Autumn Budget signals commitment to sustainability, L+R Hotels charity fundraising walk and mentoring on Virgin StartUp Community
Autumn Budget signals commitment to sustainability
The UK Autumn Budget 2024, delivered by Chancellor Rachel Reeves this week, outlined a range of fiscal measures intending to stimulate economic growth and address environmental and social concerns.
Let’s take a look at Wednesday’s Budget announcement through the lens of the five FuturePlus themes:
In the Climate space, the Budget includes funding for:
- Climate change mitigation and adaptation initiatives, such as flood resilience and flood defences.
Investments in the energy sector and green technologies, such as offshore wind, carbon capture and carbon storage. The Government is also signalling a detailed action plan for Britain’s clean energy, termed the Clean Power 2030 Action Plan. - Local energy schemes to help decarbonise buildings and homes through the Warm Homes Plan.
- A new and faster connection process to the electrical grid by 2025.
Environment-focused initiatives include:
- Investments into the natural environment include transitioning to a more environmentally sustainable agriculture sector.
- Over £300 million in support of tree plant and peatland restoration.
- Increases to Plastic Packaging Tax rates, incentivising businesses to use recycled instead of new packaging.
- A reaffirmed commitment to move towards a zero-waste economy.
- Increases to Air Passenger Duties by £2 for those flying economy to short-haul destinations and by 50% for those travelling by private jets, helping to fund public services and reduce the environmental impact of air travel.
In the Social and Diversity & Inclusion space, the Government has announced:
- Significant boosts in the health sector, with funding to support an additional 40,000 elective appointments per week, capital investment to increase capacity for procedures and testing and critical NHS maintenance.
- In the education sector, there have been increases in the core school budget, childcare, and support for children with special education needs. To secure some of this funding, the Government will introduce 20% VAT on private schools from 2025.
- In the social sector, investments in affordable housing and the extension of discretionary housing payments for those in immediate hardship.
- The National Living Wage will increase by 6.7% in line with the Low Pay Commission's recommendations, impacting over 1.5 million workers.
Key Economic measures announced in the Budget include:
- Capping Corporation Tax at 25%.
- Maintaining full expensing and research and development relief to drive innovation.
- Business rates will be permanently lowered for retail, leisure, and hospitality from 2026, with a 40% relief for 2024/25.
- Extending the Enterprise Investment Schemes (EIS) and Seed Enterprise Investment Schemes (SEIS) to encourage investment in start-ups and scale-ups.
Additionally, the Budget sets a stable 2% inflation target, with real GDP growth projected to stabilise, creating a robust environment for UK businesses to thrive.
The Autumn Budget 2024 includes a wide range of measures aimed at stimulating economic growth, and addressing climate change and key social issues. As the Government moves forward, the successful implementation of these policies and initiatives will be crucial in achieving positive progress across these areas.
Teams from L+R Hotels take part in hospitality fundraising walk
Various teams from FuturePlus client, L+R Hotels recently took on a 24-kilometre fundraising walk to support Hospitality Action.
Hospitality Action is a charity that provides guidance and support to individuals working in the hospitality industry during challenging times.
Teams from The Mayfair Townhouse, 11 Cadogan Gardens, Nobu Hotel London Portman Square, The Lensbury Resort, and the L+R Hotels corporate office participated in the day.
If you’d like to contribute to this great cause, please click here.
Greenwashing Fears in Sustainability Reporting
Concerns over the credibility of sustainability reporting are on the rise, as EY’s 2024 Global Corporate Reporting Survey reveals that:
- 55% of CFOs fear their industry’s reporting could be perceived as greenwashing
- 47% of finance leaders and 53% of investors doubt companies can achieve their stated sustainability goals
- 96% of finance leaders expressed concern that their organisations’ nonfinancial data lacks the integrity needed for informed decision-making
- Data format inconsistencies (39%) and accuracy (35%) further complicate the process
- 69% of finance leaders reporting a significant increase in investor inquiries around sustainability over the past two years
The survey, which involved over 2,000 finance leaders and 815 institutional investors worldwide.
CFOs are now under pressure to improve transparency and enhance the rigour of sustainability disclosures to align with investor expectations and mitigate greenwashing risks.
Whether you’re feeling the pressure to address your impact, struggling to understand ESG regulations and standards, or don’t have the time or budget to make a start, FuturePlus is the solution for you.
Mentoring on Virgin StartUp Community
We’re a proud partner of the Virgin StartUp Community, and later this month, our co-founders, Alexandra Smith and Mike Penrose, will mentor several community members to assist and support the next generation of business founders.
Virgin StartUp has released an exclusive membership rate to celebrate National Mentoring Day, which can be accessed for the next two weeks.
🔗 Exclusive member rate link: https://virg.in/RFSVSU