As the UK and EU come together with a new renewables and climate change strategy, exporters and importers will face new reporting requirements and tax levies, say leading tax and advisory firm Blick Rothenberg.

Simon Sutcliffe, a customs expert and Partner at the firm, said: “The two customs unions of the UK and EU are aligning them themselves closer and closer in terms of a climate plan. The detailed reporting requirements and taxing of companies who move these types of goods, although a worthy cause, will add to the administrative burden and cost for business and no doubt increase prices for consumers as these costs are passed on.”

He added: “New reporting requirements and taxes due to be set in motion in 2024 will see the UK and EU move closer to each other in their climate change and environmental levies targeting import and export companies which will mean them paying higher levies and possibly fines.”

Simon said: “The proposed UK Carbon Border Adjustment Mechanism (CBAM) is measure that will be in addition to the UK’s existing Plastic Packaging Tax (PPT) which already that taxes UK manufactured plastic packaging for goods and goods imported in plastic packing for sale in the UK marketplace.”

He added: “HMRC will begin the process of consultation in 2024 before implementation in 2027. CBAM will cover recording the importation of goods that have a carbon impact and will cover such items as iron. steel, aluminium, glass, ceramics, fertilizer, and electricity, with a view to taxing those carbon polluting industries by 2027.”

Simon said: “The EU already has EU CBAM and has plans for a similar UK style PPT tax plan called the ‘EU Plastic Levy’ but it’s scope and implementation is not currently aligned across all the EU states. The EU may formalise their Plastic Levy commitments in the coming years to align the UK and the EU further on environmental issues surrounding trade and supply chains of certain goods.”

He added: “UK Companies already struggle with administering the UK’s Plastic Packaging Tax (PPT) having sufficient access to the production processes further down their supply chain to be able to comply with the tax. The introduction of another levy requiring even more information will put further strain upon them.

“Now as the UK draws nearer to the EU on its renewables and climate change combatting methods by the adoption of a new reporting requirement and tax levies aimed at importers and exporters, businesses will have to understand and have access to their supply chains to meet the reporting requirements.”

Read more:
UK and EU climate change strategy will see new reporting procedures and rising consumer prices

According to a disclosure obtained by Axios, Fidelity, a mutual fund that owns a stake in X Holdings, has marked down the value of its shares by a staggering 71.5% since Musk’s purchase.

This equates to a loss of approximately $31.5 billion, bringing X’s estimated value down to $12.5 billion.

Since Musk’s takeover, X has witnessed a significant decline in its user base. In the first year alone, the number of monthly users dropped by 15%. This decline can be attributed to concerns over the rise of hate speech on the platform, leading to a loss of user trust and engagement.

One of the primary reasons for the decline in X’s value and user base is the growing concern over hate speech on the platform. Users and advertisers have raised alarming issues regarding the platform’s moderation and handling of hate speech. To address these concerns, X has made several changes, including staff cuts and reduced moderation.

European Union Warning

In September, the European Union issued a warning to Musk after a study revealed that X had the highest ratio of disinformation posts among large social media platforms. The study highlighted the platform’s struggle to combat the spread of false information and disinformation, further damaging its reputation and user trust.

Fallout from Advertising Boycott

X faced significant backlash and a boycott from major companies following Musk’s endorsement of an antisemitic conspiracy theory. The New York Times reported that several companies pulled their advertising from the platform, resulting in a substantial financial blow. Musk’s response to the boycott, telling companies to “go fuck yourself,” further exacerbated the situation and highlighted the platform’s struggle with maintaining a positive image.

Elon Musk’s actions and decisions have played a crucial role in X’s decline. Since taking over the platform, Musk has reinstated several individuals who were previously banned, including former President Donald Trump and right-wing conspiracy theorist Alex Jones. These controversial figures have further fueled the platform’s association with divisive content and disinformation.

Both Trump and Jones have faced significant legal troubles and public scrutiny. Trump is currently facing over 90 criminal charges related to the subversion of the 2020 election, retention of government secrets, and hush-money payments to Stormy Daniels. Jones recently proposed a $55 million settlement to the Sandy Hook families, who sued him for spreading lies about the 2012 school shootings. These ongoing legal battles and controversies have contributed to the negative perception surrounding X and its association with controversial figures.

Despite the decline of X and its tarnished reputation, Elon Musk remains the world’s richest man, with a net worth of $251 billion according to Forbes. The value loss of X has not significantly impacted Musk’s personal wealth, but it has raised questions about his decision-making and the long-term sustainability of the platform.

Future Outlook

As X grapples with the fallout from its value decline and the controversies surrounding its moderation and content, the platform faces an uncertain future. Rebuilding user trust and addressing the concerns over hate speech and disinformation will be crucial for its survival and potential resurgence.

Read more:
Mutual fund Fidelity says value of X down by over 71% since purchase by Musk and name change from Twitter

The number of first-time buyers who bought a home with a mortgage fell to its lowest level in a decade in 2023, according to a leading lender.

The figures, from Yorkshire Building Society, are the latest evidence that housing affordability has been stretched to the limit by rising mortgage interest rates and high house prices.

The lender calculated that across the UK there were an estimated 290,000 first-time buyers in 2023. That would be down by a fifth compared with 2022, when the number reached 370,000, and the lowest since 2013, when the total was 260,000.

In 2021 the number of first-time buyers was put at a 20-year high of more than 400,000 as the coronavirus pandemic prompted millions of people to think about changes to their lives and where they wanted to live, with a stamp duty holiday also strengthening sales.

The fall in the number of first-time buyers last year was less severe than the decrease in the overall number of buyers, said the Yorkshire. This meant the estimated proportion of first-time buyers was a slightly bigger share of homebuyers overall last year, at 54%, up from 53% in 2022.

The Yorkshire said that while activity across all borrower types had fallen because of higher interest rates, cost of living pressures and high house prices, first-time buyers remained determined to overcome these challenges to invest in their own bricks and mortar. But it added that borrowers were finding it harder to meet lenders’ affordability requirements.

The new figures come days after fellow building society Nationwide issued data highlighting how stretched housing affordability had become. It said a borrower earning the average UK income and buying a typical first-time buyer home with a 20% deposit would be saddled with a monthly mortgage payment equivalent to 38% of their take-home pay – well above the long-term average of 30%.

At the same time, said Nationwide, deposit requirements remained “prohibitively high” for many. A 20% deposit on a typical first-time buyer home equated to about 105% of the average annual gross income – though this is down from a high of 116% in 2022.

Ben Merritt, the Yorkshire’s director of mortgages, said: “First-time buyers are the lifeblood of the market and are still clearly keen to buy … The wider market relies on them, not least to support purchases higher up the chain.”

However, there is some hope for homebuyers, who endured a rollercoaster year in 2023. Many financial commentators expect several interest rate cuts this year, which should ease the cost of mortgage borrowing.

Just before Christmas, a five-year fixed-rate mortgage deal priced at below 4% went on sale for the first time since May, and brokers believe there will be more cuts over the coming weeks as banks and building societies compete for custom in the run-up to the traditional spring buying season.

The Yorkshire’s calculations are based on lending data from the banking trade body UK Finance up to September 2023, with buyer numbers for October, November and December 2023 estimated in line with previous first-time buyer patterns.

Read more:
Number of UK first-time buyers in 2023 was lowest in a decade

Businesses are failing to adopt new artificial intelligence technologies, research from the universities of Leeds, Sussex and Cambridge shows.

Despite the high profile of technologies such as generative AI, the proportion of British organisations saying that they have taken the plunge remains in the low double digits.

In a sample of 1,150 employers asked by researchers if they had invested in AI-enabled technology in the past 12 months, only 11 per cent said they had. Larger organisations, particularly those in the IT and public administration sectors, were more likely to have invested, with smaller businesses less so.

The findings build on the same study made in 2022, when 2,001 companies were questioned and 36 per cent said they had invested in AI-enabled technologies such as industrial robots, chatbots, smart assistants and cloud computing over the past five years.

Mark Stuart, pro dean for research and innovation at Leeds University Business School, which led the research, said there was no evidence yet of a technological revolution gripping British businesses. “If you ask people, they are experimenting individually, but if you ask them whether they are doing it strategically and embedding AI [in their companies], they are not,” he said.

Of the companies that had invested in AI, just under a third had spent money on generative AI services such as OpenAI’s ChatGPT. It means that only about 3 per cent of UK employers have invested strategically in generative AI, according to the researchers.

Most worrying for policymakers is the emergence of a digital divide between the minority of early adopters that say they are continuing to invest and the majority of companies that remain unconvinced of the merits of even beginning to do so.

Of the employers polled in 2023, 11 per cent of those that had not already invested in AI-enabled technologies were planning to invest in the next two years, up from 10 per cent of those interviewed in 2022.

The research also highlighted a continued gap in digital skills training, with 40 per cent of the companies reporting that they had provided such training in the past two years. Fewer than 10 per cent of the companies expected to invest in such training this year.

The Employers’ Digital Practices at Work survey was funded by the Economic and Social Research Council.

Read more:
British businesses ‘missing out on AI revolution’ finds new university backed research

HMRC aren’t known for their Christmas spirit, but there is one area where some taxpayers can benefit from a little cashflow bonus if they act now.

Stefanie Tremain, from eading tax and advisory firm Blick Rothenberg, said: “Most people are aware that the normal filing deadline for a Self-Assessment tax return (and to make any payments due) is 31 January, which means 2022/23 tax returns and tax payments are due by 31 January 2024.

“What is less well known is that if your tax liability is less than £3,000 and you have a source of PAYE income (e.g., employment or private pension income), and your tax return is filed by 30 December, your tax can be collected through your PAYE code in the following tax year.”

She added: “For example, if you owed tax of £2,500 for 2022/23, you would either need to pay this in full by 31 January 2024, or HMRC could take a deduction from your pay in 12 instalments, starting in April 2024. This can be a huge boost to cashflow at what is already an expensive time of year.”

Stefanie said: “Taxpayers need to make sure that they have enough PAYE income in the relevant year to collect the additional tax, and make sure they would not end up paying more than half of their income in tax.”

She added: “For any taxpayers filing their own tax returns who would like to take advantage of this, HMRC should do this automatically when they process your return, provided you leave the relevant box unticked.”

She added: “It’s also important that taxpayers remember whether any tax was collected through their PAYE code when they file their tax return for the relevant year in the future (e.g., for 2024/25, in this example) as you they otherwise mistakenly think they are due a refund!”

Read more:
A Christmas tax bonus from HMRC for some UK taxpayers

Cheese and chutney, whiskey and wine – behind every gift there is a long line of businesses and craftsmen. Suppliers all over the world know that Christmas brings a surge in demand, more so than ever when presents are a click away.

Since the Victorians first brought about traditions like Christmas cards, crackers and a turkey dinner, Britain has been famed as a beacon of festive cheer.

But in today’s globalised world, British businesses with the edge in quality have to contend with new market barriers and competitors who trade on cost alone.

Year after year, UK Export Finance (UKEF) has helped British firms secure the financing and insurance which allows them to reach new markets and fill new stockings around the world.

UKEF is the government body helping British exporters secure financing when the private sector might not be able to – a problem sometimes faced by the fledgling businesses which will become tomorrow’s big employers.

In the last financial year, UKEF helped businesses access £6.5 billion in financing and create over 55,000 jobs across the country – running at no net cost to the taxpayer.

These are some of the gifts which UKEF has helped Father Christmas deliver in time for Christmas:

Have Yourself a Dairy Little Christmas: from Somerset to South Africa

Third-generation family-owned cheese producer Wyke Farms exports around 6,000 tonnes of cheddar each year. The Somerset business faced tough market conditions as inflation sent the price of milk skyrocketing. To help them deal with this shock at a time when private lenders were cautious, UKEF’s worked with Barclays to arrange a £30 million financing package to help the business continue growing.

Wyke Farms has since consolidated its hold on Europe, where it has traded for 25 years and seen a growing taste for solid British cheese. Families in at least some of the 160 countries where Wyke cheese is sold will be tucking into this Somerset export for tea.

A Nightcap for Father Christmas: Scottish Whisky

Accept no imitations: whisky may be made around the world, but it is still synonymous with the British Isles. Anglophiles around the world who have read their Ian Fleming will know that whatever the films say, James Bond tends to reach for a scotch rather than a Martini.

UKEF is helping distilleries to meet the steady global demand for whisky. Last month, it helped Nc’nean Distillery – a maker of sustainable, organic whisky – secure new export finance from Virgin Money to help it grow in North America. Just six years after it began distilling, the firm is filling glasses for Christmas toasts across the Atlantic.

The Night before Christmas: Beds from Yorkshire

Based in Ravensthorpe, Dewsbury, Jay-Be designs and makes beds and mattresses in the UK. Already a supplier to high street names like John Lewis, Bensons for Beds and Next, Jay-Be began exporting in 2012 and now serves customers in more than 15 countries.

With UKEF helping Jay-Be to secure a £2.5 million funding from Santander UK, the firm can ramp up its global sales and bring sweet dreams to more people than ever before – even if they can’t wait for Christmas morning.

Tim Reid, CEO of UK Export Finance, commented: “The support which we provide to hundreds of companies each year helps exporters to meet international demand for brilliant UK products – a demand which only grows in the run-up to Christmas.

“As over 80% of the businesses which we support are SMEs, our backing helps to ensure that smaller businesses can send their products around the world in time for the holidays.”

Read more:
UKEF helps British exporters fill stockings around the world

Nearly all of budding entrepreneurs across the UK feel that there are factors holding them back from starting a business, with the cost of living crisis heading up the list, referenced by nearly four out of ten as a top barrier. Underlining the prevalence of money-related concerns, the next most important barrier was ‘perceptions of the financial cost’.

These were among the main findings of recent research, commissioned by the AI-driven business planning enterprise, Venture Planner, which polled the views of 2,000 people across the UK, who had previously considered starting their own business, either on their own or in partnership with others.

Very few of the survey sample don’t know their market or lack motivation, or confidence in their skills, but 24% are nevertheless hampered by a fear of failure, and the same percentage are unsure of ‘where to begin’. More than nine out of ten respondents (91%) see “having the knowledge to create a business plan’ as a concern.

The survey also reveals that the drive to become an entrepreneur is also in part the dream of realising the vision of an alternative lifestyle. Nearly half of the sample (46%) said that if they were to set up a new business, it would definitely be in a different sector from the one they are working in now. 48% say my current sector pays the bills but dream of working in a sector  that aligns with their personal interests, while 41% say they would set up in a different sector to achieve a different lifestyle, or work-life balance.

Alex Clansey, co-founder and CEO of Venture Planner, comments on the findings: “The data from our survey paints a vivid picture of the obstacles that stand in the way of prospective business founders helping both to realise the UK’s entrepreneurial potential and satisfy their own dreams. Our platform is designed to break down these barriers, offering intuitive, AI-powered tools to help anyone, from seasoned entrepreneurs to aspiring solo business owners, to confidently navigate the complexities of business planning and financial management.”

Almost all dreamers and entrepreneurs feel they need support with at least one aspect of business planning., with 55% believing they need help with financial forecasting. AI is increasingly seen as a potential way forward. More than three-quarters of budding entrepreneurs (78%) say they would either ‘maybe’ or ‘definitely’ consider using an AI tool to help generate a business plan, while fewer than one in five (18%) said they were not sure where AI can help. Moreover, despite the fact that AI is new and unfamiliar to many, 42% of the sample would trust it as much as, or more than a human generated plan.

Nicola McKenzie, co-founder, Venture Planner, said: “Many people today get their business advice either from online articles or from social media. 39% of our survey sample say they have followed and engaged with social media content from entrepreneurs or influencers as part of their research into starting a business. Actually by using an AI tool created by financial planning specialists, you are going to learn a lot more about the feasibility of your business idea. So, rather than scrolling through social media for hours to find business advice that is not personalised to your needs, have a go on Venture Planner and bring your dream to life.”

Read more:
UK’s budding entrepreneurs stifled by cost of living crisis

After another year of increasing costs and continued supply chain issues, businesses have become accustomed to operating in an ever-changing economic landscape.

While many are looking ahead to the fresh opportunity that a new year brings, business growth may be harder to find in 2024. Instead, with elevated interest rates and higher energy prices on the horizon, the majority of businesses will be looking to create new ways to be efficient and extract maximum value from every pound spent.

Linked to this increasing drive for efficiency is the rise of Artificial Intelligence (AI). After hitting the mainstream in 2023, growing businesses are looking at how AI can help them automate, gain new strategic insights, and supercharge their operations.

Here, Nicky Tozer, SVP, EMEA, Oracle NetSuite details the top five ways businesses can drive efficiency and productivity in 2024:

By doing more with less

Economic circumstances continue to squeeze profit margins and create operating difficulties for businesses. In 2024, increasing efficiency and boosting productivity will be critical to success. Business leaders can only manage what they can measure, and success in the next year will undoubtedly require management to know their numbers – from performance metrics to supply chain data – which will be the key to finding ways to do more with less.

Achieving this will require robust data integration, and automation of manual processes, across internal teams like finance, sales, and operations. There is a strong case to be made for boosting productivity, regardless of the current business landscape. The International Monetary Fund highlights the link between improved productivity in Europe and overcoming short-term financial pressures, while research has shown maintaining just a 1% annual improvement in SME productivity over five years could grow advanced economies like the UK economy by £94 billion.

By cautiously tackling AI FOMO (fear of missing out)

As the potential gains afforded by AI mature in the year ahead, many will look to embedded and generative AI in their business management system to help increase user productivity, reduce costs, harness the power of their own data, and improve overall efficiency. AI should be used to advise and assist. By combining AI with finance and operational data, web analytics, lead-generation data and customer satisfaction metrics, businesses could uncover unique trends to unlock new insights or develop strategies to build their audience.

But SMEs must taper their enthusiasm to adopt AI at any cost. They must consider how connected their data is, ensuring that it draws on information from across lines of business. AI is only as good as the data it is trained on, highlighting the continued importance of having business information that is integrated and relevant across departments.

By solving the software hairball

Connected to doing more with less is solving the ‘software hairball’. We’re in a period of steady convergence, with manufacturers, retailers, and service companies more commonly becoming all-in-one platforms – leading to complicated ‘hairball’ scenarios whereby companies inherit five pieces of software for five different outcomes. However, this hairball adds complexity. Data may be siloed or require complex integration processes, while also eating into budgets and draining the internal resources required to manage multiple vendor technologies.

Businesses require simplicity, and the ability to create connections across processes and lines of business. In 2024, visibility of real-time, reliable data will be vital to enable proactive action. By adopting one integrated system, businesses can bring together data from across functions such as finance, inventory, and supply chain under a single view to help maximise return on investment, deepen customer relationships, and spark investment in future growth.

By putting ESG higher up the business agenda

Business leaders no longer look at environmental, social, and governance (ESG) metrics as something that only pertains to big companies. Small and mid-sized, fast-growing businesses also must chart a strategy for ESG success.

