Figures published by HM Revenue and Customs (HMRC) this morning, show inheritance tax receipts hit £5 billion in the 7 months from April to October 2024. This is £0.5 billion higher than the same period in the previous tax year and continues the upward trajectory over the last two decades. In the last full tax year inheritance tax raised £7.499 billion with just one in 20 estates is liable. However, in the Autumn Budget the Chancellor announced: An extension to the freeze on IHT thresholds, which have been frozen for a further two years (until 2030). Agricultural Relief and Business Property Relief have been reformed, meaning that from April 2026, the first £1m of qualifying combined assets will have no inheritance tax at all, but for assets overt £1m a 50% relief will apply, at an effective rate of 20%. Qualifying AIM shares will no longer have full exemption from IHT, instead from 2026 they will have an inheritance tax rate of 20% if they are held for two years. From 6th April 2027, inherited pensions could be subject to inheritance tax in addition to income tax levied on the recipient meaning passed down pensions could be taxed at an effective rate of up to 67% - subject to consultation. Alex Davies, CEO and Founder of Wealth Club said: “Inheritance tax was already an absolute cash cow for the government. The extreme changes announced in last month’s Budget which badly affect farmers, business owners, pension policyholders and investors, mean these figures are only going to increase over the coming years." "We believe all the changes to inheritance tax made in the Budget are extremely short sighted. Firstly, the tax burden is already at its highest in 70 years and growth is very low. More tax is likely to stifle growth further. Secondly these changes have given those affected no time to plan. It’s very much a case of 'one day, that’s your money, the next day, it’s not'; a sentiment which is hardly going to encourage people to invest for the future whether that’s in their own business or in a savings vehicle such as a pension." "That said you can only base your decisions on the facts as they are now and seemingly there are still ways available to reduce the inheritance tax paid by your estate, although many of them do require time and more risk." As Alex continues, those concerned about inheritance tax should seek advice and consider: Giving Money Away Early Gifts taken out of regular income, which are not deemed to affect the giver’s standard of living, are inheritance tax free on day one – as are certain smaller gifts. Timing is key as you can give unlimited amounts away but typically these take seven years to be completely inheritance tax free. Of course, once you give away the money you’ve lost control. If you need it back for an emergency, that’s not an option. Investing In Unlisted Companies That Qualify For Business Property Relief These are typically inheritance tax free after two years. Investing in unquoted businesses can be risky, however, unlike giving the money away, you retain control. From 2026 you will have an overall £1 million Business Relief Allowance. Anything in addition will be taxed at 20%. Investing In An AIM ISA. ISAs are not inheritance tax free. When you pass away, your loved ones could miss out on 40% of your hard-earned cash. AIM ISAs are a popular, although much riskier way, to reduce this. Currently after two years they could be IHT free. From 2026 the IHT will be halved toa rate of 20%.

The prospect of setting up a family business can be both exciting and daunting in equal measure. Whilst the promise of building a successful enterprise alongside loved ones is motivating, there is a lot to be considered at the outset, ensuring strong foundations have been laid so that the business can grow steadily and sustainably. Like any business, there will be challenges along the way – some that are easy to navigate and others that require immediate attention in order to overcome. However, in a family business these issues are often intensified due to the mix of work and private life, with small internal conflicts sometimes boiling over into long-running family feuds. For this reason, it is absolutely essential that a clear legal framework is put in place, outlining a formal business structure and a broad strategy that eliminates the emergence of any grey areas or uncertainty. The implementation of policies and procedures will also bring stability to your operation, ensuring everybody is pulling in the same direction and understands the processes that exist. In this article, we will detail some of the key legal considerations for family businesses at the start of their journey, and how these various elements combine to create a blueprint that is critical to the long-term prosperity of an organisation. Clear Ownership Structure One of the most common points of contention within family-owned businesses is an unclear ownership structure, which can spell trouble if there are any disagreements during the decision-making process. In some cases, businesses are formed on the back of casual agreements between two or more family members, which can blur the lines when it comes to identifying the owner/owners. As such, it is important that a formal business structure is implemented at the very outset, along with clear governance practices that are regularly updated over time. Whether it is your intention to start it as a sole proprietorship, partnership or company, it is important to first consult other family members before making a collective decision. Ultimately, your legal rights and obligations as both an individual and business will be impacted by your choice of business structure. For example, incorporating your business as a limited company would require you to put in place certain corporate governance practices, including regular meetings with the board of directors and the filing of financial statements. If you have gone down the company route then a Shareholders’ Agreement is required, which regulates the relations between shareholders and details how company affairs should be taken care of. Above all else, implementing a clear company structure that is backed by a legal framework offers assurances to employees and owners, mitigating the risk of any disputes occurring. Whether or not you decide on the company