BUSINESSNEWS
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SMALL AND MEDIUM SIZED enterprises( SMEs) within the construction and building sector come bottom when it comes to the amount of money held in business savings accounts, with the average balance standing at £ 319,000, according to new research from specialist challenger bank, Hampshire Trust Bank. Accountancy SMEs, which hold an average of just over £ 1 million in savings(£ 1,085,000), are the biggest business savers.
Construction businesses building smaller savings pots
While accountancy and IT and communications businesses have the largest savings pots, charities are the most active savers – investing 77 % of total funds in business savings. The national average for business savings is £ 556,000 – 57 % of a SME’ s total funds.
Following the outcome of the EU Referendum, half( 50 %) of businesses in the construction and building industry said they were increasing the amount of cash in their firms to build a cash buffer, significantly higher than the national average of 38 %.
However, only 4 % of construction SMEs said they were increasing cash reserves due to concerns about the UK economic outlook- lower than the national average of 12 %.
Stuart Hulme, Director of Savings at Hampshire Trust Bank, said:“ Our study demonstrates the sector differences when it comes to the amounts businesses and organisations are holding in current and savings accounts. It’ s encouraging to see charities and architects are confidently planning for their future, by placing the majority of their total funds into savings accounts.
“ The organisations that have been stockpiling cash into current accounts should consider the opportunities to make more out of every £ 1 earnt. The benefit of making use of savings accounts is not only the interest rate return you get as a business, but also the knowledge that the money is being lent on to SMEs looking to grow, delivering double value and supporting investment in the UK.”
Tackling mental health together makes us more likely to save lives
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THE HEALTH IN CONSTRUCTION Leadership Group( HCLG), supported by the British Safety Council, announces the launch of Mates in Mind – a sector-wide programme intended to help improve and promote positive mental health across the industry in the UK.
Every year, one in four people in the UK will experience either stress, anxiety or depression. In the most extreme cases, these issues can result in someone taking their life. As a result of the growing understanding of the impact of mental ill health and the role employers can play, the Health in Construction Leadership Group, with the support of the British Safety Council, are setting up a sector-wide programme to help employers address this issue.
Announced on 10th September, World Suicide Prevention Day, Clive Johnson, Chair of the Health in Construction
‘ we believe we can make a significant difference’
Leadership Group, said:“ The mission of HCLG as a group is to unite the construction industry in order to eradicate the ill health and disease caused by work-related activities, and this includes addressing mental health. It is estimated that the number of deaths from suicide in the construction industry could be 10 times higher than those from fatal accidents at work. Working together with the British Safety Council and key partners in the construction industry and mental health, we believe we can make a significant difference.”
Mike Robinson, Chief Executive of the British Safety Council, said:“ In the last few years, we have all become far more aware of the pressing need to address health issues, and particularly mental health, in the workplace. The British Safety Council’ s vision is that no-one should be injured or made ill at work, and that includes mental health. The construction sector has previously come together to address the challenge it faced in relation to the high number of accidents. It is now coming together to do the same in relation to occupational health. A significant number of our members are operating in this sector. We can be even more impactful by working together, creating the opportunity to build understanding and take action.”
CLEARVIEW-UK. COM » NOV 2016 » 83