The UK’s community bank, Metro Bank, gives every colleague a Day to Amaze – essentially a paid day off to support a local charity or good cause. Colleagues from Metro Bank’s Brighton store decided to use their Day to Amaze to help clean the local beaches as part of the Million Mile Clean Up originally created by UK surfers. Metro Bank colleagues Stephen Cotton, Jack Richardson, Jake Worrell, Alicia Curd, Ali Bain, Lester Ferguson and Robbie Chalmers collected bags of rubbish as part of the Million Mile Clean Up initiative which encourages volunteers to clean up Britain’s coastline and waterways.  Every year the programme mobilises one million volunteers to clean over 10 million miles of UK landscape. "We are local residents and were keen to use our Days to Amaze to help clear up the beaches,’’ explains Brighton Metro Bank Store Manager, Stephen Cotton.  “I was more than happy to do my bit. It’s something that I’ve wanted to do for a while now and will certainly be taking part again soon.’’ Metro Bank’s Brighton store is located at 82 North Street, Brighton, East Sussex, BN1 1ZA.

A beautiful summer spent exploring exotic botanical gardens has formed the inspiration for East London Parasol Company’s latest collection for 2024. Influenced more specifically by the Waterlily House at Kew Gardens, the new designs boldly combine shades of maroon, tawny, raspberry and violet with shades of marigold, orange, green and primrose yellow. From the beautiful new Sallie Round Bamboo Parasol, which is a magical and whimsical combination of lavender with hints of orange, gilded by hand painted gold decoration; the Archer Round Bamboo Parasol, which is a bright yet elegant orange with hints of apricot and green; to the Colette Round Bamboo Parasol, which boasts an opulent deep red, almost maroon, with tones of peach, olive and gold, to the Noa Round Bamboo Parasol - a dreamy blend of green melon and honeydew, making for the brands most romantic parasol yet; the entire collection emulates a sophisticated, awe-inspiring aesthetic that introduces earthy tones to a stylish summer look. East London Parasol Company’s round bamboo parasols are made by hand in over 20 separate stages by incredibly talented Balinese artisans who build every part of the parasols from scratch with sustainable fruit woods and bamboo using traditional techniques. The octagonal parasols feature water resistant canvas canopies, and the parasol frame is made from durable blonde wood with East London Parasol Company’s own designs of brass fittings, every part specifically made for East London Parasol Co. Each Octagonal Parasol is lovingly assembled to order here in the UK. Lucy Ferguson, Founder of East London Parasol Company, harbours a love of chevrons, which have become bigger and bolder this year with two seriously eye-catching new designs of printed zig zag parasols, which exude the vibe of bohemian Tangiers in its international heyday. They are both striking and chic. Lastly, the 2024 collection also includes two new designs in collaboration with Warner House, featuring beautifully reworked heritage prints. They have created a stunning regal ruby purple edition of the Elizabeth Octagonal Parasol, a recoloured classic Warner House Balmoral print, Citrine, which is a striking shade of yellow, and a sumptuous Peony Jade Green Octagonal Parasol, printed with verdant flora and soaring birds. The Warner House Octagonal Parasols bring together the best of British carpentry and Indian textiles. The canopies are screen printed and sewn from water resistant canvas in Jaipur, Rajasthan, while the Warner House Octagonal Parasol frames are made by carpenters in the UK using FSC certified sustainable ash wood. The rest of the brand’s Octagonal Parasol frames are hand-made with a beautiful blonde wood frame by carpenters in India to an equally high standard. For more information please visit www.eastlondonparasols.com

In the heart of the English seaside town of Blackpool, a dazzling spectacle transforms the coastline into a mesmerising wonderland each year. The Blackpool Illuminations, a world-renowned light display, captivates millions of visitors with its radiant charm. Let's embark on a journey to discover the magic behind this iconic event. A Tradition Like No Other The Blackpool Illuminations, fondly known as the "Greatest Free Light Show on Earth" have been illuminating the town's Promenade since 1879. This iconic event has a rich history, making it a cherished tradition for both locals and tourists. A Seasonal Spectacle The Illuminations typically run from late August to early November, transforming Blackpool's coastline into a radiant paradise. This extended period ensures that visitors from all around the world have the chance to witness the magic of the lights. A World of Light What sets the Blackpool Illuminations apart is the sheer scale and diversity of its displays. Stretching over six miles, the display features over a million bulbs that bring various themes to life. From sea creatures to popular cartoon characters, the range of displays is nothing short of astounding. Innovation and Technology Over the years, the Illuminations have embraced cutting-edge technology. LED lights now dominate the displays, offering not only more vibrant and dynamic colours but also significant energy savings. This eco-friendly approach ensures that the event remains sustainable and continues to light up Blackpool for generations to come. The Switch-On Event Each year, the grand switch-on event marks the beginning of the illuminations season. Celebrities, artists, and dignitaries are invited to pull the switch that sets the lights ablaze. It's a star-studded