I've actually changed it to the following:

Private Sub Worksheet_Calculate()
Application.ScreenUpdating = False
If Not Range("loan.sought") = Range("G1") Then 'this is to check whether
"loan.sought" has changed
ActiveSheet.Shapes("Gp equity yield").Select
Selection.ShapeRange.IncrementLeft -5000
Selection.ShapeRange.IncrementTop -5000
Selection.ShapeRange.IncrementLeft 0.75
Selection.ShapeRange.IncrementTop 60
Range("loan.sought").Copy
Range("G1").PasteSpecial Paste:=xlPasteValues
Range("loan.sought").Select
Application.CutCopyMode = False
End If

Application.ScreenUpdating = True
End Sub

Private Sub Worksheet_Change(ByVal Target As Range)
Application.ScreenUpdating = False

With Target
If Range("H34") "0" Then
Columns("I").ColumnWidth = 25
ElseIf Range("H34") < "1" Then
Columns("I").ColumnWidth = 0.5
End If
End With

It's tolerable now, but it still flickers with every cell entry (regardless
of whether those cells should trigger the macro.