Investors, customers, and employees all increasingly favour businesses with clear goals and real progress around ESG, especially environmental sustainability. Regulation is also a driving force, with the Corporate Sustainability Reporting Directive (CSRD) requiring larger enterprises and listed SMEs to report across several areas of ESG in 2024.

More robust regulations increase the need for greater tools and measures to support compliance. Systems that go beyond basic financial and managerial reporting to include specific and non-financial metrics such as capturing carbon emissions and plastic usage, will be especially pertinent. In 2024, ESG success will be key to attracting conscious consumers, recruiting in-demand talent, as well as increasing revenue while mitigating risk – all of which will be intricately connected.

By harnessing Industry 4.0

After years of promise, Industry 4.0, smart manufacturing and smart warehousing are gaining traction and forecast to grow significantly, according to the Global Smart Manufacturing Market Report 2023. Having historically been dominated by larger international organisations, advancements in automation, robotics, and AI are making Industry 4.0 a more realistic goal for growing manufacturers and logistics companies.

Smart tools and connected systems can sense and interact with the real world and provide predictions that can allow organisations to benefit from improved productivity. It can also improve operational efficiency by minimising – or entirely preventing – sudden shutdowns of manufacturing facilities or limiting the disruptions when supply chains face bottlenecks. Recognising these advantages, businesses across industries will become more digital to create new, innovative, and competitive business models. Data is the glue for bringing together the processes that make Industry 4.0 a reality. In 2024, growing manufacturers should look to integrated business systems that enable flexible planning, enhanced control, and deep analysis of supply chain data.

Read more:
Five Ways UK Businesses Can Maximise Success in 2024

Councils pursuing a four-day working week are being threatened with financial penalties by the government amid an increasingly bitter row between ministers and town halls over post-pandemic working practices.

After announcing a £4bn cash injection to support councils in England amid a worsening crisis for local authorities, the government said it planned to use “financial levers” to stop councils from offering four-day working weeks for staff.

Ministers had announced a crackdown on the practice in October in a battle with Liberal Democrat-run South Cambridgeshire district council, which is believed to be the only English authority to have experimented with it so far.

However, the development marks a significant escalation after Michael Gove’s levelling up department said it could block councils using a four-day working week from receiving the full amount from future financial settlements.

Highlighting South Cambridgeshire’s refusal to end a four-day week trial, which is due to run until the end of March next year, it said: “The government is now inviting views on proposals to use financial levers within future settlements occurring after 2024-25 to stop this practice.”

Bridget Smith, the leader of South Cambridgeshire, said: “I was surprised to see this. We know that this government are ideologically opposed to a four-day working week model.

“We’re currently submitting 186 pieces of raw data to them every single week in response to their best value notice. They’ve got lots of evidence to show our council is functioning very efficiently indeed.”

More than 700 staff, all of the council’s employees, are involved in the trial. Smith said it was improving productivity and residents should not have experienced any negative impact. “Councils are not wasteful. We have had for 10 years to do more and more with less and less,” she said.

“It’s very much the 21st-century way, which has been widely adopted in the private sector. If it works there, it needs to have a fair trial in the public sector.”

Joe Ryle, the director of the 4 Day Week campaign, said: “These empty threats from Michael Gove need to end and councils should just ignore him. A four-day week with no loss of pay improves both productivity and the wellbeing of workers.”

Ministers on Monday announced a funding package worth £64bn in 2024-25 for English councils, an increase of 6.5%, or about £4bn on the amount allocated a year earlier.

However, local government leaders said the package fell short of averting a financial crisis as growing numbers of authorities are in effect facing bankruptcy, fuelled by years of austerity-driven cuts, pressure on services, and inflation driving up costs.

Shaun Davies, the chair of the Local Government Association, said: “Councils in England continue to face a funding gap of £4bn over the next two years as today’s announcement does not change the funding gap facing councils this year and next.”

Simon Hoare, the minister for local government, said: “We are, and will, continue to work alongside councils to ensure quality and reliable services are provided to those who need and use them, while also keeping a weather eye on ensuring value for the taxpayer.”

Read more:
Ministers threaten to withhold funding from English councils on four-day week

Artificial Intelligence (AI) is a game-changer for the contact centre industry. It represents a revolutionary shift in how customer service is delivered and managed. As we learn to embrace the change, AI stands at the forefront, reshaping the delivery of customer interactions and service efficiency.

At the heart of this technological evolution is the promise of heightened efficiency. AI-powered tools and systems are designed to streamline processes, reduce response times, and handle a vast array of customer queries with precision and speed. This efficiency is not merely about cutting costs or saving time; it’s about enhancing the quality of each customer’s experience. AI-driven solutions, such as chatbots, predictive analytics, and automated response systems, are increasingly adept at providing personalised and accurate responses, leading to a marked improvement in customer satisfaction. These intelligent systems can analyse customer data, predict needs, and provide tailored assistance, elevating customer experience to new heights.

However, the path to integrating AI into contact centres presents challenges. While the advantages of AI are clear and compelling, its implementation is a complex process with obstacles. These challenges range from technical and financial hurdles to human factors like workforce adaptation and customer acceptance. Contact centre solutions experts Cirrus recently carried out a survey of over 300 contact centre and IT leaders, to discover how executives view critical technologies like virtual agents, predictive analytics, sentiment analysis, and more. The survey revealed that 74% of contact centre leaders prioritise customer trust in AI. The challenges businesses face require a careful, well-thought-out approach to ensure that the adoption of AI is not only successful but also sustainable in the long term.

Here, we will explore the seven key challenges that contact centres face in adopting AI. More importantly, we will discuss practical strategies and solutions to overcome these hurdles.

Challenge 1: Data Privacy and Security

Concerns Regarding Data Privacy and Security in AI Systems

The very nature of AI systems, which thrive on vast amounts of data to learn and make decisions, poses significant risks in terms of data breaches and misuse. These risks are not just theoretical; they carry real-world implications for both the contact centre and its customers. The sensitivity of customer data, encompassing personal details, interaction histories, and possibly financial information, requires stringent protection measures.

The integration of AI in contact centres involves constant data exchange and processing, making these systems vulnerable to cyber-attacks and unauthorised access. Moreover, the use of machine learning and AI algorithms can sometimes lead to unintended biases or errors, further complicating the privacy and security landscape. In an era where data breaches can lead to severe legal and reputational consequences, ensuring the security and privacy of customer data is not just a technical issue but a core business need.

How to Overcome: Implementing Robust Data Protection Policies and Compliant AI Solutions

Overcoming the challenges of data privacy and security in AI systems requires a holistic approach:

1. Adherence to Regulatory Standards: The first step is ensuring that AI solutions are compliant with relevant data protection regulations, such as the General Data Protection Regulation (GDPR) in Europe or other local data protection laws. Compliance not only minimises legal risks but also enhances customer trust.
2. Robust Data Protection Policies: Implementing comprehensive data protection policies is crucial. These policies should cover aspects like data collection, storage, processing, and sharing. It’s essential to define clear protocols for handling sensitive data and outline steps to be taken in the event of a data breach.
3. Advanced Security Measures: Deploy advanced cybersecurity measures to safeguard against external threats. This includes using encryption, secure data storage solutions, and regular security audits to identify and rectify vulnerabilities.
4. Regular Training and Awareness: Employees should be regularly trained on data protection best practices and the importance of adhering to security protocols. Building a culture of security awareness can significantly reduce risks posed by human error.
5. Transparency and Consent: Ensure transparency in how customer data is used. Customers should be informed about what data is being collected and how it is being used, with clear options for them to opt-in or opt-out.
6. Ethical AI Frameworks: Implement ethical frameworks and guidelines for AI development and usage. These frameworks should focus on eliminating biases and ensuring that AI decisions are fair and transparent.

Challenge 2: Integration with Existing Systems

Difficulty of Integrating AI Technologies with Existing Contact Centre Infrastructures

One of the significant challenges contact centres face in adopting AI is the integration of new technologies into their existing systems and infrastructures. Many contact centres are already equipped with complex software ecosystems that include customer relationship management (CRM) systems, telephony hardware, ticketing systems, and more. The introduction of AI technologies, such as chatbots, automated call distribution, or analytics tools, into this intricate mix can be daunting.

The complexity arises from various factors. Firstly, there’s the technical aspect: ensuring the new AI solutions can communicate effectively with the existing systems without causing disruptions. Secondly, there’s the operational perspective: the new AI technologies must align with the contact centres’ current workflows and processes. The risk of incompatibility can lead to inefficiencies, increased costs, and potential downtime, which can significantly impact customer service delivery.

How to Overcome: Compatibility and Gradual Integration Strategies

To successfully integrate AI into existing contact centre systems, the following strategies can be employed:

1. Compatibility First Approach: When selecting AI solutions, prioritise those known for their compatibility with a wide range of existing systems. Many AI solution providers design their offerings to be as flexible and adaptable as possible, specifically to cater to the diverse technological landscapes of different organisations.
2. APIs and Middleware: Utilise application programming interfaces (APIs) and middleware to create seamless connections between AI tools and existing systems. APIs can facilitate smooth data exchange and functionality integration, bridging the gap between old and new technologies.
3. Pilot Programs and Testing: Before a full-scale rollout, conduct pilot programs or phased testing with the AI solutions. This approach allows for identifying any integration issues and addressing them in a controlled environment, minimising potential disruptions to the broader system.
4. Vendor Collaboration and Support: Work closely with AI technology vendors to understand the integration capabilities of their solutions. Leverage their expertise and support services to ensure that the integration process is as smooth as possible.
5. Gradual Integration Strategy: Rather than a complete overhaul, consider a gradual integration strategy. Start with implementing AI in less critical areas or processes. As comfort and familiarity with the technology grow, gradually expand its use across the contact centre.
6. Staff Training and Involvement: Involve staff in the integration process. Their insights into the day-to-day operations can be invaluable in ensuring the new AI systems are aligned with existing workflows. Additionally, training staff to use new AI tools effectively is crucial for a smooth transition.

Challenge 3: Cost of Implementation

Financial Challenges of AI Technology Implementation

The implementation of AI technology in contact centres can come with substantial financial challenges, primarily centred around the initial investment required. The cost factor is multifaceted, encompassing expenses such as purchasing AI software or platforms, integrating these solutions into existing systems, training staff, and ongoing maintenance and updates. For many contact centres, especially small to medium-sized enterprises, these costs can be daunting. This financial burden is not limited to the purchase of the technology alone; it also includes the potential need for infrastructure upgrades to support advanced AI functionalities.

Moreover, the return on investment (ROI) of AI technology is not always immediately apparent. It can take considerable time before the efficiency gains and improved customer satisfaction translate into measurable financial benefits. This lag can make it challenging for decision-makers to justify the upfront investment, particularly in scenarios where budgets are constrained or where there is pressure to demonstrate short-term financial gains.

Overcoming Cost Challenges: Long-Term ROI and Scalable Solutions

To overcome the financial hurdles of AI implementation, a strategic approach focused on long-term gains and scalability is essential:

1. Focus on Long-Term ROI: Shift the focus from immediate costs to long-term returns. AI technology can lead to significant savings and revenue generation over time through increased efficiency, reduced labour costs, and improved customer retention. Building a business case that highlights these long-term benefits can help justify the initial investment.
2. Scalable AI Solutions: Opt for AI solutions that offer scalability. Scalable solutions allow for a gradual investment, where contact centres can start with basic AI functionalities and incrementally add more advanced features as their budget allows and as they become more comfortable with the technology.
3. Cost-Benefit Analysis: Conduct a thorough cost-benefit analysis to understand the financial implications fully. This analysis should account for all direct and indirect costs and potential savings and revenue enhancements.
4. Explore Different Funding Models: Investigate various funding models offered by AI solution providers, such as subscription-based models, pay-as-you-go options, or leasing arrangements. These models can offer more flexibility and lower upfront costs compared to traditional purchasing models.
5. Utilise Available Resources and Partnerships: Look for government grants, subsidies, or partnerships that can help offset some of the initial costs. Collaborating with technology partners or joining industry consortia can also provide access to shared resources and expertise.
6. Monitor and Adjust: Continuously monitor the performance of the AI solutions against the expected ROI. Be prepared to make adjustments as necessary to ensure that the technology is delivering the desired financial benefits.

Challenge 4: Skill Gaps and Staff Training

The Challenge of Skill Gaps in the Workforce Regarding AI Technology

As contact centres look to integrate AI into their operations, one of the significant hurdles they face is the skill gap in their workforce. The successful deployment and management of AI technologies require a certain level of technical know-how and expertise that existing employees may not possess. This gap can manifest in various forms, from a lack of understanding of how AI systems work to an inability to effectively interact with or manage these systems.

The rapid pace of technological advancement means that AI tools and applications are constantly evolving. Keeping up with these changes can be a challenge for staff who are not trained in these areas. Moreover, the integration of AI can also lead to changes in job roles and responsibilities, which can be a source of concern and resistance among employees. The skill gap is not just a technical issue; it extends to the understanding of how AI can be leveraged to improve customer experiences and operational efficiencies.

Overcoming Skill Gaps: Training Programs and Expert Partnerships

Addressing the skill gaps and ensuring a smooth transition to AI-enabled operations involves a proactive approach to training and expertise development:

1. Comprehensive Training Programs: Invest in comprehensive training programs for staff at all levels. These programs should not only focus on how to use the AI tools but also on understanding the principles behind AI and how it can benefit the contact centre. Training should be an ongoing process to keep pace with technological advancements.
2. On-the-Job Training and Support: Implement on-the-job training and support systems. Learning in a real-world context can be more effective, especially when it comes to understanding how AI can be applied in day-to-day operations.
3. Hiring or Partnering with AI Experts: Consider hiring AI experts or specialists who can bring in-depth knowledge and expertise to your team. Alternatively, partnering with AI technology providers or consultants can provide access to the necessary expertise and support.
4. Encouraging a Culture of Continuous Learning: Foster a culture of continuous learning and innovation within the organisation. Encourage staff to stay informed about AI trends and developments and to explore how these can be applied in their work.
5. Cross-Functional Training: Encourage cross-functional training where employees from different departments gain insights into how AI impacts various aspects of the contact centre. This approach promotes a more holistic understanding and collaborative environment.
6. Addressing Change Resistance: Actively address any resistance to change within the workforce. This can involve clear communication about the benefits of AI, addressing concerns, and involving employees in the AI integration process.

By investing in training and development, and by leveraging external expertise, contact centres can bridge the skill gaps in their workforce. This not only prepares the team for a smooth transition to AI-enhanced operations but also equips them with the skills and knowledge to innovate and excel in a technology-driven future.

Challenge 5: Ensuring Quality and Reliability

Concerns About Quality and Reliability of AI-Driven Interactions and Decisions

A critical concern in the deployment of AI within contact centres is ensuring the quality and reliability of AI-driven interactions and decisions. AI systems, particularly those that interact directly with customers like chatbots or automated response systems, must perform consistently at a high level to maintain customer trust and satisfaction. Inconsistencies, errors, or inappropriate responses can lead to customer frustration and damage the reputation of the contact centre.

The challenge lies in the fact that AI, especially machine learning models, can sometimes produce unpredictable results. They are only as good as the data they are trained on, and biases in this data can lead to unreliable or unfair outcomes. Furthermore, AI systems might struggle with complex customer queries that fall outside their training scope, leading to inadequate or incorrect responses.

AI systems, being automated, lack the empathy and intuitive understanding that human agents possess. This limitation can be particularly problematic in handling sensitive or emotionally charged customer interactions, where a human touch is essential.

How to Overcome: Regular Testing and Human Review

To ensure the quality and reliability of AI systems in contact centres, a combination of regular testing and human review is essential:

1. Continuous Testing and Monitoring: Regularly test AI systems to ensure their accuracy and reliability. This includes not just initial testing but ongoing monitoring to catch any issues as they arise. Regular updates and refinements based on real-world performance data are essential to maintain high standards of performance.
2. Diverse and Comprehensive Training Data: Use diverse and comprehensive datasets to train AI models. This helps in reducing biases and ensures that the AI system can handle a wide variety of customer interactions effectively.
3. Human Review and Intervention: Establish systems for human oversight, where AI decisions and interactions are periodically reviewed by human agents. This is particularly important for complex, sensitive, or high-stakes customer interactions. Human intervention should be easy and quick to initiate when needed.
4. Feedback Mechanisms: Implement feedback mechanisms where both customers and staff can report issues or inadequacies in AI responses. This feedback can be invaluable in refining and improving AI systems.
5. Balancing AI and Human Interaction: Find the right balance between AI-driven and human interactions. Use AI to handle routine, straightforward queries, and escalate more complex or sensitive issues to human agents.
6. Setting Realistic Expectations: Clearly communicate the capabilities and limitations of AI systems to customers. Setting realistic expectations can help mitigate frustrations arising from misunderstandings about what AI can and cannot do.

By regularly testing AI systems for accuracy and reliability, and by ensuring robust human oversight, contact centres can significantly enhance the quality and reliability of their AI-driven services. This approach not only improves customer satisfaction but also builds trust in the AI systems deployed by the contact centre.

Challenge 6: Customer Acceptance

Addressing Resistance from Customers Accustomed to Human Interactions

One of the significant hurdles in implementing AI in contact centres is overcoming customer resistance, particularly from those who prefer or are accustomed to traditional human interactions. Many customers value the personal touch, empathy, and understanding that human agents provide, aspects that AI has yet to fully replicate. The impersonal nature of AI, especially in its early stages, can sometimes lead to customer dissatisfaction or a perceived lack of care. This resistance can be more pronounced among certain customer segments who are less comfortable with technology or who have had negative experiences with automated systems in the past.

The key challenge here is to introduce AI in a way that does not alienate these customers. The transition needs to be handled sensitively, ensuring that the adoption of AI enhances the customer experience rather than detracting from it.

How to Overcome: Gradual Introduction and Enhancing Human Interaction

Successfully integrating AI into customer service operations while maintaining high customer acceptance rates involves a strategic and thoughtful approach:

1. Gradual Introduction of AI Features: Introduce AI features gradually, starting with simple, low-risk functions like routing calls or providing basic information. This allows customers to become accustomed to AI interactions in a non-intrusive manner.
2. Enhance, Don’t Replace, Human Interaction: Position AI as a tool to enhance human interaction, not replace it. AI can handle routine queries and tasks, freeing up human agents to deal with more complex or sensitive issues. This approach ensures that customers still have access to human support when needed.
3. Clear Communication of AI Benefits: Communicate the benefits of AI to customers, such as faster response times and availability outside of standard business hours. Highlighting how AI can improve their experience can help in gaining their acceptance.
4. Option to Escalate to Human Agents: Always provide customers with the option to escalate their query to a human agent. This safety net can be crucial in building trust and acceptance of AI systems.
5. Personalisation Through AI: Use AI to personalise customer interactions. AI’s ability to analyse data and provide tailored responses can add value to customer interactions, making them feel more individualised and less generic.
6. Feedback and Adaptation: Actively seek customer feedback on their experiences with AI and adapt based on this feedback. Understanding customer preferences and concerns can guide the ongoing refinement of AI systems.
7. Educating Customers: Educate customers on how to interact effectively with AI systems. Providing guidelines or tips can help customers get the most out of AI interactions and reduce frustration.

