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Tag: 2022

  • PRESS RELEASE : UK Government helps IT company break into Africa with £900k UKEF support [December 2022]

    PRESS RELEASE : UK Government helps IT company break into Africa with £900k UKEF support [December 2022]

    The press release issued by UK Export Finance on 15 December 2022.

    UKEF’s guarantee has given a boost to exporting ambitions of a Stockport-based technology company.

    • Vesper Technologies (Vespertec) will benefit from £900,000 UKEF support to an African cloud services company through its Standard Buyer Loan Guarantee
    • Nairobi-located Atlancis Technologies has received UKEF support allowing it to purchase Vespertec’s IT hardware and software solutions, boosting the UK company’s exporting footprint
    • The partnership between the two firms will contribute to the digitalisation of key industries across Africa

    UK Export Finance (UKEF) has provided £900,000 of support to Atlancis, a Kenyan cloud services company, enabling it to forge a new relationship with UK exporter Vespertec to unlock growth opportunities in Africa.

    A Standard Buyer Loan Guarantee was offered by UKEF to guarantee an export credit loan from Apple Bank, supported by its UK servicer and arranger of the deal AF Capital. Both AF Capital and Apple Bank specialise in export credit debt.

    Launched in February 2021, the Standard Buyer Loan Guarantee allows UKEF to guarantee a loan of up to 85% of a contract value, ensuring UK exporters get paid upfront and their buyers benefit from flexible repayment terms. The deal was brokered through UKEF’s international export finance executive who supports deals across East Africa.

    Based in Stockport, Cheshire, Vespertec is a leading provider of server, network, and storage solutions for the data centre and technology industries. With its in-house logistics capabilities, it deploys the full spectrum of IT hardware solutions around the world and, with a turnover in excess of £20 million, nearly half its business is driven by exports. With a number of deals in the pipeline, its partnership with Atlancis is expected to see Vespertec’s cloud hardware and software deployed across several sectors, including telecommunications, health and fintech.

    UK businesses, like Vespertec, are helping to accelerate the digitalisation of industries, creating more opportunities and fuelling growth across African economies.

    Samir Parkash, interim CEO of UK Export Finance, said:

    UKEF’s support will help Vespertec strengthen its exporting business and expand into new markets. It shows the huge trading opportunities open to British businesses. You don’t need to be a big company to access UKEF support, in fact, 81% of the companies UKEF supported last year were small and medium-sized enterprises, the highest annual figure on record.

    Vespertec is a great success story of a UK business exporting next-generation technologies around the world.

    Steve Evans, Finance Director at Vespertec, said:

    With UKEF’s support, we are tapping into a fantastic opportunity in Africa as part of our new partnership with Atlancis. We are excited for the future and the opportunity to increase sales in new geographies and sectors.

    Philip Kaye, Director at Vespertec, added:

    This deal is amongst a number of our recent successes that will create new roles in the business, strengthening our technical expertise and enabling Vespertec to meet the rise in demand for our products and services.

    Dan Njuguna, founder and CEO of Atlancis, said:

    We’re pleased to be partnering with Vespertec to support Kenya’s technology ambitions. Through the collaboration, our customers will benefit from cutting-edge IT solutions that delivers real benefits for their business.

    Andrew Woolfson, Partner at AF Capital, adds:

    The SBLG product has been a substantial success for UK exporters. AF Capital and Apple Bank remain a leading funder of these transactions and will continue to expand with this product. With Vespertec and Atlancis as our partners on this particular project, it is a shining example of how these transactions can expand opportunities for UK exporters.

  • PRESS RELEASE : Brexit impact on Scotland’s food and drink is making the cost of living crisis even worse [December 2022]

    PRESS RELEASE : Brexit impact on Scotland’s food and drink is making the cost of living crisis even worse [December 2022]

    The press release issued by the SNP on 14 December 2022.

    By Mairi Gougeon.

    The cost-of-living and energy crisis caused by the war in Ukraine, rising inflation and the aftermath of the Covid pandemic is written about and discussed often.

    Some of these are hopefully short-term issues and can be recovered from.

