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