By focusing on gradually introducing AI features and ensuring that they complement rather than replace human interactions, contact centres can effectively manage customer acceptance. This approach not only helps in retaining the human element that is crucial in customer service but also leverages the efficiency and scalability of AI to enhance the overall customer experience.

Challenge 7: Keeping Up with Rapid Technological Changes

The Challenge of Rapidly Evolving AI Technologies

In the dynamic field of AI, one of the most daunting challenges for contact centres is staying abreast of rapid technological changes. AI is characterised by continuous innovation and swift advancements. New functionalities, improvements, and entirely new technologies emerge at a pace that can be overwhelming for organisations to keep up with. This fast-evolving landscape can render AI solutions outdated quickly, necessitating regular updates and adaptations.

The challenge is not only technical but also strategic. Contact centres need to discern which trends and developments are relevant to their operations and customer service goals. There’s a risk of either falling behind by not adopting beneficial new technologies or wasting resources on fleeting trends that don’t add substantial value.

Overcoming the Challenge: Staying Informed and Adapting Flexibly

To effectively navigate this rapidly changing environment, contact centres should adopt a proactive and flexible approach:

1. Continuous Learning and Education: Encourage a culture of continuous learning within the organisation. Stay informed about the latest AI trends and developments through industry publications, seminars, webinars, and professional networks.
2. Strategic Planning: Incorporate flexibility into the contact centres’ strategic planning. Be prepared to adjust strategies and operations in response to significant technological advancements.
3. Collaboration with Tech Partners: Establish strong relationships with technology providers and consultants. These partnerships can provide valuable insights into emerging technologies and advice on what may be most beneficial for the contact centre.
4. Experimentation and Pilot Testing: Be open to experimentation. Test new technologies on a small scale before committing to a full implementation. Pilot programs can provide a sense of how a new technology performs in a real-world setting and its potential impact.
5. Feedback Loops: Create feedback loops within the organisation where staff can share observations and insights about new technologies and their applicability to the contact centre’s operations.
6. Agile Approach to Technology Adoption: Adopt an agile approach to technology implementation. This approach allows for incremental and iterative adoption of new technologies, making it easier to integrate and adapt to changes without major disruptions.
7. Customer-Centric Focus: Keep the focus on customer needs and experiences. Let the goal of improving customer service guide decisions about adopting new technologies.
8. Invest in Scalable Solutions: When investing in new technologies, consider their scalability and how easily they can be updated or integrated with other emerging solutions.

By staying informed and maintaining a flexible approach to technology adoption, contact centres can not only keep pace with AI advancements but also leverage these developments to enhance their service offerings and operational efficiency. This adaptability is key to thriving in an ever-evolving technological landscape, ensuring that the contact centre remains competitive and responsive to both customer needs and industry changes.

Jason Roos, CEO of Cirrus

“While there are many challenges to adopting AI in contact centres It’s crucial to also recognise that AI’s true power lies in its dynamic adaptability to evolving customer needs. As we witness a shift towards more personalised and anticipatory customer service, AI’s role transcends mere efficiency. It becomes a strategic tool for understanding and adapting to customer behaviours in real-time, building deeper customer relationships. By aligning AI’s capabilities with ever-changing customer expectations, we not only tackle the immediate challenges but also future-proof our contact centres. This approach will enable us to transform these challenges into opportunities for sustained innovation and unparalleled customer service excellence.”

Conclusion

Integrating AI into contact centre operations, while laden with challenges, is a crucial step towards revolutionising customer service and operational efficiency. Overcoming these challenges is not just a matter of keeping up with technological trends, but a strategic necessity in an increasingly competitive and digital-first business world.

Successfully navigating the challenges of data privacy and security, system integration, cost, skill gaps, quality assurance, customer acceptance, and keeping pace with rapid technological changes requires a thoughtful and informed approach. Each challenge, when addressed effectively, paves the way for a smoother transition to AI-enhanced operations, leading to substantial benefits.

The rewards of effectively implementing AI solutions in contact centres are significant. From improved efficiency and reduced operational costs to enhanced customer experiences and increased satisfaction, the benefits extend far beyond the immediate advantages of automation. AI’s ability to provide insights into customer behaviours and preferences can drive strategic decision-making, helping contact centres not only to meet but anticipate customer needs.

Moreover, the dynamic nature of AI technology means that it continually evolves to offer new and improved capabilities. By staying informed and adaptable, contact centres can leverage these advancements to continually enhance their service offerings and operational efficiencies.

It is essential for contact centres to approach AI adoption with a strategic, informed, and patient mindset. This involves not just understanding the current landscape of AI technology but also anticipating future developments. It requires a commitment to ongoing learning, flexibility in adapting to new technologies, and a willingness to invest in long-term gains.

In conclusion, while the path to AI adoption in contact centres may have many challenges, the potential rewards make it worthwhile. By embracing these challenges with a proactive and strategic approach, contact centres can unlock the full potential of AI, positioning themselves at the forefront of customer service excellence and operational innovation.

Read more:
7 AI Adoption Challenges Contact Centres Face (And How to Overcome Them!)

The Economic Crime and Corporate Transparency (ECCT) Act was passed in late October after years of public consultation on tackling economic crime, spurred on by Russia’s invasion of Ukraine.

The Act contains measures to stop criminals forming companies in the UK and using them for illegal purposes. It also gives new powers to Companies House in the fight against money laundering and fraud.

The ECCT Act represents a major shift in Companies House’s role. It changes it from a passive curator of the public Companies Register to an active watchman. It now has powers to police the Register to prevent inaccurate information from entering it and force those who control companies to formally identify themselves.

How effective the new laws will be in fighting economic crime will depend on how the government chooses to put them into action via secondary legislation. Much will also depend on how Companies House proceeds with the necessary systems development, process changes, recruitment and awareness-raising to allow it all to run smoothly.

John Korchak, Managing Director, Inform Direct a company secretarial and formation specialist explains parts of the Act that will most directly affect UK companies and how they are likely to work in practice.

Identity verification

When this is fully in force it will be built into the company formation process so as to make it impossible to incorporate (form a company) without formally identifying its company officers and PSCs (persons with significant control).

Identity verification will be carried out directly with Companies House or through a new type of intermediary called an Authorised Company Services Provider (ACSP). Both routes will carry an equal level of assurance because ACSPs will be agents such as company formations, tax, legal or accounting professionals who already conduct due diligence checks on clients as part of their duties. They will themselves be identity checked and registered with a supervisory body for anti-money laundering (AML).

Verification will take place through a third party provider of identity document validation technology such as the ones already in use in banks and other financial institutions.

As far as possible, the government aims to make identity verification a one-off event for each individual director or PSC. In theory at least, once a person gains verified status they can occupy positions in various companies without having to be ID checked separately for each appointment.

Existing companies’ officers and PSCs will have to go through this process too, or risk having an ‘unverified’ flag against their company on the public register. Identity verification is also likely to be extended to limited liability partnerships (LLPs).

Changes to Companies House accounts filing

Small and micro-entity companies will have to file fuller accounts. In the consultation phase leading up to the ECCT Act, it was argued that the minimal amount of financial information these companies are currently required to expose on the public register does not justify the benefits of limited liability. To earn that right, small companies including micro-entities will soon have to file a profit and loss account as well as a balance sheet. This makes it harder for money launderers to conceal the flow of funds through their companies. However, it will also cause concern among law-abiding companies because it means disclosing their turnover and profitability, commercially sensitive figures that many small businesses are not used to revealing.

Companies House is also committed to moving to software-only accounts filing. This means that many small and micro companies will have to source accounting software that meets certain requirements, such as full iXBRL tagging. Other existing routes for filing accounts, such as Companies House’s online service (WebFiling) and paper filing, will be phased out in favour of software packages. These accounts filing changes will take many months to come into force, which does leave time to find suitable software.

More information required about shareholders

The Act will require companies to record more information about their shareholders. The register of members, where shareholder information is recorded, will have to include full names (full first names rather than initials) and service addresses. It will also be required (eventually, likely via secondary legislation) to disclose whether any shareholders are acting as nominees for the real shareholders. This is intended to make it harder to remain anonymous by hiding behind nominees.

New ‘failure to prevent fraud’ offence

A new ‘failure to prevent fraud’ offence is designed to stop companies benefitting from fraud committed by their officers or employees. The company will be held to account where specified fraud offences are committed by anyone in the company and where adequate fraud prevention measures were not in place. It will not be necessary for prosecutors to prove that the directors knew about it. This is aimed at producing a shift in corporate culture whereby bosses stop turning a blind eye to fraudulent activity within their companies.

Registered email and office addresses

Companies will have to supply a registered office address where Companies House can reliably contact them and expect a reply. PO boxes are banned. Companies will have to supply a statement that their registered office address is ‘appropriate’ in that correspondence sent to it would be expected to come to the attention of company officers. The company also has a duty to ensure that the delivery of documents there is capable of being recorded by the obtaining of an acknowledgement of delivery.

A company email address will be required along similar lines to the office address: one where emails can be expected to be received and acknowledged by company representatives. Like much of the Act, how this will work in practice is in the process of being established.

Restrictions on corporate directors

Finally (there is more in the Act but we are talking about things that will most directly affect the day-to-day running of companies), existing restrictions on corporate directors will be brought into force. These are aimed at curbing the use of obscure chains of company ownership for economic crime. Under the new rules, only entities with ‘legal personality’ (registered incorporated limited companies) can be directors of other companies. Trusts and other non-incorporated entities cannot. This tightens up traceability of ownership and influence.

Furthermore, chains of faceless corporate directors will be curbed by a new rule. Company A can be a director of Company B, but only if all of Company A’s directors are natural persons and have had their identities verified. Company A must also be UK-registered.

This long-awaited partial ban on corporate directors and the other measures described in this article are intended to usher in a new era of corporate accountability. This legislation is a balancing act between imposing additional administrative burdens on companies and helping them to operate in a more transparent and crime-free corporate environment.

Read more:
A New Chapter in Transparency? Companies House’s New Powers to Tackle Economic Crime

The number of entrepreneurs under the age of 40 selling their businesses has increased by 23% in the last year, rising from 4,719 in 2019/20 to 5,803 in 2020/21, new research shows.

Recent years have seen significant success stories for young UK tech company entrepreneurs selling their businesses to PE/VC funds, alongside consolidation across various other sectors, including veterinary, healthcare and financial services.

These deals formed part of a strong period of private equity-led dealmaking in the UK from late 2020 to mid-2022. The year ending April 5 2021 saw under-40 entrepreneurs sell businesses worth £1.03bn.

Andy Hogarth, financial planning partner at Hazlewoods, the chartered financial planning and business advisers who commissioned the research, says: “In the last few years, a lot of young entrepreneurs in the UK have become extremely wealthy by building their businesses and exiting them, often to PE. These figures show just how successful those exits were.”

Hogarth says those selling their businesses will need to carefully consider their exits – both before and after the deal is made.

Adds Andy Hogarth: “Having sold  their businesses, many of these young entrepreneurs now have  new opportunities, including potentially  retiring early. However, it’s important to consider how the change will impact their income, pension planning and tax position.”

Hogarth says that tax efficient investment management is vital for those who have exited businesses.

“Sellers  need to think long term by investing sale proceeds in tax efficient funds. Inflation will often erode the value of funds held in cash, meaning through investing these monies it will provide individuals with the opportunity to grow their funds in real terms, or the potential for a more sustainable income stream.”

“Often cash flow modelling can help with contextualizing matters and provide insight for these individuals to help them in making decisions on their next step. Those selling their businesses will often have different objectives with the funds and need to consider their affairs holistically, including  the impact of the sale on their dependents.”

“Post-sale, the cash from the sale of a business becomes part of their estate, making it potentially subject to inheritance tax, whereas  If the business had been passed on before sale, those assets would normally be exempt from IHT.”

Read more:
Number of young entrepreneurs selling their businesses increases by nearly quarter in one year

Forget feasting on turkey and kicking back on the sofa scoffing Quality Street, over half of small business owners expect to be working on Christmas Day as they battle to stay afloat during the cost of living crisis.

Rather than spending precious time off with family or friends, 59% of SME owners say they will be working on 25 December. More than half expect this to entail answering emails, and a third will be performing general business admin tasks like paying wages or checking invoices.

Beyond the typical tasks, business owners listed varied responsibilities to be carried out on Christmas Day including caring for livestock, welcoming guests to hospitality venues, responding to medical emergencies, car and boiler breakdowns, and even servicing wind turbines.

The findings are from new research from  ANNA Money, the AI-powered business account for SMEs, which has supported more than 100,000 UK businesses.

While the majority of us will be making the most of bank holidays and using leave so we can take 10 clear days off – downing tools on 22 December til 1st Jan – the study found that 45% of SME owners plan to take only three days off during this time. Nearly three quarters attribute this reduced time off to the pressures of the cost of living crisis.

‘‘It’s more challenging than ever to run a profitable company so if anyone deserves a break over the Christmas holidays it’s SMEs, but our survey shows that many small business owners will be hard at it on the big day, sacrificing precious family time to keep their businesses up and running,” says ANNA co CEO Boris Diakonov. “As usual, I am full of admiration for these business owners, how hard they work and the huge contribution they make to our communities and economy.”

As of the beginning of 2023, the Federation of Small Businesses reported 5.5 million small businesses, accounting for 99.9% of the business population in the UK. SMEs contribute 61% of total employment and an estimated turnover of £2.4 trillion.

Read more:
Bah humbug! Over half of SME owners say they’ll be working on Christmas Day to stay afloat

Only one in four companies expect their staff to be in the office full time in the coming years, research suggests.

A survey of more than a thousand businesses indicates that about one in six believe that their employees will mainly work remotely.

The study, by the British Chambers of Commerce (BCC) and the technology firm Cisco, found a clear divide between sectors, with those such as finance and legal more likely to expect remote working.

Jane Gratton of the BCC said: “Our data shows that hybrid working is now part of the fabric of the modern workplace. For millions of people, logging in remotely for at least part of the working week is now routine. This flexibility is valued by employers and their teams. Less than 30 per cent of firms expect staff to be working fully in person over the next five years.

“Flexible working makes good business sense. In a tight labour market where employers are competing for skilled workers, hybrid working and flexible working more generally has become an important part of staff benefit packages.

“As well as boosting recruitment and retention, it can help employers unlock new and diverse talent pools. Employers still value regular face-to-face contact with staff, however, and our findings show only 8 per cent of businesses expect staff to be completely remote.”

Aine Rogers of Cisco added: “We know employees thrive in a hybrid working environment, as it enhances their wellbeing, work-life balance and performance.”

Read more:
Only a quarter of companies expect staff in office full time

Nearly all of budding entrepreneurs across the UK feel that there are factors holding them back from starting a business, with the cost of living crisis heading up the list.

These were among the main findings of recent research, commissioned by the AI-driven business planning enterprise, Venture Planner, which polled people across the UK, who had previously considered starting their own business, either on their own or in partnership with others.

Very few of the survey sample don’t know their market or lack motivation, or confidence in their skills, but 24% are nevertheless hampered by a fear of failure, and the same percentage are unsure of ‘where to begin’. More than nine out of ten respondents see “having the knowledge to create a business plan’ as a concern.

The survey also reveals that the drive to become an entrepreneur is also in part the dream of realising the vision of an alternative lifestyle. Nearly half of the sample said that if they were to set up a new business, it would definitely be in a different sector from the one they are working in now. 48% say my current sector pays the bills but dream of working in a sector  that aligns with their personal interests, while 41% say they would set up in a different sector to achieve a different lifestyle, or work-life balance.

Alex Clansey, co-founder and CEO of Venture Planner, comments on the findings: “The data from our survey paints a vivid picture of the obstacles that stand in the way of prospective business founders helping both to realise the UK’s entrepreneurial potential and satisfy their own dreams. Our platform is designed to break down these barriers, offering intuitive, AI-powered tools to help anyone, from seasoned entrepreneurs to aspiring solo business owners, to confidently navigate the complexities of business planning and financial management.”

Almost all dreamers and entrepreneurs feel they need support with at least one aspect of business planning., with 55% believing they need help with financial forecasting. AI is increasingly seen as a potential way forward. More than three-quarters of budding entrepreneurs say they would either ‘maybe’ or ‘definitely’ consider using an AI tool to help generate a business plan, while fewer than one in five said they were not sure where AI can help. Moreover, despite the fact that AI is new and unfamiliar to many, 42% of the sample would trust it as much as, or more than a human generated plan.

Nicola McKenzie, co-founder, Venture Planner, said: “Many people today get their business advice either from online articles or from social media. 39% of our survey sample say they have followed and engaged with social media content from entrepreneurs or influencers as part of their research into starting a business. Actually by using an AI tool created by financial planning specialists, you are going to learn a lot more about the feasibility of your business idea. So, rather than scrolling through social media for hours to find business advice that is not personalised to your needs, have a go on Venture Planner and bring your dream to life.”

Read more:
UK’s budding entrepreneurs stifled by cost of living crisis

Danish golfing legend Thomas Bjorn is the latest star to agree terms to play on the new European Players Tour (EPT), the first-ever golf tour of its type where amateurs with handicaps compete with professionals in the same order of merit.

Bjørn is a 15-time European Tour winner and was vice-captain of Europe’s 2023 Ryder Cup team that annihilated the USA 16.5 points to 11.5, held at the Marco Simone Golf & Country Club in Rome, Italy.

As vice-captain, Bjorn undertook a year-long role that prepared the entire European Ryder Cup Squad pre-tournament and ‘by the minute’ once the Ryder Cup was underway.

And only a few years before, he masterminded a monstrous 2018 European Ryder Cup win as the captain, on the Albatros Course of Le Golf National in Guyancourt, a suburb southwest of Paris, France.

Despite the United States coming into the Cup as defending champions, Bjørn spearheaded one of the largest European Ryder Cup victories in history as Europe beat the USA by a decisive 17.5 to 10.5.

His involvement as captain and vice-captain in the 2018 and 2023 Ryder Cups saw Europe attain an impressive 34 points against the USA’s 22 points – a phenomenal achievement that is likely to see future Ryder Cup captains seek substantial tactical advice and knowledge from Bjorn in how to beat the USA, Europe’s greatest golf rival.

Terms remain undisclosed but it’s clear that the European Players Tour made Bjorn their number one target leading up to the 2023 Christmas period.

Whilst it is not yet clear which EPT tournaments Bjørn will compete in, it is said that he is likely to play at least six tournaments in 2024.

