Turbulent times for markets and the world

George Square Financial Management in Conjunction with Albemarle Street Partners

A measured response is needed to react to emerging economic trends that are not yet clear.

When President Donald Trump began his second term, he was clear that he would move fast and hard on his agenda. He has not disappointed his supporters. Recent weeks have been dominated by the implementation of new tariffs, often announced, temporarily paused, and then re-announced at break-neck speed. In addition, his decision to largely withdraw from US support for Ukraine and even threaten the principles of Nato mutual defence in the mind of European leaders, has led to a broad reassessment of the framework required for national security across the West. These actions, of course, come with consequences for the market. The challenge for investment managers is to determine whether the recent economic data driving market movements signals a fundamental shift in the economy or merely a temporary reaction to policy changes.

We have seen evidence of weakening in the US economy. This has come through weak jobs reports and evidence of softening business and consumer sentiment. This can hardly be surprising. The action to reduce the size of the US state by the new Department for Government Efficiency effectively puts 15% of the US workforce on notice that their jobs are at risk, not to mention the millions of jobs associated with US government contracts. Major industry leaders are battling to understand how to cope with tariffs that are of course paid by the importers of goods into the United States, not the exporters. Whilst President Trump shows some willingness to adapt, for example pausing tariffs on automakers for a month on 5th March, triggering a brief market rally, this is hardly a basis for long-term business planning. The markets have responded in three keyways.

Firstly, expectations of US interest rate cuts have built from around one this year to three. This is a significant move and suggests the bond market believes that the risk of a slowdown has grown significantly. Secondly, the US market, as measured by the S&P 500, has fallen by 4.4% over the three months to 5 March. Meanwhile the MSCI Europe index has rallied 8.56% and the FTSE 100 by 5.46%. This sharp divergence reflects the view that Europe will need to spend a huge amount of money on its own defence, reinforced by Germany’s decision to back away from its spending restrictions. This provides contracts for European businesses and generally boosts the economy. For UK investors, the falls in the US market have been exacerbated by a fall in the dollar. Turbulent times for markets and the world Market Volatility Commentary March 2025 Market Volatility Commentary / March 2025 The question of course is how should one best respond to these changes? At the moment, it is not entirely clear. The evidence we have seen is real of a weakening in the US and indeed a commensurate increase in European economic expectations. Yet the evidence is only short-lived and built on shaky ground. To be confident that this change is real and not transitory, we believe more data is needed. There are seasonal factors that can often depress these data points at this time of year. After all, European confidence could be undermined in a heartbeat by new aggressive tariffs on the EU which have at times been promised by President Trump; when these tariffs come, they seem to come with little notice or market preparation. Equally, the US market could adapt to the uncertainty of the new president and backed by strong ongoing corporate profits and falling interest rates choose to look through some of these issues.

One key boost would be a public comment from the Federal Reserve affirming it is willing to cut rates as economic data softens. When deciding how to respond to these situations, we are guided by some key principles.

Firstly, we should never be intransigent. If the facts change then portfolios should change.

Secondly, news and particularly loud news should not in itself lead to knee-jerk reactions. We use a range of tried and tested market signals to reinforce our own analysis about when to make changes in portfolios.

Thirdly, we are mindful that rapid reactions to short-term data can so often simply whip-saw investors, taking initial pain without allowing the bounce back that can often follow. Rash reactions rarely work. One of these signals revolves around the strength of the stock market.

We will as always continue to monitor markets and communicate regularly with our investment management colleagues

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

Newman Business Solutions celebrates 45 Years of Excellence!

About Newman Business Solutions
Founded in 1980 Newman Business Solutions has been providing expert services in Print Management, IT Support, Telecoms, Dictation, AV Displays. Over the past four and a half decades, they’ve become a trusted partner for businesses in West Sussex and beyond, offering personalised solutions that have helped countless organizations streamline their operations and achieve success.

A Legacy of Innovation and Service
What sets Newman Business Solutions apart is their commitment to not just meeting but exceeding client expectations. From innovative products to their exceptional customer service, they have built a reputation for delivering reliable, cutting-edge solutions in their specific industry.

