BusinessUK firms rush to invest as Sunak aims to shape post-COVID economy
William Schomberg
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A worker constructs a length of ducting tube inside the Naylor Industries Wombwell site in Wombwell, Britain, April 27, 2021. Picture taken April 27. REUTERS/Phil Noble
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Edward Naylor plans to double investment at his plastic and concrete pipe factories over the next two years, spurred on by a huge new tax break from finance minister Rishi Sunak who is hoping to deliver an upgrade of British industry.
Sunak announced on March 3 the biggest business tax cut in modern British history as the economy emerges from its COVID-19 slump and faces up to life outside the European Union.
Demolition has begun on the Kingfisher pub in Spennymoor, County Durham Pictures: SARAH CALDECOTT DEMOLITION of a town’s pub is underway in preparation of a multi-million-pound redevelopment project. For at least 20 years residents and retailers in Spennymoor, County Durham, have longed for dramatic changes to Festival Walk which - after years of neglect - became an outdated eyesore that was more than half empty. This week, the Kingfisher pub, which stands on Festival Walk, is the most recent building to take the fall, following work to also tear down the former Kwik Save supermarket.
have longed for dramatic changes to Festival Walk which - after years of neglect - became an outdated eyesore Picture: SARAH CALDECOTT
Left, Councillor Kevin Johnston and Hellens Group chief executive Gavin Cordwell-Smith PLANS are moving forward for a significant new development in Houghton-le-Spring. A major supermarket operator is expected to be unveiled as the anchor tenant on the former Houghton Colliery site, and a popular retail operator is also thought to be exploring options to take space on the site, which is being brought forward by Washington-based Hellens Group. The colliery had stood empty for 40 years when Sunderland City Council’s cabinet agreed to sell it in 2019 to the Hellens Group and Fintry Estates, in a move that has paved the way for £15m retail scheme development.
AHEAD of the Budget tomorrow (Wednesday) businesses across the North East have voiced what they want the Chancellor to announce, including a balance between tax rises and for a fairer furlough scheme to continue. John Elliott, chairman of County Durham-based Ebac Limited, said: “The Chancellor needs to think radically, but simply. Make tax easier to collect and much more difficult to avoid; replace corporation tax with a turnover tax and replace income tax with sales tax. This could add billions to the Chancellor’s coffers, particularly from those giant entities that avoid paying their UK taxes. “Rather than making growth the Holy Grail, focus on supply rather than increasing demand to balance the books. It should be more profitable to invest in real businesses than buying shares on the stock market and we should encourage internal investment rather than inward investment. We will never have a strong economy without a solid, British-owned manufacturing base.”
Demolition work starts on former shopping centre as part of multi-million County Durham redevelopment
The former Kwik Save supermarket at Festival Walk in Spennymoor will be transformed into a new car park and a larger Aldi supermarket
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