LSBF Blog - Global Matters
Finance firms preparing for Brexit by boosting salaries, study shows
A report from recruitment agency Randstad has shown that financial services firms in the UK are offering higher salaries as they prepare for regulatory changes that could be caused by the UK’s exit from the EU.
The annual report, which is entitled “Paying Attention” and looks at salary trends in the Square Mile, showed that banks are offering higher salaries in compliance, audit and risk as they prepare for any issues that could arise from the government failing to achieve an EU deal that will protect the City of London.
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SMEs could boost UK economy by £57bn by improving productivity
Research released by NatWest and conducted by the Centre for Economics and Business Research (Cebr) has shown that SMEs could add £57bn to the UK economy if their productivity levels matched those of German SMEs.
The study, entitled “Productivity in focus: Germany vs. the UK”, found that SMEs in the UK generate £147,000 worth of output each year on average, less than half that of SMEs in Germany, which generate £335,000 per year per worker.
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Open Banking to revolutionise how UK consumers manage personal finances
A study from Network Research has shown that Open Banking is set to revolutionise the way that UK consumers manage their personal finances.
The research has been tracking 500 UK consumers since May 2018 to monitor their awareness of Open Banking and to find out if they are making use of the initiative and how likely they are to use it in the future.
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Contactless payments rising in popularity, UK Finance figures show
Figures from UK Finance have shown that contactless payments are rising in popularity, leading to debit cards becoming the top payment method in the UK.
The finance and banking trade association’s 2018 UK Payments Market Review showed that debit cards have overtaken cash as the most popular payment method, with 13.2 billion debit card payments being made in 2017, compared to 13.1 billion cash payments.
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UK business angels favour fintech, according to report
A report from British Business Bank has shown that fintech is popular with business angels in the UK, with 24% citing the sector as their top area for investment.
The UK Business Angels Market report showed that fintech outperformed other areas for business angel investments, including healthcare and life sciences.
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Department for International Trade launches FinTech investment drive
Britain’s Trade Secretary Dr Liam Fox MP is to boost the UK’s FinTech sector by launching a FinTech investment drive.
The Department for International Trade (DIT) will be setting up a FinTech steering board as part of the initiative, which was announced at the end of London Tech Week.
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CYBG agrees to buy Virgin Money in £1.7bn deal
Clydesdale Bank and Yorkshire Bank owner CYBG has confirmed that it has agreed to buy financial services brand Virgin Money for £1.7bn, a move that will create one of the largest banks in the UK.
The deal includes an agreement over shareholders, with Virgin Money’s shareholders set to receive 1.2125 new CYBG shares for each Virgin Money share that they hold. The financial services firm’s shareholders will own 38% of the newly merged bank.
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London named top destination for Indian entrepreneurs
New research from the Mayor of London's promotional agency, London & Partners, has named London as the leading destination for Indian entrepreneurs.
Released during London Tech Week, the figures showed that the city has attracted more than £4bn in tech investment projects from India since the EU referendum in June 2016.
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Treasury Committee calls for end of “alpha male” culture in finance
The UK’s Treasury Committee is calling for the “alpha male” culture in financial services to come to an end in a bid to help women in the sector to progress into senior roles.
A report from the Committee identified the areas in financial services that are most affected by the alpha-male culture, with the issue being evident during bonus negotiations in some firms.
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British Business Bank launches investment programme to boost business growth
British Business Bank has launched a £2.5bn investment programme to help businesses have access to the finance that they need to boost the UK’s innovation economy.
The British Patient Capital programme will focus on investment in innovative businesses in the UK that have high-growth potential.
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Technology firms to invest £2.3bn into UK economy
Prime Minister Theresa May has announced that technology firms are to invest more than £2bn into the UK economy, which will create 1,600 new jobs.
The announcement was made at a roundtable event, during which it was also revealed that a number of initiatives will be launched to support businesses in the UK and attract foreign tech entrepreneurs and investors.
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New competition launched to support UK’s promising fintech start-ups
A new competition has been launched to help the UK’s most promising financial technology start-up companies boost their growth.
Applications are now open for the competition, which is being delivered by tech entrepreneur network Tech Nation as part of the Treasury’s fintech strategy.
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Financial services firms feeling confident about their prospects, study shows
A study from accountancy firm Smith & Williamson has shown that financial services firms are feeling confident about their prospects, with three in four expecting improvements over the next 12 months.
The study of more than 1,000 businesses found that nearly half believe that their prospects will improve significantly over the next 12 months, with businesses feeling mostly positive about recruitment.
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UK employment rate remains at record high, ONS figures show
The latest figures from the Office for National Statistics (ONS) have shown that the UK employment rate remains at a record high.