The Ryder Cup star’s close golfing friend Garry Houston, who set up the agreement between Bjorn and EPT CEO Feisal Nahaboo, has also joined the EPT and is likely to play a substantial number of 2024 tournaments.

EPT founder and CEO Feisal Nahaboo – who is also noted as the founder and creator of the £300million-plus valued accountancy group Xeinadin – has labelled the marquee signing of Bjorn as “timely for the next stage of growth for EPT”.

He continued: “Bjorn is a golfing god. We will welcome him as a golfing peer and a friend.

“He will be an inspiration to all the amateurs and create a new buzz as we move into the 2024 season.”

Bjorn is one of many golfing stars to join the European Players Tour.

Former Ryder Cup captain and seven-times Ryder Cup player Mark James joined the innovative golf tour earlier this year and has acted as a figurehead and ambassador to the new emerging golf tour whilst being a “sounding board” to Nahaboo.

Other Ryder Cup stars include David Gilford, Steve Richardson, Paul Way, and recent 2023 Senior European Tour Order of Merit champion Peter Baker.

In addition, Philip Walton and major winner Paul Lawrie have agreed commercial terms whilst, it is understood, the EPT is finalising negotiations with celebrated Welsh professional Jamie Donaldson.

By joining the EPT, Bjorn will line up to compete with around 10 former Ryder Cup players, up to 40 European Tour winners, a number of well-known celebrity golfers, and a whole host of worldwide-based amateurs who have taken early founding status membership in this new and exciting golf tournament.

According to Nahaboo, Bjorn will benefit playing with the EPT as it will help him remain competitive before he plays big-earning tournaments.

Last season, Peter Baker used the European Players Tour in March, April, and May 2023 to prepare him to compete on the European Senior Tour.

Having won the European Players Tour Royal Berkshire Open at Bearwood Lakes, he undeniably built confidence to go on and win four times on the European Senior Tour and became the entire 2023 Order of Merit champion.

The EPT is said to be a “very fun and friendly environment” to compete in.

“This allows professionals to play in relaxed conditions, something they are not privy to when playing in tournaments with big prize money,” added Nahaboo.

“This one reason has seen professionals from several tours including the Ladies European Tour compete on the EPT.”

Competitiveness Is At The Heart Of The EPT

The EPT is described as a private member’s club where male and female rookies of all ages get to play professionals on many of the world’s most exclusive “bucket list” courses.

Competent amateurs can tee off against some of the biggest names in the sport from only £99 a tournament and compete for notable prize funds in the same exclusive league.

Unlike the well-established pro-am tournament model, where pros and amateurs play together, the EPT’s model of having amateurs competing against golfing professionals in tournaments is a revolutionary concept.

And the EPT enables amateurs to play against household-name golfing professionals at a fraction of the cost of usual pro-am tournament entry fees.

Because of this. the European Players Tour is said to be one of the most competitive golf systems ever built.

It has its own handicap system where pros play a ‘stableford’ format against the amateurs, with amateur handicaps governed to prevent mass ramping and artificially built handicaps to allow lower handicappers to compete.

The tour has seen just three amateur scores in the 40s across the entire 2023 season, which, Nahaboo says, “shows that our new handicap system works and allows all players that enter tournaments to compete”.

2024 is likely to see golfing legends such as Bjorn, Mark James, Peter Baker, and Robert Rock begin tournaments with a +3 handicap and compete against competitive amateurs with handicaps ranging from +1 to 14 such as Carl Saunders, Tony Nutt, John Shaw, Elliott Meachem, Trevor Marshall, Pete Anderson, Charles Burke, Neil Mossman, Raj Dhami, Chris Byrne, Gordon Lyall, and 2023 EPT Order of Merit champion Pablo Hazell.

The model is as demonstrably effective as it is simple. In the twelve months since its launch, the EPT now boasts 200-plus amateur and professional players, making it one of the world’s most successful tournaments of its kind.

But its latest signing, Thomas Bjørn, signals an even stronger year ahead and one that could catapult the EPT from a successful start-up to one of the most lucrative single ventures in the sport’s history.

By the end of 2025, membership is expected to swell to more than 500 members and the number of tournaments that year will reach at least 100 rounds of golf.

EPT tournaments are also set to be broadcast and a whole host of sponsors will compete to put their name on the European Players Tour at a fraction of the price they pay elsewhere.

Over 100 amateurs will be competing in the 2024 season. Latest recruits include Wentworth member Simon Welsh, new Belfy captain Ismail Ahmed and ultra-high-net-worth businessman Denis Dimitrov.

Amateurs are free to apply to play on the 2024 EPT and over 25 percent of applicants are seriously being considered and accepted to join as full subscribing members.

Speaking about the secret to the EPT’s phenomenal success, Nahaboo said: “The tournaments are being won by both professionals and amateurs, showing that the new handicap system is working and normalising the differences in standard between the pros and amateurs.

“We have built a golfing family by handpicking individuals who demonstrate mutual respect and mutual cooperation.

“Our players are friendly to each other and we are never short of banter amongst each other.

“Players come for a good time as well as to compete against each other. For many of our players, this is their best home for golf and they are spreading the word fast.

“We take pride in managing each player. We are not discriminative. We accept all ages, all religions, and both men and women.

“Private tours should not restrict entry. This week I’m agreeing terms with three former Ryder Cup players and French Ladies European Tour professional player Lauren Holmey.

“At the same time, Islamic male low-handicap amateurs Mohammad Younis, Wajid Malik, and Shabir Akhtar have all agreed terms to play.

“We have also agreed terms with amateur Matt Lander based in Portugal, Coby Baker based in Las Vegas, and Adam Peake, whilst four Italian amateurs led by successful businessman Marco Angiolini have been sent terms to renew their membership for a second term.

“Literally, all nationalities, ages, and sexes are joining. Some tournaments and tours that restrict entry seem to be struggling.

“A narrowly focused business is the wrong philosophy to build. At EPT our amateurs needs’ come first and those of pros come second.

“We respect the professionals but they don’t receive preferential treatment. The pros know and accept this as it’s a key focus to build a business model that’s built to last, given that there’s four million on-course golfers and almost all are amateurs, not pros.

“The success of EPT is based on amateur demand so we focus much of our energy on the amateur experience.”

Celebrity Status

Celebrities are the latest addition to the tour. Those who can play to a “decent standard” are being invited to compete with the pros and amateurs.

EPT has reached agreements with over 10 sporting celebrities including Teddy Sheringham, Matt Le Tissier, Andy Cole, Lee Sharpe, Alan McInally, Clayton Blackmore, and Jeremy Guscott.

Business Matters understands that Gareth Bale remains a key target for the EPT.

Nahaboo, meanwhile, is something of a celebrity himself, both within and outside the business world.

The serial entrepreneur, famed for creating the revolutionary Overnight Multiple Merger Model which launched both accountancy group Xeinadin and 100-plus pharmacy group Alitam, is also a high-ranking amateur golfer with four GAGT (Global Amateur Golf Tour) Order of Merit wins in just six years.

In addition, he is a former boxer and thanks to his ‘tough guy’ image is now preparing for roles in a number of action movies.

Having built the Xeinadin Group from scratch to 50,000 corporate clients in just two years, he is trusted as one of the UK’s most respectable and reputable businessmen, with a reputation for single-handedly outperforming rival executive boards as he builds highly profitable businesses with a very low cost base.

Having acquired and merged 122 independent accountancy practices in a 256-working day period – described by some in the City as a ‘working miracle’ – with Xeinadin, it is no surprise that Nahaboo has a mass following of thousands of ultra-high-net-worth businessman who respect his advice, guidance, and services.

For further information about the European Players Tour, visit www.europeanplayerstour.com.

Read more:
The European Players Tour Sign Ryder Cup Winning Captain Thomas Bjorn

With Shakin’ Stevens back on our radios for the first time in 12 months, and a shipment of mince pies large enough to feed a small army having arrived at your local supermarket, it’s certainly beginning to look a lot like Christmas wherever you go.

The festive period’s arrival portends many things – the absolute hammering your credit card will soon be subjected to for one, not to mention familial squabbles at the dinner table that even Jerry Springer would struggle to resolve. Besides this and much else, it also signifies that the office Christmas party is just around the corner.

Eagerly awaited and dreaded in equal measure, this annual event serves as a chance to let your hair down with colleagues and reflect on what you’ve collectively achieved over the course of the year. However, the thought of spending an evening of music, dancing and small talk with your co-workers may strike terror into your heart – particularly if your festive energy is more akin to that of the Grinch than Buddy the elf. In reality though, provided you take note of the “do’s and don’ts”, the Christmas party can actually be a lot of fun.

With that in mind, Michael Doolin, the Group Managing Director of Clover HR discusses the three most important things to do when celebrating with colleagues. to help even the biggest workplace Scrooge survive the office Christmas party, and get swept away in the spirit of the season.

Enjoy responsibly

We’ve all heard the alcohol-related horror stories surrounding the office Christmas party. Those unfortunate individuals who’ve gone a little too heavy on the complimentary drinks and ended up making a drunken pass at a colleague, or even gone so far as to challenge their manager to a fistfight (did somebody ask Santa for a P45?).

While such tales may have gone down in legend among office workers up and down the country, they’re hardly shining examples of how to conduct yourself at the Christmas party. I don’t want to sound like a party pooper – on the contrary, those who enjoy a drink should feel free to do so – but you need to remember where you are. While people are generally more relaxed at the Christmas party than they are in the office, bear in mind that you’re not on a night out with the lads, or a prosecco and cocktail-fuelled binge with the girls. Your bosses are present, and probably keeping a close eye on you – even if they don’t appear to be.

So, by all means, raise a glass in celebration, but just make sure not to have as many as you might on a typical Saturday night. Eat plenty beforehand, avoid mixing your drinks, take your time, and have a glass of water if you feel like you’re reaching your limit. Stick to these principles, and you should manage to get through the night without doing or saying anything you might live to regret!

Don’t sit it out

If you’re the kind who’d happily strike the entire festive period off your calendar, you might be considering sacking off the office Christmas party altogether. You certainly wouldn’t be alone if this is the case, with a survey commissioned by Reward Gateway revealing that a massive 54% of employees dread the occasion.

While you may be tempted to pull a sickie or claim that you’ve already got a prior engagement to attend – we both know you’d just spend the evening curled up on the sofa watching Love Actually and eating all your advent calendar chocolate early – you should really make an effort to join in. Attendance may be optional, but showing your willingness to spend time with colleagues outside the confines of the office can help to demonstrate that you’re a team player; someone who doesn’t work purely to pick up a paycheque. On top of this, it can be a great opportunity to get to know your co-workers better, helping to bring you closer together as team.

By conquering your fears and throwing yourself into the festivities, who knows, you just might end up actually having a good time!

Avoid controversial talking points

After a year jam packed with more deadlines and boring team meetings than you care to remember, it’s totally understandable that you won’t want to spend your evening talking to colleagues about work, and all the stuff you need to pick back up when you return in the New Year.

In this sense, steering clear of work-related conversations is a shrewd move, but that’s not to suggest that this isn’t the only topic that should be left alone. Offices tend to bring together people with a broad range of ages, ethnicities, sexual orientations, etc., so it’s likely that co-workers will have different ways of viewing the world due to their diverging experiences. As such, some areas of debate – such as politics and religion – are likely to be controversial with colleagues, especially if their opinion is diametrically opposed to your own.

You might find some certain subjects particularly interesting, but if you know they’re likely to stir up some controversy, you should try to keep your opinions yourself and stick to the tried and test topics – what you’ve been watching on Netflix, your plans for Christmas, etc. They might not be quite as riveting, but they’re much less likely to spark yet another argument over the festive period.

Don’t forget to have fun

Hopefully, you’re now feeling a bit more prepared to face your office Christmas party. With various do’s and don’ts, it can be easy to get bogged down in etiquette, but you shouldn’t obsess over getting things right to the point where you actually forget to enjoy yourself, which is the most important thing of all. After all, you and your colleagues have worked hard throughout the year, and have earned the right to kick back a little and have some fun.

So, be sure to have a great time at your office Christmas party, and make it a night to remember – but for all the right reasons!

Read more:
Your survival guide to the office Christmas party

As 2023 draws to a close and we stand on the threshold of 2024, it’s a natural time for reflection on both our achievements and unfulfilled aspirations.

The transformative impact of the post-COVID work landscape is evident as a substantial portion of the workforce continues to navigate a hybrid work model.

The shift towards this new normal underscores the evolving dynamics of professional life, where adaptability is key.

In this evolving professional landscape, there is a growing recognition among managers of the significance of Emotional Intelligence (EQ) in tandem with traditional Intelligence Quotient (IQ) skills. The acknowledgment of this dual importance suggests a positive shift towards a more empathetic and holistic approach to leadership. If this perspective gains wider acceptance and employees are genuinely appreciated for their contributions, it could mark a significant departure from mere glimpses of progress to a sustained positive change.

An encouraging trend to note is the diminishing stigma around acknowledging and addressing stress in the workplace. Progress is evident when efforts to cultivate a healthy workplace culture become commonplace, signifying a collective step in the right direction.

A Commitment to Wellbeing

I find it heartening to observe that Health and Safety (H&S) professionals are now taking a comprehensive approach by considering the well-being of the entire individual across both personal and professional spheres. Having had the privilege of addressing various H&S audiences over the past year, I see a commitment to promoting a holistic understanding of employee health.

Personal Responsibility

Acknowledging stress as an inherent aspect of our lives, it’s imperative for individuals to assume personal responsibility for their well-being and develop effective stress management strategies. Recognising that there is no one-size-fits-all solution, each person must identify what works best for them and actively incorporate those practices into their lives.

Continuous Growth

While the concept of self-improvement may sound straightforward, the reality often involves ongoing efforts and a commitment to continuous growth. As we approach the close of 2023, it prompts introspection – how many of us reading this can honestly say, “I did that, but I can do better”?

Let’s embrace honesty in our self-assessment. We all have the capacity to improve. As we eagerly anticipate the advent of 2024, it becomes an opportunity to envision and strive for a version of ourselves that embodies continuous improvement.

Here’s to the promise of “doing better” and the exciting journey that lies ahead in the coming year.

Read more:
Can Do Better!

New data has revealed data showing that SMEs in the UK face costs £10,000 higher than they were during the same period last year.

Analysis by Liberis, a pioneer in embedded business finance solutions, utilising Open Banking data, provides a comprehensive view of the UK’s small business sector. The study underlines the resilience displayed by small businesses so far but highlights alarming trends that demand immediate attention.

According to Liberis, the average small business in the UK now confronts costs that are £10,000 higher than they were at this time last year. This staggering increase presents a substantial challenge to the growth and sustainability of these businesses.

The research also indicates that the cash buffer provided by various government-led Covid Business Interruption Loans is quickly depleting. Small businesses, which have relied on these loans to weather the storm of the pandemic, now face the harsh reality of diminishing financial support.

The average SME bank account balance has now dwindled. Liberis’ research shows a downward trend, with the average SME bank account balance dropping from £16,000 in June 2020 to £2,000 in July 2023.

“Since the onset of the COVID-19 pandemic in 2020, the UK economy has experienced one of the most significant inflationary challenges in four decades. While attention has primarily focused on the Cost of Living crisis affecting individuals and households, the escalating Cost of Doing Business has received relatively sparse coverage,” said Alex Ivison, Chief Risk Officer at Liberis.

Alex Ivison, Chief Risk Officer continued: “The rise in expenses has been unevenly experienced. Our research shows that small businesses in the hospitality industry are experiencing the worst of the cost of doing business crisis. A tight labour market, higher energy costs, and rising food prices have meant these businesses’ average costs have more than doubled since 2020.”

To make matters worse, the Bank of England reports that mainstream lenders are increasingly withdrawing credit to small businesses, further exacerbating the financial strain they face.

Solving the UK’s £22 billion SME funding gap

The lack of accessible finance presents a threat to British small businesses and the UK economy. SMEs account for around half of the turnover in the UK private sector and three-fifths of employment in the UK, according to the Department for Business & Trade. Despite the impact small businesses have on the UK economy, the latest figures from the Bank of England estimate that there is an SME funding gap of £22 billion in the UK.

Commenting on how Liberis is leading efforts to close the UK’s funding gap, Alex Ivison, Chief Risk Officer said: “We leverage Open Banking in order to more fairly provide revenue-based finance to merchants who need it. The data enables us to tailor our product to best suit their needs, which ensures we can provide much-needed financial support to underserved merchants quickly and fairly, promoting financial inclusion and empowering small businesses to thrive.”

Read more:
UK small businesses face costs 10k higher than during the same period last year

Energy and technology group Octopus Energy has joined forces with The Hill Group, the award-winning five-star housebuilder and Clarion Housing Group, the largest social landlord in the country, in a landmark strategic partnership to revolutionise sustainable living in the UK.

Hill and Octopus Energy are developing the nation’s most extensive ‘Zero Bills’ housing development, comprising 89 meticulously designed homes at Hollymead Square in Newport, Essex. Residents will pay no energy bills for a minimum of five years, guaranteed.

Of the 89 total, 64 will be sold on the open market. The remaining 25 will be made available for affordable rent and shared ownership by Clarion Housing Group, the UK’s largest social housing provider. These will be the first completed ‘Zero Bills’ homes under affordable rent.

‘Zero Bills’ is a world-first smart proposition that allows customers to move into homes which are fully kitted out with green energy technology and with no energy bills.

Following the success of a ‘Zero Bills’ pilot in Essex, Octopus Energy has now accredited close to 1,000 homes through contracts with other prominent developers. Accredited plots span affordable, social, and private rent, as well as private and shared ownership.

Situated in an idyllic village location, this groundbreaking project at Hollymead Square encompasses an attractive collection of two to five-bedroom houses and two-bedroom bungalows.

Each property at Hollymead Square will be equipped with cutting-edge low-carbon technology, including solar panels, high-quality insulation, heat pumps, and home storage batteries. Designed to exceed the energy requirements for each property, this high level of home energy technology is seamlessly integrated and optimised by Octopus’ advanced tech platform, Kraken, to result in zero bills for homeowners.

Octopus Energy’s ambitious goal of delivering 50,000 ‘Zero Bills’ homes across the UK and beyond by 2025 aligns with Hill’s strategic goal to deliver net-zero carbon homes by 2030.

Hollymead Square is the first opportunity for the partners to work together to develop and provide net-zero housing and pioneer the way forward for a greener, more sustainable future. Construction of the new homes is underway, and the sales launch is due to take place on 20th January, with the first homes expected to complete in Spring 2024.

Michael Cottrell, Zero Bills Homes Director at Octopus Energy, comments: “This partnership with The Hill Group is the first giant leap in transforming the way we live in our homes and consume energy. This will also mark both the biggest ‘Zero Bills’ development in the UK and the first with affordable rent options with Clarion. This partnership pioneers a future where sustainable living is the standard for everybody, no matter their situation.”