Milestone Achievements
The past 45 years have been filled with remarkable achievements. Some highlights include:

• Expanding their services to keep up with the cutting edge, fast paced technology
• Successfully serving clients in legal, healthcare, education, construction and many more industries
• Earning a reputation as one of the leading print management businesses in the region

A Community-Focused Approach
Newman Business Solutions has always believed in supporting the local community. Their involvement in many activities, local partnerships and events reflects their dedication to giving back and building strong local ties. Whether it’s through sponsoring local events or providing support for small businesses, they’ve made an indelible impact in West Sussex and the surrounding areas.

Looking to the Future
As they celebrate this impressive 45-year milestone, Newman Business Solutions is focused on the future, continuing to evolve with the changing needs of businesses. Their vision is clear: to remain at the forefront of business solutions by embracing new technologies and keeping their customer service excellence as the cornerstone of their operations.

Here’s to another 45 years of growth, innovation, and community service! 
www.newmanbs.co.uk

Securing Microsoft Copilot: How to Maintain Governance and Protect Your Data

Since its release in 2024, Microsoft Copilot has significantly impacted business IT. While it offers substantial productivity gains, it requires careful planning, proactive management, and effective user training to mitigate risks related to data protection and governance.

The Governance Challenge

Research shows that 75% of users incorporate AI in their workflows, with 78% using personal tools instead of company-approved solutions. This creates a “shadow IT” environment, where IT teams struggle to monitor tools and prevent data breaches. This is especially concerning when confidential data, like company names, is shared unknowingly.

While corporate AI tools, like Microsoft Copilot, help reduce some of these issues, they bring their own concerns. Copilot operates within an organisation’s environment and surfaces data based on individual permissions, streamlining workflows. However, without proper governance, it can expose sensitive information, especially in large enterprises that rely on obscurity for security.

AI, like Copilot, lacks human discretion. For example, Copilot might surface potentially harmful links or attachments in emails, which a human could avoid but could unknowingly compromise a device. Therefore, securing Copilot deployments with proper controls is crucial to preventing data leaks and cyber risks.

Immediate Protection Measures

Microsoft 365 Business Premium provides several tools to secure Copilot. These include:

• Microsoft Entra ID P1: Enables multi-factor authentication (MFA) to prevent unauthorised access and safeguards data from accidental breaches by preventing user input from training the model.
• Microsoft Intune P1: Offers mobile device management (MDM) to protect business data and prevents leaks via unauthorised apps or screenshots.
• Microsoft Defender for Business: Provides next-gen antivirus protection and real-time cyber threat detection.
• Microsoft Defender for Office 365 P1: Secures emails and collaboration tools with technologies like Safe Links and Safe Attachments to mitigate cyber threats.
• Microsoft Purview: Allows for manual classification of sensitive data, helping to control what Copilot can access, ensuring governance at the data level.

Outside Business Premium, organisations can enable Restricted SharePoint Search to limit Copilot’s access to specific folders, though this feature will soon be removed.

Advanced Security Architecture

Microsoft Purview’s P2 license enhances security with automatic detection and labeling of sensitive information, reducing manual oversight. Copilot integrates with Purview, ensuring that sensitive files are properly flagged, preventing accidental data exposure.

Additionally, SharePoint Advanced Management helps manage permissions and enforce conditional access policies, protecting data from both accidental exposure and insider threats.

Conclusion

Deploying Microsoft 365 Copilot requires robust security measures. Whether you're just starting or retroactively securing data, we can help you with Copilot Optimisation Assessments to ensure proper governance and data protection. For more information, you can reach us through https://www.fluidone.com/contact, call us at 01273 384100 or email us at brighton@fluidone.com.

Kreston Reeves wins South East Dealmakers Award

Kreston Reeves is thrilled to be named the ‘Transaction Services Team of the Year’ at the prestigious South East Dealmakers Awards. This accolade highlights our team’s exceptional ability to facilitate the most exciting deals through comprehensive due diligence, valuations, and transaction services advice.

The judges chose the team due to its outstanding performance over the past year. This award crowns a fabulous year for the team with 11 deals and a 20% increase in transaction volume year-on-year. This is a result of the team’s client-centric approach, proactive and enthusiastic team, comprehensive support, and strong global connections.

Kreston Reeves is also proud of its Corporate Tax advisory team, who advised on Deal of the Year (£10m-£40m). Working closely with a brilliant group of advisers acting for Tribeca Technology Holdings, they advised on the tax aspects of the sale for the vendor and company to deliver the best results for the client. Their combined efforts facilitated the sale of Tribeca Technology Holdings’ entire issued share capital to Abacus Group.

