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Rachel Reeves announces the first Labour budget in 14 years, and the first to be delivered by a female Chancellor.

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Britain voted for change, she says. The government has a mandate to restore stability and start a decade of renewal, she says.

Reeves says Labour must ‘invest, invest, invest’ to promote growth

The only way to deliver growth is to “invest, invest, invest,” she says.

She says Labour has had to renew Britain before, and it will again.

Reeves says she is setting aside £11.8bn to compensate infected blood victim scandals, and £1.8bn for Post Office scandal victims

Reeves says people can see the problems facing public services. She says:

The country has inherited not just broken public finances, but broken public services too.

The British people can see and they can feel that in their everyday lives: NHS waiting lists at record levels, children in portacabins as school roofs crumble, trains that do not arrive, rivers filled with polluted waste, prisons overflowing, crimes which are not investigated and criminals who are not punished.

She says the last government did not provide funds for services, and for things like compensation scheme (for Post Office operators, and for victims of the blood scandal).

She says Rishi Sunak apologised to the victims of the blood scandal. But he did not budget for compensation, she says.

She says she is setting aside £11.8bn to compensate the blood scandal victims, and £1.8bn for the victims of the Post Office scandal.
Reeves says she is maintaining the Bank of England’s inflation target of 2%.

She thanks Bank of England staff for their help.

And she hanks her predecessors for their advice. Kwasi Kwarteng said in a Mail on Sunday article his mini-budget was not perfect. She agrees, she says.

Inflation is now forecast to be 2.5% this year, and 2.6% next year.

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Rachel Reeves first Labour Budget in 14 years in detail

Rachel Reeves is expected to make climate change a core priority for the Bank of England in her first Budget as Chancellor, calling on Governor Andrew Bailey to give environmental concerns the same weight as economic growth.

This shift, conveyed in a letter to Bailey on Wednesday, will reintroduce climate change as a focus for the Bank’s Financial Policy Committee, reversing former Chancellor Jeremy Hunt’s 2023 decision to downgrade its importance.

Ms Reeves’s move aims to align the Bank of England’s priorities with Labour’s commitment to make Britain a “clean energy superpower,” a manifesto promise to accelerate the country’s transition to net zero. Under this new mandate, the Bank will balance climate action with other key objectives, such as supporting economic growth and promoting home ownership.

The decision, however, has sparked debate, with critics questioning whether the Bank should focus on climate-related risks amid pressing inflationary pressures. Former Bank of England governor Lord Mervyn King has argued that climate change responsibilities distract from the Bank’s core mandate to maintain price stability. “The Bank of England can do nothing about climate change,” he said, stressing that its primary focus should remain on controlling interest rates and inflation.

Bailey himself has acknowledged the need to address climate risks but cautioned that climate action is outside the Bank’s main remit. Similar concerns were echoed by the House of Lords Economic Affairs Committee, which warned last year that an increased focus on net zero could hamper the Bank’s inflation-fighting capabilities. The committee urged the Treasury to “prune” the Bank’s mandate, highlighting a risk of politicisation.

Labour has countered that addressing climate risk is critical to safeguarding long-term economic stability, pointing to financial system vulnerabilities posed by environmental factors. Ms Reeves has enlisted former Bank of England governor Mark Carney, who during his tenure brought climate risks to the forefront of the Bank’s agenda, to advise on attracting private investment and establishing a national wealth fund.

The Bank’s climate focus was notably scaled back under Mr Hunt, who last year replaced “climate change and energy security” with “productive finance” and “growth and competitiveness” in the Financial Policy Committee’s remit. This change led the Bank to reduce its climate initiatives and reallocate resources, according to Bailey. The shift marked a stark contrast from Rishi Sunak’s tenure as Chancellor, during which he underscored climate change 13 times in his letter to the Bank.

With Ms Reeves’s proposed changes, the Bank of England may need to navigate an expanded mandate, which critics argue could dilute its effectiveness in managing inflation and monetary policy. The Treasury and the Bank of England have both declined to comment, but analysts suggest that the Chancellor’s climate focus is likely to influence policy across the broader financial sector.

