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news opinion
The total wealth held by UK households has risen by nearly 20% in the past year and now stands at £9.1 trillion – the largest increase since records began 14 years ago
The main reason for this growth in wealth is the, on average, 9% rise in house prices over the past 12 months. So we have become wealthier on paper, even though some have not experienced it in reality.
But, taken as a whole, the wealth of the average household has grown faster than increases in consumer prices. So, in theory, we should all feel better off.
Of course, these figures mark huge variances in wealth both in geographic and demographic terms. We all know, for instance, of young people who cannot afford to buy their first home – indeed, the average age of the first-time buyer is either 36 or 37, depending whose figures you trust.
So, young people turn to the bank of Mum and Dad to try and get their foot on the first rung of the property ladder. And not all parents have the savings to help them.
Recently, we have heard of more than one instance where employers are assisting their staff, and helping them become homeowners. As one CEO told us: ”It‘s not all altruistic. If a young employee puts his roots down and owns a home, he/she is more likely to start a family, and stay in the job, rather than disappearing down the road to another company.”
Loaning an employee the deposit for a first home is a sensible move for employers who struggle to recruit and retain staff. We have, after all, embarked on a new War for Talent.
In areas where tenants can‘t afford rent deposits, companies are also helping out.
Watch out for more of this as skills shortages grow.
David Murray Publisher
www.businessmag.co.uk @TheBusinessMag Business THE M A GA ZINE TM
Lakesmere Group receives Queen‘s Award for Enterprise
Specialist construction company the Lakesmere Group, which has its head office in Winchester, has won the Queen‘s Award for Enterprise – the UK‘s highest accolade for business success.
Lakesmere has received the award for business excellence and international trade in recognition of its outstanding business performance in the overseas construction market, which has resulted in exports rising as a percentage of turnover from 1% to 30%.
Mark Davey, Lakesmere Group‘s chief executive officer, commented: ”I am so pleased and honoured that we have won the Queen‘s Award for Enterprise. This is fantastic recognition for all our people who have put in so much hard work, innovation and teamwork to make the business so successful. I cannot be more proud of this achievement. Thank you to our loyal clients and supply chain partners who have also made this success possible.”
Founded in 1993, Lakesmere is one of the UK‘s largest and most successful specialist contractors, employing around 900 people across the group with current turnover in excess of £100 million. The company‘s
impressive portfolio of projects includes Portsmouth‘s Spinnaker Tower and the London Aquatics Centre (pictured below), a concept inspired by the fluid geometry of water in motion.
After establishing a dedicated international division in 2009, Lakesmere has worked on a number of high-profile contracts, particularly in the Middle East and Asia markets. Lakesmere is currently completing the company‘s largest-ever contract to date, a $100m roofing contract for the King Abdulaziz International Airport (KAIA) in Jeddah, Saudi Arabia. There, the Lakesmere team is engineering, manufacturing and installing some 350,000 sq m of aluminium standing seam roofing, making it the world‘s largest single roofing project.
The Queen‘s Awards for Enterprise are presented annually by the Queen and are only given for the highest levels of excellence demonstrated across the three categories of international trade, innovation and sustainable development. Winners will also be invited to attend a special reception at Buckingham Palace later in the year.
In the July/August 2015 issue of The Business Magazine
• Solent Deals Awards • Solent SME 100 Growth Index • Pensions & Auto-enrolment • Focus on M27 & Southampton • International Trade
Details: 0118-9766410
sales@elcot.co.uk
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – JUNE 2015
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