Greg Hill, Deputy Chief Executive at The Hill Group, says, “We are excited to be working in partnership with Octopus Energy to provide our customers with the largest residential ‘Zero Bills’ development in the UK. The new homes at Hollymead Square in Newport will provide a blueprint for future sustainable housing and mark the start of our fruitful strategic partnership to deliver new homes complete with cutting-edge low-carbon technology that enable zero energy bills.”

Richard Cook, Group Director of Development at Clarion Housing Group, says, “We are thrilled to be partnering with Octopus Energy and Hill Group on such an innovative project. It’s crucial that we cut emissions and cut bills for homes of all tenures. I am proud that Clarion residents will be among the first to benefit from a Zero Bills home.

Read more:
Octopus Energy and The Hill Group partner to deliver UK’s biggest ‘Zero Bills’ development

Judges will be allowed use ChatGPT to help write legal rulings despite warnings that artificial intelligence (AI) can invent cases that never happened.

This is according to a report in The Daily Telegraph.

The Judicial Office has issued official guidance to thousands of judges in England and Wales saying AI can be useful for summarising large amounts of text or in administrative tasks.

However, it said that chatbots are a “poor way of conducting research” and are prone to making up fictitious cases or legal texts.

The guidance also warned that the rise of bots such as ChatGPT could end up being widely used by members of the public when bringing legal cases and that deepfake technology could be used to create fake evidence.

Sir Geoffrey Vos, the Master of the Rolls, said that AI “offers significant opportunities in developing a better, quicker and more cost-effective digital justice system”.

He said: “Technology will only move forwards and the judiciary has to understand what is going on. Judges, like everybody else, need to be acutely aware that AI can give inaccurate responses as well as accurate ones.”

Earlier this year, a senior judge, Lord Justice Birss, described ChatGPT as “jolly useful”, saying he had used the chatbot to summarise an area of law he was familiar with, and copy and pasted it into a court ruling.

He said on Monday that he had used ChatGPT as a test and that it had been used within the guidance because he had not entered any secret or confidential information into it.

Sir Geoffrey said that lawyers were potentially subject to perjury and criminal sanctions if submissions penned by a chatbot produced false evidence. “Nothing changes just because they may have got what they said falsely from an AI chatbot instead of out of their own head,” he said.

Suid Adeyanju, CEO of cyber company RiverSafe said: “The rise of AI use in legal rulings brings with it great opportunities, but also opens the door to major cyber risks. Hackers have already proven adept at infiltrating and exploiting security loopholes to steal data, and in this scenario could also lead to widespread evidence tampering. It’s vital that organisations using this technology tread carefully, and ensure they have the necessary security systems in place to  keep cyber criminals locked out.”

Josh Boer, director at tech consultancy VeUP said: “This is the latest example of AI reshaping critical functions, saving time and money by managing administrative tasks. The technology has huge potential to turbocharge the next generation of UK SMEs, providing crucial support in the back office. Yet far too many companies lack the skills and support to embrace it. That’s why its crucial that organisations get to grips with the latest generative AI capabilities, by embracing AWS and other key platforms, to boost growth through the cloud for the long term.”

Read more:
Judges approve use ChatGPT in legal rulings

The UK Government has published its most recent review into business payments and cash flow.

The review, published in November 2023, calls for greater and more transparent reporting for businesses in an attempt to reduce the threatening late payment culture.

The report details the context surrounding late payments on UK businesses and the impact it has on cash flow – particularly on small-medium sized enterprises (SME’s). In 2022, UK SME’s were owed an average of £22,000 in late payments. Thankfully, the report reveals that the average time taken to pay SMEs has reduced from 81 days in 2010 to 36 days in 2021. The improvement in late payment time is a positive but more still needs to be done on the back of the report’s findings.

Lynne Darcey Quigley, CEO and founder of Know-it comments: “It is good to see the government taking notice of one of the biggest dangers to our business community. Late payment culture and the subsequent effect it has on business cash flow health.

“Ensuring businesses are reporting on payments will add clarity and accountability to the invoicing process. At the same time, it is important to ensure a balance is struck to ensure businesses are not burdened with too much reporting in this process.

“This is where technology can step in and take on a lot of the workload on behalf of credit controllers. Having the ability to credit check prospect suppliers and customers before you enter into partnership is the first step businesses can take to protect their cash flow. The latest solutions can now advise SMEs on a business’ credit history and show whether or not the prospect is a high late payment risk.

“Eliminating the risk of falling victim to late payments before entering into partnership is the proactive protection technology can now offer SMEs at a time when they need all the support they can get their hands on.”

As part of the report, the challenge of raising the publicity around late payments is discussed – which will be driven by greater messaging from the Minister for Small Business.

Lynne continues: “SMEs will be buoyed to hear that late payments have now caught the attention of government. For too long it has been the silent threat which has damaged and often sunk businesses over the years.

“If the government wants to be taken serious on this threat, then it needs to be vocal in its messaging and warn frequent late payers on the damage they inflict upon other members of the business community. Taking meaningful action and speaking openly about late payments will further close the gap in average time taken for payments to be made and deter frequent offenders.”

Lynne concludes: “The latest review into payments and cash flow by the UK Government is a step in the right direction for our business community. At a time when SMEs are feeling the pressure on multiple fronts, it is now the time for the late payment scourge to be extinguished for good.

“Government action, coupled with the help of technology can prove to be the shot in the arm so many businesses need to ensure their cash flow is healthy and secure. The latest solutions are readily available to monitor and identify late payers and with the support of government, should be able to effectively clamp down on frequent offenders. It is positive to see increased attention highlighting late payment culture and see the average payment time diminishing slowly over the years, but more does need to be done to protect the SME community.”

Read more:
UK Government’s review on payments and cash flow a ‘step forward’

Airbnb and Klarna have joined forces to launch Pay Over Time with Klarna, a new way for guests in the UK to spread the cost of their reservation.

The launch is part of a phased global roll-out which will see Klarna and Airbnb offering an alternative way to pay in for guests across three continents by early 2024.

First launched in North America as part of Airbnb’s 2023 Summer Release, Pay Over Time with Klarna allows guests in the UK to apply to pay for their next stay in three interest-free installments over two months.

With Klarna’s seamless and flexible payment solutions, booking unique stays around the world, whether it be a windmill in Wales, a treehouse in Thailand or a UFO in the US, has never been easier or more accessible.

Amanda Cupples, General Manager of Northern Europe  said: “We’re pleased to bring Pay Over Time with Klarna to the UK, giving guests greater flexibility to spread their payments over a number of weeks or months. Whether you’re booking a solo trip, or organising a get together with friends, choosing the right payment plan has just become a lot easier.”

Guests are presented with the option at checkout to either pay for their reservation in full at the time of booking or to Pay Over Time with Klarna, and are seamlessly taken through to the payment platform.

Raji Behal, Head of Southwest Europe, UK & Ireland, said: “Airbnb tells us that one of the top requests from their guests is more ways to pay for their stays. We’re thrilled to bring Klarna’s flexible payment options to Airbnb guests around the globe.”

Pay Over Time with Klarna recently launched in eight other countries across Europe including Czechia, France, Germany, Greece, Ireland, Italy, Portugal, and Spain, with more expected early next year.

Pay Over Time with Klarna is available from today to guests in the UK for reservations priced between £35 and £4,000.

Read more:
Airbnb launches Pay Over Time with Klarna in UK to offer more flexible payments for guests

New Research has found that a lot of workers struggle to switch off from work when on holiday, with nearly two-thirds thinking or worrying about work at some point while on annual leave.

With the Christmas holidays creeping up, many workers are looking forward to the holiday season to switch off.

“Lots of people have an ‘always on’ culture, with emails and work messages now at our fingertips through our phones and laptops,” says Ian Nicholas, Global Managing Director at Reed, who commissioned the research. This is backed up by the research, which revealed that nearly half of workers check their emails while they are away or just before their return.

“Remote working has transformed the way a large number of the UK workforce plan and enjoy their time off. It’s becoming more and more difficult for people to truly switch off. A big part of the problem, if people see it as one, is the boundaries that workers set with employers and colleagues – especially when it comes to signing off for a few weeks,” adds Ian.

Ian explains that this can also lead to a prompt ‘restress’ when employees return to work, with the research uncovering that it only takes 11 hours for the holiday blues to kick in and stress levels to revert to normal once we’ve returned to work post annual leave.

“It’s so important for employees to be able to switch off and have a relaxing holiday season – no matter how demanding their job role may be”, continues Ian.

From the research, Reed has unveiled the five most common ‘out of office styles’ – which, depending on what our automated message says, will depend on how much of your work life will bleed into your Christmas holiday.

What’s your OOO personality?

“Our out-of-office (OOO) message sets the tone for how we wish to be contacted while away. Those who are more prone to stress are likely to check their phones and struggle to switch off, and are more likely to be vague about how they wish to be contacted during annual leave,” explains Ian.

“In other cases, those who have strong boundaries between their work and personal life, may clearly state they do not wish to be contacted and, therefore, don’t leave any further contact details or information for people to get in touch.

“There’s no right or wrong way. But if you want to switch off from work, there has to be a limit to how responsive and available you are.”

The most popular OOO personalities:

‘The Secret Stresser’ – someone who leaves their work phone behind but spends the whole holiday worrying about work.

If you’re a secret stresser, your OOO may sound similar to this: “Thanks for your email but I’m currently off for the Christmas period. I will get back to you on my return.” But what you really mean is: “Thanks for your email. I’m currently off for Christmas thinking about your email and worrying about catching up. I will get back to you on my return.”

‘The Crisis Checker’ – someone who needs the reassurance that there’s no crisis waiting for them at work to get them through the day.

If you’re a crisis checker, your OOO may read: “I’m currently off for Christmas and will get back to you as soon as I can. If it’s an emergency, please call my mobile.” But what you really mean is: “I’m currently off for Christmas and will get back to you as soon as I can. Rest assured I’m reading all of my emails each day so I can be confident there’s no crisis while I’m gone. I’ll respond if I spot that something’s gone wrong.”

‘The Clean Breaker’ – someone who can actually fully switch off when they’re on annual leave and therefore doesn’t take their work phone or laptop.

A clean breaker’s OOO will read similar to: “Thanks for your email. I am off for Christmas and will not be checking my email during this time. Please contact another member of the team or I will get back to you on my return.” And this is generally exactly what you mean.

‘The Leave-ism Lurker’ – this person lurks on their emails throughout the holiday, checking everything but not responding.

A leave-ism lurker’s OOO is likely to be similar to the secret stresser. But what you really mean is “Thanks for your email, I am currently off for Christmas but reading all of my emails as they come through each day, so I know exactly what’s going on. I’ll respond on my return.”

‘The Christmas Grinch’ – the person that struggles to switch off at all and ends up working throughout the Christmas period.

This person may not have an OOO, but if they do, it will mirror a crisis checker and list out a number and be vague on whether or not they can be contacted. Essentially, it’s ‘business as usual’.

“It’s so important to find something that helps you to relax and ‘tune out’ of work life when you’re on annual leave, whether that’s reading a book, heading on a long walk or spending quality time with your family,” continues Ian.

“To ease the stress of returning to work post-Christmas, you can also try some practical tips before you leave, such as writing a to do list to round off your work for the year and set your priorities for your first day back.

“Taking time off is not a luxury – it’s a necessity. In the holiday season, where people often spend a lot of time catching up with family and friends they haven’t connected with in a while, this is especially important.

“Workers need to allow themselves to fully switch off to reduce fatigue and risk of burnout in the long run.”

Read more:
Which ‘out of officer’ are you? How stress-free will your Christmas holiday really be?

Profiteering has played a significant role in boosting inflation during 2022, according to a report that calls for a global corporation tax to curb excess profits.

Analysis of the financial accounts of many of the UK’s biggest businesses found that profits far outpaced increases in costs, helping to push up inflation last year to levels not seen since the early 1980s.

The report from the IPPR and Common Wealth thinktanks found that business profits rose by 30% among UK-listed firms, driven by just 11% of firms that made super-profits based on their ability to push through stellar price increases – often dubbed greedflation.

Excessive profits were even larger in the US, where many important sections of the economy are dominated by a few powerful companies.

This surge in profits happened as wage increases largely failed to keep pace with inflation, and workers suffered their largest fall in disposable incomes since the second world war.

Researchers said the energy companies ExxonMobil and Shell, mining firms Glencore and Rio Tinto, and food and commodities businesses Kraft Heinz, Archer-Daniels-Midland and Bunge all saw their profits far outpace inflation in the aftermath of Russia’s invasion of Ukraine.

“Because energy and food prices feed so significantly into costs across all sectors of the wider economy, this exacerbated the initial price shock – contributing to inflation peaking higher and lasting longer than had there been less market power,” the report said.

After the analysis of 1,350 companies listed on the stock markets in the UK, US, Germany, Brazil and South Africa, the report said firms in the technology sector, telecommunications and the banking industry also pushed through significant price increases that raised their profit margins.

“Such companies have been able to protect their profit margins or even increase them, generating excess profits through a combination of high market power and global market dynamics,” the report added.

Carsten Jung, head of economics at the IPPR, said the work of Isabella Weber, an economist at the University of Massachusetts, showed how “systemic sectors” can have an outsized impact on inflation across the wider economy.

The report echoes research by the Unite union, which last year revealed how the biggest price increases affecting the UK consumer prices index (CPI) were driven by firms that either maintained or improved their profit margins.

Among the companies that increased their profits most from the pre-pandemic average were:

ExxonMobil: profits of £15bn increased to £53bn
Shell: £16bn up to £44bn
Glencore: £1.9 bn up to £14.8bn
Archer-Daniels-Midland: £1.4bn up to £3.16bn
Kraft Heinz: £265m up to £1.8bn

Four food companies – the listed suppliers Archer-Daniels-Midland and Bunge, plus the privately owned Cargill and Dreyfus – control an estimated 70%–90% of the world grain market.

“This has caused significant harm to the economy as a whole,” the report said. “Global GDP could be 8% higher than it is now had market power not risen. Labour income is likely significantly lower, and economic dynamism is weaker – with poorer choice, worse product quality and fewer economic opportunities – than in a counterfactual world where big corporations were less dominant,” it added.

Some members of the US central bank, the Federal Reserve, have acknowledged that prices rises have risen to boost profits.

Last year, Isabel Schnabel, a member of the executive board of the European Central Bank, said that “on average, profits have recently been a key contributor to total domestic inflation, above their historical contribution”.

Jung and the Common Wealth economist Chris Hayes said a tax on the estimated $4tn of excess global profits was needed alongside moves to break up monopolistic practices that allowed

Read more:
Corporate profiteering ‘significantly’ boosted global prices, study shows

New research has revealed that one in five UK businesses have experienced a cyber attack or incident, with nearly one in 10 small businesses experiencing this in the last year. This number rises to 35% of large corporate businesses, showing the increasing risk that cyber presents.

With criminals often looking for opportunities in the run-up to Christmas and cyber swiftly becoming an increasing risk for both consumers and businesses alike, the research found that businesses are 67% more likely to have experienced a cyber incident than a physical theft and almost five times as likely to have experienced a cyber attack as a fire.

When looking at the repercussions of a cyber attack or incident, almost a third experienced operational disruption, with a further fifth (21%) experiencing data loss and system lockdowns. Such interruptions led to businesses claiming an average of £21,000 per incident according to Aviva data, although costs can run into the tens or even hundreds of millions of pounds.

While around half of UK businesses express confidence in handling a cyber incident or attack, one in five admit to not being confident in knowing what to do should this happen, a figure that rises to more than a quarter of small businesses, who appear to be the most vulnerable to such a risk. Not only does this increase the risk of further damage, it means that businesses also risk being non-complaint with personal data rules.

Despite the high frequency of cyber incidents experienced by businesses, Aviva’s research reveals a significant gap in cyber insurance coverage, most notably among small businesses – less than one in five of whom have a cyber insurance policy – and the same proportion say they are unaware that cyber insurance exists.

Commenting on the research they commissioned, Stephen Ridley, Head of Cyber, Aviva, said: “It’s important to recognise that businesses of all shapes, sizes and sectors are at constant risk of a cyber attack – particularly at this time of year, with phishing emails often increasing around Black Friday and Christmas. The nature of such a threat means that cyber criminals are evolving their tactics, looking for the opportunity as opposed to setting their sights on large corporates alone.

“Though our research shows that one in three businesses see cyber as the biggest risk to their businesses, it’s worrying to see that many businesses do not know how to protect themselves from this emerging threat. Many businesses do not have cyber cover, leaving them exposed to high, unforeseen costs and significant business disruption which could amount to tens of thousands of pounds.

“If the chance arises, there’s a risk that cyber criminals will act and so it’s key to have both preventative measures and protection in place. Although businesses are more likely to purchase cyber cover after experiencing an attack, more and more affordable products are becoming available on the market from as little as £50 a year, like Aviva’s Cyber Respond. These could be a valuable lifeline to small businesses in particular, should the worst happen.”

Detective Superintendent Ian Kirby, CEO of the National Cyber Resilience Centre Group (NCRCG), said:“Cybercrime is something that can impact on any organisation, whatever its size or wherever it is in the country. It is essential that all businesses across the UK economy therefore have robust cyber practices in place, so that they are in the best position to protect themselves from cyber criminals.

“In the event of a live cyber attack, any business should immediately report it to Action Fraud who will direct them to the relevant law enforcement agency for investigation as appropriate. Importantly, however, I would also encourage small and medium-sized businesses to contact their regional, police-led Cyber Resilience Centre who will be able to offer free, high-quality support on the steps they can take to strengthen their cyber resilience for the future.

“One of the reasons why we are pleased that companies like Aviva have become National Ambassadors for NCRCG is that they recognise the risk of cybercrime, not just to themselves, but to all those in their supply chain, and are taking up the mantle in addressing this risk.”

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One in five businesses have been victims of cyber attack in the last year, new research shows  

What do the terms ‘malware’ and ‘ransomware’ mean to you? Probably not very much given that they sound more like plot lines from an Ian Flemming novel rather than very real threats to the stability and viability of our businesses.

However, they are likely to become as familiar to small business owners as ‘profit’ and ‘invoice’ are to us now.

Why? Well according to recent government figures, some 53 per cent of SMEs were the targets of cyber crime in 2023. And ransomware (which is a type of malware) is the preferred method of attack used by cyber criminals. These figures are likely to be an underestimate as many SMEs prefer to ‘pay-up’ and say nothing rather than draw unwelcome attention to themselves.

Ransomware is a particularly vicious kind of cyber-attack where a piece of malicious software infiltrates a company’s IT network and renders it inaccessible until a ransom demand is paid.

So why should SMEs in particular be concerned about cyber-attacks? Many SMEs believe that they are too small or too niche to be attractive to ransomware criminals. That attitude is exactly why SMEs can find themselves in the crosshairs.