affair that garners attention and excitement worldwide. A Source Of Community Pride The Blackpool Illuminations are not just a tourist attraction; they are a source of immense pride for the local community. Residents and businesses come together to support and contribute to the event, making it a true celebration of unity. A Boost For Tourism Aside from the stunning displays, the Blackpool Illuminations provide a significant boost to the town's economy. Hotels, restaurants, and local businesses flourish during the Illuminations season, welcoming tourists from all over the world. Interactive Elements In recent years, organisers have introduced interactive elements such as the "LightPool" festival, which includes light-based art installations, 3D projection shows, and opportunities for visitors to become a part of the Illuminations themselves. Memories that Last a Lifetime For many, visiting the Blackpool Illuminations becomes a cherished memory. Families come year after year, creating traditions that span generations. It's a reminder that even in this digital age, the simple joy of dazzling lights can bring people together. The Blackpool Illuminations are not just a display of lights but a testament to the enduring power of tradition and the boundless creativity of humanity. Each year, as the nights grow longer, the town of Blackpool comes to life in a radiant symphony of colours and shapes, reminding us all of the magic that can be found in the simplest of pleasures.

Recent forecasts by Gartner indicate that global end-user spending on security and risk management is expected to reach $215 billion in 2024, reflecting a substantial 14.3% growth from the previous year. This surge underscores the increasing complexity of digital risks facing businesses today. Since the average cost of the breach is getting higher each year with more companies experiencing this problem, NordLayer cybersecurity expert shares that this year, data breaches in the healthcare industry will still be prominent, remote work will raise challenges, and generative AI will be a cyber threat, among others. “Almost all of the attacks today are caused by the human element, since it is a person who clicked on a phishing link or is connected to a public Wi-Fi. As long as we don’t pay attention to basic cybersecurity, we will have a high cost of breaches and a flourishing ransomware industry,” adds Carlos Salas, a cybersecurity expert at NordLayer. Top 5 Cybersecurity Trends Of 2024 “While there is no panacea that would cure all cybersecurity ills, staying informed about what danger is awaiting can minimize these risks. The growth of AI impacts other types of cyberattacks, making them more effective and easier to create. So, prevention and education should really pay off this year,” says Salas. Salas has identified the top 5 cybersecurity trends awaiting in the upcoming year: Rising data breaches in healthcare : Strict regulations like the Health Insurance Portability and Accountability Act (HIPAA) set strict rules for patient data protection in the healthcare sector. However, despite this, healthcare continues to face the most cyber breaches. Besides, such breaches are also the most expensive. Security challenges in remote work : The hybrid work model introduces new cybersecurity risks, with various devices and networks expanding the perimeter for cyber threats. In addition, the shift towards hybrid work presents cybersecurity challenges, including issues with remote device security and compliance with data privacy laws. Generative AI as a cyber threat : Deepfakes, a type of generative artificial intelligence, have become a new menace in cyberspace. For instance, deepfake video technology has already been developed and used for phishing schemes. Also, with the help of AI chatbots, it is much easier to create more convincing phishing scam scenarios. Cyber attacks on a national level : The shadow of 2016 cyber intrusions haunts the 2024 U.S. presidential elections, raising concerns about cybersecurity in the political landscape. On the other side of the globe, Russian cybercriminals disrupt Ukrainian and European supply chains, while a new group, "Cyber Toufan," backed by Iran, targets Israeli companies. Past examples show nation-state cyber warfare is growing in sophistication, impacting international relations. Human error as a leading cause : Human error remains a predominant factor in cybersecurity breaches, accounting for 95% of incidents. What is worse, targeting individuals with appropriate access to a company's data is the goal of social engineering attacks, which are getting more focused. What Are The Ways Of Staying Safe Online? Salas advises first following basic cybersecurity hygiene: “Always use multi-factor authentication (MFA) for working tools and network access. Also, secure remote devices with VPNs. This will help employees working abroad to stay secure, too. Lastly, enforce strong, regularly-changed passwords.” Speaking of investments for 2024, Salas recommends looking at a few things when considering cybersecurity solutions: “There is no pill that will help protect your business from various cybersecurity threats. All of the purchased tools must go hand-in-hand with the right culture and attention, so invest in your employees' cybersecurity education.” “When considering network security, make sure to assign minimal user privileges in line with Zero Trust principles. Employ intrusion detection systems/intrusion prevention systems (IDS/IPS) for in-depth threat tracking,” Salas says. “Lastly, conduct regular security system tests and risk assessments, and ensure staff are trained to detect phishing attacks.”

