaging.

But the nationwide study found just two out of five (40%) property owners say they are happy with their expected retirement income and do not need to consider their property wealth.

The biggest reason for not using property wealth in retirement is the desire to leave an inheritance to family – 16% of homeowners want to leave the house to their family. However, 15% are worried about borrowing money and a further 15% do not want to move.

Other reasons for not using property wealth in retirement include concern about the reputation of equity release (8%) and fear of making a mistake (6%), the research found.

Over-65s have more than £1 trillion pounds worth of unmortgaged housing equity and Key has launched a major new marketing campaign to encourage people to get answers to questions they may have around equity release.  The campaign which is running across TV, press, digital and social aims to inform and educate older homeowners to ensure that unanswered questions are not the reason that they are failing to consider all options.

Will Hale, CEO at Key, said: “Property wealth is established as a major factor in retirement planning with one in three people retiring this year looking to the money invested in their home as a way of supplementing their income.

“With people retiring this year owning homes worth an average of £388,900 and total property wealth of £142 billion there clearly is a lot of wealth that could be used in retirement. Many will not need to use their home as part of retirement planning, but it is worrying if people are not taking property wealth into consideration due to a lack of awareness of the options available to them or as a result of myths or misconceptions about products.

“Our research shows many are worried about borrowing money or moving to a new house while others are concerned about making mistakes. These customers could benefit from information and advice when assessing their options for using property wealth and, while equity release is not right for everybody, modern lifetime mortgages with low rates and flexible features such as the ability to service interest or repay capital mean that they offer potential solutions for a wider range of customers than ever before.”

Around the country

People expecting to retire in London are the most likely to use their property wealth in retirement and have the most wealth on average at £661,900 each followed by homeowners in the South East, whereas people in East Anglia are the least likely to use property wealth to boost retirement income – around 17% will consider it even though they have average property wealth of £426,400.