The awards ceremony, held on Thursday, 27 February, in Guildford, celebrated the South East’s best corporate financiers, accountants, bankers, funders, lawyers, and M&A professionals. 

We were also shortlisted for Private Equity/Venture Capital Deal of the Year, Deal of the Year (sub £10m), Deal of the Year (£10m-£40m) and Corporate Finance Advisory Team of the Year.

Andrew Griggs, Senior Partner and Head of International commented: “Congratulations to the whole team here at Kreston Reeves. These awards include some prestigious firms, and we are thrilled to be recognised for our team’s achievements in the industry. It is truly amazing to see our efforts acknowledged and a testament to the breadth of deal experience that our team has had throughout the last 12 months to have been nominated as finalists in so many other award categories. The team’s dedication to client care is reflected in these results.”

Craig Dallender, Head of Transaction Services, added: “This past year has been exceptional for our team, marked by several interesting and high-profile deals that have showcased our expertise and dedication. Being highlighted in the industry through this award is a great honour and a testament to the hard work and commitment of our entire team. Our full-service offering, supported by the close collaboration with our Corporate Tax and Valuations teams, has been a key factor in our success. We are incredibly proud of our achievements and look forward to another successful year, continuing to deliver outstanding results for our clients.”

Link to details of all the winners and nominees can be found here.

UK Internal Market Act 2020 review and consultation

The consultation period ends on 3 April, please participate before the deadline.

Businesses can provide their input by following this link: https://www.gov.uk/government/consultations/uk-internal-market-act-2020-review-and-consultation .

Douglas Alexander, Minister for Trade Policy & Economic Security at the Department for Business and Trade, launched a review and public consultation about the UK Internal Market Act on 23 January 2025.  

A well-functioning internal market within the UK is important for economic growth and shared prosperity. The Act ensures that businesses and consumers can sell and purchase products across the whole country, and that people can freely work in any part of our country. Without such legislation, unnecessary regulatory costs and barriers could emerge between England, Northern Ireland, Scotland and Wales. 

 We want to find the right balance between devolved government decision-making on regulation and avoiding the creation of unnecessary costs and barriers for businesses.  We also appreciate that businesses need certainty and clarity to operate smoothly across the UK and to make important investment decisions.  

That is why the UK Government is taking this opportunity to conduct this review. We want to hear your views about what is and what is not working well about the UK Internal Market Act, so that we can quickly decide on next steps to make processes work better.  

The consultation ends on 3 April and can be found following this link:  https://www.gov.uk/government/consultations/uk-internal-market-act-2020-review-and-consultation.

Our South Downs: Business Community Event

Does your business operate in or close to the South Downs National Park? Join us for a business community event at the majestic Tottington Manor, tucked right in the heart of The Downs near Edburton.

You’ll have a chance to;

• ·      Feed into the priorities for the South Downs National Park for the next five years
• ·      Green Business Champion - Adam Huttly, Founder of Red Inc stationary will be sharing insights about how his micro-business has disrupted his entire sector by leading with sustainability.
• ·      Network with other businesses over lunch.
• ·      Get outdoors! Post-event – you’re welcome to join us for a short, informal walk and talk to Tottington Woods (weather depending – please bring outdoor clothing if you would like to join us)

When: 19th March – 10:30am–14:00pm

Where: Tottington Manor, Edburton Road, BN5 9LJ 

Urgent Dental Care Pathway for vulnerable groups

Urgent Dental Care and Stabilisation (UDCS) programme – patient pathway Patient pathway for dental/oral health issues.

The Urgent Dental Care and Stabilisation (UDCS) programme is operating across ‘high street’ primary dental practices in Sussex. This service offers additional service capacity to the Sussex population for urgent dental needs alongside subsequent treatment to improve oral health where indicated.
The UDCS programme was piloted across ten practices from March 2024 and is undergoing a significant expansion phase from January 2025. It will continue until at least 31 March 2025.

The UDCS pathway:
• provides access to urgent dental care for anyone unable to access a dental appointment for urgent dental issues
• is intended for patients without access to a regular dentist and those who are struggling to get an urgent appointment with their regular dentist, and
• also offers appointments to patients from identified vulnerable groups, who require an urgent assessment of their oral health.

