George Square Financial Management Monthly Review. In Conjunction with Albemarle Street Partners.

Central Banks Implement Historic Rate Cuts

December witnessed major central banks reducing interest rates, marking the most significant policy easing since the COVID-19 pandemic in 2020. The Federal Reserve, European Central Bank, and Sweden's Riksbank each reduced rates by 25 basis points, while Switzerland and Canada implemented 50 basis point cuts. Emerging markets followed suit, with Turkey cutting rates by 250 basis points. These actions culminated in a total of 825 basis points in cuts for 2024, the largest annual easing in 15 years. However, the accompanying communications from central banks remained notably hawkish, suggesting less scope for future rate cuts than markets had anticipated. This created a paradox where economic strength became a headwind for markets, as it implied higher-for-longer future interest rates and increased pressure on governments managing substantial deficit spending. 

The Santa Rally That Wasn’t

The traditional end-of-year stock market rally failed to materialise in December as investors grappled with the implications of President-elect Trump's early cabinet picks and policy signals. His nomination of several prominent Wall Street figures suggested a push toward financial deregulation, while his continued tough stance on China rattled global markets. The S&P 500 pulled back from its November highs, with technology stocks particularly affected. However, energy and defence sectors showed surprising resilience, as markets began pricing in the likelihood of increased military spending and a more fossil fuel-friendly administration.

Bank of Japan’s Historic Move

After maintaining negative interest rates for nearly a decade, the Bank of Japan announced plans to move rates back into positive territory by early 2025. This marks a historic shift in global monetary policy, potentially ending the era of negative rates in major economies. The yen strengthened sharply on the news, causing ripples through Asian markets and forcing many global investors to reassess their currency positions. The move suggests growing confidence in Japan's ability to maintain inflation at sustainable levels, though questions remain about the impact on its massive government debt burden.

The content of this material is a marketing communication, and not independent investment research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination. The material is for general information purposes only (whether or not it states any opinions). It does not consider your personal circumstances or objectives. Nothing in this material is (or should be considered to be) legal, financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by George Square Financial Management that any particular investment, security, transaction, or investment strategy is suitable for any specific person. Although the information set out in this marketing communication is obtained from sources believed to be reliable George Square Financial Management make any guarantee as to its accuracy or completeness. George Square Financial Management shall not be responsible for any loss that you may incur, either directly or indirectly, arising from any investment based on any information contained herein.. George Square Financial Management is authorised and regulated by the Financial Conduct Authority

Chamber members broker international deal 

Chamber members David Macdonald, a local Chartered Accountant whose practice is The Martlet Partnership in Yeoman Gate, Worthing and Carmen Calvo, a dual qualified Spanish and British lawyer with her own practice in Worthing, have negotiated a collaboration agreement between two leading national and international organisations.

David is also a director of UK200Group, the UK’s leading professional services group of independent quality assured accountancy and law firms. The UK200Group has an international outreach of AGN International, a leading worldwide association of independent firms representing 520 offices in 70 countries in tax audit and advisory.

Carmen Calvo is the British representative of Iurisgal, the first and only global network of independent law firms whose main spoken language is Spanish. Iurisgal is represented in more than 50 countries and, although the principal language is Spanish, all of the members are also fluent in English. The collaboration agreement allows members of both associations to liaise with each other in the knowledge that all member firms are subject to quality assurance procedures.

For UK200 members, it gives an outlet for the law member firms to engage with professional firms throughout the world should any of their clients have a need for legal services in other countries and complements the arrangement already in place with AGN International.

Pictured are David Macdonald (left), Carmen Calvo (centre) together With Declan Swan CEO of UK200Group.

Shake off the January Blues at Hill Barn Golf Club

We've got the perfect offer for you and your mates ready to shake off those January blues and get the golfing season started

Just gather a group of 8 or more and enjoy;

• Brunch followed by golf
• 18 Holes of Golf from 10.30 am
• Available Monday - Thursday in January & February

Email or call Jo via jo.ayling@chichestergolf.com | 01243 978851

Worthing RUNFEST 2025 – GWCA Official event partner

Worthing Runfest 2025 consists of three brilliant events, Worthing Runfest 10K, Worthing Half Marathon, and the Worthing Family Run all taking place on Sunday, 4th May 2025.