Stricken UK winter vegetable growers hit by recent storms and flooding have been given a helping hand by Tesco. The supermarket is temporarily accepting slightly smaller sprouts, cauliflowers, cabbages and leeks to help UK farmers struggling with the devastating weather conditions that have affected their livelihoods. As a result of the rainfall and poor growing conditions these winter vegetables may be slightly smaller than usual but will still have the same great taste. Farmers will still supply Tesco with more of their crop and avoid having to sell at lower prices on the open market. The move will also help Tesco keep British produce on shelves for customers and reduce the risk of shortages. The heavy rainfall and subsequent flooding starting in the late autumn and continued through Christmas and into the New Year. The floods have mainly affected growers in Lincolnshire, East Anglia, Cornwall and Scotland. Tom Mackintosh, Tesco Fresh Produce & Horticulture Director said: “By accepting slightly smaller sprouts, cauliflower, cabbages and leeks, we can support the fresh produce industry while ensuring that customers are able to continue to buy British winter vegetables." "We’re pleased to be able to provide support to our growers, farmers and suppliers who are facing really challenging harvesting conditions.” Tesco’s technical team worked closely with suppliers to ensure that Christmas vegetables would not be in short supply. Sprouts were a particular problem due to their size and some were growing underwater due to the flooding. In order to dry the wet sprouts Tesco worked with growers to develop a new innovative drying method, using cool air blowers to literally blow the water off them in their storage pallets. East Midlands, and Lincolnshire in particular, have been particularly hard hit since the storms and flooding started in October. One of the area’s biggest growers of winter vegetables, TH Clements, said that they have only had a handful of dry days since October which has made harvesting extremely difficult. TH Clements Commercial Director John Moulding said: “This is the worst flooding we have had this century and we have lost about 20 per cent of our total winter crops including sprouts, cabbages, cauliflower and leaks." "It’s been a very tough time for us for more than three months both physically and financially in having to pull the vegetables out of the muddy fields. We have literally had to race against the clock to get the vegetables pulled out of the ground to stop them from rotting." "The flexibility that Tesco has given us has allowed us to maximise the amount of product we can get on their shelves therefore guaranteeing greater availability for shoppers.”

