Business London Press

Barclays signs mega Wimbledon sponsorship deal

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23/11/2022

Barclays is to become the official banking partner of tennis’ favourite championship, Wimbledon.

The banking giant has signed the dotted line for the deal with The All England Lawn Tennis Club and will also make an annual contribution to its charity, the Wimbledon Foundation – the biggest donation ever made by an official partner.

This partnership once again unites two iconic British institutions. The first Barclays bank opened 330 years ago and, as the world’s oldest tennis tournament, Wimbledon was first staged in 1877.

The pair teamed up previously in the 1960s when a sub-branch was built under Centre Court.

Frances Tiafoe

And to help the process along, Barclays has enlisted the help of a tennis player who is no stranger to the SW19 courts.

Tom Corbett, Group Head of Sponsorship and Media at Barclays, says ‘We’re incredibly honoured and excited to be working in partnership with one the world’s most prestigious sporting events and to announce that we’ve signed Frances Tiafoe as our tennis ambassador.

“Our joint commitment to create legacy, through Barclays community programmes and the Wimbledon Foundation, means through this partnership we can deliver lasting impact and continue to create opportunities through Sport.”

Changing lives

Frances said: “I’m thrilled to be working with Barclays to help change the lives of young people who typically wouldn’t have the opportunity to experience the game of tennis.”

“Growing up, playing at Wimbledon was my dream, so to be an Ambassador for Barclays, the new banking partner for Wimbledon, is very special.”

Sally Bolton, chief executive of The All England Lawn Tennis Club, welcomed the “commitment to creating access to sport for all”.

OFGEM finds five energy suppliers with “severe weaknesses”

News
Energy

Helen Greaney

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22/11/2022

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Industry regulator Ofgem has identified five suppliers who have shown failings in supporting vulnerable customers.

Good Energy, Outfox, SO Energy, TruEnergy and Utilita were judged as having “severe weaknesses” and told to do more to help customers in the colder months.

Although some good practice was identified, failings included not giving free gas safety checks to customers, no support offered to vulnerable people and not ensuring those using prepaid meters were identified.

Weaknesses identified

Severe weaknesses mean it “either found that a significant proportion of the supplier’s processes and policies were missing or inadequate, or their data indicated that they are not achieving good consumer outcomes”.

Moderate weaknesses – which means expected processes were not in place or there was not adequate training for staff – were found in Ecotricity, Green Energy UK, Octopus and Shell.

Minor weaknesses were identified in British Gas, Bulb, EDF, E.ON, Ovo, Scottish Power and Utility Warehouse. This means Ofgem did not find any evidence of significant concern.

“Suppliers need to do more”

Director of retail at Ofgem, Neil Lawrence, said: “From eligible customers who are missing out on free gas safety checks through to companies not identifying vulnerable customers to be offered obvious support on the Priority Services Register, this robust review has highlighted that suppliers need to do more to support consumers.

“We welcome the cooperation from suppliers and action taken so far, and, although we are seeing some very good practice in parts of the industry, we can see there is still much more to be done.

“Most suppliers take the protection of vulnerable customers seriously, and several good initiatives to support customers have been launched recently.”

“While it’s encouraging to see the engagement on this Market Compliance Review, with some improvement actions already taking place, we’ve seen a number of failings across the board which need to be urgently addressed,” Mr Lawrence added.

“It’s going to be a very challenging winter for everyone, and customers must be confident they are getting the help and support they need.”

London ranked top European city for technology and innovation

Helen Greaney

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22/11/2022

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London ranked top European city for technology and innovation

London is up there with some of the most technologically advanced cities in the world, according to new data from Z/Yen.

The Smart Centres Index (SCI) – a continental rankings system created by London’s commercial think-tank – explores the ability of global commercial centres to create, develop, and deploy technology.

London beat every city in Europe including Paris and Madrid, taking the continent’s crown for the most technologically advanced place.