Each race starts and finishes next to the famous Worthing Pier, right on the doorstep of our Worthing town centre office. The then after-party fun moves into Steyne Gardens. Each race will take place on fully closed roads that are as flat as a pancake, making them the perfect place to go for a new PB. Check out the Worthing 10k 2025 course or Worthing half 2025 course.

Make sure to book your entry in early – don’t leave it too late!

Worthing Half Marathon at 9:30am

Worthing Runfest 10K at 11:10am

Worthing Family Run at 12:30pm

This is a fantastic opportunity for GWCA to show their support to the local community and organisations. GWCA staff will be taking part with all sponsorship monies raised going to The Sussex Snowdrop Trust, keep an eye out on our LinkedIn and Facebook pages for a donation link via JustGiving. 

South East businesses accounted for 11% of UK administrations in 2024, analysis reveals

South East businesses accounted for 11% of administrations in 2024 – the third highest region in the UK – according to analysis by Sussex law firm Mayo Wynne Baxter.

More than 1,700 UK businesses, 186 of which came from the South East, filed for administration last year – marking a 28% and 5% increase compared to 2022 and 2023 respectively.

Retail, construction, hospitality, manufacturing and real estate were the worst-hit sectors for the second year in a row, collectively accounting for 55% of the 1,718 administrations.

Regionally, Greater London led the way with 23% of the filings, followed by the North West (14%) and the South East (11%), data from The Gazette Official Public Record has revealed.

With administrations approaching pre-Covid levels (1,794), an insolvency and restructuring expert has warned that ongoing tough trading conditions, rising geopolitical tensions and new tax burdens could tip even more businesses into financial distress.

Nick Stockley, dispute resolution partner at Mayo Wynne Baxter, said: “In 2025, businesses across the UK will face an increasingly challenging environment, with a perfect storm of factors threatening to push more companies toward financial difficulty.

“Prolonged periods of difficult trading, exacerbated by geopolitical tensions and the impact of new tax burdens introduced in the latest budget, will intensify the pressures many businesses are already grappling with.

“The increase in national insurance contributions, coupled with the lower threshold for payments, will stretch cash flows for companies that are already operating on razor-thin margins.

“Labour-intensive sectors, such as retail, hospitality and construction are particularly vulnerable as they often struggle to absorb rising overheads and additional costs.

“In addition to these financial pressures, many businesses are still dealing with the aftermath of the pandemic, inflationary costs and supply chain disruptions, which have left them more fragile and less able to weather the storm.

“As we saw in 2024, sectors like retail, hospitality and manufacturing were hit hardest, and there is a real risk that without targeted support, more businesses will be forced to make difficult decisions, including cost-cutting measures, layoffs or even closure.

“These pressures are only compounded by the uncertainty in the global economy, which has already led to weakened consumer confidence and subdued spending. While many experts predict a potential easing of inflation in 2025, the overall landscape remains unpredictable.

“It is crucial businesses do not bury their heads in the sand and ignore the signs of distress. Proactively assessing financial health, engaging with advisors early and taking steps to mitigate risks will be vital in navigating these turbulent times.

“Our advice remains consistent: seeking professional advice as soon as financial challenges become apparent opens up more options and can dramatically increase the chances of survival in what will likely be another tough year ahead.”

For more information visit: https://www.mayowynnebaxter.co.uk/

Sussex Bay - Innovators chosen to develop projects that connect people and nature: funding and support win

Sussex Bay is a regional project, in-between Chichester to Kent and everything in-between, 100 miles of coast for over 1 million residents.  Funded without public funds and hosted in Adur & Worthing Councils in local government, we are all about giving nature and people opportunities to thrive.

As part of our Blue Natural Capital Lab and network, late last year, Sussex Bay was selected as one of three location partners by the Connected Places Catapult, the UK’s innovation  accelerator, with businesses able to apply for funding and support to deliver projects in Sussex Bay that connect people to nature. Today we can announce that 12 companies will receive specialist design support and funding as they develop their ideas to improve people’s connection with nature, with 4 of them working in Sussex Bay.