Vulnerable patient access pathways enabled for:
• Clinically vulnerable patients (including those on bisphosphonate medication, immunosuppressed and patients requiring dental assessment / fitness to commence oncology or cardiology treatment)
• Looked after children and care leavers • Care home residents (able to access the practice) • Homeless people
• Vulnerable migrants (asylum seekers and refugees)
• Gypsy, Roma and Traveller communities.

Patients seen within UDCS sessions will:
• receive a full assessment
• be offered the necessary treatment required to manage pain and resolve immediate issues, and • be offered any additional courses of treatment identified to stabilise their oral health through addressing underlying issues.

Direct referrals to sites are enabled. The primary route for referrals/signposting is via the Sussex Dental Helpline (details below).  

Signposting to Sussex Dental Helpline / NHS111

UDCS pathways are being managed by the Sussex Dental Helpline. Patients should be signposted to contact the Helpline team directly to access the dental care they need, as quickly and conveniently as possible. They can book patients into appointment slots directly.

The ICB is keen to raise public awareness of the helpline – as the go-to option for patients with urgent (not emergency) dental needs (over NHS111, Out of Hours dental services and A&E). The Helpline team have the latest information on the availability of NHS dental services and any additional capacity being provided, including UDCS sessions.

NHS111 / NHS Pathways have access to UDCS practice details but are signposting to the helpline where possible. Sussex Dental Helpline can be contacted on 0300 123 1663 between 8am and 4pm Monday to Friday or by email to kcht.dentalhelpdesk@nhs.net 

You can download the referral form here 

Could your business support Oak Grove College with a raffle prize?

See this letter from Kenny Park, Lead Teacher for the Arts.

'I am reaching out to local businesses to see if they can donate raffle prizes for our upcoming school production of Mary Poppins Jr, which is scheduled to take place on Wednesday 2^nd and Thursday 3^rd April 2025.

Oak Grove College is a special school catering to students with a range of learning needs This year 100 of our 278 students are actively participating in the production, an event that fosters, creativity, teamwork and confidence. Our school productions not only provide a platform for students to showcase their talents but also a cherished community event.  

To help fund this production, we are organising a raffle during both performance intervals, with the goal of raising £4000 to cover the production costs. We are seeking support from generous local businesses, like yours, to contribute raffle prizes. Your donation – big or small – will make a tangible difference in bringing this event to life.

By donating a prize, your business will receive valuable exposure including:

• -      Acknowledgement on our event screens and printed materials.
• -      Social Media shoutouts reaching our engaged community.
• -      Recognition as a valued supporter of arts and education.

If you are able to contribute a raffle prize, then please contact me on kpark@oakgrovecollege.org.uk and we can arrange for the collection of the prize at your convenience. Additionally, if there are any specific promotional materials you would like us to display during the event, please provide those as well.

Thank you for considering our request. Your generosity will make a significant impact on the success of our school production, and we truly appreciate your commitment to the enrichment of our students.

If you have any questions or require additional information, please do not hesitate to contact me on the above email address. We look forward to hearing from you.'

CSA Cyber joins the Microsoft Intelligent Security Association

CSA Cyber today announced it has become a member of the Microsoft Intelligent Security Association (MISA), an ecosystem of independent software vendors (ISVs) and managed security service providers (MSSPs) that have integrated their solutions with Microsoft Security technology to better defend our mutual customers against a world of increasing cyber threats.

Microsoft lies at the heart of CSA Cyber’s Security Operations Centre (SOC), with Microsoft Threat Protection and Microsoft Sentinel underpinning a Managed Detection and Response (MDR) service that provides 24/7 protection for clients. Continuous monitoring by experienced security analysts enables threats to be spotted before they become breaches – giving customers peace of mind while they focus on their core operations.

“At CSA Cyber we have been supplying cyber security services using the Microsoft suite of products for the last 3 years,” said Dave Woodfine, Managing Director, CSA Cyber. “Our relationship with Microsoft has been going from strength to strength and we are delighted that we have been accepted to be a member of MISA.  This will enable us to expand our cyber services further and continue to learn and implement the range of Microsoft services available for us to enrich what we can offer to our clients.”

“The Microsoft Intelligent Security Association has grown into a vibrant ecosystem comprised of the most reliable and trusted security software vendors across the globe,” said Maria Thomson, Director, Microsoft Intelligent Security Association. “Our members, like CSA Cyber, share Microsoft’s commitment to collaboration within the cybersecurity community to improve our customers’ ability to predict, detect, and respond to security threats faster.”