    Another problem, however, is contributing to the hardship faced by Scottish households and will do so for the long term: Brexit.

    A recent study, by Centre for Economic Performance at the London School of Economics, suggests that household food bills have gone up by £210 – primarily driven by extra checks and requirements on goods due to Brexit, with much of the cost passed onto consumers.

    That’s a cost Scotland should not have to bear, not least because this hard Brexit was imposed on us against our democratic will.

    It’s not just individual households. Brexit continues to pose huge challenges to Scotland’s food-and-drink industry with the loss of free trade and new obstacles to the movement of goods.

    This sector is one of the key drivers of the economy with an annual turnover worth £15 billion and overseas export sales of more than £6 billion, representing nearly a third of all UK food exports.

    We are fortunate to have some of the most amazing and delicious products and pure natural resources of anywhere in the world: our beef, our lamb, our venison and in our waters we have salmon and seafood, like langoustines, lobsters and crab.

    Along with our cheese, baked goods, craft beer and spirits, including of course, whisky, these are world-class products in demand across the globe.

    Producers benefit from the very features Scotland is known for: beautiful rugged landscapes, fertile land, clear waters and clean air.

    I am extremely proud of the international reputation for quality and provenance that this country’s talented farmers, fishermen, manufacturers, and processors have built.

    During my recent trip to Paris, in the run-up to St Andrew’s Day, I saw first-hand how sought-after Scottish produce is in that market.

    Little wonder that France is the largest food-and-drink export market for Scotland, valued at just over £1 billion last year, which was up 12 per cent from pre-pandemic levels, despite significant hurdles and bottlenecks caused by Brexit.

    France is also the largest export destination by volume for Scotch whisky and Atlantic Scottish salmon.

    To mark St Andrew’s Day, the Scottish Government and the Scottish Development International offices in Paris partnered with Salmon Scotland to celebrate 30 years of Scottish salmon’s ‘label rouge’ status.

    It was also an opportunity to promote the excellence of Scotland’s food-and-drink products to more than 250 key French and other stakeholders, customers and politicians.

    The 10,000 people in Scotland whose jobs depend on the salmon industry understand the crucial importance of such powerful advocacy.

    France is not only the second biggest general export market for Scotland, but with more than 160 French-owned companies and 28,000-plus employees, it is also the second largest investor and foreign employer after the US.

    Unsurprisingly, the Scottish Government has recognised France as one of Scotland’s most important and strategic economic partners.

    We also face common challenges with France, notably on food security and a sustainable green transition.

    We value ongoing collaboration with the French government on matters including low-carbon farming and soil preservation, but again Brexit threatens to stand in the way of progress.

    Westminster’s Retained EU Law bill threatens to remove 47 years of EU law from our statute books in a reckless move to de-regulate, putting at risk the high environmental standards that are already in place in Scotland.

    But the Scottish Government will continue to look EU-wards for solutions to shared challenges and we are following with interest the EU’s actions on food security.

    I have written to the European Commissioner for Agriculture, asking if it is possible for Scotland to join the European Food Security Crisis Preparedness and Response Mechanism (EFSCM) as a group member, or explore other means of co-operation with the EU.

    Engaging with the EU and the UK Government was one of the recommendations of a task force established with the food-and-drink sector earlier this year to monitor and identify potential disruption to the food-and-drink supply chain as a result of the war in Ukraine and the cost-of-living crisis.

    We are already doing all we can within our resources and powers to help the sector.

    We will continue to support the Scotland Food & Drink Recovery Plan with £15 million of Scottish Government funding over 2020-2023.

    Led by trade association Scotland Food & Drink, the plan aims to mitigate the damage inflicted by the pandemic and Brexit.

    We recently awarded 33 food-and-drink businesses grants worth £10 million as part of our food processing, marketing and cooperation grant scheme.

    We are providing £2.7 million funding over 2019-2024 towards the Scottish Development International-led Scotland Food & Drink Export Plan to help the industry identify opportunities across key markets globally.

    We have also invested £190,000 in the Scottish Grocers’ Federation’s “Go Local” grant scheme this year to support convenience stores throughout Scotland to provide dedicated, long-term display space for locally sourced Scottish products.

