Awards to recognise Wirral business excellence

Every year, the Wirral Chamber of Commerce holds an awards ceremony to honour the best businesses on the peninsula. The Wirral Business Awards are in their 11th year, and this year’s event will be held on September 22nd.

The awards are a recognition of excellence and innovation. Chris Fry, a Wirral businessman and a member of the judging panel, said:

“The awards demonstrate the huge contribution businesses make to the economic growth and prosperity of our local economy through national and international trade.”

Paula Basnett of the Wirral Chamber of Commerce added:

“We are very proud to organise this annual event on behalf of our business community. This year we received record numbers of entries and the quality excelled which made the judging extremely difficult.”

The awards recognise Wirral businesses old and new, big and small. A special award is given for the individual businessman of the year. The awards are judged by a jury that represents both business and the local Wirral Council. One award, the customer service award, is voted for by members of the public.

The award for newcomer of the year recognises that the Wirral is a good location for startup businesses. Firms employ a large number of local people who share in the prosperity of Wirral’s economy.

The key to fiscal security is financial planning for both Wirral business owners and their employees. At Endeavour Financial Planning, we help people plan their wealth management through expert and impartial independent financial advice.

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Manufacturing could be key to Britain’s economic growth

According to a report this month by accounting network BDO, British manufacturing output is rising while the service sector is contracting, meaning manufacturing could be a major driver of Britain’s post-Brexit economy.

Peter Hemington of BDO said:

“Amidst slowing growth in the economy as a whole, UK manufacturing is a definite bright spot at the moment.”

One example of manufacturing success is D.T. & G, which recently opened new premises in Bromborough on the Wirral, where it is designing and manufacturing new chocolate coating and polishing machinery sold all over the world. They are one of a number of Wirral manufacturing businesses that are prospering.

As Britain negotiates to leave the EU, manufacturers are faced with the difficulty of making long-term plans because of economic uncertainty. There are massive technological changes happening. For example, the government has announced that it will ban the sale of new petrol and diesel cars from 2040, and is encouraging the development of electric cars. Many of these could be driverless.

Emerging technologies could provide many opportunities for UK manufacturers that can produce new products based on these technologies.

Lee Hopley of the EEF manufacturers organisation said:

“Policy makers must now focus on evolving the positive policy framework set out earlier in the year into clear strategy which gives manufacturers confidence about the competitiveness of the UK in the future.”

Making long-term financial decisions is hard for both business and individuals. For personal financial planning. At Endeavour Financial Planning, we provide sound and impartial advice in the Wirral.

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Is the state pension sustainable?

It was all the way back in December 1909 that the state pension was introduced. It was means tested and five shillings a week was given to half a million people.

The 1909 pension, in today’s money, was worth about £20. Currently, there are about 13 million people who receive about £160 a week or £8,300 a year. One in seven pensioners has no other income.

State pensions cost the government about £100 billion a year, and the Office for National Statistics estimates that this figure will double to £200bn a year in the 2030s. By the 2050s, it is predicted to double again to £400bn a year by the 2050s. One of the reasons for this growth is that people are living longer and therefore receiving more money during longer retirement years.

One strategy to lessen costs is to raise the retirement age so that people start claiming later. Another proposal is to abandon the triple lock system that guarantees an increase in the state pension each year.

The government is concerned that a £160 a week state pension is not enough for many people to live on. They have introduced auto enrolment that mandates companies to start workplace pensions schemes and enroll employees so that they have an additional income on top of the state pension.

The combination of a workplace and state pension still mean that many retirees will experience a large income drop when they retire. This is why you need retirement planning advice to maximize your retirement wealth.

Auto Enrolment advice is not regulated by the Financial Conduct Authority.

A pension is a long term investment. The fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.

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