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Reeves pushes Bank of England to prioritise climate change alongside economic growth

Rachel Reeves’s anticipated inheritance tax (IHT) changes have sparked a sharp sell-off in UK stocks, with investors withdrawing nearly £300m from funds invested in small UK companies last month, according to Morningstar Direct.

This represents a significant increase from the £80m withdrawn in August and reflects growing apprehension among investors about potential tax changes in Wednesday’s Budget.

Funds specialising in mid-sized UK stocks also experienced net outflows, with £30m withdrawn in September, ending five months of consistent inflows. This shift underscores the uncertainty in the market, as investors seek to avoid any adverse effects on their assets from possible changes to IHT exemptions.

Shares in smaller companies listed on Aim, the junior stock market, have long been a popular choice for wealthier investors aiming to minimise inheritance tax, as these shares currently qualify for business relief, making them exempt from IHT. However, fears of changes to this tax break are causing investors to divest before Reeves’s maiden Budget announcement.

Neil Birrell, chief investment officer at Premier Miton, highlighted the increased activity among smaller private investors concerned about IHT. “There’s very little liquidity around, and that’s pushing share prices down. Beyond that, there’s a general hesitation to invest in the UK ahead of the Budget,” he noted. The uncertainty, he added, has cast a shadow over UK equity markets, dampening sentiment.

Market analyst Mark Preskett from Morningstar also observed that financial advisers are seeing heightened nervousness among clients over the potential tax changes. “Some clients are anxious about potential tax adjustments, leading to more redemptions in recent months,” he explained. Smaller and mid-cap stocks, which are more exposed to the UK economy, are especially vulnerable to any Budget outcomes impacting domestic markets.

The impact of these investor moves is being felt by fund managers, with Liontrust reporting over £1bn in net outflows over the last quarter and wealth manager Brooks Macdonald attributing £100m in outflows to a drop in investor confidence.

As the Budget draws near, UK equity markets are under pressure, with investors looking to mitigate risks amidst speculation on tax reforms. This trend reflects broader concerns about the economic outlook and the potential for policy shifts that could reshape the investment landscape for small and mid-cap stocks in the UK.

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Investors pull £300m from UK stocks amid inheritance tax fears

The UK’s minimum wage will rise to £12.21 an hour for over-21s in April 2025, marking a 6.7 per cent increase from the current £11.44, the Chancellor has announced ahead of the Budget.

This move, affecting over three million workers, aligns with Labour’s pledge for a “genuine living wage,” according to Chancellor Rachel Reeves.

The upcoming changes include a significant pay boost for younger workers and apprentices. For 18 to 20-year-olds, the minimum wage will jump from £8.60 to £10 an hour, while apprentices will see a record increase from £6.40 to £7.55. The Treasury states these adjustments lay the groundwork for unifying the minimum wage rate across all age groups in the coming years.

This shift follows the government’s instruction to the Low Pay Commission to incorporate the cost of living into its recommendations, as inflation and living costs remain high. Helen Dickinson, chief executive of the British Retail Consortium (BRC), welcomed the wage hike for employees, noting that it provides some relief to households amidst economic pressures. However, she urged the Chancellor to reform business rates in Wednesday’s Budget to alleviate burdens on high-street retailers.

While this wage increase is expected to benefit many workers, business owners are concerned about the potential impact of higher payroll costs. Christine Dobson Moore, owner of the Sanwitches Cafe in Sabden, Lancashire, highlighted the struggle many small businesses face with rising costs. “Politicians don’t live in the real world. They don’t understand the impact this will have on us,” she said.

Hospitality leaders also raised concerns, with UK Hospitality chief executive Kate Nicholls warning that “balancing the books from the pockets of High Street businesses” could hinder the industry’s viability, leading to possible job cuts, higher prices, and reduced investment. Greene King CEO Nick Mackenzie added that while the minimum wage rise was “higher than expected,” it’s the “cumulative effect” of various cost increases that poses the biggest threat to business stability.