"Sussex Bay is delighted to be a national location partner for the government's innovation agency, bringing this much needed funding to 4 companies designing and delivering cutting-edge projects that connect people to nature in our part of the world.  Soon, we'll be announcing a free event scheduled for the last week of March 2025 where anyone interested can see for themselves the progress the projects are making and get involved: radical collaboration in action".  Dean Spears, Head of Sussex Bay.

Each organisation is set to receive up to £50,000 to develop their solution alongside a trial plan. In addition to funding, each project will receive support from a specialised design consultancy, the Catapults’ technical team and from Sussex Bay as a location partner. 

Sussex Bay is one of three location partners, and is helping with the theme: Space-enabled information for a thriving world – Led by Satellite Applications Catapult. 

“At the Satellite Applications Catapult we support space companies to develop solutions that meet user needs. Rapid advances in satellite technology bring new ‘powered by space-enabled data’ applications that can help us understand and solve a range of environmental challenges”.  Catherine Greene, Head of User Centred Design at Satellite Applications Catapult

Organisations selected:

Optimal Cities
Offering a geospatial platform to support urban planners and Government bodies making planning decisions around the planting of vegetation – specifically with land planning, connection with volunteer groups, funding, management and monitoring the growth of natural assets.

Data Dynamics
An AI-powered decision support system that combines Earth observation data with ground-based sensors and advanced modelling techniques to identify tree species and monitor tree health. This can support proactive management of forestry, and offer early identification and response to disease outbreaks.

Map Impact
Providing reporting tools for clear and concise environmental decision-making with a particular focus on biodiversity reporting, helping local authorities and planners understand, plan and monitor the effectiveness of nature recovery programmes.

REWILD Life
The Nature of Things project from REWILD Life aims to connect people to nature through an AI-powered chatbot, converting biologging and environmental data into real-time, interactive experiences.  The company wants local communities to engage and interact with their local river and species, such as birds, to understand more and play a part in their recovery.

For details of the other 8 organisations across 2 other location partners: https://cp.catapult.org.uk

Join Durrington High School at their next Careers Day!

Happy New Year to our amazing local business community.

At Durrington we aim to help all our students learn about the world of work and each year many amazing local businesses work with us on activities including careers day, summer careers week and work experience. We would love you to be involved in an upcoming event where you can meet your potential future employees.

We will be delivering an off-timetable Careers Day for all Year 10 students on Friday 7th February 2025.

Students will take part in sessions throughout the day covering the following areas.

• CV Writing & Work Experience Reflection (Preparing for the future)

• The Job Game (Exploring the opportunities around you)

• Mock Interviews (Gaining life skills)

• Apprenticeships / Business Sectors (Learning about future destinations)

• Further Education (Learning about future destinations)

We are seeking volunteers for the following activities.

The Job Game – In pairs, students will have 2 minutes to guess your job. They will then have another 2 minutes to ask you questions. There will be an opportunity at the end for you to talk to the wider group and offer some information. It can be a current or a past job you’ve held or a wider sector you represent.

Mock Interviews – You will conduct a 5-10-minute interview with a student and complete a feedback sheet for them. Students will have had preparation time. The feedback you give will be based on their conduct, presentation, thoughts and communication. We will provide sample questions but you are free to use your professional experience to shape it. You must have real world interview experience to take part in this activity.

The day will run from 8:40 – 3:10 and lunch / refreshments will be provided. 

To find out more and register your interest please complete this google form 

There is room on the form to ask questions but you can also call on 01903 705 605 or email careers@durring.com  

From Trainees to Partners at Carpenter Box

New year, new role! Two accountants who began their careers as trainees at Carpenter Box will join as new Partners in 2025 at the rapidly expanding South East and Sussex based firm.

Kristina Perry and Nick Tebb both joined the practice direct from university – and will now help shape Carpenter Box’s continuing growth strategy.

Kristina, a University of Brighton accountancy graduate, started her traineeship in 2012, achieved her ACCA qualification and worked her way up to the position of Client Service Director for the Assurance & Advisory team in 2023. Today, she not only oversees and signs off audit reports, she also leads an internal team providing technical knowledge across the firm’s accounting and audit functions.

Says Kristina: “As someone who has always lived in the Worthing area, I was aware of the Carpenter Box name from my college days, so to become a Partner here is really exciting. From the outset, I’ve always valued the supportive culture at the firm and in my new role, I aim to continue to promote that inclusive ethos while at the same time contributing to our clients’ successes and to the firm’s future growth.”