Steve McCormack, Head of Privacy Care at cyber security specialists Incognito highlights the cyber perils that lie in wait for SMEs as they are easy picking for cyber criminals as they frequently have the weakest anti-virus software installed. Off-the-shelf antivirus protection packages are no match against sophisticated cyber criminals who will simply brush aside virus protection software. It’s like throwing a cup of water on a house-fire. Also, cyber criminals could well be targeting larger companies along your supply chain.

Small businesses find themselves victims of ransomware, not because they have been individually targeted by a criminal, but because of simple human error.

Believing that they are unlikely to fall victims to a cyber-attack, the majority of SMEs fail to adequately inform and educate staff about cybercrime and what to look out for, particularly with regard to ‘phishing’ assaults. This is where a perfectly normal looking email – perhaps from a supplier or government agency – is opened and instead of being legitimate, it is laced with ransomware and once unleashed onto an SMEs computer network it wreaks havoc.

Without comprehensive protection, and staff training too many SMEs will panic and simply give-in to a ransomware demand, hoping that cyber criminals will be honest enough to release the crucial data they have ring-fenced and encrypted – like bank account details or customer account information.

Why would a cyber criminal kill the goose that has just started to lay golden eggs?

One small business we know fell victim to a devastating ransomware assault. A member of staff at a dental practice in the Midlands received what looked like an invoice from a supplier. It wasn’t. Once opened, ransomware was released  and the practice was unable to access patient records, appointment details and billing information. Then the demands for payment appeared.  If they refused to pay, the data could be destroyed, or sold to the highest bidder on the dark web.

Another SME client of ours (well, they are now) watched helpless as, at exactly 08.00am, some 3000 emails left their servers and went to clients and suppliers. There was nothing they could do. A colleague had worked on a home computer at the weekend and saved the work onto a memory stick. Once plugged into the company’s network on Monday morning, the network was flooded with ransomware.

A client was attending a trade exhibition and was on an exhibitor’s chat room. Up popped an advertisement for exhibition furniture. It looked interesting, so they clicked on it to find out more. It was riddled with ransomware, and we were called in to clean up the mess and create the strongest malware identification, isolation and removal package.

These attacks on SMEs inevitably lead to huge disruption, significant cost, loss of business focus, loss of revenue, reputational damage and ultimately bankruptcy. Not to mention the legal consequences and non-compliance issues.

The recent trends toward working remotely, often from home, or storing data in the cloud, accepting on-line payments and conducting business online, all conspire to create a cyber criminal’s playground.

There are several actions that SMEs can take to minimise their exposure to criminality including:

• Training employees to identify phishing attempts
• Backing up data and keeping it offline
• Keeping security patches up to date
• Having robust anti-spam processes
• Introducing multi-factor authentication
• Configuring your firewall to repel invaders…and so on.

If all that sounds a bit overwhelming, then outsource all of it to a cyber security specialist company which has a commercial interest in keeping your business safe.

All the indicators are that 2024 will be the year that SMEs are confronted by wave after wave of catastrophic cyber-attacks. All the signs are there and in the realm of cyber criminality, prevention is far better than cure.

Read more:
Cybercrime and SME’s – why your business could be next

New research from Copyright Licensing Agency (CLA) reveals that creatives including authors, photographers and visual artists are conflicted about whether generative artificial intelligence (AI) is a good thing for their livelihoods and the wider UK creative economy.

Commenting on the research, Mat Pfleger, Chief Executive at CLA said, “Our research revealed a general belief that generative AI will help advance the creative industries​, but there are also major concerns. Chief among these is that generative AI is not ethical in how it is currently working. 67% of the people we interviewed are aware that generative AI is using work without permission or payment.”

When CLA asked creators and rights holders if they were aware of their own work being used as part of an artificial intelligence database without their consent, 100% of the publishers said they were. When that question was put into context of the wider groups of respondents, the figure remained high at 76%.

This clearly demonstrates that the owners and operators of generative AI are currently not compensating copyright holders fairly or even at all. The question was then whether respondents believed this to be a threat to their own livelihoods and to the wider creative sector’s ability to continue to contribute significantly to the UK economy.

79% of respondents believe that the UK’s ability to earn from its creativity will be impacted by AI. Only 6% of those polled aren’t at all worried by this and see only an upside.

Stop and think?

Alongside worries about loss of income, there are also concerns about integrity. Almost half of respondents think that people will try to pass off generative AI as their own work across the board. 70% of publishers are also concerned that generative AI will become too much of a crutch and people won’t think for themselves.

Given these concerns, CLA asked whether the development of artificial intelligence should be stopped to protect the creative sector?​ 53% ​said that generative AI should be ‘paused’ to enable the sector to ‘catch-up’ on regulation. 25%​ said they thought it should be stopped altogether.

Trust the system

Despite the preference for a pause, there is confidence that the creative industries in the UK will eventually be compensated fairly for their works being used by artificial intelligence. 77% of respondents are confident and 27% very confident that AI will deliver fair compensation.

Commenting on the next steps around fair compensation, Mat Pfleger, continued, “We found less support for general regulation and more interest in specific tools and licensing rather than depending solely on guidelines. We are on a mission to ensure that ‘copy, right’ practices are effectively integrated into generative AI usage. In August, we developed principles for safe, ethical, and legal generative AI development. Now, we’re exploring tools to ensure fair compensation for data mining used in AI platforms.”

All of the survey respondents felt pretty confident that they are across the implications of generative AI on the creative industries​; 84% said they have knowingly used it at work at least one or more times. Most companies are still assessing and gathering information rather than introducing new ways of working ​in response to generative AI. Expected benefits include productivity gains and efficiencies from advanced tools and technology. 80% of companies are open to collaborating with generative AI tools or platforms if they think there’s a benefit to them.

Pfleger, concluded, “We have called the research Friend or Foe to underline that we are at a crossroads where we can still influence the direction of travel with the right interventions based on legal copyright principles. I’m going to paraphrase our Co-Chair’s contribution to the report which reflects the spirit of what we are trying to achieve when he says that technology and generative AI is not the enemy of creativity, but a powerful amplifier of human potential so long as we prioritise transparency, human rights and the preservation of creative endeavours.”.

Read more:
Generative AI needs an ethical reboot finds new report

Retail scams across the UK are threatening the entrepreneurial spirit of the nation, according to new research out today which reveals millions of consumers are shunning small and independent businesses due to misguided lack of trust.

The research commissioned by  F-Secure, a global leader in cybersecurity, found that more than half of Britons, a significant 56%, have avoided shopping with small and independent businesses; expressing a preference for shopping with better-known and established brands which highlights a misperceived sense of security when shopping with recognised retailers.

F-Secure’s research reveals that over the past year, 13 million Britons have fallen victim to an online shopping scam, costing the nation a staggering £1.4 billion. Of those who have been scammed, a fifth said they would never shop with smaller or independent online retailers.

However, the reality is that retail scams are not confined to a single type of shopping platform with larger retailers and well-known brands, still being targeted by cyber criminals. Of those who reported being scammed last year, small independents accounted for 27%, only marginally more than large online platforms, which accounted for 23%. Large high street retailers accounted for 21%.

In a bid to help SMEs and reassure consumers, F-Secure’s experts are helping Britons to spot the warning signs of fraudulent activity across all online retailers as shopping scams are expected to surge over the next two months during the festive season, which could cost the nation over £800 million in Christmas shopping alone.

Tom Gaffney, F-Secure, says: “SMEs are the lifeblood of the UK economy and so it’s alarming to hear that over a third of UK consumers, who have experienced scams (35%), will only shop with well-known brands that they feel are more reputable and 14% said they are no longer confident shopping online.

“Our research shows, the perception remains that SMEs pose a greater risk but actually no retail type is immune from  cybercrime. Better education is needed here to help consumers spot when something is amiss which could prevent fraud and still allow legitimate small retail businesses to survive.”

Read more:
UK entrepreneurism is being threatened by online scams

The pay inflation that the UK’s workforce has experienced over the last year may have peaked, with economists predicting a stagnant picture for economic growth in 2024. However, staff confidence remains high amid the growing skills crisis.

That’s according to the latest Robert Half Jobs Confidence Index (JCI) – an economic confidence tracker produced in partnership with the Centre for Economics and Business Research (Cebr).

The latest iteration of the report reveals that more than half (58.4%) of workers feel confident in their job security for the next six months amidst low unemployment, high vacancies and nominal wage growth outpacing inflation. This is a long-standing trend as employees see skills shortages as a reason to feel secure in their jobs, with the JCI’s job security confidence pillar the strongest positive driver for the Index overall score for eight consecutive quarters.

Although this optimism is at odds with the UK’s economic slowdown, the overall picture of confidence remaining strong is in line with Cebr projections for the labour market over the next six months. Unemployment is expected to tick up slightly as high interest rates continue to push down on consumer and business demand, feeding through to employment, yet the labour market will remain tight by historical standards. Given this picture, the 5.5% increase in job search confidence to 47.4% in Q3 2023 is surprising and may exacerbate the labour challenges for firms in the New Year if workers are highly confident about their ability to progress.

In line with the JCI, Robert Half’s 2024 Salary Guide also reveals that while 69% of businesses feel confident in their growth prospects for 2024 and 47% plan to increase permanent headcount next year, a staggering 75% are already concerned about their ability to attract and retain skilled talent.

As Matt Weston, Senior Managing Director UK & Ireland, at Robert Half, explained, this scenario could hinder business growth and stability in 2024: “We’re starting to see signs that pay inflation has peaked, although the good news for workers is wage growth is expected to remain above inflation in the coming months. Nevertheless, while the current economic uncertainty is a top concern for businesses, the workforce isn’t showing the signs of diminishing confidence as we would usually see at this time. The health of the labour market and that of the wider economy have often been linked, yet at present they are less synced than anticipated.

“Today’s labour market snapshot is the culmination of factors from the last few years, including Brexit, the Great Resignation and the pandemic. Things have changed and access to the skilled talent businesses need to remain competitive is becoming ever more challenging. Increased post-pandemic economic inactivity, innovation outpacing traditional learning routes and limited social mobility have the potential to further weaken the labour market’s ability to match jobs with skilled workers.

“Our research shows job and business growth confidence are on the rise, yet the widespread skills shortages and economic inactivity will take much longer to tackle. Employers are less likely to be in the driving seat in 2024 and being agile with their talent strategies and workforce models will be key.”

Read more:
Pay inflation peaks as labour market cools, but skills crisis likely to intensify

Spotify is cutting almost 1,600 jobs as the music streaming service blamed a slowing economy and higher borrowing costs in the latest round of redundancies at big tech companies.

Daniel Ek (pictured), Spotify’s billionaire founder and chief executive, revealed that the company had decided to cut 17% of its workforce, the third and steepest round of redundancies of 2023.

Ek told employees they would receive a calendar invitation “within the next two hours from HR for a one-on-one conversation” if they were affected by the cuts, in a message to staff published on Spotify’s website on Monday.

Big tech companies ranging from Meta and Microsoft to Amazon and Alphabet have retrenched and made large-scale redundancies during 2023 after interest rates rose and investors focused on their ability to cut costs to protect profits.

Stockholm-based Spotify is the dominant player in global music streaming, and is one of the few European companies to take on US rivals. Yet as the global economy’s momentum has waned, it has held back from its previous heavy investment into podcasting. That investment included backing a podcast from Prince Harry and the Duchess of Sussex in a deal that ended in apparent acrimony this year. Spotify continues to maintain high-value podcasting tie-ups, including a controversial deal with Joe Rogan and others with the influencer Emma Chamberlain and the comedian Trevor Noah.

Ek said Spotify had taken advantage of cheap borrowing during 2020 and 2021, when central bankers cut interest rates sharply in response to coronavirus pandemic lockdowns, but that “we now find ourselves in a very different environment”.

“Despite our efforts to reduce costs this past year, our cost structure for where we need to be is still too big,” he wrote.

Spotify reported that it had 9,400 employees at the end of the third quarter of 2023. It had already cut back employee numbers by 6% in January and by a further 2% in June.

Redundant employees will receive an average of five months of severance pay plus unused holiday pay, Ek said.

“Embracing this leaner structure will also allow us to invest our profits more strategically back into the business,” he added. “Today is a difficult but important day for the company.”

Read more:
Spotify cuts almost 1,600 jobs amid rising costs

The pressure on house prices is expected to continue over the next 12 months as competition among sellers intensifies.

The rapid rise in interest rates has pushed up the cost of mortgages and weighed on both transaction volumes and prices.

Rightmove, the property search website, believes that the average asking price for a property will be 1 per cent lower nationwide by the end of next year, with sellers probably needing to market their homes more aggressively to secure a deal.

Prices have held up better this year than Rightmove expected. A year ago, the property specialist predicted that the average asking price would drop by 2 per cent, but they are only 1.3 per cent lower year-on-year. However, the average time for a seller to find a buyer has jumped from 45 days a year ago to 66 days.

Broader data has been mixed. In October, transaction volumes declined by an annual 17 per cent to 90,920 and were 2 per cent lower than September, according to HM Revenue & Customs. Mortgage approvals, a more forward-looking measure, rose for the first time in three months, up 8 per cent on September.

Average mortgage rates have fallen steadily since July, with the average two-year fixed rate now at 5.52 per cent, down from 5.77 per cent a year ago, and the average rate on a five-year fixed mortgage at 5.17 per cent, from 5.52 per cent this time last year.

However, affordability remains stretched for many buyers, Rightmove’s property experts said. The Bank of England has signalled that base rate cuts are not imminent and lending rates are likely to remain elevated next year.

Tim Bannister, head of data at Rightmove, said: “This year has been better than many predicted, with no significant signs of forced sellers, lower-than-expected price falls and good buyer demand for the right-priced quality properties. However, it has been a challenging change in mindset for some sellers to transition from the frenzied market of the previous few years. The level of sales being agreed is 10 per cent lower than at this time in the more normal market of 2019, so sellers will need to price even more competitively next year to make sure that they secure a buyer.”

Read more:
Selling your home could be about to become a lot harder

The Department for Business & Trade’s (DBT’s) delegation has landed in the United Arab Emirates to promote international collaboration and address COP28 on the world’s most pressing climate issues.

The delegation will address representatives from attending countries on key topics such as the role of technology in both adding to and reducing carbon emissions, environmental reporting standards, the sustainable energy transition, as well as sustainable finance.

Among the Department of Business & Trade’s delegation are video content management provider Ad Signal, power solutions provider Dale Power Solutions, SSG Environmental and several other industry leaders.

Speaking from COP28, Tom Dunning, CEO and Founder of Ad Signal, said: “The climate crisis requires urgent global action and I’m proud to be a part of the UK delegation with DBT to be at the forefront of the solution. Collectively we are sleepwalking towards environmental damage that will take hundreds of years to counterbalance unless progress is made at events like COP.”

“A sector such as technology can provide part of the solution for the climate problem, using data and analytics to support with measurement and consequently action to help reduce emissions. But what many don’t realise is that data centres and network traffic, 70 per cent of which is video, contribute to 2.3-3.7 per cent of global carbon emissions. Content growth and the increase of data, fuelled by AI, means that the technology is on a worrying trajectory to cause significant environmental harm.”

“It is vital that we, as a country and a society, work alongside world leaders to encourage them to make sustainable technology choices and raise awareness of this growing issue. Tech solutions that can remove duplicate content and reduce carbon emissions, such as Ad Signal, already exist and the benefits can have a huge impact on digital sustainability.”

The delegation will network, address and collaborate with major climate players through to December 7th, exploring ways in which the UK can reduce its carbon emissions, take action towards net zero targets and build relationships for international collaboration.

Read more:
Department for Business & Trade delegation land in UAE to promote international collaboration at COP28

Make sure you incorporate the following data into your 2024 plans …

Knowing how to deliver good customer service is essential for the ongoing success of your business. Salesforce research found that 80% of customers now consider the experience a company provides to be as important as its products and services, so the importance of getting this right for your business cannot be understated.

From phone calls and email to web chats and social media, it’s harder for businesses to know which channels to prioritise for customers. Now, new research from the leading technology-based provider of communications services across Europe, Gamma Communications, suggests that voice calls should be a priority for businesses despite the increasing number of digital communication options.

According to the new research, well over a third of Brits (38%) say direct phone calls are their preferred method of communication with businesses over other channels such as emails, web chats, social media and video calls. A further 69% of consumers are likely to contact via phone call first before trying other methods when seeking assistance from a business.

With the vast majority (91%) considering it important to be able to easily call a business customer service line when they need assistance, phone calls evidently have a significant impact on the customer experience. To further underscore this, 80% of consumers say they would continue shopping with an SME that offers superior customer service over the phone, suggesting an impact on customer loyalty as well.

Chris Wade, Chief Marketing and Product Officer at Gamma Communications commented on the findings:

‘When customers need support, it’s evident that businesses must understand exactly how their customers want to communicate.

Even in today’s increasingly digital world, human connection is vital.

Telephone calls have withstood the test of time for being one of the best ways to achieve that interpersonal bond.

All businesses can use this to harness the, sometimes underrated, value of telephone calls to offer quality customer service and retain customers.

Whether you’re a tradesman or a financial advisor, your voice has the power to yield customer loyalty.’

In the finance industry alone, evidence is clear on just how important customer support accessibility is to British consumers. The Financial Conduct Authority (FCA) reported finance firms had 1.8M open complaints (a 5% increase from 2022) in the first half of 2023 showing that customers will always, and increasingly, need business support. It’s how fast and easy they receive that support that leaves a lasting impression which can make or break a business’s reputation.

The research suggests the value of voice calls can be attributed to human connection. Almost half of Brits (46%) value phone calls because they feel better understood when communicating verbally. The same number (46%) find phone calls quicker and easier to use, while 45% believe that the support and customer service they receive over the phone is of higher quality in comparison to other contact methods.

Essentially though:

• 69% of Brits will contact a business via phone call first before trying other methods when seeking assistance
• Direct phone calls are the preferred method of communication for well over a third (38%) of British consumers when seeking support from a business

These are facts that just can’t be ignored.

Similarly, the biggest frustrations Brits face when contacting customer support are automated responses or the inability to speak with a human (49%), being subjected to long hold times (47%) and having no phone number to call or the phone number being hard to find (31%).

Gamma Communication’s research shows the ability to voice call a business is a necessity for customers and this is also seen across the UK regions, upon further breakdown of the data:

• More than half (52%) of customers in the East of England value phone calls with businesses as they feel better understood when speaking over the phone.
• Nearly half of Yorkshire customers (48%) value phone calls as they believe they are more likely to get an issue resolved faster over the phone.
• Nearly half of South Western customers (48%) value phone calls with businesses because it’s more personal than digital or automated messaging.

At a time in the year when plans are being made for the year ahead, it’s a good reminder to remember that customer retention often comes down to excellent forms of clear and consistent communication.