Amid the wage discussions, speculation mounts around tax hikes Labour might announce to address a projected £22 billion funding gap. One likely move is an increase in National Insurance contributions, which employers currently pay at 13.8 per cent on earnings above £175 a week. Reeves is expected to lower the threshold for employer contributions, a combined measure anticipated to raise around £20 billion in funding. Analysts suggest that this added burden could further strain businesses, potentially resulting in reduced hiring, limited pay increases, and increased prices passed on to consumers.

Paul Nowak, general secretary of the Trades Union Congress, defended the minimum wage rise. “Every time the minimum wage increases, there are claims it will harm employment, and each time they are proven wrong,” he stated. Meanwhile, Claire Reindorp, CEO of the Young Women’s Trust, said the increase is particularly impactful for women, who are disproportionately represented in low-paid roles.

Melanie Pizzey, chief executive of the Global Payroll Association, noted that businesses may consider curbing pay rises for those earning above the minimum wage to manage rising expenses.

With the UK’s economic growth a top government priority, some experts worry that the cost pressures of wage hikes, coupled with tax increases, could hinder progress on this front. Nonetheless, the National Living Wage rise to £12.21 stands as a major milestone for the government, reinforcing its commitment to addressing the cost of living crisis and supporting the UK’s low-income workforce.

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UK minimum wage to rise to £12.21 in 2025

UK shop price inflation has reached its lowest point in over three years, providing a welcome reprieve for consumers and raising hopes for potential interest rate cuts.

According to data from the British Retail Consortium (BRC) and NielsenIQ, annual shop prices contracted by 0.8 per cent over the year to October, deepening from September’s 0.6 per cent decline. This marks the lowest inflation rate since August 2021.

Month-on-month, shop prices rose by 0.1 per cent in October, following a 0.2 per cent decline in September. Food inflation dropped to 1.9 per cent annually, the lowest rate since November 2021 and down from 2.3 per cent the previous month. Non-food prices, meanwhile, continued to fall, showing a 2.1 per cent decline over the year.

The BRC’s shop price index, released ahead of the official inflation report, often provides an early indication of overall inflation trends. September’s official inflation estimate from the Office for National Statistics fell to 1.7 per cent from 2.2 per cent in August, signalling a potential undershoot of the Bank of England’s 2 per cent target. With stabilising price pressures, expectations are growing for a series of interest rate cuts by the Bank of England, with markets anticipating policy easing at upcoming November and December meetings.

Helen Dickinson, chief executive of the BRC, welcomed the continued downward trend in price inflation but noted it remains susceptible to external pressures. “Households will welcome the easing in price inflation, but this trajectory is vulnerable to geopolitical tensions, climate-related disruptions to food supplies, and increased regulatory costs,” she said. Dickinson also urged Chancellor Rachel Reeves to consider reforming business rates in the forthcoming budget to help lower operational costs for high-street retailers.

Geopolitical tensions remain a key factor for global supply chains, with concerns that escalating conflict between Israel and Iran could impact oil prices. However, after Israel refrained from targeting Iranian oil infrastructure in recent retaliatory strikes, the price of Brent crude and WTI dropped by around 5 per cent on Monday, allaying immediate fears of a production cost spike.

Food inflation, which peaked near 20 per cent in March 2023 due to rising energy and wage costs, has been gradually easing as global supply chain pressures stabilise. In non-food categories, retailers are capitalising on the housing market’s recovery by discounting DIY products, according to the BRC. Meanwhile, fashion sales are seeing a resurgence, with prices edging up slightly for the first time since January as retailers ease back on heavy discounts.

Consumer spending has remained subdued since the Covid-19 pandemic, hindered by high household bills and cautious saving behaviours. Retail sales have yet to return to pre-pandemic levels, and analysts suggest that retailers may need to roll out further discounts to attract budget-conscious shoppers.