The Labour Force survey showed an increase in the number of people in work between November 2017 and January 2018 and February and April 2018, with 32.39 million people in employment.
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Apprenticeships could help to tackle UK skills gaps, study shows
Research from City & Guilds Group and Emsi has shown that apprenticeships could be the key to tackling skills gaps in the UK.
The study, entitled “People Power”, surveyed more than 1,000 UK C-Suite employers and found that more than 35% are mostly planning to recruit apprentices in the next three-to-five years, while 38% plan to use an apprenticeship programme to attract candidates.
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The LatAm Edge Awards 2018 – 14th June 2018
London – 14th June 2018, the LatAm Edge Awards will be taking place during London Tech Week at the Global Ecosystem Summit, with experts from all five continents converging to debate the current state of tech ecosystems worldwide.
This is the only awards show to specifically focus on Latin American scale-ups looking to expand business to the UK and Europe.
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UK banks sign up to group to examine fair business banking
Several UK banks have signed up to a group that will focus on the fairness of business banking for SMEs.
Lloyds, RBS, Barclays, Santander, HSBC, Triodos UK and Clydesdale are among the banks that have joined the group, which is run by UK banking and financial services trade association UK Finance and the Lending Standards Boards (LSB) in partnership with the all-party parliamentary group (APPG).
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Freelancers expected to boost UK’s economic growth
A study from Instant Offices has shown that women and millennials have helped to boost the UK’s freelance economy over the past decade.
Key demographics show that the number of female freelancers has increased by 55% since 2008, with new mothers contributing to the rise as they search for more flexible job roles.
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UK named tech unicorn capital of Europe
New figures have shown that the UK is the tech unicorn capital of Europe, with 37% of Europe’s tech firms that are unicorn status being based in the UK.
The figures, which coincide with London Tech Week, show that the UK is home to 13 of Europe’s 34 unicorn firms, which are companies that are valued at £1bn.
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Northern Powerhouse to be boosted by new airport routes
An announcement has been made by two airlines – Ethiopian Airlines and Jet Airways of India – regarding the launch of new services to and from Manchester Airport UK by the end of the year.
The fact the airlines have been attracted to Manchester Airport is a coup not just for the airport, but also for the concept of the Northern Powerhouse, which aims to turn the North of England, which has a population of around 15 million, into a serious economic competitor to the South East and London.
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Government wants businesses to help run schools
Education Secretary Damian Hinds is to issue a “call to arms” to school governors and trustees while urging skilled professionals and leading businesses to support education and schools in the UK. Hinds’ keynote speech to the National Governance Association saw him call on leading employers to do their bit to help “the next generation to thrive”.
Businesses are going to be asked to provide their expertise in filling the roles of governors and trustees all around the nation, with 10% of such school posts currently being unoccupied.
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Overseas investment doubles in UK tech firms
The technology sector in the UK is moving far ahead of its European competitors, with data revealing that in 2017, the UK was able to attract more venture capital investment than France, Germany and Sweden put together. Tech businesses in the UK pulled in £7.8bn in funding in 2017, nearly twice as much as the year before.
Research from Tech Nation and Dealroom demonstrated that venture capital investment in the UK in 2017 was far ahead of the £3.2bn total of Germany and the £2.8bn brought in by France. The boost to the tech sector has also assisted with propelling foreign direct investment growth in the UK, enabling it to remain the number one destination for this kind of funding.
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2.3% public sector apprenticeships target exceeded
The Department of Education has exceeded the target that it set itself for the recruitment of apprentices in 2017. The apprenticeship levy was first launched in April last year, with public sector bodies being obliged to make certain that a minimum of 2.3% of the workforce is made up of apprentices each year.
After just over a year, the Department has succeeded in meeting and even exceeding that target, and is now giving until the end of September for all of the other eligible public bodies to release their own figures.
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Digital innovation transforming financial services
The ways in which people are managing their money are being transformed by digital innovation – with apps at the forefront of the changes – as consumers in the UK logged into their banking apps as many as 5.5 billion times in 2017.
Customers are increasingly making use of new technologies to consult with experts away from normal banking hours instead of having to do so during their working day, with over 5.5 million customer web chats taking place last year, according to the major banks.
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UK economy to be boosted by 2,500 new Amazon jobs
Amazon is to create 2,500 permanent new jobs in the UK this year, which will see the total number of jobs in the country provided by the e-commerce giant rise to 27,500 by the close of 2018.
Over 650 permanent new positions are to be created in Amazon’s development centres as well as in the Amazon Web Services division, and there will be hundreds of new roles in the company’s head office, according to the company.
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