The Party’s not over..

March 28, 2009

Good couple of meetings this last few days.

First was a big black tie do. My first big do as President and my first black tie event full stop. Had to beg, borrow and not steal the gear to wear. In the end my director at work (Living Homes of Somerset, U.K.) happens to be the same height and build as myself and happily offered his suit for the purpose.

My eldest son offered, just before I as due to leave the house, to be my transport in return for ten pounds of fuel, leaving me the opportunity to have a couple or two glasses of house red, for which I am very grateful. The fact that I had been telling everyone who had ears that I was going to this auspicious event still left him puzzled as to why I was, at 6:45 pm on a Thursday evening, sat in the lounge at home  in a full dinner suit. It was only when I mentioned why he offered his services. Maybe it was the fact I mentioned needing to put some petrol in my car that pricked his ears up. A chance to get someone else to pay for petrol is always an incentive!

The meal, The Bristol Chamber Annual Dinner, was a wonderful event with some very informative and friendly fellow diners and a highly entertaining guest speaker in Sir Richard Needham.

The second meeting I enjoyed for some of the same reasons and for a few different ones too.

This was one of our many business breakfasts, held at Rookery Manor http://www.rookery-manor.co.uk/

in conjunction with our sponsors for the breakfasts, Burroughs-Day Solicitors

http://www.bd4law.com/

We always get a good turn out at the morning meetings and this is not in any small part due to the organisational skills of Eleanor Rendall and her team from Burroughs Day. They normally drum up a decent enough speaker, last time it was the West of England Agents for The Bank of England. This time we were lucky to have our local M.P.

Now, that in itself doesn’t sound too bad but the bonus is that our local M.P. has recently been promoted to Shadow Ministerfor Business, Enterprise and Regulatory Reform. So, with the present financial crisis seeing the government suffering badly,  having the opposition minister for business speaking at our event was a  bit of a coup.

John Penrose spoke well, didn’t dodge any questions and explained things well and the guest diners were all very keen to fire questions his way.

The minister didn’t use the opportunity to attack or blame the opposition, or to push a sales pitch for the Conservative Party, but did admit that Whitehall was partly to blame for the present situation. He explained just how and why the country is in the mess it finds itself in, not laying the responsibility at the feet of just the banking fraternity or the government or Whitehall but also explaining that in order for banks to lend such ridiculous sums as 125% mortgages, there had to be a demand from business and the house buying public.

It was felt by all after the meeting that we in the business world and the public in general need a change of thinking, a whole new mind set where greed is no longer good. Gordon Ghecko has left the building.

Our next scheduled chamber evening meeting will be held at Howard’s Honda dealership in Weston-super-Mare and will start at 7pm on Wednesday the 15Th.

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I attended a Business Club meeting on tuesday evening and, despite being let down by one speaker due to communication errors, we all left with a strong feeling that a lot of the present crisis was not only brought upon by the greed of a few, but could have and should have been easily avoided.

The main talk was given by Andrew Brown of Albert Goodman Financial planners.

Andrew is by nature a gregarious and exceptionally contagious person, his manner of discussing things that would leave most highly qualified financiers baffled in terms that the layperson can relate too is beyond comparison.

He brought along a small handout detailing some basic advice from another associate from Albert Goodman, Nick Hancock, which read:

Approaching the Tax Year end and many company accounting year ends, it is worth while considering tax planning.

The following are a few ideas;

  • Pay pension contribution prior to 5th April

  • Utilise full £50,000 Annual Investment Allowance

  • Use full £9,600 Capital Gains Tax Annual Allowance

  • Create a capital loss from sale of assets

  • Delay sales to following year

  • Bring forward revenue expenditure, for example repairs of buildings

  • Issue dividends pre 5th April

  • Pay spouses and/or children wages

  • Consider profitability for Tax credit purposes

  • If profitability is falling,consider reducing tax payments on account

  • Think about spreading tax payments over 12 months

These points in themselves raised a few eyebrows and prompted some serious questions, all which were dealt with comprehensively by Andrew as were the many, many questions that followed.Some of the points that were explained were how and why we got into this crisis, what it has meant positively for us and what we can and need to do now to limit the devastation.

One thing that has happened, quite clearly and publicly , is that the rate of inflation has collapsed. The pound in your pocket is worth the same as it was  some months, even a year ago. The halt in inflation and the collapse of the housing bubble has meant that first time buyers are once more able to take faltering steps towards the housing market, something that was unthinkable as little as 12 months ago ,unless you were a commune.

When the changes brought in by the Thatcher years allowed ordinary working people to buy their own homes, we all thought it was a great thing, a liberation for the masses. In reality, what has happened is that those with the money have bought up all the available property , forcing the prices up beyond the reach of those ordinary folk creating a baron landlord society with the few owning the majority.

The collapse has brought prices back down to a level where the process can restart.

Variable rate mortgages have disappeared, withdrawn by susceptible banks and leaving many people now paying little more than interest only mortgages. The extra spending power that brings may, it is hoped, kickstart the retail economy .

Car manufacturers are struggling to keep factories open to the extent that they are in some areas offering new cars at below cost prices, choosing to lose less money by not closing factories. Also , contracts are now being offered on shorter terms to those who hire company cars or vans, again at below cost prices of up to £100 subsidies.

It may feel as though we are heading into bleak times, but don’t be too distressed, every silver lining may have it’s cloud but there are some bargains to be had, just take the time, and importantly professional advice, and manage your accounts closely. You may find that your lifestyle costs can be dramatically cut, your mortgage minimised and some debts cancelled if you were miss sold a mortgage or endowment package.

Some people were apparently so pressurised into taking up new credit cards that they never received the proper paperwork to read and agree to at the time. If you were one of those people, contact Andrew or Albert Goodman Financial advisors, you may be able to write off that card debt entirely.

After his impressive talk on Tuesday, I have asked Andrew, already a Chamber member , to give a talk at a future Chamber meeting. I will of course, alert all readers nearer the time.

A good start to the year.

January 15, 2009

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Last night (14/01/09) we co hosted our biggest meeting so far, with 50 people in attendance from businesses and groups of all sizes and levels of success.

Christopher Batt of the Weston College Business Centre, organised and hosted the evening with speakers from King’s Ransom, Barclays Bank and the H.R.Department as well as Christopher himself.

The event was held in The Bistro , Knightstone Campus , a wonderful venue , and started promtly at 7:15pm after a short introduction from The President, Chris Knight.

The theme for the evening was Commerce in the Credit Crunch.

A buffet was provide midway through the event and refreshments were at hand throughout. The President thanked everyone and brought the evening to a close at 10pm although guests were invited to stay and network after.

Our netx meeting will take place at the new venue, The Royal Hotel,on February 18th at 8pm for members, 7pm for executives.

Speakers will be present.

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