Mike Watkins, head of retailer and business insight at NielsenIQ, highlighted that consumer uncertainty around spending habits is high. “With Christmas promotions now underway, competition for discretionary spend will intensify across both food and non-food retailing,” he said, noting the importance of attractive seasonal offers as the industry enters the critical holiday trading period.

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UK shop price inflation falls to three-year low as food prices ease

Bitcoin’s price soared past $72,000 on Tuesday, reaching a six-month high as investors speculated on the outcome of the US presidential race.

Trading in New York saw the cryptocurrency climb 3.9 per cent to $72,784.40, edging closer to its record peak of nearly $74,000 set in March.

The recent rally is widely attributed to what analysts have dubbed a “Trump trade.” Republican candidate Donald Trump has vowed to position the United States as “the bitcoin superpower of the world” should he return to the White House. This pledge has galvanised crypto investors, many of whom view Trump’s potential re-election as bullish for digital assets.

While Trump and Democratic candidate Kamala Harris remain neck and neck in the polls, market sentiment appears to be swaying towards a Trump victory. Trump, who previously dismissed bitcoin as a “scam,” has pivoted to actively courting the cryptocurrency sector, promising to fire Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), who has been vocal in his crackdown on crypto fraud.

Bitcoin proponents argue that the cryptocurrency serves as a hedge against inflation, given its fixed supply cap of 21 million coins, with over 19 million already in circulation. A Trump presidency is anticipated to carry inflationary implications due to proposed tariffs on foreign goods, including a universal 20 per cent tariff and a potential 60 per cent tariff on Chinese imports. However, Trump contends these tariffs will not drive inflation.

Kamala Harris, the Democratic nominee, has also expressed support for digital currencies, describing cryptocurrency as central to the “industries of the future” in her recent economic strategy. Her campaign has been in dialogue with crypto firms, indicating her openness to working with the sector.

Market analyst Tony Sycamore from IG Australia commented that bitcoin’s current price surge reflects investor optimism around a Trump victory. Meanwhile, Ryan Lee, chief analyst at Bitget Research, remarked that both Trump and Harris are inclined towards a clear regulatory environment for digital assets, although Trump’s vocal advocacy has further fuelled market optimism.

Investor interest has also buoyed other digital currencies. Ether, the second-largest cryptocurrency by market capitalisation, saw a 3.9 per cent uptick, trading at $2,667 in New York on Tuesday.

Overall, bitcoin’s recent performance underscores the impact of political developments on cryptocurrency markets, with many investors poised to monitor election outcomes closely in the weeks ahead.

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Bitcoin surges to $72,000 as investors eye trump election prospects

In the wake of a landmark Appeal Court ruling, the UK car finance industry is grappling with significant disruption as major lenders temporarily suspend new finance deals.

The unexpected decision has placed lenders under greater liability for non-disclosure of commission payments, leading to urgent consultations with regulators and ministers to find a swift resolution.

The court’s verdict, which imposes a duty on brokers to disclose the commission they receive to customers explicitly, has shaken the industry. At least three prominent finance providers—Close Brothers, MotoNovo, and Honda Finance Europe—announced immediate halts to new credit approvals, while others like BMW, Secure Trust Bank, Blue Motor Finance, and Zopa are also understood to have paused lending.

Gary Greenwood, a finance analyst at Shore Capital, warned of an imminent standstill in car sales, with financing accounting for the majority of new and used vehicle purchases. “There is a very real risk that the industry could grind to a halt,” he said. Lenders, he explained, are currently “too wary to provide credit to customers.”

With around 5,200 new cars sold daily in Britain—most financed by credit arrangements—the potential impact on the automotive sector and the broader economy is severe. Stephen Haddrill, director-general of the Finance and Leasing Association (FLA), criticised the ruling’s timing, coming just before a government budget aimed at stimulating growth. “This judgment undermines the assertion that the UK is becoming a more investible place for business,” Haddrill commented, adding that European counterparts are bewildered by the decision, as Britain’s credit regulations are already among the strictest.