Nick arrived at Carpenter Box in 2014 as an accountancy graduate from De Montfort University in Leicester. From trainee, he progressed through various roles to Client Service Director at StarBox, Carpenter Box’s rapidly expanding accountancy and financial advice service for new media entrepreneurs, social influencers and rising stars.

“The firm’s growth over the last decade has been phenomenal, and for me it’s been incredibly exciting to be involved in shaping the success of StarBox,” says Nick. “It speaks volumes about the Carpenter Box culture that young professionals joining the firm at an entry level can see a career path that can lead to Partner. I’m very much looking forward to contributing to the firm’s ambitious growth plans while ensuring we maintain the local connection that Carpenter Box has built over the last 100 years.”

Carpenter Box Managing Partner, Alan Edwards, who himself joined the firm as a trainee, congratulated Kristina and Nick on their promotions.

He commented: “Kristina and Nick embody the progressive ethos of Carpenter Box to provide an environment within which people feel empowered to reach their full potential. Nurturing talent and rewarding success is in our DNA and I look forward to seeing both Kristina and Nick thrive in their new roles.”

Outside of work, Kristina is a passionate supporter of the Manchester United women’s team, while Nick is also a football enthusiast, channelling his energy into coaching a local children’s team. Both live in the Worthing area.

Aldingbourne Trust lose £20,000 worth of tools in heart-breaking Christmas break in

'Tis the season to give, not take! Sadly, this wasn’t the case for us at Aldingbourne Country Centre, as our wood workshop was targeted by thieves just days before Christmas. The theft was discovered on Christmas Eve by our Wood Manager, Brian, who had stopped by to finish some projects before the end of the year.

Thieves gained access to the workshop through a window, stealing a grand total of 30 high-value Hilti tools, including jigsaws, combihammers, and 12 battery packs. These tools, donated by Hilti as part of their charitable programme, were stamped with "Donated by Hilti GB" making them easily identifiable.
​
Commercial & Retail Manager Jason shared, "The important analogy is that like the wood we collect—something written off or disposed of—it is transformed in our hands into something of value. The people we support are exactly the same. We give individuals who might otherwise be written off a sense of purpose and value."

This loss has had a significant impact on our plans to create and sell bespoke wood products. While the police investigation is ongoing (crime reference number: 47240250193), we’re doing everything we can to ensure something like this doesn’t happen again.

Despite this setback, we’ve been overwhelmed by the kindness of our community. Following media coverage, including a visit from ITV News, a local gentleman came forward this morning with a £1,000 donation and new tools for Brian and the team. Fontwell Racecourse has also pledged its support, and we are truly grateful to everyone who has reached out.

During an interview with ITV, Stephen, one of the people we support, summed up how we’re all feeling, "Whoever has done this should be arrested for it."

Your kindness means the world to us, and it’s helping us turn this difficult situation into something hopeful. If you’d like to help us rebuild and continue empowering lives, please consider donating at aldingbournetrust.org/donate

For more information or to arrange an interview, please contact Lizzie Senn at lizzies@aldingbourne.org

Hunters Recruitment - Member Case Study

What do you do?

Helping our clients, local businesses, find the best possible hires is the passion of Hunters Recruitment & Training, a consultative and family-run recruitment specialist. Proud members of the REC, we also work with our candidates to upskill and prepare for interview. We have been trading for twenty-six years with our headquarters in Shoreham by Sea, and for the last few years our Worthing sea front office.

Our Temporary Workers cover absences, holidays and seasonal work surges. We support our clients hire the best possible permanent hires to add value, taking away the recruitment headaches, and saving time and money.

Why did you join the Chamber?

Hunters joined the Chamber to feel closer to the local community, to build business relationships, and to learn from other successful businesses.

As a recruitment business, our success hinges on our local business partners growing and thriving, so it is vital for us to share and celebrate the successes and understand the frustrations of our fellow members.

What’s your favourite thing about being a Member of the Chamber?

We enjoy learning from other Members about what makes them flourish, and we love looking for opportunities for how we can offer assistance and support.

We value the training offered by the Chamber, and the opportunities to meet up with other members.

www.huntersrecruitment.co.uk