And it was only pipped to top spot in the global rankings by New York.

Leading centres

Leading centres in the SCI are based in places which combine an innovative, cultural centre with a high-performing university sector across STEM subjects, supported by a well-developed regulatory, commercial, and financial services.

Z/Yen praised London’s infrastructure for enabling smooth trade. The index noted its welcoming legal and tax regime, making it seamless for firms to interact with each other.

And London wasn’t the only UK city in the top 10 – Cambridge and Oxford were placed in 9th and 10th position.

The organisation recently ranked the capital as the top finance hub and the greenest place for banks, brokers and insurers to do business.

Improving in the index

Leading US centres showed a strong performance and Asia/Pacific centres are generally improving in the index, having lagged behind in previous editions of the SCI.

Five Western European centres feature in the top 10, with three from the United States.

Singapore joins Hong Kong in the top 10 among Asia/Pacific centres.

Following an average increase of 2.3% in ratings in SCI 5, the average rating in SCI 6 fell by 4.17% and only four centres rose in the SCI 6 ratings.

Seven centres rose 10 or more places in the rankings in SCI 6, while just two centres fell 10 or more places.

Professor Michael Mainelli, Executive Chairman of Z/Yen, said: “If ever the world needed technology and innovation to solve the global problems, this is it. Our SCI community sees a half-full glass. For example, our SCI community believes that quantum computing is developing quickly enough to soon be applied to manufacturing, scientific research, and the provision of services, though equally challenging current encryption on which all financial services rely. Moving fast and breaking things.”

The SCI is a factor assessment index, combining a number of instrumental factors – data measures drawn from a range of data providers across the world – and assessments given by business and finance professionals of three dimensions related to innovation and technology in major commercial and financial centres.

Calls to close gender pay gap on Equal Pay Day

Helen Greaney

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21/11/2022

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Calls to close gender pay gap on Equal Pay Day

New calls have been made to close the gender pay gap, after shocking new stats were revealed.

To mark Equal Pay Day 2022, the Fawcett Society has released new data which reveals that during 2022 women will, on average, take home £564 less than men each month – up from £536 in 2021.

The report says that women face more trouble due to the combined impact of the cost-of-living crisis and the difference in their pay compared with men.

Lack of options

A third of women surveyed said they’d like to work more paid hours but are unable to because of a local of flexible working options, caring responsibilities or affordable childcare.

One parent said: “The additional money would make a HUGE difference. It would mean I could stop my second job resulting in more time spent with my young family and husband. It would alleviate a huge pressure and stop me being so exhausted from working two jobs alongside being the primary care giver for my children aged 3 and 5.”

More than half (53%) of women would use the additional money to turn on heating and lights more often, and 48% report that their mental health would improve.

“Impossible choices”

Jemima Olchawski, Fawcett Society chief executive, said: “It is unacceptable that the gender pay gap has barely shifted in the past few years, especially given the cost-of-living crisis is hitting women the hardest and forcing them to make impossible choices.

“Our poll shows many women are struggling to pay their household bills – with women of colour even worse hit.

“Closing the gender pay gap would make an immediate difference to women, alleviating the financial and mental health burdens they face.

“We need urgent action to put women’s equality at the heart of our economic recovery. This government should make flexible work the default with a requirement for jobs to be advertised as flexible upfront, to enable more women to work.

“We need mandatory ethnicity pay gap reporting and action plans, and we need employers to stop asking discriminatory salary history questions. Women can’t afford to wait any longer for the gap to close.”

Effectively working for free

The Fawcett Society said that from yesterday (Sunday 20th) women effectively work for free for the rest of the year because of the pay gap, which it said was 11.3%.

The government had said it would offer target support worth £26 billion to protect from the worst of cost-of-living pressures and pursue other initiatives to support women in the workplace.

Elizabeth line hailed as having “transformative” impact

Helen Greaney

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21/11/2022

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Transport for London has announced that almost 70 million trips have been made on the Elizabeth line since it opened six months ago.