route in the short term, you ought still to have in place a Family Business Agreement or Charter so that key elements of how your business is to be run can be calmly discussed and recorded before any issues arise – how you will manage the business in practice; define the various roles of individual family members both inside and outside the business; what culture you want to build; what your hopes and ambitions are for the future, and key policies on investments, asset management, resolving problems and conflicts. This will help you to understand and agree your competitive advantages, and to embed the values that are important to your family into your business. Family Employment Policy Although there is often a willingness between family members to roll up their sleeves and get stuck in for the greater good of the business, it is important to outline a comprehensive employment policy beforehand to ensure expectations are aligned – this is especially important if people are helping out on an informal basis. As part of this policy, there are a few conditions that owners may feel are necessary to include. For example, the policy may state that the family member should receive a full market salary and receive the same treatment as a comparable non-family employee with regards to benefits, training and performance reviews. It is also possible to include a condition whereby a family member should report to a non-family member where possible. Having this kind of policy in place will ensure there is no confusion or mistreatment, with all employees treated equally and fairly regardless of any familial connections that exist. In some cases, the formation of a Family Employment Committee is beneficial too, as this will take on the responsibility of reviewing personnel decisions and making impartial judgements to avoid accusations of special treatment. At the very least, all family businesses should utilise employment contracts, offering these to all key employees including family members. These contracts are an effective way of regulating the relationship between the business and the family members within it, detailing their entitlement with regards to contracted hours, annual leave and pay. Succession Planning Of course, a key part of running a family a successful family business is its ability to make the transition from one generation to the next. Although it might not be on the horizon just yet, it is important that the details are carefully considered in the months and years leading up to the decision, as this will allow the process to run smoothly and without confusion or complaints. Although the decision is yours, it is best practice to run the business with a meritocratic approach, selecting a successor based on performance and ability rather than lineage as this will help maintain healthy relationships between family and non-family members. Even if you have a candidate in mind, formalising the decision with a selection process will lend a sense of professionalism. Once a decision has been made and someone steps into a leadership role, it is important to formalise the relationship with the correct legal documents. For example, the appointment of a director will require a Director’s Service Agreement, which details the rights and obligations they have above those of a standard employee. Whatever the situation may be, it is always best practice to seek legal advice before entering into any such agreement. Although it might seem straightforward, the process itself can be complicated if you have not been through it before, leading to confusion or mistakes that may be costly later down the line. Should you require assistance or support in any aspect of structural, governance or succession planning for your family business, the team at Buckles  can offer impartial, experienced guidance on all aspects of ownership transferal. Contact us now to discuss the options available.

One of Cornwall’s historic breweries will soon be putting on the county’s biggest charitable beer festival in its Victorian cellars. St Austell Brewery’s annual Celtic Beer Festival on November 30th sees thousands of beer lovers descend on the brewery for a day filled with fantastic beers and live music. The festival does more than just bring people together through a shared love of beer; its primary purpose is to raise vital funds for the St Austell Brewery Charitable Trust. Last year, people’s pint-drinking efforts raised thousands of pounds for the trust, which supports charities and causes across the whole of the south west. Since its launch in 2003, the Charitable Trust has raised more than £1,000,000 to give back to its communities where it’s needed the most; In 2023, the Trust donated more than £80,793 to important causes in the region. Brewing Director for St Austell Brewery, Georgina Young, said: “The Celtic Beer Festival is one of the highlights in our calendar where we all get together to celebrate ever wonderful style of beer out there, from porters to sours, Double IPAs to Belgian Dubbels." “There’s something for everyone and what’s more, it’s all for a great cause, with the money raised for the festival going back to brilliant causes across the South West, such as youth mental health services, the air ambulance and local families in need of equipment or support.” The Celtic Beer Festival will see a jam-packed lineup of musicians throughout the day, along with an impressive beer list showcasing more than 100 tipples from brewers across the UK. Music will kick off from midday starting with Banjovial, with acts including Kernoasis, Tregony Teachers and Good Old Fashion Lover Boys also taking to the stage. Alongside guest beers from other breweries such as Gypsy Hill, St Ives Brewery and Palmers, St Austell Brewery is putting on 27 of their own beers brewed just for the beer festival. A hibiscus Infused kettle sour, a blood orange Belgian Wheat beer, a passionfruit and tangerine Saison and a chilli stout are just a few of the inventive beers the brewing teams have created. The festival will also feature 12 special guest beers from St Austell Brewery’s small batch programme, as well as a dedicated bar from Harbour Brewing Co. Tickets for the Celtic Beer Festival, which will take place on November 30th from 11am will be available on the day at the brewery.