M&S has unveiled plans to invest £30 million in bricks and mortar stores across Scotland. The retailer’s investment will deliver more than five new store openings and expansions over the next eighteen months, supporting over 6,500 jobs in communities across the country. As one of the biggest private sector investments in Aberdeen for years, these plans include £15m for M&S Aberdeen Union Square – next year expanding to almost the double the size with a spacious fresh market-style food hall full of exciting new features including a beautiful flower shop, a cheese barge, larger in-store bakery and dedicated M&S Wine Shop as well as bigger clothing, home and beauty departments – all designed to make shopping inspirational and easier than ever before. Alongside a new M&S foodhall coming to Linlithgow later this month, there’s more investment in the Northeast economy with a new full-line store in Dundee’s Gallagher Retail Park on track to open in Summer 2024. M&S will also open in Largs for the first time with a new foodhall due to open in early 2025. Scotland is also an important strategic sourcing location for M&S – with 2,500 Scottish farms in its supply chain and long-standing partnerships with companies such as Kettle Produce, McSween and Scottish Sea Farms. Many Scottish-sourced product lines are sold not just in 94 stores in Scotland but across a wider network of stores across the UK and beyond. Sacha Berendji, M&S Operations Director said: "This is our biggest ever investment in Scotland, putting £30m into transforming the shopping experience for customers in Aberdeen, Largs, Dundee and Linlithgow - bringing new jobs across the country with bigger, better, fresh-market style foodhalls and new opportunities for Scottish shoppers to access our best-ever, most inspiringly presented clothing, home and beauty range. Our investment in Scotland goes beyond new stores with M&S sourcing more Scottish produce than ever before, through strong partnerships with local producers." "Around 2,500 Scottish farms, sea farms and fisheries supply us with great quality products, many supplied beyond Scotland to M&S stores across the UK. Our commitment to Scotland has never been stronger.” Spring 2025 is when the £15m expansion in Aberdeen Union Square is scheduled to complete and the city can boast the fourth biggest M&S in Scotland. M&S will then be closing its store on St Nicholas Street. Plans for this longer-term relocation have today been shared with colleagues – with all those on permanent contracts transferring over to M&S Aberdeen Union Square or other nearby stores next year. M&S will work closely with the council and partners on the future development of the St Nicholas store. Rachel Rankine, North East Regional Manager for M&S, said: “The scale of our investment is a vote of confidence in the future of retail in Aberdeen city centre, with a flagship store on the same scale as city centre stores in Birmingham and Liverpool. Where we have already invested in new formats, our customers have responded to the destination shopping experience and Aberdeen shoppers can look forward to having a bigger, better, fresher food hall and the best in M&S clothing and home.” The Scottish investment announced today reflects M&S’ aim to become the UK’s leading omnichannel retailer, with its store rotation programme designed to ensure M&S has the right stores, in the right place with the right space. The retailer is aiming to rotate from a base of 247 stores across the UK to 180 higher quality, higher productivity full line stores that sell its Clothing, Home and Food ranges, while also opening over 100 bigger, better food sites by FY27/28. At the start of last year, M&S set out a c.£500m multi-year investment in its store rotation programme across the UK and outlined its ambition to go faster in the programme and target delivery in three years instead of five by FY25/26. This new investment of £30m for Scotland announced today is on top of £32m already invested in eleven Scottish stores over the last four years – including brand-new foodhalls in Paisley, Hamilton and East Kilbride. Beyond this headline investment, M&S has already launched eleven new and renewed stores over the last four years in Scotland, including new foodhalls in Straiton (Edinburgh), Hamilton, Falkirk Central, Cumbernauld, East Kilbride and Paisley alongside renewals and expansions in Glasgow Silverburn, Edinburgh Gyle, Anniesland, Glasgow West End and Bishopbriggs alongside two recently opened convenience stores in Glasgow Battlefield and Glasgow Queen Street. In the last year, M&S has continued to see strong performances from these recently opened and relocated stores with sales ahead of plan with increased footfall and customers buying bigger baskets of food giving the retailer the confidence to accelerate the programme. New stores deliver an omni-channel shopping experience so customers can shop how they want The new stores pipeline means M&S will have more than 15 stores across Scotland in its renewal format. Each store aims to appeal to families, with customers able to browse in wider, brighter aisles, with fresh market-style foodhalls stocking the full M&S Food range and spacious clothing, home & beauty departments. Many renewal stores also have more ample and accessible car parking to make shopping more convenient for customers, especially for bigger weekly food shops. The new stores and renewals are also underpinned by substantial investment in new digital services that offer customers an omnichannel service – including the roll out of Digital Click & Collect so that customers can collect their parcels in-store in under 60 seconds. Other innovations include Scan & Shop which lets customers use their phone to scan and bag food items directly from the M&S app as they shop.