Read more:
Customer service? Quick and clear communication with a trained professional wins

The government has announced a new draft of guidance to support businesses to upskill their workers and unleash the potential of Artificial Intelligence to help boost productivity by enhancing workplace activity.

The guidance will help employers develop their employees understanding around AI, offering an understanding around key knowledge, skills and behaviours to enable them to use the emerging piece of technology safely and this will include advice on how to use key AI tools such as Large Language Models.

There will be a focus on five specific areas and employers, as well as training providers, will support workers in areas such as how to use AI to evaluate the performance of projects, solving workplace problems as well as general admin, accounting and many other day-to-day roles.

Developed in partnership with the Innovate UK BridgeAI programme and The Alan Turning Institute, the guidance will act as a key tool for businesses to ensure that their employees have the relevant knowledge and skills to harness to power of AI, fuelling the government’s growth agenda.

Suid Adeyanju, CEO of RiverSafe said: “Upskilling the UK workforce to adapt and embrace AI is a welcome step in the right direction. However, nowhere near enough is being done to prepare companies for the rising tide of AI-enabled cyber threats. This technology has the potential to transform the digital economy, but in the wrong hands could also cause serious harm. Getting businesses and workers cyber-ready to prevent this happening should also be a major priority for the government moving forward.”

Andrew Drylie, Investment Manager, Quadri Ventures said: “Widespread AI adoption will have a seismic impact on the way businesses operate, so it’s right for the government to stay ahead of the curve by encouraging upskilling at the earliest opportunity. It is also vital that workers are given the opportunity to learn and develop their skillset in such a game-changing technology so they can reap the benefits by mastering digital skills for the future.

Tom Dunning, CEO and founder of Ad Signal, said: “The race to embrace AI brings with it huge opportunities but also major challenges. Upskilling workforces should form part of a much wider digital strategy to ensure AI is used ethically, responsibly and with consideration for its environmental impact.

It’s already clear that the huge rise in AI use requires an action plan to reduce its carbon impact. However, many companies in key areas like the entertainment industry have little or no roadmap in place. It’s vital that the government recognises this threat early on, so the UK can develop a clear blueprint to reap the benefits of this technology, responsibly.”

Minister for AI Viscount Camrose, said: “Making sure workers up and down the country have the skills they need for their jobs with and in AI is a key part of our strategy in making the UK an AI powerhouse and ensuring the skills of our workforce keep pace with this rapidly developing technology.”

“This guidance will be vital in helping us realise that ambition, continuing an important conversation with businesses across the UK to make sure the steps they can take are practical, functional, and successful.”

The news follows the Chancellor welcoming Microsoft’s £2.5 billion investment into UK AI over the next three years.

Read more:
AI Minister unveils guidance to upskill UK workers

The new City Minister has said his focus will be on “simplifying accountability for regulators”, streamlining financial regulation and removing red tape to make the framework more effective to boost growth in the City, Bin Afolami has outlined at the Financial Times’ Global Banking Summit on Tuesday.

Afolami explained that he faces calls from City grandees to boost the Square Mile competitiveness and pledged to deliver on the numerous reforms to improve the state of the capital markets and to improve the competitiveness.

According to the commitment made, this will include changes to prospectus rules, investment and the wholesale markets review. Regulatory structures and systems will also be looked at to ensure a more effective approach is taken to boost both growth and competitiveness while allowing the streamlining of financial regulation.

The City Minister also outlined measures to make it easier to do business which includes promoting ownership via similar measures that were outlined in Jeremy Hunt’s Autumn Statement last week, such as a possible Tell-Sid style share sale plan for Natwest.

Dr Henry Balani, Global Head of Industry & Regulatory Affairs for Encompass Corporation, said:“Doubling down on commitment to making the UK’s regulatory structures as robust and effective as possible is certainly a step in the right direction – but there is work to be done, and all parties, including Government, regulators, and businesses must come together to ensure the UK is firmly placed as an example to follow.

“There is no doubt that regulations will continue to develop at a rapid pace and, as they do, the need for technology-first compliance processes that utilise the best in RegTech solutions will only grow. Against a fast-moving backdrop, banks and financial institutions are increasingly leveraging RegTech as a key part of their compliance processes and also, crucially, to also accelerate growth – another point mentioned by the City Minister.

“The focus on “simplifying accountability” for regulators and streamlining regulation should bring significant benefits by creating a more straightforward, robust system. Going forward, focus should also be on fostering greater collaboration between regulators and RegTech providers to ensure those at the heart of developing and implementing regulations are appropriately educated on the innovation that is so important. By encouraging this, regulatory effectiveness will increase, how technology is leveraged will develop, and financial institutions will be able to focus on unlocking further growth opportunities.”

Bin Afolami, City Minister, commented:  “There’s all sorts of mechanisms that are not brought together, not simplfied… A lot of this is actually simplyfying – not deregulating or anything like that, but simplifying what’s there.”

“We just have to make sure that we make it easy for them to focus on [regulation], and not mire them in too much red tape to achieve the growth and competitiveness that we want. FCA does have an incredibly broad list of responsibilities for consumers.”

Read more:
Government minister set to “simplify accountability for regulators”

Amazon has announced that they will provide free Artificial Intelligence training to two million people by 2025 via their ‘AI Ready’ commitment which is set to boost proficiencies in this emerging piece of technology.

AI Ready aims to unlock the potential of AI by providing much needed training and it will consist of three new initiatives which will be aimed at adults and young learners, as well as scaling existing Amazon AI training programmes that already exist.

The courses will range in expertise level and the first will consist of eight new AI and generative AI courses that will be accessible to anyone who wishes to learn more about the technology, building on Amazon Web Services (AWS) existing portfolio of over 80 free or low-cost AI resources.

The second initiative, the AWS Generative AI Scholarship, will be targeted at students from underrepresented communities around the world and will be backed by $12 million to provide over 50,000 high school and university students with access to a new generative AI course and a certificate from Udacity to demonstrate their proficiencies to future employers.

Josh Boer, Director at Tech Consultancy VeUP, commented: “Building workforces that are technically skilled in areas such as Artificial Intelligence will play a central role in capitalising for fast-growing businesses, so it is great to see large corporations such as Amazon prioritise accessible training. As tech-powered businesses continue to grow and organisations focus on their digital transformations, funding, training and educating opportunities must be kept top of mind.”

“AI and cloud services offer huge benefits to businesses, boosting innovation and offering services that can be tailored to a business’s specific needs. AWS in particular offers businesses the ability to increase agility, drive down costs and promote innovation, tapping into a suite of tailored services catering to their unique organisational requirements, working in tandem with new AI solutions. For the benefits of emerging technology to be enjoyed we must ensure our workforces are fully equipped with the knowledge and skills they need, and only then can the benefits be maximised.”

The initiatives announced will add to Amazon’s $1.2 billion investment into education and skills training for cloud computing.

Read more:
2 million people to receive free AI training through Amazon project

Transit agencies play one of the most important roles in not only our daily lives but the overall function of the modern urban era – optimizing public transport.

With this, you’re likely looking for the best ways to improve the efficiency and effectiveness of your public transport, for operators and riders alike.

Let’s look at some of the ways Intelligent Transport Systems (ITS) can be the key to optimizing public transport for your network…

Put the passenger experience first

One of the best ways to optimize your public transport is to focus on the main aspect – the public. How you approach the rider experience can be essential to boosting your transit agency, and there are many ways ITS can help:

Journey efficiency

You can use real-time vehicle monitoring to ensure riders have the most efficient journeys with your service.

Using on-board tracking devices, you’ll receive accurate positional information for all the vehicles in your fleet, which you can use to find suitable routes for travel at all times of the day.

ITS can offer suggestions for optimal routes that better navigate congestion, delays, and more, leading to a smoother and faster journey for riders.

Passenger information

ITS can also provide real-time passenger information to keep riders fully informed of the expected arrival times of vehicles at a stop.

As these times change due to delays, diversions, etc., the systems will update the information in real-time, without the need for manual intervention.

This helps riders know the most accurate data for the predicted length of their journeys, so they can plan more effectively around it.

Increase revenue and cut costs

Another way to optimize your public transport is to increase revenue and minimize costs where possible. ITS can help you achieve this in several ways:

Meet rider demand more effectively

ITS can help you identify transportation gaps and offer insights into how you can meet rider demand.

During peak times of the day, for example, you can adjust your schedules to ensure no revenue is missed from unmet demand.

You can also have the right number of vehicles active at one time to maximize rider capacity, thus bringing in more revenue.

Be more cost-efficient with operations

You can also use ITS to cut costs with efficient operations. By making sure each vehicle is traveling the best route to every stop, you can be more economically sustainable with your fuel consumption.

Also, ITS can help you choose the right schedules for your vehicles, so you only use what’s needed at one time, without spending on excess drivers or vehicles.

Maintain seamless and efficient operations

It’s also important to maintain a smooth and seamless way of traveling for your public transport operations, and ITS can provide the right insights to help with this:

Clear and prompt issue resolution

ITS can not only detect when issues arise but also predict their occurrence. For example, a faulty ticket machine or an issue with the vehicle.

This can give command centers accurate in-moment control over every situation, so they can immediately resolve the issue, whilst mitigating the impact on operations to keep things running smoothly.

The right flow of vehicles at a stop

You can also use ITS to provide a seamless flow of vehicles at each stop. If vehicles arrive too early or late after the previous vehicle at a stop, this can lead to missed revenue and a crowded transport experience for riders, for example.

ITS can be used to track the positions of vehicles and offer suggestions for when they should be arriving at the next stop.

This can help create an optimal spread of vehicle arrivals to meet demand seamlessly and manage capacity properly.

Do these key components of public transport resonate with your transit agency? Could you benefit from cost-effective operations, improved rider experiences, and efficient operations?

If so, it might be worth considering ITS for your transit agency, and all the benefits it can bring to operators.

Read more:
Optimizing public transport with intelligent technology

A luxury chocolate brand that started in its owner’s home kitchen has successfully expanded into new premises after receiving advice and support from Business Gateway.  

Based in Forfar, Angus, Chocolatia handcrafts and sells a range of artisan chocolates made from the finest, sustainable ingredients. The business makes a conscious effort to celebrate the very best of Scotland’s larder, and often showcases home-grown flavours in its chocolates, including fresh Perthshire berries and elderflower, which grows in abundance in Angus.  

Determined to keep things local, Chocolatia also regularly collaborates with Scottish Heather Honey and Sacred Grounds Coffee, an artisan coffee roastery in Arbroath.  

Chloe Oswald, Chocolatia’s owner and a former Gleneagles chocolatier, first fell in love with the process of chocolate-making in her early years, during which time she regularly made sweet treats in her grandmother’s kitchen. Chloe went onto to study Professional Patisserie at the City of Glasgow College, before refining her pastry skills under the expert eye of chefs in two Michelin-starred restaurants.   

Finding herself furloughed and seeking a creative outlet during the Covid-19 pandemic, Chloe launched Chocolatia in October 2020 and approached Business Gateway for help to launch her brand into the market.  

Chloe benefitted from a range of Business Gateway support, including one-to-one guidance from a dedicated business adviser, who supported Chloe with Chocolatia’s production process. This support included advice on identifying the correct price point of each product. Motivated by her adviser’s support, Chloe successfully secured £3000 from the Elevator Grant Scheme, which went towards developing luxury and sustainable packaging for her products.  

Experiencing popular demand for her products, shipping to customers nationwide and securing customers such as The Macallan Distillery and The Royal Scotsman train in Scotland. Chloe found she had outgrown her home kitchen and needed to acquire a new space to help her manufacture larger quantities of her luxury chocolates. Chloe has recently acquired her first premises in Forfar, with Business Gateway on hand to provide HR support, which will be essential for Chloe when employing staff for the first time. 

Since launching, Chloe’s brand has won a string of prestigious accolades, including a bronze award for her coconut and lime bonbon and a silver for her toasted coconut bonbon at The Academy of Chocolate Awards, as well as being nominated for The Golden Fork Awards.  

Chloe now hosts regular master chocolate classes to engage with her growing client base, through which she teaches the importance of using ethical and sustainable ingredients to help create special chocolate. Further down the line, Chloe has plans to have her very own cookery school, where she can teach and train chefs to use sustainable and locally sourced ingredients.  

Chloe Oswald, Founder of Chocolatia, said: “When I decided to launch my own business, I had no experience of the fundamentals, like hiring staff and finding a premises, which have both been huge learning curves. I’m thoroughly enjoying working with my adviser, who has been a fantastic business mentor and endeavours to help and support in any way she can. It’s a weight off my shoulders knowing there’s someone else I can go to for advice.”

Elaine Donnachie, Business Gateway adviser, commented: “Chloe has worked incredibly hard to launch her own business, focusing on her main goal which is to create luxury chocolate all whilst using sustainable ingredients. It is excellent to see her get the recognition she deserves through her award-winning success. Her chocolates are a true delight, just like Chloe has been to work with.”

Read more:
Sustainable Scottish chocolatier enjoys sweet success with new premises following support from Business Gateway 

Energy specialists from The University of Manchester have called on the government to develop a joined-up cross-departmental strategy to strengthen the UK’s energy resilience and security.

In a joint article published by the University’s policy engagement unit Policy@Manchester, Professor Maria Sharmina and Timothy Capper highlight the role recent energy shortages and high prices have played in pushing the issue of energy resilience up the political agenda.  But they warn that these “are only two of the major risks faced by the UK energy sector.”

They write: “The transition away from fossil fuels in particular is leading to a more intermittent and less diversified energy mix. The electricity system will become harder to operate, as more electricity will be generated from less controllable renewable sources. The energy sources people use will become less diverse as heating, cooking, and transportation are electrified. Energy systems will become dependent on critical minerals and materials required for electrification, renewables and batteries.”

Sharmina and Capper warn that the UK’s energy security process is “increasingly unsuitable for managing these new risks” and “narrowly focuses on the reliability of the electricity and gas networks.”  They add: “Much less emphasis is put on ensuring that there is a sufficient supply of fuels, such as natural gas, or on the materials and skills required for long-term energy security.”

The academics make clear that “a more resilient energy system would require reductions in energy demand” and suggest targeting the almost 60% of homes in England and Wales with low energy performance certificate (EPC) ratings.  They explain: “Bringing these homes up to an EPC rating of C could save the equivalent of six nuclear power stations worth of power.  Aggregated bill savings are estimated to be £10.6bn per year.”

Sharmina and Capper advise that the UK should increase its energy storage capacity, which is currently very low, adding: “The ability to store energy, and move it back and forth to Europe would give the UK energy system more flexibility to deal with variations in supply and demand over periods ranging from hours to seasons.”

And they urge Ministers to establish a “joined-up cross-departmental strategy” to tackle all issues related to energy resilience and security simultaneously.

They continue: “A government body with overall responsibility for energy security would be able to balance the short- and long-term energy security considerations, including energy transition risks.  This agency would also be able to view the complete energy supply chain and critical materials supply chain, ensuring that there are sufficient fuel and material imports, as well as making sure the infrastructure within the UK is reliable.”

Read more:
New government approach needed to tackle UK energy resilience and security

While the nation may be enjoying a bargain or two this week, a new study has uncovered that Black Friday and Cyber Monday are among the highest anxiety drivers among SME owners.

According to the SME Mental Health Report 2023, a study commissioned by Recognise Bank, 68.6% of business owners suffer from heightened anxiety in the build up and during Black Friday, one of the biggest impacts on mental health found in the study.

The bank, which specialises in SME financing solutions, found that Black Friday has more of an impact on stress and anxiety than fears of a recession, as well as the recent rise of energy prices and high supply costs.

Interestingly, it’s those business owners who have a larger number of employees that suffer the most, with over three quarters of those with 100 to 249 employees suffering, compared to just 57% of those with 10 to 49 members of staff. 68% of those with 50 to 99 employees suffer anxiety during this period.

The heightened anxiety comes at a period where there are several events from now until Christmas in which business owners do suffer more than usual. Jeremy Hunt’s Autumn Statement, which took place earlier this week, sees 67% of small to medium-sized business owners suffer from the mental health issue, while the Bank of England Base Rate announcement, due in mid-December is also a stress driver for two thirds of owners.

The Christmas period offers a similar story, while we’re enjoying turkey and the Boxing Day sales, anxiety increases in 64% of business owners, especially younger business owners, including over 70% of those under the age of 34.

Mark Bampton, Chief Commercial Officer at Recognise Bank, said, “The latter months of the year are key trading periods for businesses and with the additional challenges of the Autumn Statement and interest rate announcements, it can be overwhelming for many, particularly those business owners facing such challenges for the very first time.

“Black Friday and Christmas can often make or break a year for those in retail and ecommerce, so while we all love to grab a bargain, it’s important to support those operating such businesses.”

Read more:
Black Friday causes heightened anxiety for almost 70% of small business owners

In the wake of recent concerns about the lack of investment in domestic companies by UK investors, Lane Clark sheds light on the challenges facing the UK market.

TPP, a leading provider of access to elite market-beating strategies, is making serious waves in the investment world.

Lane Clark, co-founder of TPP, is taking to the stage at Rise by Barclays, the home of Fintech at Old Street, on Wednesday, November 22, 2023, from 6:00 pm.

The British media recently highlighted the untapped potential of amateur investors in the UK, citing New Financial’s report that revealed a sharp decline in direct stock ownership by households. The UK’s market for small and medium-sized stocks is under threat, with more companies leaving than joining, posing risks to London’s status as an international financial centre.

Amidst this challenging environment, TPP has experienced a noteworthy trading period, showcasing its dynamic strategies. In response to market conditions, TPP’s traders have demonstrated agility by adopting a ‘buy the dip’ tactic and, more recently, shifting to the sell side.

Regardless of market direction, TPP aims to capitalise on opportunities and deliver performance for retail investors.

Lane Clark says the time has come for change. TPP has been built for frustrated investors globally. Lane asks why merely track a market when opportunities can be taken advantage of in the short and mid-term?

He says:”Investors are seeking more than the traditional 4-6% per annum without excessive risk and frustration with poor performance and high fees. TPP is here to disrupt the market and offer investors the solution they’ve been craving.”

TPP’s commitment to empowering investors globally is reflected in its diverse range of strategies and trading techniques, all designed to outperform market benchmarks. The company’s track records demonstrate a consistent ability to achieve this goal. With a focus on challenging the status quo, TPP aims to provide investors with a future-proof solution that goes beyond traditional wealth management models.

For those seeking a change in their investment approach, TPP invites you to consider the future of investing.

Read more:
TPP is set to revolutionise investment landscape

With the festive season fast approaching, many employers have already finalised their plans for a staff party. Others may prefer a more spontaneous approach.

Either way, there are many legal issues for employers to consider. This is because work-related functions such as Christmas parties and similar events are effectively work activities covered by the same legislation that applies to the workplace.