Glasgow - Children from disadvantaged backgrounds, who might otherwise go without gifts this Christmas, will wake up to a little bit of festive cheer this December 25th, thanks to a £5,000 donation from the Allied Vehicles Charitable Trust to Sunshine Wishes Children’s Charity’s 2024 Christmas Appeal. Based in Bishopbriggs, Sunshine Wishes Children’s Charity works with sick, terminally ill, and disadvantaged children and families across Scotland, actively supporting families in financial hardship by providing essential items like food and clothing. Their network includes eight food banks serving 21 organisations, including 15 nurseries, that discreetly distribute food and other essentials to families in need. Over the past year alone, the charity has supported more than 3,500 families and over 6,000 children, with a focus on communities where economic challenges are prevalent. The £5,000 donation from the Trust will enable Sunshine Wishes to supply over 200 Christmas gifts, for children whose families struggle with the basic costs of daily life, such as food and heating. By providing gifts and food vouchers, the charity hopes to relieve some of the financial pressure parents feel during the Christmas period, helping families focus on the joy of the season rather than making difficult choices between bills and holiday traditions. Additionally, Sunshine Wishes will continue to connect families to further support services for additional needs throughout the year. Linda Ford, General Manager at Sunshine Wishes, expressed her gratitude: “The generous award of £5,000 from Allied Vehicles Charitable Trust will significantly impact the Christmas appeal of Sunshine Wishes Children's Charity. On behalf of the charity and, more importantly, the children and their families who would otherwise go without, I want to express our heartfelt gratitude. Thank you for helping us make a positive difference. Your support inspires our ongoing commitment to assisting those less fortunate.” Gerry Facenna, owner of Allied Vehicles Group and Chairman of the Trust, added: “As a family business we believe that nothing is more important than family, especially at this time of year. We are delighted to support Sunshine Wishes’ Christmas Appeal to lift a small amount of financial pressure from families this Christmas.” The Trust’s contribution will help Sunshine Wishes Children’s Charity to make this Christmas a memorable, joyful time for the families they support, giving children across Scotland a reason to smile on Christmas morning.

Employees from JCB’s farming businesses in Staffordshire were today given a day off work to join a rally in support of farmers affected by changes in inheritance tax. Almost 40 employees boarded a 5am JCB coach to London with a host of other Staffordshire farmers for a rally in the Capital. The group included employees of JCB Farms and Wootton Estates based at Wootton, Staffordshire, where JCB farms cereals, vegetables, beef, sheep and chickens organically. JCB Chairman Anthony Bamford said: “We have been supplying farmers with machinery since the day JCB was founded in 1945, so what happens to our customers and the farming community is of great importance to us. We are very concerned that farmers should be prejudiced against in this way, but more than anything, it is crucial that food from Britain feeds our nation as not all the food we need can come from abroad. The planned changes pose a real threat to farmers, and to food production, as some small family farms quite simply won’t be able to find the money to pay inheritance tax." “JCB is one of only two tractor manufacturers in Britain and the only British manufacturer of telescopic handlers, which are used on virtually every farm in this country, so food production is highly significant to the British people and it’s highly important to us as a business.” James White, 25, is a shepherd at Wootton Farms and his family runs a livestock farm on almost 500 acres near Sheffield. He said: “My family have been farmers for five generations since the time of my great-great grandfather Harry White and we live in the farmhouse that he occupied. In the event of having to pay inheritance tax we would have to sell some of the farm to foot the bill to keep the rest of the farm." “That would be pretty hard to take because my dad and grandad have worked hard to buy the land they have got. The farm is a profitable business at the moment but we can’t sustain that if we are on a smaller acreage. Profits will decrease and it will make it harder for us, the younger generation, to take it on because we will have to stump up a lot of cash." “I hope that attending this rally it will make the Government listen a little. I think the decision has been taken a little hastily without thinking about the implications for food production. It’s important for younger people like me to go to this rally so that we can get our point across." Ted Hibbert, 27, and his twin brother Jack come from a four-generation family of farmers at Kedleston, near Derby, where they have an arable and sheep farm stretching over 1,200 acres. The brothers manage the broiler unit for Wootton Farms, where they manage 50,000 chickens. Ted said: “It’s our hope in the future to take over our family farm which is why this issue is so important to us because farms the size of ours would have to sell a lot of land to cover the costs of inheritance tax. The policy makers don’t seem to understand the implications of what they are proposing. When assets are tied up in land, it’s going to be very difficult for people to pay the inheritance tax without selling land. I hope by having this rally it will overturn the decision