    We can all help our food-and-drink sector, and the jobs and businesses it supports, by buying local and Scottish whenever we can.

    Supermarket shelves are filled with great Scottish produce right now, including festive essentials like carrots, potatoes, cream, bread, ham and, of course, brussels sprouts.

    Brexit also hampers domestic production, with labour shortages caused by the loss of freedom of movement.

    These affect cafes, restaurants and hotels too where so many great Scottish products are turned into excellent meals.

    The hospitality industry, especially in rural and island areas, has struggled and is continuing to struggle, due to a lack of people to live and work in their communities.

    No matter how innovative the industry is or how wonderful our produce, if we cannot get it to markets, the sector will face challenges.

    Now, with clear evidence of Brexit causing food bills to rocket, we are all affected.

    There are many factors influencing food inflation, but other countries and citizens don’t have to contend with Brexit.

    It is only with independence and a return to the EU that these key barriers – to trade and to labour – will be reversed.

  • PRESS RELEASE : The UK Government needs a robust social security system for children [December 2022]

    PRESS RELEASE : The UK Government needs a robust social security system for children [December 2022]

    The press release issued by the SNP on 6 December 2022.

    By Anum Qaisar.

    Over the last twelve years of Conservative rule and financial chaos, it has been children that have sadly paid the price. Children are often collateral damage in the UK Government’s on-going war against the poorest in society.

    The UK’s Government’s crumbling social security system is failing families across the four nations and is not fit to withstand the financial crises that we are facing.

    I recently secured my first Westminster Hall debate and I took the opportunity to raise these critical issues that are causing untold harm to children, young people, and their families.

    We are currently in a position where around four million children in the past month have experienced food insecurity – and with the rising cost of food and energy, children and their families are being pushed further and further into poverty, with little to no hand to help them up from the UK Government.

    We know that childhood poverty has both short and long-term social and economic consequences, and this is something that has been sorely overlooked by the UK Government.

    Last week in my opening speech I said that raising an issue such as social security for children provides a voice for the voiceless – as children and young people are often largely underrepresented in political debate. When debating social security provisions, our minds generally associate this with the working age population, and what support is in place for such a group.

    However, I would argue that a robust social security system ensures everyone, regardless of age and of course other characteristics, are considered equally.

    It has been said that an investment in our children, is an investment in our future – and being a Scottish Member of Parliament in Westminster provides me with a unique perspective both on policy and legislation.

    As an SNP MP, I will often speak about a “tale of two governments” when discussing the vastly different policy approaches the UK and Scottish Government take in comparison to each other. What we are currently witnessing is a Scottish Government producing bold and progressive policy across the board, using the limited economic and legislative power it has to make meaningful change to its citizens lives.

    This is in stark contrast to the regressive and punitive policy Westminster is currently producing such as the benefit cap, two-child limit and five week wait for Universal Credit – these policies are inherently poverty inducing.

    It is imperative that social security, particularly in the case of children, is seen as an investment, which is why I am proud that the Scottish Government has followed the lead of its Nordic neighbours, framing children’s social security in this way. OECD research has shown that investing in the early years can make a significant social and economic, ensuring an equal playing field for children.

    To ensure every child has the best possible start in life, the Scottish Government has rolled out several bold policies such as the The Scottish Child Payment, The Baby Box that has a 98% uptake rate, and fully funded high quality childcare hours.

    The Scottish Child Payment has recently increased to £25 per week for those already in receipt, and based on recent modelling, this increase in payment is set to lift 50,000 children out of poverty. This is a piece of game-changing progressive that will make a real difference to children and families across Scotland.

    We must not only consider the immediate impact of robust social security for children, we must also think about the issue as a societal one, and how targeted policy can actually diffuse throughout society.

    There are long term economic and social benefits by investing in the early years and a robust social security system for children can also have positive outcomes for other societal issues such as gender inequality.

    By providing free childcare hours in Scotland, this not only ensure children have the best start in high quality early years education, it also allows for mothers – who are often burdened with the majority of childcare – to return to work or education earlier.

