Damien Moore MP welcomes record cost of living support for the most vulnerable in Southport as next payment dates announced

LOCAL Member of Parliament, Damien Moore, welcomes the arrival of the next cost of living payment: worth:- £300 for 12,100 of our most vulnerable residents across Southport, with payments arriving in bank accounts between the:- 31 October and the 19 November 2023.

This is the second of 3 direct payments made to families, totalling to:- £900 for those eligible on means-tested benefits, such as Universal Credit, Pension Credit, or tax credits, in 2023-24, and will help families affected by the rise in global inflation, caused by Putin's illegal war in Ukraine and the aftermath of the Covid19 Pandemic.

These payments build on the cost of living payments made last year worth up to:- £1,200, and form part of the Conservative Government's record financial support package for our most vulnerable, worth on average:- £3,300 per household.

The:- £300 cost of living payment will be sent out automatically and directly to eligible households, so there is no need to apply. Eligible pensioner households will also receive an additional:- £300 payment later this year as an addition to their Winter Fuel Payment.

The Conservative Government is supporting people with the cost of living pressures, whilst working to deliver on its priorities to halve inflation, grow the economy, reduce debt, cut waiting lists, and stop the boats.

Damien Moore, Member of Parliament for Southport, said:- "We must continue to do everything we can to support households and communities across Southport with global inflation caused by Putin's illegal war in Ukraine and the aftermath of the Covid-19. This includes directly investing Southport's:- £38.5 million Town Deal in job creation, tourism, and small business investment, alongside providing record levels of financial support for Southport's 12,100 most vulnerable families this autumn with an additional:- £300 cost of living payment. The Conservative Government rightly remains committed to halving inflation, which is the best way to help everyone across Southport with the cost of living."

Secretary of State for Work and Pensions, Mel Stride MP, said:- "The best way we can boost bank balances is by bearing down on inflation, but as we get there, we are ensuring the most vulnerable households are cushioned from high prices with a further Cost of Living payment. Alongside this, thousands of Work Coaches across the country are helping people find work, increase their hours and boost their skills. I encourage anyone who wants to progress their career and strengthen their finances to visit their local Jobcentre to find out what help is available."

1 in 5 SME owners planning to sell part or all of business by 2025

20% of small and medium sized enterprise (SME) owners plan to sell part or all their business within the next 2 years according to a new study conducted on behalf of Handelsbanken Wealth and Asset Management. An additional 11% of respondents expect to downsize their businesses over the same period. Of these, 31% blame rising costs, 18% cite performance related issues and a further 15% need to release liquidity to deal with the cost of living crisis.

But while rising costs and profitability were among some of the catalysts for selling up or making a change, the research also shows that many owners are motivated to sell all or part of their business for positive reasons. 40% plan to release liquidity to invest in 0er business ventures, for example. Just 6 percent said they are planning to sell their entire business within the next 2 years, with 20% citing retirement as the driving factor, and a further 20% having to do so due to an absence of family succession options.

Despite the multiple challenges faced by many SMEs, most company owners (52%) have no plans to change their firm's size or ownership status. Furthermore, 16% are considering scaling up their operations within the next 2 years, indicating a welcome degree of optimism among this business segment.

Christine Ross, Head of Private Office (North) and Client Director, at Handelsbanken Wealth and Asset Management, said:- "Making changes to your business; whether you're expanding, downsizing, selling or starting something new; can be a very exciting time, but it can also be very stressful. If you're releasing money from your business by selling all or part of it, it can feel like a big weight off your mind when the process is finally concluded. However, there's also the question of what to do with the proceeds of a business sale, as you enter the next chapter of your life. This is a good time to take stock of your situation, and focus on your goals for the future. It's important to remember that many of the tax advantages you enjoyed as a business owner may no longer be available to you, so consider taking professional advice as early as possible to help work out the best options for you. For example, setting up a family trust prior to your business sale could make use of inheritance tax reliefs, if this meets your financial and estate planning objectives. You might also want to make the most of allowances around:- 'gifting' money to help the next generation, if it suits your personal situation, or invest in financial markets an effort to protect the value of your capital against inflation. Whatever you choose to do next, make sure you understand the risks and potential rewards involved."

We have contacted Southport's MP Damien Moore for comment about the issues around the effects of:- the after math of the lockdowns, babk issues, cost of living crisis and Universal Credit, that are a having major impact on our small and medium sized enterprise (SME) owners and pushing many into financial hardship.