over inheritance tax." “Even with just 500 acres of land it would mean a massive tax bill and it would take a long time to pay it off. Farmers will be forced to sell assets and sell land, which will impact on food production in this country. When you produce food in this country you know the food is of a high quality and hasn’t for example been pumped with chemicals which are banned over here." “If we want good quality produce you need it to come from this country and not from abroad. Pushing ahead with this policy on inheritance tax will stop that.” Shepherdess, Rebecca Gray, 19, comes from a long line of farmers, which started with her great- great grandfather. Her family are tenant farmers near Alnwick in Northumberland where they have a 2,000-acre sheep and cattle farm. She said: “It won’t impact our family directly as we don’t own anything but it will have a big impact on other farmers. It will kick out family farmers who have been in the industry for generations and they are powerless do anything about it. Families who have had farms for generations will have to sell their farms as they won’t be able to pay the inheritance tax otherwise. Small farms are just land rich, they are not rich in the monetary sense. It will just mean Britain having to import more food.”

Perhaps the biggest surprise in the Budget was the extent of the restrictions imposed on two valuable inheritance tax reliefs, being Agricultural Property Relief (APR) and Business Property Relief (BPR). Is this the end of the road for BPR and APR? Accountants from Rickard Luckin share their thoughts. What Changes Were Made To BPR And APR In The Budget? The 'Current Rules' Until 30 October, anyone holding an asset on death, or who had given one away in the seven years before death, or to a trust, would not suffer an Inheritance Tax liability (IHT) if the asset fully qualified for 100% BPR or 100% APR (assuming the clawback rules did not apply in respect of gifted assets). 100% relief applies to most agricultural assets and to most business interests, including shares held for at least two years in a private company that was wholly or mainly a trading company/group. There was no cap on the amount of relief that could be claimed. The ‘New Rules’ From 6 April 2026, a new £1M combined APR and BPR allowance will be introduced, whereby 100% relief will only be available for the first £1M of qualifying assets. Any qualifying assets in excess of this allowance will be taxed at an effective rate of 20% (being half the normal 40% IHT rate). The tax can be paid in instalments over 10 years, but we expect it’s likely that interest will be charged if the instalment payment is late. The £1M allowance applies per person, so a married couple could potentially have a combined allowance of £2M. Added to this, both spouses will have their ordinary ‘nil rate bands’ of £325K each and, potentially, a further 'residence nil rate band’ of £175K each (provided that the conditions are met), giving them total combined allowances of up to £3M to set against their IHT estate (albeit for estates above £2M, there is a reduction in the residence nil rate band that can be claimed). Do The ‘Current Rules’ Still Apply Between Now And 5 April 2026? In theory yes, but there is a sting in the tail. For any gifts made between 30 October 2024 and 5 April 2026, the 'current rules' will apply at the time the gift is made. So, if a gift is made to a trust (a ‘chargeable lifetime transfer’) in this period, then no IHT will arise at that point if the assets fully qualify. But if the donor dies within seven years of the gift and after 5 April 2026, the ‘new rules’ will apply to that gift and to any assets held on death. However, if the donor dies by 5 April 2026, the current rules will continue to apply to both the gift and to assets held on death. Do The 'New Rules' Affect Gifts Made Before The Budget? No. The changes were not retrospective. The ‘clawback rules’ still need to be considered though, so for example, if the transferor dies within seven years and at that time the transferee no longer owns the asset, then BPR/APR may not be available. What Tax Planning Can Be Carried Out? Hold On To It? Holding on to qualifying assets worth around £1M until death could enable them to be passed on in a tax efficient way. This is because assets held on death are 'rebased’ to market value, which effectively wipes out the capital gain on the asset. So if a business is worth around £1M, the beneficiary would inherit it IHT free and could potentially sell it soon afterwards without suffering Capital Gains Tax (CGT) either. Any qualifying assets retained in the estate above the £1M allowance would be charged to IHT at 20%, and the beneficiary would inherit at market value. With the top CGT rate being 24%, if the beneficiary is planning to sell and, if original acquisition costs were very low, it may be tax effective to pass on those assets at death rather than by means of a lifetime gift. As the allowance isn’t expected to be transferable between spouses, wills would need to be revisited to ensure that this is not lost on first death (and, potentially, to prioritise the spousal exemption on the first death, even for business and agricultural property, where appropriate). There may also be a need to rebalance the assets between spouses to ensure both are able to fully use their £1M allowance. Give It To Family Members? For those with qualifying assets over the £1M allowance, gifting may seem like an attractive option. But when making a gift, both CGT (on the uplift in value of the asset since acquisition) and IHT charges could potentially apply. For gifts of ‘trading’ assets to individuals, a ‘S165 