Established in 2018 to bring together Microsoft leaders, ISVs, and MSSPs, MISA focuses on collaborating to combat security threats and create a safer environment for all. Its mission is to provide intelligent, industry-leading security solutions that work together to help protect organizations at the speed and scale of AI in an ever-increasing threat landscape.

Partners who are interested in learning more can visit the MISA Website: Microsoft Intelligent Security Association.

About CSA Cyber:

Founded in 2013 by Managing Director Dave Woodfine and Technical Director James Griffiths, Cyber Security Associates Limited trading as CSA Cyber provides cyber consultancy and cyber managed services which help to detect, protect and educate against the ever-changing cyber threat. We have built our team from a foundation of Government (ex-Military) and commercially experienced specialists all holding current and relevant cyber certifications. Today our core services are based around a 24/7 Security Operations Centre (SOC) based in Gloucester, while also providing trusted and professional cyber consultancy advice and guidance to both new and existing clients.

CSA Cyber continues to grow its capabilities and security certifications to ensure it remains a world-class cyber security provider. CSA is a Microsoft Certified Partner and an Advanced Security Specialist Partner in Threat Protection and an IASME Cyber Essentials and Cyber Essentials Plus Certification Body.

Since a strategic investment in 2021, CSA Cyber has been a part of the FluidOne family, where it acts as the cyber centre of excellence. The addition of a dedicated cyber security centre to its portfolio strengthens FluidOne’s secure Connected Cloud Solutions offering, which encompasses products and services across IT and cyber, alongside comms and connectivity.

Why the West Sussex Business Expo Is a Must-Attend Event for Local Businesses  

The West Sussex Business Expo is just around the corner, and it’s shaping up to be an unmissable event for local business owners, entrepreneurs, and professionals. Happening on Thursday 13th March 2025 at Fontwell Park Racecourse, this expo promises to deliver everything you need to take your business to new heights.

But what makes the West Sussex Business Expo so special? Let’s dive into why this event is a must for anyone serious about business growth.

1. Gain Actionable Insights from Industry Experts
The expo is packed with sessions from experts in sales, marketing, and business innovation. Whether you're looking to increase your customer base, implement smarter marketing strategies, or explore innovative growth opportunities, you’ll walk away with practical advice that you can implement immediately. These aren't just abstract concepts; they’re strategies designed for real-world business growth, tailored to the challenges faced by local businesses.

2. Network with Like-Minded Professionals
One of the biggest benefits of attending a business expo is the chance to network with fellow professionals. Whether you're looking for potential partnerships, clients, or simply want to exchange ideas, the West Sussex Business Expo is the perfect place to meet people who share your goals. Networking at events like these often leads to new opportunities that you didn’t even know existed. You never know who you might meet—potential clients, collaborators, or even investors who can help take your business to the next level.

3. Explore New Tools and Technologies
Business innovation is a core focus of this year’s expo. From the latest tools in marketing automation to cutting-edge customer relationship management systems, you'll get hands-on experience with new technologies that can make a difference to your operations. Learn how other local businesses are using these tools to streamline processes, increase efficiency, and drive growth.

4. Access Valuable Growth Opportunities
The West Sussex Business Expo is more than just an educational experience—it’s an opportunity to identify and seize new business growth opportunities. Whether it's learning about new sales techniques, discovering how to enhance your online presence, or understanding how to build long-term business strategies, you’ll leave with a clearer idea of the next steps for scaling your business.

5. The Fontwell Park Racecourse: A Great Venue for Inspiration
Let’s not forget the venue! The Fontwell Park Racecourse offers a fantastic environment for networking, learning, and engaging with exhibitors. The venue’s central location in West Sussex makes it easily accessible for local professionals, and its modern, professional atmosphere adds to the energy and excitement of the day.

Register Now and Take Your Business to the Next Level
With so much on offer, the West Sussex Business Expo is the event of the year for local businesses. Register today and take your first step toward growing your business, expanding your network, and staying ahead of the competition.

We can’t wait to see you there!

Event Details
Date: Thursday 13th March 2025
Location: Fontwell Park Racecourse, West Sussex
Time: 10:00am-2:00pm

Register for free tickets or enquire about exhibiting: https://www.b2bexpos.co.uk/event/west-sussex-expo-march-2025