Following the decision, lenders are required to disclose the size of commissions and seek explicit customer consent, processes that were previously discretionary. Haddrill indicated that without a resolution, vehicle sales could slow to a trickle. He noted that transactions are either on hold or being delayed to accommodate new compliance paperwork.

The Financial Conduct Authority (FCA) is closely monitoring the situation. Its chief executive, Nikhil Rathi, acknowledged the need for industry clarity and expressed hope that the Supreme Court would review the case soon to resolve ongoing uncertainty. The judgment’s reach extends beyond the car market, potentially impacting business equipment leasing and other credit-based transactions. For the motor finance industry, the financial liability could be considerable.

Banks exposed to the ruling’s effects are bracing for further impacts, drawing parallels to the costly payment protection insurance (PPI) scandal. Analysts predict substantial liabilities, with Santander UK expected to shoulder £1.1 billion in costs, while Lloyds Banking Group—already earmarking £450 million in provisions—could face a bill of up to £2.5 billion. Close Brothers, Barclays, and Investec have also announced possible repercussions.

Santander UK postponed its third-quarter results as it calculates potential liabilities linked to car finance. Parent company Grupo Santander noted the impacts on future financials remain uncertain, with the CFO indicating a probable cost below £500 million. However, Royal Bank of Canada analysts have a more cautious outlook, estimating liabilities that could reach £1.8 billion.

As the UK car finance industry navigates this legal and regulatory upheaval, industry leaders are appealing for an urgent solution to avert long-term damage.

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UK car finance industry faces major disruption as lenders halt deals over commission ruling

There is no denying the extraordinary benefits mentoring provides for both businesses and individuals; from increasing personal confidence and motivation, to establishing a positive work culture, and increasing retention rates within organisations; the positive impacts are endless.

Despite this, only 28% of small and medium sized businesses currently make use of mentors, why is this?

Understanding and Industry Specialisms

The first possibility to why mentoring isn’t more widely utilised can be down to the lack of understanding of what it is and who can benefit from it. Many tend to be under the impression that mentoring is only useful for those in certain industries such as technology or finance, yet this couldn’t be further from the truth.

Mentoring’s versatile nature provides the ability to adapt each programme to suit even the most niche of needs. From general support and guidance to the teaching of specific skills and identifying knowledge gaps, mentoring can equip the mentee with the appropriate resources that enable both personal and career development specific to their industry or role.

Finding a Mentor

A further reason which could be hindering people diving into the world of mentoring is accessibility or finding a suitable mentor or mentee.  My own experience of finding it hard to get involved with mentoring allowed me to acknowledge a significant gap in the industry that hindered people from finding their mentor, and ultimately led me to set up PushFar. I wanted to create a platform that could be easily accessible to all, so everyone can reap the benefits mentoring has to offer.

Removing the barriers to finding a mentor or mentee, even on a global scale, and driving awareness of the processes of stepping into mentoring, has been a primary goal of mine for many years.

Time commitments

For busy individuals, or those in senior, complex roles, mentoring may be seen as an additional time commitment, however, there are multiple types of mentoring, allowing individuals to find one that suits them and their working commitments.

Virtual mentoring can take place anywhere, making it an accessible option as well as opening the door to a broader list of mentoring topics. For example, a specialty where those interested are geographically spread out, virtual mentoring overcomes this barrier and makes the pairing of mentor and mentee possible. Group mentoring is another brilliant way for a single mentor to impart knowledge and advice to a group of mentees, reducing the time commitments across multiple mentees.

Types of mentoring

A final hurdle for people getting involved in mentoring is the lack of knowledge around the breadth of mentoring options. Historically thought of as an older, senior member of an organisation mentoring a younger, junior team member, there’s actually reverse mentoring which encourages younger team members to impart their experiences, knowledge and skills. In a similar vein, peer mentoring encourages those of similar age and experience levels take turns in acting as a mentor to each other. This can be hugely helpful for creating supportive and learning systems.