holdover’ election can potentially be made so that no CGT arises at the time of the gift. However, it is not possible to holdover investment gains, and so, for example, if shares are given away in a company that is ‘mainly trading’ but also has investment assets, a CGT charge is likely to arise on the proportion relating to the investment. For IHT purposes, no IHT will arise if the donor dies more than seven years after the gift. But if they die within seven years and the gift exceeds their allowances, IHT will become due (with the IHT rate decreasing gradually each year once they have survived three years by virtue of “taper relief”). Therefore, those with qualifying assets over the £1M allowance could consider gifting earlier than they may have originally intended in order to start the seven-year IHT clock. This will be particularly attractive where S165 holdover relief applies because neither CGT nor IHT will be payable at that point. Give It To A Trust? For gifts to trusts, a different type of CGT holdover election can be made (S260), which enables both investment and trading assets to be gifted without a CGT charge. But if the asset given to the trust does not fully qualify for an IHT relief, IHT will be payable (at 20%, with a further 20% payable if they die within seven years). As gifts between now and April 2026 should still get 100% APR/BPR at the point of transfer, considering gifts into trusts is imperative during this window because this can still potentially be done without suffering either IHT or CGT. Provided the donor survives seven years (or dies before 6 April 2026), no IHT will become due on the gift, and no CGT will be payable either. Use A Corporate Structure? The Balfour case established that assets that would not qualify for BPR in their own right could potentially qualify if they form part of a business that is 'mainly trading.’ This remains a tax effective way of shielding investment assets from IHT, even where the £1M allowance is exceeded, albeit that post April 2026 this would give a 50% IHT saving rather than a full one. Using a corporate structure to hold the assets can be a clean way of achieving this, particularly if the shares are then given into trust before April 2026 to ‘bank’ 100% BPR whilst it is still available. In such cases, an existing dormant company could prove useful for this purpose to ensure the two-year ownership test is met. Having a company in place also potentially enables minority interest discounts to be applied when looking at share values and may prove helpful when looking at values for the new £1M allowance. Using a company would also enable business owners to give away ‘growth shares’ to their descendants so that the increase in value of the company falls outside their IHT estate. There will normally be some value in that gift, but this is likely to be substantially less than a gift of ordinary shares, and so it can be a tax efficient way of passing on wealth. Sell? As the CGT increases announced in the Budget were not as bad as envisaged, bearing in mind the new BPR/APR restrictions and the phasing out of the 10% ’BADR’ CGT rate for trading assets from April 2025, this will undoubtedly persuade some family businesses to consider selling sooner than perhaps originally planned. Summary Whilst claiming 100% BPR/APR relief will undoubtedly be more challenging in the future, there are still actions that can be taken to maximise the allowances available and mitigate IHT liabilities, and particularly so in the period between now and April 2026. Please note that at the time of writing we are awaiting the legislation to be issued. If you have any questions about the above or would like more information specific to your circumstances, please get in touch with the team at Rickard Luckin

Recruitment budgets are not expected to grow in line with the economic landscape, putting employers on the back foot with 2025 recruitment plans. That’s according to data from resourcing transformation expert, Omni RMS, and the CIPD, the professional body for HR and people development. The latest edition of the Resourcing and talent planning report revealed that just under a third (32%) of private sector organisations expect an increase in recruitment budgets for 2024 – 25. With business and employment costs set to surge – particularly with the announcement of NICS increases in the Chancellor’s Budget – hiring budgets need to be reviewed urgently. According to Omni RMS, this is more pertinent given the growing skills gaps. The report revealed that more than two thirds (69%) of employers in the UK feel that competition for well qualified talent has increased over the last year. A further 56% indicated that talent is more difficult to retain. Louise Shaw, Managing Director at Omni RMS commented: “Business costs are, broadly speaking, increasing in line with the economic climate and the growing costs of living. But the area that is likely to see greatest pressure on budgets and workload – namely talent acquisition and retention – is seemingly being ignored in 2025 investment plans.” “People are typically the largest cost for an organisation, but they are also their greatest asset. Even without the skills shortages that are prevalent across all remits, HR and recruitment budgets aren’t increasing at a rate we would expect. When you add to this the difficulties around attraction and retention, organisations are heading into the New Year already on the back foot from a talent attraction point of view. Using tools like Omni’s true cost of hiring and retention calculator, allows organisations to rethink how the can optimise budgets and gain greater value from the right investments.”