Female CEOs issue less company debt than male CEOs, because women are often more risk-averse than their male counterparts and therefore less likely to get the company into financial difficulty, according to new research by Durham University Business School. The study also showed that the younger the CEO, the more pronounced the findings are, with younger female CEOs very conservative in their debt issuing, in contrast to younger male CEOs, who are more likely to rack up arrears. Conducted by Dr Yeqin Zeng, Professor of Economics at Durham University Business School, alongside Qi Zhu, Central South University Business School, Yuxuan Huang, Hunan University Business School, and Cheng Yan, Essex Business School, the study examined the effects of a CEO’s gender on a company’s debt structure. To do so, the researchers examined data from the S&P 1500 – the market index of US stocks – from the years 1993-2021. Using over 28,000 firm observations in this period, the researchers were able to monitor the changes in CEO appointments and over time, as well as the debt structure of each firm, and whether or not this changed dependent on the CEO’s gender and age. The researchers found that for female CEOs, the average value of borrowed capital was 2.7% lower, as well as the average value of investing or trading in financial markets by 2.9% compared to companies with male CEOs. The researchers state that women’s risk-averse nature is likely the reason why. Younger CEOs, the research suggests, are more likely to have more extreme results compared to older CEOs because the potential rewards for risk-taking are higher. This means male CEOs are more likely to take chances due to potential for a higher reward, whilst female CEOs are less likely to take the chances due to the potentially higher risks to their careers and companies. “Over the past 20 years we’ve seen an increase from just 0.5% of CEOs in the S&P 1500 being women, to 7% in 2021.” says Dr Zeng. “Clearly it is a positive that the gender split of CEOs is on the up, but it makes for interesting new challenges for firms when they look at how their company is structured and performs. Our findings show that typically, female CEOs are less likely to get the company in debt, whilst men are more likely to be riskier CEOs”. Interestingly, the researchers also found that the influence exerted by the CEO’s gender is much more pronounced when the level of market competition is higher, and the risk of litigation is higher too – due to the heightened risks and rewards. The researchers also found that the CFO’s gender has much less of an impact on how the firm structures it’s debt – it is the CEO’s gender that really matters. The researchers say that these findings clearly show that gender does have an impact on how firms perform, and the decisions the wider company enacts on behalf of the CEO’s decision-making. The researchers say that this gives food for thought to companies when they are looking to hire their next CEO, giving them opportune time to manage their debt structuring too before doing so.

Responding to the latest Defra fly-tipping statistics for England, NFU Vice President David Exwood said: “The latest figure showing just over a million reported fly-tips is still way too high and part of a concerning overall upward trend over the past five years. We believe this figure could be even higher as it doesn’t take into account reports from private landowners." "Fly-tipping continues to be a huge problem and one that plagues the lives of so many of us living and working in the countryside. Items such as worn out tyres, battered old fridges and bags of rubble are commonplace. But more and more our farms are being strewn with kitchen appliances, sofas and increasingly, industrial-scale amounts of rubbish such as builder’s rubble and hazardous materials." “This is affecting farmers' efforts to produce food and care for the environment but is also taking a huge toll emotionally and financially." “It is good to see government taking the issue seriously and launching initiatives to combat the issue. These include increasing the maximum penalty for fly-tipping from £400 to £1000 as part of its Antisocial Behaviour Plan, funding a new fly-tipping post within the National Rural Crime Unit and abolishing charges for DIY waste to be disposed of at recycling centres – although some charges still apply and booking systems can mean lengthy waits." “The NFU believes more can and should be done including better promoting the household duty of care to ensure all householders are aware that their responsibility for waste disposal is maintained to its final disposal point. We also want to see accreditation for all council enforcement officers to give them enhanced police-style powers to tackle fly-tipping and littering.”

Three in ten employees with hybrid working options say their manager or boss being in the office puts them off from coming in more regularly, according to new research from beyond. The workspace provider commissioned an independent survey of 1,262 UK adults in part-time or full-time employment, unearthing the top reasons hybrid workers avoid commuting into the office more often. Cost is the most significant factor, with two thirds (67%) saying the rising cost-of-living has made them want to work remotely more often for cost-savings reasons. Over half (54%) say they would go in more if their place of work was better located (in an area that had more things to their liking or was nearer to their home), while 38% wish the workspace itself was of a better standard. This comes as 30% say they would head into their workplace more often if their boss was not there. The same number (30%) of hybrid workers say their employer does not offer them the working arrangements that they would like. Wybo Wijnbergen, CEO of beyond, said: “Most organisations are striving to create a happy, productive culture. For many, building that culture starts with their place of work – the place employees come together to exchange ideas, collaborate and bond as a team." “But our research clearly shows that when a business has a sub-par workspace – inaccessible, unappealing location or lacking in good facilities – people’s motivation to brave the commute is likely to wane. The cost-of-living crisis has accentuated this point, with employees increasingly having to consider how much it costs them to commute." “Ultimately, flexible working is not just about allowing for the hybrid of remote and office working. It’s also about having workspaces that embrace flexibility, giving people a great experience, with different facilities and spaces to meet the needs of individuals and teams. We should expect this to once again be a defining business trend in 2024.”