The £20 billion project was unveiled by the late Queen in one of her final engagements.

The three branches of the Elizabeth line – east, west and central – mean customers can travel into and through central London without changing at Paddington and Liverpool Street National Rail stations.

The Elizabeth line is dramatically improving transport links in London and the South East – journey times are being cut, capacity increased and accessibility transformed with spacious new stations and walk-through trains.

Tottenham Court Road has seen its passengers increase by 80 per cent, whilst Bond Street,which only opened in October due to construction and fit-out delays, has seen a 25 per cent uplift.

However, disruption is expected today due to RMT industrial action, which will affect services to and from Heathrow, Paddington and Reading.

Law firm returns to the city to “support long-term environmental targets”

News
Legal

Helen Greaney

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16/11/2022

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Law firm returns to the city to “support long-term environmental targets”

One of the longest-standing tenants in Canary Wharf is ditching its home for a return to city in 2028.

Clifford Chance, which has its headquarters at Upper Bank Street in Canary Wharf, has agreed with Great Portland Estates to rent a smaller amount of office space – 321,000sq ft – at its 2 Aldermanbury Square project.

The law firm had moved to its current building after leaving city headquarters in 2003.

A review commissioned by the London firm suggested it should cut two-thirds of its office space due to hybrid working.

Its new home will be ready in 2025 but the firm won’t leave until its existing lease expires in 2028.

Target-setting

Clifford Chance’s managing partner Michael Bates said the move will “support the firm’s longer term environmental targets.”

He added: “With our clients, our people and our values at the heart of our decision making, this represents a truly exciting step for the firm as we plan our move to a newly built location that meets the exceptionally high standards that we set ourselves.”

The law firm will rent 12 floors of the property developer’s new building at an initial price of £77 per square foot.

The 20-year lease gives the option of an exit after 15 years.

Commitment to sustainability standards

Toby Courtauld, chief executive at GPE, developer of the new building, said: “We are excited to be building a new home back in the City of London for one of the world’s pre-eminent law firms and we have enjoyed working with the City of London, as well as Clifford Chance to create a best in class office building.

“In Clifford Chance we have found a partner who shares our values and, in particular, our commitment to the highest sustainability standards, with 2 Aldermanbury Square set to hit our 2030 sustainability commitments almost five years early.”

Business is booming for BAE Systems

Helen Greaney

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15/11/2022

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One of the UK’s best known defence companies BAE Systems, has already taken £28 billion of orders this year.

The London firm, which protects people and national security – as well as builds ships, vehicles and aircraft – secured £18 billion of orders in the first half of this year.

Russia’s invasion of Ukraine has certainly boosted custom with ‘elevated threat’ looking likely according to its chief executive, Charles Woodburn.

BAE Systems is spending its cash on research and development, people and facilities to support future growth.

Secured contracts

It recently secured £4.2bn from the British government for five war ships, Type 26 frigates for the Royal Navy.

The company also gained four large contracts with the US military earlier this year, including a contract worth more than $380 million for multiple launch rocket system support services.

Woodburn said: “Our operational performance year to date underlines our confidence in the full year group guidance for top line growth and margin expansion as well as our cashflow targets.

“Order flow remains strong and our focus on programme execution, cash generation and efficiencies is helping us to navigate the challenging operating environment.

“Looking forward, our large order backlog, diverse portfolio position and focus on programme performance position us well for another year of top line growth and margin expansion in 2023.”

Chancellor refuses to extend super deduction tax break

Helen Greaney

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14/11/2022

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Chancellor refuses to extend super deduction tax break

Jeremy Hunt will not commit to extending the super deduction tax break in his statement on Thursday.

The scheme was initially devised by Rishi Sunak when he was chancellor in 2021 and its aim was to relieve businesses – who had invested in new infrastructure, machinery or plants – significantly hit by the Covid pandemic.