Stickley is excited to announce a special Factory Outlet event with deep discounts available to Newington-area customers for a limited time. L. & J.G. Stickley, the historic American furniture brand headquartered in Central New York, is excited to announce a special Factory Outlet event available to Newington customers for a limited time. This temporary showroom is located at 172 Kitts Lane, Newington, next to Planet Fitness. For the duration of the sale, Stickley is offering its best-selling, high-end furniture collections and hand-knotted rugs for every room at deep clearance discounts, as well as luxury furnishings from famous brands including Bernhardt, Fulton Lane, Nichols & Stone by Stickley, Stressless, and more. While they last, marked-down items in limited quantities are available for immediate take-away or quick local delivery, making this a great opportunity to purchase new furniture ahead of the coming holidays. Shoppers who want to place orders for furniture in custom finishes, fabrics, and leathers will also have the opportunity to do so at this event. Founded in 1900 by Leopold and John George Stickley and owned by the Audi family since 1974, L. & J.G. Stickley will soon celebrate its 125th anniversary as an iconic American brand, producing best-quality hardwood furniture and upholstery that has set the standard for craftsmanship. Time-honoured furniture-making techniques, honest materials, and a dedication to quality ensure that every piece of Stickley furniture will become a treasured family heirloom. Aminy Audi, CEO and Chair of the Board said: “Newington is a location that is dear to our hearts. From 2003 to 2008, we were fortunate enough to have a showroom just down the road on Berlin Turnpike. We’re very pleased to be making a return visit to old friends!” “We’re excited to be returning to Newington and offering this wonderful opportunity to its customers,” said Stickley President Edward Audi. “This region has always had a wealth of devoted Stickley fans, so we’re thrilled to bring our beautifully crafted product and tremendous value to them in Central Connecticut!” The Stickley Factory Outlet Sale at 172 Kitts Lane is open Mondays through Saturdays (closed on Wednesdays) from 10am to 6pm and Sundays from 12pm to 5pm. With thirteen retail showrooms across the country, including Factory Outlets and Clearance Centers, family-owned Stickley offers a range of fine brands, curated collections for every lifestyle, and a selection of the industry’s highest-quality mattresses. Customers will find budget-friendly price points that never sacrifice quality and craftsmanship, as well as complimentary interior design services for both large and small projects.

Hypnos has been at the heart of British handcrafted bedmaking since 1904 and so The Bed Show saw celebrations to mark its 120th year, including sponsorship of the Reception Drinks and glittering Gala Awards evening. Even before visitors stepped into the show, Hypnos showed how its living out its mission to do the right thing for the wellbeing of people and the planet. A result of the brand’s new partnership with logistics supplier DFDS, its first Volvo electric articulated lorry with the new Hypnos livery was on display outside Telford International Centre, before it takes up active duty as part of the Hypnos fleet. Inside, retailers discovered new products including two new adjustable mattresses, its range of pillow tops, now in two tensions, and fabric collaborations with leading British design houses, and a new approach to Hypnos’ Project Zero – representing the future direction of beds for 2024. For this year’s Project Zero, the Hypnos team looked to pressing social issues, aiming to take positive action in reducing sleep poverty among children. With 11% of children in the UK having to share a bed or sleep on the floor in the last year, sleep poverty affects an estimated 894,000 children in the UK, impacting their performance at school, mood and mental health. The launch of ‘My First Hypnos’ sees the bedmaker start a new partnership with the aim for ‘zero’ sleep hours lost to child poverty. Hypnos and Barnardo’s are working in partnership to change children’s lives. 5% of the wholesale proceeds of the My First Hypnos mattresses and bed sets will be donated to Barnardo’s. Barnardo’s is a registered charity and to start the relationship, Hypnos has committed to supplying 200 beds. The new collection has been designed for children aged five and above and is aimed at an entry market. Awaken and Arise are made with sustainable materials including British RWS (Responsible Wool Standard) woolbarnardos-logo-in-support-of-dark-green-vertical-central-forScreens.png and are free from FR chemicals. The open storage base and headboard is available in a choice of eight Easy Clean fabrics. Hypnos also previewed the new adjustable Reviva and Restora Pillow Top mattresses, available with an easy-to-use adjustable divan base. These mattresses are specifically designed to ergonomically contour to the base thanks to the use of ReActiveForm™ pocket springs. Both are available in medium and firm tensions and combine these innovative springs with British RWS wool, natural latex, eOlus™ and Adaptiv™ comfort springs. They also feature a