I believe the reason for why mentoring isn’t utilised more widely is due to insufficient understanding of who can use it and how to get involved. Therefore, it should be a priority for organisations across the industries to introduce mentoring as a part of its learning and development programme, helping generate awareness of its benefits for all involved.

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Mentoring is both incredibly effective and versatile, so why is it not utilised more?

Let’s face it: Businesses compete fiercely for attention online. But how do you grab attention in such a crowded space? By investing in SEO.

SEO, which stands for Search Engine Optimization – is an important part of digital marketing. It helps your website rank higher in search engines like Google – making it easier for people to find you.

Basically, SEO is the bridge that connects businesses to potential customers searching for their services or products.

The best part – you don’t have to do SEO on your own. You can always get in touch with a professional digital marketing and SEO agency to save time and money.

But what exactly is SEO, and why does it matter so much in digital marketing? Let’s get deeper into these questions.

So, what is digital marketing?

Digital marketing is the use of online platforms to promote products or services. It includes strategies like –

Social media marketing

Pay-per-click advertisements

Email marketing

Content marketing

Search engine optimization (SEO)

SEO is a key part of digital marketing. Do you know why? Because it focuses on improving a website’s visibility in search engines – guaranteeing it reaches the right audience.

So, while digital marketing is a broad concept – SEO is also a part of it. The goal is simple – to boost the online presence of businesses.

Digital marketing drives traffic through various channels – and SEO helps attract organic traffic by boosting your site’s rankings. Together, they form a powerful combination. And guess what? Both are essential for online success.

What exactly is SEO?

At its core – SEO is the process of improving your website’s visibility in search engines. It involves various strategies and techniques aimed at making your website more appealing to search engines like – Google, Bing, and Yahoo.

These search engines use algorithms to rank websites based on several factors – and SEO is about optimising your site to meet those criteria.

Types of SEO

In digital marketing – SEO is divided into three main types. Let’s take a look at each one.

On-page SEO

This type focuses on optimizing content and HTML elements on your website. It includes – using relevant keywords, improving title tags, meta descriptions, and formatting headings. On-page SEO also guarantees that content is valuable, engaging, and answers user queries effectively.

Off-page SEO

It involves strategies outside your website – such as building high-quality backlinks from trusted sites. Social media sharing, influencer marketing, and online reputation management are also part of off-page SEO. These efforts boost a site’s authority, helping it rank higher in search results.

Technical SEO

Technical SEO deals with the backend of your site. It guarantees that search engines can easily crawl and index your content. Factors like website speed, mobile-friendliness, secure HTTPS connections, and a clean website structure all fall under technical SEO. These are critical for improving user experience and helping search engines understand and rank your site.

Did you know?

Each type of SEO works together to create a well-rounded strategy. On-page helps with relevance – off-page builds trust – and technical SEO ensures search engines can properly access your site.

When combined – these types of SEO help your business appear higher in search results, attract the right traffic, and achieve long-term success online.

Why does SEO matter in digital marketing?

SEO is not just about bringing traffic to your website. It’s about attracting the right kind of traffic. People who are searching for products or services related to what you offer are more likely to convert into customers. And that’s why SEO plays such an important role in digital marketing.

Increases visibility and traffic

The primary goal of SEO is to improve your website’s visibility in search results. Because – the higher your website ranks – the more likely people will click on it. Studies show that the first result on Google receives around 39.8% of all clicks, while the second gets around 18.7%. If you’re not on the first page – your chances of getting organic traffic are slim.

By optimising your website – you can rank higher for relevant keywords – guaranteeing that your business shows up when people search for terms related to your products or services.

Builds trust and credibility

Ranking high on search engines isn’t just about visibility – it also builds trust. People tend to trust websites that appear at the top of search results. They assume these sites are more – reliable, relevant, and authoritative.

SEO helps you establish that authority. By creating valuable content, building high-quality backlinks, and providing a smooth user experience – you can signal to search engines that your site is trustworthy.