Consequently, employers can be vicariously liable for their employees’ actions, such as

harassment, bullying and even personal injury. Of course, the individual engaging in inappropriate behaviour can be personally liable, too.

Harassment is defined in the Equality Act 2010 as unwanted conduct related to a relevant “protected characteristic” which has the purpose or effect of either:

• Violating an individual’s dignity or
• Creating an intimidating, hostile, degrading, humiliating or offensive environment for an individual

Protected characteristics include (but are not limited to) someone’s age, sexual orientation and race. Sexual harassment, which has been a high-profile issue throughout 2023, is unwanted conduct of a sexual nature. It is all too easy to see how offensive behaviour at an office party can constitute harassment.

Employers may have to manage grievances or disciplinary proceedings if the social event does not go to plan. In the worst-case scenario, they may be involved in Employment Tribunal proceedings.

So, what can employers do to ensure social events run smoothly?

• As office parties are an extension of work, remind everyone that the usual policies and procedures still apply. Bullying, harassment and disciplinary procedures could all be relevant.
• Consider whether you want a specific policy for work-related social events. This would provide clarity on acceptable standards of behaviour.
• Remind senior managers beforehand of the expected standards of behaviour and that they need to set an example.
• Depending on the location and guests, you may need a health and safety risk assessment of the venue.
• As well as vicarious liability, you have a duty of care to your employees, so discourage excessive alcohol consumption.
• If you provide free alcohol, limit this to either a couple of hours or to certain types of drinks.
• Make sure you provide plenty of non-alcoholic drinks for those who are driving or who do not drink for religious or other reasons.
• Remind everyone that it is illegal for employees under the age of 18 to consume alcohol and that disciplinary action could follow for the individual or anyone buying them alcohol.
• Make it clear that it is strictly forbidden for anyone to be under the influence of, or use or be in possession of illegal drugs.
• If the traditional evening party seems too risky, hold a lunchtime event to reduce the possibility of employees drinking too much alcohol and behaving inappropriately.

There is another option, of course, not to have a staff party at all. Bullying and harassment, inappropriate sexual comments, upsetting photographs on social media and drunken fights occur all too frequently at staff parties. For these reasons, many employers no longer organise any staff social events. However, if you choose not to have a party, you should consider how this may impact staff morale and engagement.

Read more:
How can employers avoid problems at staff parties?

UKEF and K-Sure have secured support worth £367 million for South Korean manufacturer SeAH Steel Holding’s construction of a wind tech factory near Redcar, in the Tees Valley.

The financing will secure inward investment which will create 750 jobs in Teesside and ensures construction of the world’s largest wind monopile factory in Redcar.

Issuing its first ever ‘Invest-to-Export’ loan guarantee to secure overseas investment in British industry, UKEF together with K-Sure has ensured that SeAH Wind UK can fund the construction project – worth almost £500 million – with £367 million in financing from Standard Chartered Bank and HSBC UK. The facility was also eligible for longer and more flexible repayment terms as a ‘Clean-Growth’ facility.

Wind monopiles act as the foundation for most offshore wind turbines and are critical to the growth of the global renewable energy sector.

Lord Offord, Minister for Exports, said: “This landmark deal brings substantial overseas investment to Teesside and consolidates the UK’s place as a world leader in offshore wind – and renewable energy – expertise and exporting.

Through UK Export Finance, this government is bringing in new investment for the UK’s world-class manufacturing sector and securing the long-term prosperity of the United Kingdom.”

Yoshi Ichikawa, Head of Structured Export Finance for Europe, Standard Chartered, said: “With our long-standing partnership with UKEF and K-Sure and the Bank’s commitment to accelerating the transition to net zero, we are proud to structure this financing for our important client SeAH Group and contribute to the UK supply chain in the wind sector.”

Philip Lewis, Global Co-Head of Export Finance for HSBC, said: “We are delighted to have supported SeAH Wind with the combined UKEF and K-Sure backed financing for the UK’s first offshore wind monopile manufacturing facility. This plays an important role in supplying the offshore wind industry and helps meet the rising demand for renewable energy.”

Chris Sohn, SeAH Wind, said: “We are delighted to invest in the UK. This project is significant in that it contributes not only to the growth of UK’s local economy but also global de-carbonization efforts. Our aim is to become a global leader in the offshore wind supply chain. We would like to express our gratitude to UKEF and K-Sure for their support.”

SeAH Wind UK, a subsidiary of South Korean steel company SeAH Steel Holding, announced its decision to invest and broke ground at Teesworks Freeport last summer.

The confirmed support which is now being announced will secure the project’s future. The £367 million financing comprises £257 million supported by UKEF and £110 million supported by K-Sure.

This deal creates British jobs and cements Teesside’s place as a centre of manufacturing expertise for renewable energy. Upon completion of the factory, SeAH Wind UK will export monopiles to US and European markets, creating up to 750 jobs by 2027 and supporting more than 1,500 jobs in the wider supply chain.

The ongoing construction has already secured a deal worth over £100 million for British Steel and will create opportunities for the UK supply chain in sectors like manufacturing, construction and logistics.

UKEF’s support was provided under the Export Development Guarantee (EDG) product, which supports UK companies looking to bolster their exporting capability. Today’s news highlights the availability of UKEF support for both UK and overseas companies seeking to invest in new export opportunities, with financing available based on the applicant’s potential for winning overseas orders.

Read more:
Ground-breaking UK Export Finance deal secures huge investment in North-East England

One in ten startup owners say a lack of Government support was behind the failure of their business, or that of someone they know, amid fears of a “wasted generation” of entrepreneurs due to the economic downturn.

Ahead of Chancellor Jeremy Hunt’s Autumn Statement, business comparison site Beasy commissioned an independent Censuswide poll of 1,000 businesses to understand the role the Government can play in supporting the UK’s start-up community.

The study found new policies that address interest rates and energy costs and better financial support for startups were the biggest areas of concern for start-up business owners..

Arif Miah, CEO and Founder of Beasy, commented: “While we have seen examples of great innovation during times of economic hardship, we are desperate to avoid a wasted generation of entrepreneurial talent together with a significant decline in their enthusiasm. Two key priorities for the Government have emerged from this study that will help support the lifeblood of the UK economy.”

The study also found almost two thirds of entrepreneurs are experiencing more stress and anxiety due to economic uncertainty, most keenly felt among female start-up owners compared to male owners. These uncertainties are primarily perceived in sales, media and marketing businesses, architecture, building and engineering and retail, catering and leisure.

Further, almost half don’t feel confidence about their ability to grow the business in the current economic climate, with a similar number feeling less confident than they did this time last year.

The three biggest reasons for this lack of confidence are the cost of business tools and services, the cost of energy and customers looking to spend less amidst the current economic outlook.

Miah continued: “The UK’s small business community has time and again proven its resilience in the face of uncertainty, but in order to remain competitive and operational amidst today’s challenging economic climate, the government must offer more favourable conditions to budding entrepreneurs.”

Read more:
One in ten startup owners blame the Government for business failure, survey finds

Generally, forex markets absorb news releases in minutes. However, research shows that they may take hours, if not days, to react to the new information fully.

Furthermore, investors’ returns may experience fluctuations up to four days after new numbers become public. These assertions make it worthwhile to understand how current events influence forex trading.

FX markets react to economic events

Forex traders base their trading strategies on expected economic trends. Thus, whenever a financial organization makes announcements, the market is ready to react to the stimuli. Seasoned traders keep tabs on an economic calendar to determine their risk exposure.

Economic events usually shed light on macroeconomic trends. These fall into two categories: hawkish announcements are aggressive and result in appreciating currencies, while dovish releases are more peaceful and cause the commodity in question to depreciate.

News releases affect market volatility

In September 2020, the forex charts showed a period of consolidation during the 17 hours leading to the announcement of October non-farm payroll statistics. EUR/USD pip values increased or decreased by 30 during this duration. After the news release, the market became dramatically volatile, with the pair falling from 1.1950 to 1.1804.

Volatility describes the dispersion of the returns of a commodity. Before news releases, traders may remain indecisive, unsure whether to acquire or sell a currency. However, the uncertainty spirals into volatility when the numbers become public, and traders make a decision.

FOMC announcements’ effect on forex

News related to interest rates has a profound effect on forex markets. If the announced rates surpass the expected numbers, traders expect the currency to be bullish. However, lower-than-anticipated rates tell of a slowing economy and depreciating currency.

Thus, when the Federal Open Market Committee (FOMC) announces new interest rates, forex traders act accordingly to respond to the numbers. Remember, the US dollar is the world’s reserve currency, making the rates in the US vital to forex markets. Of course, rates given by the European Central Bank (ECB) are equally important in making decisions regarding the euro.

The influence of market sentiment-related news

Every Friday, the Commodity Futures Trading Commission (CFTC) releases the Commitment of Traders (COT) report. The report aims to inform on one-week-old market sentiments. While the COT mostly applies to futures, traders can interpret it and understand the positions held by parties in the forex market.

Notably, news releases regarding market sentiment affect safe-haven currencies that gain value when turmoil strikes. The market may expect price reversals if very few traders maintain their position to sustain a trend of, say, an appreciating currency. Thus, forex markets keep an eye on sentiments to determine future behaviors.

Explore the news trading strategy

Making trades based on news can be as rewarding as it is risky. It is necessary to combine fundamental and technical analysis before making a buy or sell decision. Remember that new releases, such as the COT report, comprise historical data, making live forex news an indispensable tool. Real-time data is fundamental in preparing for sudden moves in the market.

Read more:
How news releases inform forex trading decisions

A Salford-based company that creates reusable crackers is enjoying the benefits of support from GM Business Growth Hub ahead of its busiest time of year.

Keep This Cracker was founded by Bea Thackeray in 2013 with the ambition of creating Christmas crackers that could be kept and reused to minimise waste.

With an estimated 100 million crackers pulled in the UK every year, that is enough to reach the North Pole eight times if laid end-to-end.

“My thinking was on how to create that product and to make it something people will want to use and keep,” said Bea. “I decided to do some product trials and tests to see whether it was something I could get manufactured at a larger scale here in the UK. That’s really where the idea came from.

“And then at one point I thought, now I need to go full time and give this a go. I’m tackling this from so many different angles. They come flat packed, which means that the packaging is minimal. The packaging is alsocompostable and reusable, you can store them away after you’ve used them back into the packaging. And one of the main advantages is you can put your own gifts inside. I’ve got customers that are telling me they’re still using them five years on.”

During the pandemic, Bea started to access support through webinars, before signing up for the EnterprisingYou programme through the Hub, and benefitting from support from experienced eco-innovation specialists.

She said: “It really helped having the initial assessment of where are my strengths are, and where are my weaknesses are. We identified a lot of inefficiencies in my business and I needed to streamline a lot of the operations.

“My business adviser on EnterprisingYou was great. He put me in touch with the departments I needed to speak to within the Business Growth Hub, such as the Eco Innovations team, which is how I ended up on Eco-FORCE workshops.

“From there I completed the Journey to Net Zero programme as well, which was fantastic because I’ve learnt how to write an environmental policy statement and put a plan in place. it’s been great learning curve.

“I’ve had a lot of advice from the Digital Innovation team. My brand new website went live in August. The team have helped with fine tuning and I have now added a trade shop where B2B customers can order direct. It’s been great to have that level of support.”

Bea’s plans for the future include expansion in 2024, supplying the hospitality industry and developing the corporate gifting side of the business which will give the product more exposure – as well as taking on additional staff or using third party resources to help with her production.

Yvonne Sampson, Head of Enterprise at GM Business Growth Hub, said: “Small businesses like Keep This Cracker have such an important role to play in our journey to net zero.

“They have the innovative ideas and drive to create products that will help us all reduce our own carbon footprints, so we are thrilled to help Bea continue to grow her business and get her crackers on more and more tables for many Christmases to come.”

Read more:
Keep This Cracker gears up for Christmas with support from Business Growth Hub

With interest rates likely high for the foreseeable future, SMEs are reassessing their outlook and trying to set a clear course for the future.

But according to research from Simply Asset Finance, the specialist business lending provider, significant gaps remain around the support on offer.

Around two-thirds of UK SMEs want more resources and support to be made available to support them and their businesses. What is particularly worrying is the existence of such a clear awareness gap – almost half of SMEs admit that they don’t know where to look to find support for their business.

It is clear that the support currently on offer needs an overhaul. With the Autumn Statement round the corner, attention is shifting to what SMEs in all regions of the UK need to help their business not just survive but thrive.

Taking the time to listen to the UK’s businesses, their priorities are clear. The top policy that would have the most meaningful impact on businesses is more support for rising energy bills and other utility costs. But additional financial support, specifically, better accessibility to government grants or loans as well as a reduction in corporation tax/corporate tax relief complete the top three.

Then, when asked what government can do to specifically support growth itself, it’s local investment – more investment to support regional project work. But tax incentives are deemed crucial too, whether it’s on regional project work, on regional hiring work (28%), or on regional R&D work.

Mike Randall, CEO at Simply Asset Finance, said: “SMEs up and down the country are ready to seize on growth opportunities and be the engine of the UK’s economic recovery. But significant action is required to keep UK business on the right track and ensure they’re in a position to seize them. The Autumn Statement offers a valuable chance for the government to properly and substantively demonstrate their support for UK business.

“A significant and cost-effective step would be to simply make it easier for SMEs to invest in asset purchases. Just being able to expense it could have a transformative impact on businesses across the country. But with the scale of the challenge ahead, an extension of the Recovery Loan Scheme or a replacement with similar underlying aims would provide SMEs with real certainty, as well as the confidence to invest in their future.

“But the role of an experienced financial partner is critical too. Lenders need to step up service and work much harder to find and share ways to support SMEs, including by providing much needed clarity on the range of funding options available to fuel growth, such as asset finance. The scale of the growth opportunity is significant but turning potential into reality will require industry and government to pull in the same direction.”

Read more:
SMEs growth opportunities at risk without government attention

As the Chancellor prepares to deliver a package of economic measures in the upcoming Autumn Statement, new data reveals that tax cuts are the top priority for SMEs.

When asked what support they would like the Chancellor to announce in the Autumn Statement, nearly half of SME owners surveyed said they want to see tax cuts targeted at small businesses.

With a dip in energy prices reported in October, the call for tax cuts comes out ahead of an energy price cap for businesses. A third of SMEs also called for an extension of the small business rate relief scheme.

SME growth remains stagnant

Calls for tax cuts come as SME growth has remained stagnant over the past year, with just a third (34%) of businesses reporting growth in 2023, and more than a quarter shrinking.

Of those who saw revenue fall, nearly half reported that this was due to lower consumer demand for their products. Two fifths of SMEs blamed rising business costs for their falling revenue, after a year of high inflation.

Impact of Government support

Against the backdrop of economic disruption in the last year, SMEs have not felt the benefit of government support. While one in four of SMEs say the Government has supported SMEs in the last year, fewer than one in five said that government support was sufficient for their business in 2023.

Overall, two fifths of SMEs say government support in the last year has been insufficient for their business.

Christoph Rieche, iwoca CEO, who commissioned the research, said: “SMEs have shown incredible resilience amid a cost of living crisis which has affected consumer spending habits.

“The message from SMEs to the Chancellor is clear – cut tax and protect us against potential spikes in energy costs to help us trade through this uncertain economic environment.”

Alex Rocha, owner and Managing Director at technology business The IT Partnership, said: “There are 5.5m SMEs across the country, and we are the ones driving jobs and economic growth and the resultant societal benefits. I’ve experienced the impact of Government decisions on my own business and within the SME business groups I work with. A mixture of targeted tax cuts and incentives must be included in next week’s Autumn Statement to both support but also stimulate ambitious SMEs to scale their growth and innovation.

For tech companies like ours, the Chancellor needs to look at research and development incentives, as well as targeted skills funding. Equally, for the companies we work with, particularly those who depend on a presence on the high street, cuts to business rates are vital.”

Read more:
Tax cuts top SMEs’ wish list ahead of Autumn Statement

Haverfordwest-based dairy company announces a new distribution hub in Cardiff, bringing local, sustainable produce and employment to the city.

Totally Welsh, a leading Welsh dairy company, has announced it is opening a new distribution hub in Cardiff. The expansion, designed to meet growing customer demand, is set to create new jobs in the city while simultaneously supporting the company’s ambitious growth plans.

Founded in 1990, Totally Welsh has become a household name for quality locally sourced Welsh milk and other dairy products. With its roots in Haverfordwest, the company now employs around 110 people across three sites and achieved a turnover of £17 million in 2022.

The expansion to Cardiff represents an exciting new chapter in the company’s story, allowing it to scale up its direct-to-consumer and business-to-business services across Southeast Wales.

This new distribution hub, occupying 10,000 square feet off Penarth Road, will initially create five new roles. These will range from delivery drivers to customer service representatives, with further employment opportunities expected in the coming years.

“Totally Welsh has always been about more than just dairy for us. The brand embodies the Welsh community spirit,” says John Horsman, General Manager of Totally Welsh.

“This new hub isn’t merely an expansion; it’s a reinforcement of our ongoing commitment to bring high-quality, local produce to more people while championing job creation and sustainability.”

In addition to supplying supermarkets, hospitals, schools and independent retailers, Totally Welsh delivers bottled milk to over 7000 doorstep customers. Although its primary market is south Wales, it delivers three times a week into England, with delivery vehicles reaching as far as Southampton.

Its milk bottles are processed on the first new large-scale glass bottling line built in the UK in 40 years, representing an investment of over £1 million.

As well as using reusable materials and reducing food miles by sourcing locally, Totally Welsh takes pride in its commitment to sustainability and aims to achieve net zero carbon emissions by 2050.

A recent benchmarking exercise revealed that while the average carbon footprint in the dairy industry stands at 1200g CO2 per litre manufactured, Totally Welsh’s footprint is just 186g CO2 per litre manufactured, thanks to a meticulous approach to sourcing and operations.

“Our milk is locally sourced, drastically cutting down journey times to our plant,” explained Mark Hunter, Managing Director of Totally Welsh.

“Additionally, we’ve fitted solar panels on our factory roof as a backup to our main power supply, and we’re making strides in recycling – our poly bottles already include recycled content. We’re in the process of shifting our fleet to electric vehicles, especially for city-centre operations. It’s not just about meeting benchmarks, but about setting new, greener standards for the industry.”

The company’s engagement with the Business Wales Accelerated Growth Programme (AGP) has been instrumental in advancing these goals. The company has received tailored support with sustainability, workforce development, and market expansion. John Horsman explains:

“The support from AGP has been invaluable. From marketing insights to tactical business advice, their guidance has been a cornerstone of our expansion strategy and sustainability goals.

“This expansion aligns perfectly with our long-standing commitment to sustainability. We’re not just bringing jobs to Cardiff; we’re bringing a vision for a greener, more sustainable future,” he added.

Read more:
Totally Welsh Brings the Cream of the Crop to Cardiff: New Expansion Promises Fresh Opportunities and Jobs