two-row hand side-stitched border and chemical-free 100% viscose sleep surface. Keeping Britishness at the heart of its stand, Hypnos also teased retailers with its collaborations with some of Britain’s most admired fabric companies. Showcased on beds and with swatches from Sanderson, Timorous Beasties, Harlequin and Hainsworth, the show was an opportunity to preview and gather feedback on the patterns and trends before release in February 2025. Rounding out the new introductions for this year were changes to the Hypnos Pillow Top Collection, where a new firmer tension was introduced.David-and-James-NBF.jpg David Baldry, Hypnos’ Group Managing Director, says: “I am incredibly proud of our progress this year and all the hard work that the Hypnos team have made, preparing and strengthening the business for the next 120 years. Our new management structure, investment in new systems and our approach to sustainability throughout the business, not just in our products, are aimed at improving our customer's experience of the brand and delivering Hypnos comfort with integrity." "Our new partnerships with Barnardo’s and DFDS are proof that progress happens when people and organisations work together – indeed this has resulted in £130,000 to date going to support the work of the Eden Project – partnership is leadership." “As a renowned bespoke luxury bedmaker, Hypnos is in a great position to be able to support British products, craft and design – we have introduced the Responsible Wool Standard to British farms and are proud to partner with other British suppliers and brands.”

The NFU has responded to Defra’s Farm Business Income (FBI) figures which show record falls since 2022/2023. NFU President Tom Bradshaw said: “Defra’s estimated Farm Business Income figures for 2023/24, confirmed, paint a stark picture of the challenges facing many farmers, with rising input costs, significantly lower commodity prices, a reduction in direct payments and one of the wettest winters in decades leaving many businesses worse off. For example, cereal farmers have seen their income fall by 73% and income for dairy farmers has fallen by 68% compared to 2022/23." “When these figures were first estimated back in March 2024, we said that we needed a government that would create policies to support British agriculture and help farmers and growers to build financial resilience into their businesses. Profitable farm businesses are essential if we are to deliver what the country needs; food security, with food produced to world leading standards and environmental protection." “Instead, we have seen the opposite. The recent Budget announcing changes to Agriculture Property Relief (APR) and Business Property Relief (BPR) have left farmers reeling. Many will be faced with a tax bill of millions. Some will be forced to sell all or part of their farm to raise the funds." “These are the working people of our countryside, the majority of them working for little profit but happy in the knowledge their life’s work will mean they can pass the farm on to the next generation. This tax threatens to change all that. It threatens our food security and with the compounded impact of National Insurance and National Living Wage changes, it threatens to push up food prices for consumers." “There has been a clear Treasury miscalculation of the impact this will have on farmers and growers. The Treasury is working off the wrong figures. This policy won’t protect family farms, it will do the opposite." “Treasury officials have assumed that all previous APR claims are working farms, which is not the case. Nor did these claims include those eligible for BPR. Far from protecting smaller family farms, which is what ministers say they’re doing, they’re protecting private houses in the country with a few acres let out for grazing while disproportionately hammering actual, food-producing farms which are, on paper, much more valuable. Even the department responsible for farm policy, Defra, has figures which show this, with the department’s own data showing two thirds of farms could be affected. “Another key question is what impact assessment has been done ahead of this policy announcement on homegrown food production? Because if farms are being broken up and sold, British food will be hit. There is a very real threat to our long-term food security because there is no incentive to invest for the future. Any available cash will now be going into pension provisions rather than investing in the infrastructure on farm to deliver food security for the next decade and beyond." “At last year’s NFU Conference, we heard from Sir Keir Starmer that ‘Losing a farm is not like losing any other business, it can’t come back’. He was absolutely right. It can’t. And neither can its ability to produce food for the nation." “The pressure is building. Defra and the Treasury are aware that on 19 November, NFU members will be making their way to Westminster to take part in our mass lobby of MPs. We will be looking them in the eye and asking if they support this family farm tax, or if they will do the right thing for their farming constituents and support our call for it to be reversed." “The only sensible course of action is for the Treasury to reverse this decision and soon.”