Cost-effective marketing

Compared to other digital marketing strategies like – paid advertising, SEO is cost-effective. Because, once you start ranking organically – you don’t need to keep paying for each click or impression – as you do with paid ads.

While SEO does require time and effort – the long-term benefits far outweigh the initial investment. Once your site is optimised and starts to rank – you’ll receive consistent traffic without spending money on ads.

Improves user experience

A good SEO strategy isn’t just about pleasing search engines – it’s also about improving the user experience. Google’s algorithms are designed to reward websites that offer a better experience to their users. This means that your site needs to load quickly, be easy to navigate, and provide relevant information.

By focusing on these factors, SEO helps you create a website that’s not only good for search engines but also for your visitors. A better user experience leads to longer time spent on your site, lower bounce rates, and more engagement – all of which can improve your rankings.

Provides measurable results

One of the great things about SEO is that it’s measurable. You can track your rankings, traffic, and conversions using tools like – Google Analytics and Search Console. This data allows you to see what’s working and what’s not – so you can make informed decisions and adjust your strategy accordingly.

SEO is a long-term strategy

SEO doesn’t deliver instant results – but the long-term benefits are well worth the wait. Unlike paid ads – where traffic stops as soon as you turn off the budget – SEO continues to work for you over time. Once your site starts to rank well – it can maintain that position for months or even years, with only minimal ongoing maintenance. By investing in SEO – you’re setting your business up for long-term success.

Wrapping Up

To put it simply -SEO is the heart of digital marketing!

So, if you want your business to perform better online – investing in SEO is no longer optional. It’s a vital part of any successful digital marketing strategy. By focusing on the right SEO techniques – you can make sure your website ranks on top, attracts the right audience, and ultimately drives more sales.

However, SEO can be time-consuming. The good news is – you don’t have to handle it alone. By partnering with a professional digital marketing and SEO agency like Gordon Digital – you can save valuable time while guaranteeing your business thrives online.

Read more:
What is SEO in Digital Marketing? Expert Guide by Gordon Digital

Wealthy individuals threatening to leave the UK to avoid expected tax increases should “f— off,” according to Dale Vince, green energy tycoon and major Labour donor.

Vince, who has donated £5 million to Labour, dismissed as “profoundly stupid” the idea that higher taxes could harm UK entrepreneurship, asserting that those solely interested in low taxes are welcome to leave.

“If people only live here because they pay less tax, they should f— off,” Vince said. “This is a brilliant country. There’s no way people won’t live here because of a fairer tax system.” His comments come as Chancellor Rachel Reeves prepares to announce tax increases aimed at addressing a £40 billion fiscal gap in her Autumn Budget, with wealthy taxpayers likely to bear the brunt. Measures may include capital gains tax increases and inheritance tax reform.

Britain’s top 100 taxpayers contributed £3.9 billion in capital gains and income tax in 2022/23, making them a crucial target. However, new data indicates that over 6,000 UK millionaires are considering relocating to the EU by year-end to escape potential tax hikes. Among them is Charlie Mullins, the founder of Pimlico Plumbers, who has put his £12 million London penthouse up for sale, stating he plans to leave to avoid a financial “raid.”

While other prominent Labour donors like South African businessman Gary Lubner and Lord Sainsbury have remained silent on the tax debate, Vince stands firm, arguing for a fairer tax structure.

Vince also criticised those opposing the net-zero agenda, especially Nimbys resistant to infrastructure projects like electricity pylons. “Countryside dwellers need to accept that this is a contribution to our national economy,” he said, emphasising the importance of green infrastructure.

A former nomad who founded Ecotricity in 1995, Vince has built a £100 million fortune through renewable energy and innovative ventures, including Skydiamond, a lab-grown diamond company, and Forest Green Rovers, a vegan football club. Known for his outspoken views, Vince is unafraid of controversy, once famously rebuffing a proposal from the late turkey magnate Bernard Matthews, likening his poultry operations to “a concentration camp.”

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Top Labour donor Dale Vince says rich fleeing capital gains tax raid can ‘f— off’