Educating leaders on geopolitical risks gives a competitive advantage, says Dr Elizabeth Stephens, Managing Director of Geopolitical Risk Advisory (GRA) and instructor in leadership programs of Aalto University Executive Education and Professional Development (Aalto EE). “Given the war in Ukraine, spiralling tensions in the Middle East and the potential for Donald Trump to return to the White House in 2025, it’s not surprising that many CEO’s cite geopolitical risk as the greatest threat to their businesses,” she says. “The challenge they confront is what to do about it.” She says that companies that invest in increasing their understanding of geopolitical risks are then well-placed to determine the most effective way they can manage their geopolitical exposure. This means educating leaders, talking to experts, and looking at various data and modelling capabilities to enhance their internal functions. Dr Stephens advises companies to do this as it allows them to anticipate what could potentially happen next by identifying risk, quantifying it and then devising scenarios to manage that risk. “Do not assume that the past is the guide to the future and always believe that the unthinkable will happen. Imagine what the worst-case scenario could be and come up with a strategy for how you manage it. This will give you a lead over your competitors should the geopolitical investment environment deteriorate,” says Dr Elizabeth Stephens. “It doesn’t need to be a daunting task. The growth of data analytics has created the speed with which geopolitical data can be converted into actionable insight.” A key part of dealing with geopolitical risks is building a resilient company. Dr Ulla-Maija Uusitalo, Director of Sales and Accounts at Aalto EE, adds that in order to be a resilient company means being aware of, capable of responding to, and even acting proactively to big changes. “You need to build resilience into your operations and supply chains. It may increase your costs in the short term, but in the medium to long term, it may enable the business to keep functioning in times of political uncertainty,” adds Dr Stephens. “And the only certainty companies currently have is that the geopolitical operating environment will become increasing uncertain.”

Producer of English still wines is shortlisted for the Naked Wines’ Winemaker of the Year award Kieron Atkinson, a winemaker and vineyard tenant in Derbyshire, has become the first producer of English still wines to be shortlisted for the Winemaker of the Year award, hosted by Naked Wines. Presented annually to celebrate winemakers who go the extra mile, as determined by customer vote, the award acknowledges winemakers and vineyards from all the major wine regions of the world and includes some of the most renowned winemakers on the planet. Kieron’s wine is produced in Derby, a city in the heart of England and not always a place people imagine award -wines to be made. His still red Mills & Hills Pinot Noir and still white Mills & Hills Bacchus wines have both been noted for their quality and received rave reviews from the Naked Wines customers. Kieron says, “It is incredibly exciting to be nominated for the award, as an independent winemaker I am just so pleased that English wine – in particular still wines – are getting recognition for their outstanding qualities.” The awards by Naked Wines have been in place for over a decade and 330,000 Naked Wines customers are invited to vote to crown the winning winemaker who will receive funding to make the wine they have always wanted to make. The results will be announced at the end of January 2024. Kieron continues, “Naked Wines creates a fantastic community, joining people with a passion for excellent wines and raising the profile of artisan winemakers. The doors are always open at the winery or vineyard for people to come and experience the wines and their production”.