    The UK Government is at a crossroads. It has a choice to deliver meaningful policy for children living in poverty across the UK. Poverty is a political – not personal – choice.

    As the cost of living crisis continues to spiral, UK Government Ministers must act quickly and follow the lead of the progressive path the Scottish Government has taken to alleviate child poverty – building a longstanding social security system that works for the next generation, the generation after that, and the generation after that.

  • PRESS RELEASE : The devolution settlement isn’t good enough – Scotland has outgrown it [December 2022]

    PRESS RELEASE : The devolution settlement isn’t good enough – Scotland has outgrown it [December 2022]

    The press release issued by the SNP on 2 December 2022.

    By Alyn Smith.

    The UK Supreme Court did us all a favour last week, and I applaud the Scottish Government for taking it to and the SNP who between them took it to the Court.

    They’ve taken a legal issue, settled it, and left us all with a far bigger, more interesting and existential democratic one full of far more opportunities and challenges. Challenges for the UK Government especially, and for all politicians of all views.

    There were three submissions before the Court, from the two governments, Scottish and UK, and from the SNP.

    The Scottish Lord Advocate invited the Court to rule, hypothetically but still not entirely in abstract, on the right of Scotland’s national Parliament to legislate to hold a referendum, even an advisory one – and in the SNP submission in addition to giving a view on what the right to self-determination actually means in the UK and in our interconnected modern world.

    The Court could have sided with the UK submission and said all of this is hypothetical and premature, absent a bill passed by Holyrood to hold a poll, nothing to do with us, lads.

    It did not, and this is a significant win for the Scottish Government.

    It could also, perfectly fairly, have refused to say anything about the right to self-determination, a long-established (though seldom examined in any senior Court) warm and fuzzy feel-good principle of UN and EU law.

    Instead, it gave a clear and unanimous view. It also debunked the widespread and genuinely held view that the UK is a voluntary union.

    I’m biased, I’m a lawyer myself, and I like things to be binary, black and white, for things to exist, or not.

    I watched Catalan friends and colleagues for years agonise about rights that did not exist and support that would not (indeed, did not) come, and I want to see Scotland saved the same torment.

    The ruling of the UK Supreme Court on the right to self-determination is of global significance and is a hard blast of chilly reality for a lot of Scots who honestly believed that the UK was a voluntary partnership of equals (and in 2014 voted accordingly).

    Under the current devolved settlement, I’m sorry to say, it is not. The UK is not a voluntary union.

    That will be a hard learning for a lot of people and we in the Yes movement should be respectful of that.

    Because the world is a club of states, the EU is a club of states.

    Despite the interconnected and messily overlapping nature of regional and global human society, commerce, data and trade, it is states that make the rules of the clubs they have formed and they’ve written them to suit themselves.

    All the warm and fuzzy rhetorical window-dressing about democracy and the rights to self-determination in the UN’s case, or the “ever closer union” of the peoples of Europe in the EU’s, is and has always been a self-serving legal fiction.

    This is why we in the Yes movement want Scotland to join that club as a state.

    The right to self-determination was always qualified. It existed in a post-colonial context, or in the case of oppression or occupation.

    It gave a fig leaf of legality when the international community decided to intervene in failed or failing states like the former Yugoslavia or South Sudan, or invaded ones like Kuwait or Ukraine.

    It has never really been meant to empower people.

    My predecessor in the European Parliament, the much-missed Professor Neil McCormick, as a member of the European Constitutional Convention, proposed articles to the draft EU Constitution (that eventually became the Lisbon Treaty) specifically to create a right to self-determination in EU law.

    The proposals were voted down by all sides. The EU does not have any meaningful right to self-determination, not by accident but by conscious design.

    The states will deal with such matters at the time in whatever way best suits them. The UN and international law have the same deliberate fuzziness.

    Sovereignty pooled is sovereignty retained, as we know from Brexit, and power devolved is power retained, as we now know, in cold hard black and white, within the UK, under the current constitutional settlement.

    And that’s why the current devolved settlement isn’t good enough. Scotland has outgrown it.