Calls for tax break extension

The tax break is due to expire in March despite many calls for it to be extended, considering there will be a hike in corporation tax.

BT chief executive Philip Jansen was among those praising the scheme earlier this month, when he hailed it a “a major success, not just for our industry” and that it had created 4,000 jobs across BT since being introduced.

A “bit more tax”

Hunt prepares to unleash tax hikes and spending cuts in a bid to balance the books.

He has hinted that everyone will need to pay ” a bit more tax” after Thursday’s budget as he warns sacrifices will need to be made across the board to get the economy back on track.

However, he has stressed it is “not just bad news” and that he is keen to steer British people through some difficult times.

Delivering “certainty” to families and businesses – in the wake of recent market turmoil sparked by Liz Truss’ mini-budget – was important to him, he said.

Brits ditch going green amidst rising bills

Helen Greaney

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10/11/2022

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Brits ditch going green amidst rising bills

Half of UK consumers in the UK have ditched environmentally friendly products as the cost of living crisis ramps up.

Prices of food is high on the agenda, and takes precedent over health and quality, for one in two shoppers.

The new research from Meatless Farm, shows that currently nine in ten shoppers are more interesting in saving money than the impact on the environment.

Cheaper food

But to ever increasing energy and rising bills, people are turning to high-emission food with 19% opting for cheap cuts of meat and budget food.

A third a third of shoppers said they planned to switching to cheaper processed meat.

Two in five also say organic and fair trade foods are now bottom of their shopping lists despite previously being ‘must have’ items.

Climate crisis

Morten Toft Bech, Meatless Farm founder said: “The cost-of-living crisis is derailing sustainability efforts at a time when there is also an urgent climate crisis.”

Bech said that the government needed push a food system that would encourage consumption of carbon emissions without costing the earth.

“Investing in and supporting alternative proteins is one way to do this, which can benefit our health, environment and the economy,” he added.

Less than £100 in the savings pot for a quarter of UK adults

Helen Greaney

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07/11/2022

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Less than £100 in the savings pot for a quarter of UK adults

New figures suggest that a quarter of UK adults have less than £100 in savings.

Data from the Money and Pensions Service which commissioned the survey, showed that people are borrowing to cover rising costs, which is causing financial stress in the run up to Christmas.

Debt advisors are expecting a sharp increase in enquiries over the winter as people struggle to pay energy and fuel bills, and deal with the ever-increasing cost of basic food items.

Seek help from debt charities

The research found that of 3,000 people, one in six held no savings. Another 5% had less than £50 and a further 4% had between £50 and £100 set aside.

If those figures reflect the UK as a whole, then millions of people have very little savings.

Energy providers are asking people to seek help from debt charities, if they are unbale to pay their bills.

Talk to loved ones

The Money and Pensions Service runs the Moneyhelper website, which includes a free debt advice locator.

It is running a week-long Talk Money campaign urging people to speak up about their financial position and is encouraging people to plan for the future, taking free debt advice as soon as they realise they could be facing difficulties.

Caroline Siarkiewicz, chief executive of the government-backed organisation. said: “Millions of people find it a challenge to save, and this leaves them vulnerable when sudden expenditure items arise. When you add in the anxiety that they feel with their credit commitments, the weight of that worry can quickly become overwhelming.”

“We want everyone to start the conversation with family or friends and share the burden of any money worries. By dealing with the problem head on, people can discover just how helpful free debt advice can be and see the importance of talking to their creditors early. They can also begin to find a way forward, no matter how difficult their situation might feel.”

Frances Tiafoe

Changing lives

Weaknesses identified

“Suppliers need to do more”

Leading centres

Improving in the index

Lack of options

“Impossible choices”

Effectively working for free

Read more

Target-setting

Commitment to sustainability standards

Secured contracts

Calls for tax break extension

A “bit more tax”

Cheaper food

Climate crisis

Seek help from debt charities

Talk to loved ones

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