Business activity at UK small and medium-sized enterprises (SMEs) expanded at the fastest rate for seven months in December, led by renewed growth in the service economy. Adding to signs of a steady turnaround in business conditions, new orders stabilised at the end of 2023, which ended a five-month period of reduced workloads. Key Findings: Fastest rise in overall UK SME output since May 2023 Service providers report growth rebound, but manufacturers see an accelerated decline Business optimism among SMEs reaches highest level since March 2022 Cost inflation hits three-month high and is seen as the biggest obstacle to sustainability action in 2024 The headline NatWest SME PMI® Business Activity Index registered 51.2 in December, up from 50.7 in November and the highest reading since May. This signalled a marginal overall increase in SME business activity, with growth in the service economy more than offsetting sustained declines in manufacturing and construction output. The latest fall in manufacturing production was the steepest since October 2022, reflecting weak demand in both domestic and export markets. Survey respondents often commented on relief at the pause in Bank of England interest rate hikes last autumn, alongside a positive impact on business and consumer spending from lower borrowing costs and easing inflationary pressures. This contributed to an improvement in business activity expectations for the year ahead. Overall business confidence among SMEs was the highest since early-2022, helped by a marked improvement in service sector optimism at the end of last year. Elevated wage pressures and squeezed margins meant that UK SMEs were wary about adding to their staffing numbers. Job creation stalled in December, which ended a 33-month period of employment growth. A number of firms commented on the non-replacement of voluntary leavers due to spare capacity and efforts to contain business expenses. Input cost inflation accelerated to its highest since September, which was overwhelmingly linked to greater salary payments. December data also signalled a robust rise in prices charged by SMEs, led by those operating in the service sector, largely in response to higher operating expenses. Meanwhile, the latest NatWest Sustainable Business Tracker indicated that 35% of UK SMEs viewed sustainability action as a high priority for the year ahead, down from 36% in Q3 and the joint-lowest since the survey began in 2020. A slide in prioritisation was reported by both manufacturers and service providers, with survey respondents often commenting on the need to focus on rising business expenses and challenging economic conditions. In contrast, the proportion of large enterprises citing sustainability action as a high priority rose from 59% to 64% in Q4. Finally, our special feature on obstacles to sustainability actions in 2024 illustrated that worries about higher business costs were by far the most prevalent constraint cited by UK SMEs. Around 60% of the survey panel noted that rising business costs was a major obstacle to becoming more sustainable in the next 12 months. Difficulties measuring carbon footprint were the second-highest ranked barrier, reported by 31% of SMEs in Q4. Large enterprises also noted that rising business costs (59%) were the top ranking obstacle for 2024, while uncertainty about government regulation was the second-highest cited constraint on sustainability action (37%). Sebastian Burnside, NatWest Chief Economist, said: “Small businesses are starting 2024 on a positive footing with confidence getting back to pre-energy crisis highs. Costs are clearly a concern and rising wages, especially the national minimum wage, means businesses are going to be working hard to find efficiencies this year. That may mean sustainability initiatives slide down the priority list for some, but investments in energy efficiency will make even more sense for others. The market’s expectations of interest rate cuts may also help lower financing costs, if the Bank of England builds more confidence that inflation is falling reliably.” James Holian, Head of Business Banking at NatWest Group, said: “After a turbulent year for the economy, it is really encouraging to see that small businesses ended 2023 in higher spirits, with growth accelerating at the fastest rate since May. The services sector in particular has been buoyed by strong sales in the last quarter as borrowing costs have eased. With business confidence now at its highest level in over a year there’s a real sense of momentum as we start 2024." “For those businesses looking to improve their environmental sustainability, rising business costs remain the biggest challenge. At NatWest we have developed the tools to support businesses to understand where they can improve their energy efficiency and save money, so they can concentrate on the day-to-day running of their business.” Obstacles To Sustainability Goals in 2024: NatWest asked businesses to report on obstacles that UK SMEs face in becoming more sustainable in 2024. Of the ten potential barriers covered by the survey, rising business costs were cited as the biggest challenge for SMEs when looking to improve their environmental sustainability. Six-in-ten SMEs noted this as the largest obstacle, with manufacturers more likely to report this as a constraint than services companies (66% versus 54%). Furthermore, the proportion of SMEs stating rising costs as a barrier was nearly double that recorded for the next biggest obstacle; the inability to accurately measure their carbon footprint (31% of all SMEs). A number of companies reported that suppliers, particularly those based overseas, were often unable to provide information on their carbon emissions, which made it challenging to calculate their companies' overall footprint. A lack of customer demand for more sustainable products (26% of all SMEs) and difficulties in making a business case for sustainability in terms of cost savings (25%) were also key concerns. While rising business expenses were also the main concern among large companies when it came to future sustainability goals in 2024 (59%), uncertainty around government regulation placed second in the rankings of top obstacles. Around 37% of large firms reported uncertainty around government policy as a constraint on sustainability plans for the year ahead, compared to 30% of SMEs.