    Scotland has come a long way politically since 1997 – and the independence referendum, the EU referendum, the aftermath of both and the collapse of integrity and credibility at Westminster leaves the UK with an indefensible and unsustainable democratic deficit.

    73% of Scots want back into the EU. 50% or so of Scots want independence. Only 22% of Scots trust the UK Government to act in their interests.

    The next electoral event that we know of is the upcoming Westminster election.

    That is the next opportunity for the people of Scotland to give their view on how fit for purpose their governance arrangements are, and who is best placed to make decisions for Scotland. A de-facto referendum on Scotland’s right to choose.

    The SNP have a clear vision of Scotland’s best future, and that is independence in Europe.

    It is up to the SNP to harness that de-facto referendum into achievable change, by defining what we seek and building a consensus for that achievable change, however incremental it may need to be, to build a credible momentum.

    We have some thinking yet to do on this, but it is an argument that we can win, and win big for Scotland.

  • PRESS RELEASE : PwC comments on October’s ONS house price figures [December 2022]

    PRESS RELEASE : PwC comments on October’s ONS house price figures [December 2022]

    The press release issued by PWC on 14 December 2022.

    House prices rose 12.6% over the last 12 months and 0.7% over the last month, according to the ONS’s latest house price data.

    Commenting on the latest house price data, Jamie Durham, economist at PwC UK, says:

    “While price growth remains higher than would be expected given the economic conditions, the figures are skewed upwards by a couple of factors. The first of these is the end of the stamp duty holiday in September 2021, which dampened prices in October 2021. The other is the delay between someone agreeing to purchase a property and it being counted in the ONS data, which means these headline figures reflect a point before economic conditions tightened.

    “When looking at more up to date measures, it is clear that the housing market has started to lose momentum. Higher interest rates, rising inflation, and the threat of recession are putting pressure on household budgets and many will think again about whether now is the time to buy and how much they can afford to pay.

    “Other data released this morning shows inflation may now have peaked, but is likely to remain high for a while. As such, the Bank of England will likely decide to continue to increase interest rates over the coming months, which will further weigh on demand for buying a home.

    “Given the current economic conditions, there is considerable uncertainty in the outlook for the housing market. However, stretched household finances, rising interest rates, and a likely recession means a decline in house prices does look likely over the coming months.”

  • PRESS RELEASE : PwC comments on ONS labour market statistics [December 2022]

    PRESS RELEASE : PwC comments on ONS labour market statistics [December 2022]

    The press release issued by PWC on 13 December 2022.

    Commenting on the latest ONS labour market data, Barret Kupelian, senior economist at PwC UK, says:

    “The more noteworthy news from today’s release of labour market data for the UK was that the labour market is showing some signs of cooling.

    Despite marginal growth in employment, the number of vacancies in the UK economy continued to decrease for a fifth consecutive month since summer this year. There are now as many vacancies in the UK economy as the number of unemployed. As the economy stagnates in the coming months, we expect the labour market to cool further with vacancies dropping further.

    In more positive news, economic inactivity appears to be coming down. A closer look at the data shows that the decrease in economic inactivity was driven by the 50-64 age cohort. This was also the same age cohort which led to the increase in the economic inactivity rate when the pandemic began.

    This trend is likely to be driven by a combination of factors including treatment of underlying health conditions, higher nominal pay on offer due to the relatively tight labour market, and potentially negative wealth effects associated with lower asset prices.

    Finally, pay differentials continue to remain stark in different sectors of the economy. Average weekly earnings growth in the private sectors was 6.9% in the three months to October compared to 2.7% in the public sector. This difference was amongst the largest seen between the private and public sectors, and could perhaps explain why 417,000 working days were lost because of labour disputes in October 2022.”

  • PRESS RELEASE : Green Jobs growing at four times the pace of the overall employment market [December 2022]

    PRESS RELEASE : Green Jobs growing at four times the pace of the overall employment market [December 2022]

    The press release issued by PWC on 10 December 2022.