Bechtel is proud to announce its selection by Rio Tinto to lead the design and construction of Copperton Phase 2 Solar, a significant renewable energy facility that will support operations at Rio Tinto’s Kennecott mine in Utah, one of the largest open-pit copper mines in the world. This project marks Bechtel’s first collaboration with Rio Tinto in the renewable energy sector and reinforces Rio Tinto’s commitment to achieving net-zero emissions by 2050. The Copperton Phase 2 Solar project underscores both companies’ dedication to sustainable practices and the advancement of clean energy solutions in mining. Scott Austin, Bechtel’s General Manager of Renewables & Clean Power said: “We are pleased to build on our longstanding partnership with Rio Tinto by expanding into clean energy. This project demonstrates climate commitments in action, and we look forward to working together on this innovative renewable power solution.” When completed in late 2025, the Copperton Phase 2 Solar project will span 210 acres and generate 25 MW of power from 71,000 highly efficient bifacial solar modules. Bifacial solar modules enable both sides of the panels to absorb sunlight. Additionally, Bechtel will leverage its proprietary and award-winning digital delivery methods to design, construct and commission the facility, incorporating autonomous technologies to optimize project delivery. At peak, 100 local construction jobs are expected to be created on the project. Rio Tinto Kennecott Managing Director Nate Foster commented: “Expanding our solar farm is the latest step in our journey to reduce our carbon footprint. Together with other measures we’ve taken, such as closing a coal-fired power plant, deploying battery electric vehicles underground, and our recent transition to renewable diesel, we have reduced our emissions by millions of tons over the past few years. We’re demonstrating every day that sustainable practices and resource production can go hand-in-hand to benefit our company as well as our community.” The new solar plant will be located next to Kennecott’s existing 5MW solar plant. Together, the two solar plants will reduce Kennecott’s Scope 2 emissions by approximately 6%, or 21,000 tons of carbon dioxide equivalent every year. This is equivalent to removing around 5,000 gas-powered cars from the road.

Following the announcement of this year’s King’s Awards for Enterprise, JJ Smith and Archwood Group have strengthened their partnership to drive sustainable innovation in timber manufacturing. JJ Smith, recently honoured for International Trade, and Archwood Group, awarded for Sustainable Development are combining their expertise to lead the industry in eco-friendly practices and advanced production technology. Archwood Group, a leader in sustainable timber products, has invested over £500,000 in CNC machinery from JJ Smith, a trusted partner of over 35 years. This cutting-edge equipment enhances Archwood’s production capabilities for its Richard Burbidge brand, supporting increased efficiency while reinforcing the company’s sustainability targets. Josh Burbidge, Managing Director of Archwood Group, commented: “Receiving the King’s Award for Sustainable Development was a proud moment for everyone at Archwood. Strengthening our partnership with JJ Smith allows us to continue making strides in sustainability while expanding production capability. Their advanced machinery supports our goals of reducing emissions and minimising our environmental impact.” Lee Burford, Operations Director of Archwood Group, highlighted; “Investment in state-of-the-art machinery from our long-standing partner, JJ Smith, demonstrates our commitment to UK manufacturing. It broadens our manufacturing capabilities, allowing us to offer a wider range of products to our customer base including new & innovative designs." To celebrate their shared success in the King’s Awards, Archwood Group hosted JJ Smith’s Managing Director Rachael Baker for an exclusive tour of Archwood’s North Wales production facility. During the visit, both teams reviewed current projects and explored new opportunities for further automation and innovation in sustainable timber manufacturing. Rachael Baker, Managing Director of JJ Smith, added: “We are thrilled to partner with Archwood Group on their sustainability journey. Our long-standing collaboration is built on shared values and a commitment to creating positive environmental impact, and together, we are advancing what is possible in the woodworking industry.” As two of the UK’s most recognised family businesses, Archwood Group and JJ Smith are setting a new standard for innovation in the timber industry. The King’s Award achievements underscore their dedication to sustainable development and international trade, and their continued collaboration is expected to drive further advancements in environmentally friendly timber production.