    • Number of green jobs advertised in UK almost trebles, finds PwC’s Green Jobs Barometer
    • Regional disparity becomes more pronounced with one in five of all green jobs in London
    • Most jobs professional or scientific – significant gap in trade skills and jobs essential for net zero transition

    Green jobs are growing around four times the rate of the overall UK employment market, with 2.2% of all new jobs classed as green. However more than one-third of these roles are now based in London and the South East, with a dominance of professional and scientific roles.

    The second edition of PwC’s Green Jobs Barometer has found that the number of green jobs advertised in the UK has almost trebled in the last year, equating to 336,000 positions, providing encouragement that the economy is becoming greener.

    The Green Jobs Barometer, which first launched in November 2021, tracks movements in green job creation, job loss, carbon intensity of employment, and worker sentiment across regions and sectors.

    In the year to June 2022, every region of the UK saw green jobs accounting for a greater share of the job market, and the number of green jobs at least double in absolute terms.

    Carl Sizer, PwC UK’s Head of Regions, commented:

    “The huge growth in green jobs over the last year illustrates how we are creating a Green Britain. One year on, our Green Jobs Barometer has shone a light on the regions and sectors where these jobs are being created.

    “While Wales and Scotland are among the top performers, it’s striking that one in five new green roles are based in the Capital. If growth continues on this trajectory, the compounding effect means the green economy will increase London’s dominance over other cities and regions. If we want to meet our Net Zero ambitions while driving growth, then the green economy needs to be nationwide.

    “This year’s Barometer shows that many green jobs are in professional and scientific roles, while there is an ever-growing gap in new green trades jobs which are equally vital to net zero plans.

    “We must therefore be conscious that this is not just a story of job creation, but also one that highlights the critical requirement for upskilling and training to prepare the UK workforce for the jobs that will realise the country’s ambitions. This will need significant investment – for example, our data shows that between 10,000 and 66,000 new tradespeople will be needed each year to retrofit the 29 million homes with low EPC ratings.”

     

    Scotland leads green surge

    Scotland has the highest proportion of green jobs, at 3.3% (up from 1.7% last year). London saw the second strongest increase in green jobs as a proportion of its job market, and by volume of jobs London and the South East are pulling away from the rest of the country.  For example,  just 7,594 unique green job ads were for roles in the North East in 2022, compared to the significant 110,067 located across London and the South East.

    While population density is a factor, the South’s dominance is reinforced when you consider more than one-third of all the green jobs being created today are professional and scientific roles, with an ever-growing gap in new green trades jobs which are equally vital to the net zero transition.

    The demand for green jobs in Scotland is being driven by the energy sector – a thriving energy hub, the region boasts the largest pool of energy-related skills in the UK, skills which are highly transferable to roles in the emerging renewables subsector.

    Wales’ move up the table is down to a 30% increase in the overall number of jobs advertised, plus a 150% increase in green jobs, behind only London and Scotland. There was a strong demand for green roles in manufacturing, construction and professional services.

    Conversely, Yorkshire and the Humber and Northern Ireland both fell six places with each having a green jobs proportion of 1.9% – though both have improved from 1.2% last year.

    Lynne Baber, Sustainability Leader, PwC UK, said: 

    “Our economy, and our ambitions for net zero, rely on a greener workforce that can adapt to the changing demands of a changing planet – from the transition away from fossil fuels to the technology that will accelerate the pace at which we move towards net zero.

    “Small businesses face the biggest barriers to transitioning to net zero. And, given SMEs make up the backbone of the UK’s economy, the simple truth is that we will not be able to seize the full opportunity of green jobs if more help is not offered to SMEs, especially in the regions outside Scotland, London and the South East.

    “Businesses are now recognising the importance of putting their responsibilities to shareholders on the same level as other stakeholders, from employees to customers – and this mentality will help create yet more green jobs.”

  • PRESS RELEASE : A severe flood this winter would cost the UK over £1bn in insurance losses according to research [December 2022]

    PRESS RELEASE : A severe flood this winter would cost the UK over £1bn in insurance losses according to research [December 2022]

    The press release issued by PWC on 12 December 2022.

    • Fresh analysis shows that a flood as extensive as 2015’s Storm Desmond, Eva or Frank would result in insurance losses of up to £1.6 billion in today’s terms according to PwC
    • Despite protection from schemes such as Flood Re, restrictions, which apply to commercial properties, homes built from 1 January 2009, and blocks of more than three residential flats would mean that these groups may still be at risk of adverse weather conditions.

    Costs from extreme weather events would top £1 billion, in today’s terms, according to fresh analysis by PwC UK. The research comes as the British Red Cross warns that one in seven UK households do not hold building or content insurance.  Over the last decade the most costly floods in terms of insurance costs occurred during the winter of 2015-16 which saw Storms Desmond, Eva and Frank impact homes and businesses across the UK.

    The figures come following the significant impact of Storm Eunice from February of this year which saw estimated losses of £200 million to £350 million based on the high winds which led to damage to homes and commercial buildings plus extensive travel disruptions.

    Despite expectations that Storm Eunice would be severe, the strongest gusts severely impacted coastal areas as well as caused travel disruption with airlines and train operators cancelling services. The damage from Storm Eunice was mainly in respect of damage to homes, commercial properties and vehicles from falling trees and flying debris.

    Mohammad Khan, General Insurance Leader at PwC UK, said:

    “We’ve been somewhat fortunate that the warmer autumn has held back some of the more impactful weather events, however as we approach the end of the year it’s likely that we will see an uptick in extreme weather.

    “Our analysis shows that losses from previous storms and floods in today’s terms would have caused significant repercussions resulting in costs hitting over one billion pounds.

    “Thankfully, households in most at-risk flood zones have been able to obtain more affordable insurance, which protects them against flood risk, via Flood Re.  However, Flood Re – due to restrictions that were put in when it was set up – does not reinsure commercial properties, homes built from 1 January 2009, and blocks of more than three residential flats.

    “Many houses and flats built since 2009 are susceptible to flooding and it’s imperative the that policyholders, communities, government and the industry come together to ensure that we do all we can to ensure that households are well equipped to cope with both current and future flood risks”

  • PRESS RELEASE : UK’s largest companies increased their total tax contribution in 2021/22 [December 2022]

    PRESS RELEASE : UK’s largest companies increased their total tax contribution in 2021/22 [December 2022]

    The press release issued by PWC on 8 December 2022.

    • UK’s largest 100 companies increased their Total Tax Contribution (TTC) by 5.2% to £81.5bn in 2021/22, according to a new study
    • 100 Group Total Tax Contribution accounted for nearly 10% of total government receipts as the economy emerged from lockdown, but still remains below pre-pandemic levels
    • 100 Group also contributed £25.8bn in capital investment and £10.9bn in R&D while employing 1.9m people

    The UK’s biggest listed companies generated £81.5bn in tax during the 2021/22 financial year despite lockdowns and ongoing social distancing measures throughout much of 2021, according to a new study.

    The 18th annual Total Tax Contribution of the 100 Group, produced by PwC, estimates the companies contributed £26bn in taxes borne – those that are a direct cost to the company – and a further £55.5bn in taxes collected, such as income tax and employee National Insurance Contributions (NICs) deducted under PAYE, for the year ended 31 March 2022.

    The survey has been compiled from data provided by 95 of the largest listed companies in the UK, coinciding with the second year of the pandemic, and has been extrapolated to estimate the overall contribution of the 100 Group as a whole. The survey period includes the emergence from UK-wide lockdown in early 2021 and continued social distancing and remote working policies throughout much of the year

    In 2021/22 the 100 Group’s tax contribution increased by 5.2% on a two-year trend basis. The increase in tax was driven by net VAT, corporation tax and fuel duty as the economy reopened. However, total tax receipts remain 3.3% lower than before the pandemic, due to the 8% decrease in 2020/21.

    The survey also highlights that 100 Group capital investment rebounded by 39%, to a total of £25.8bn in 2021/22, following a decrease in the first year of the pandemic. Meanwhile, R&D expenditure continued to increase throughout the pandemic, rising by 8% to £10.9bn in 2022, following a 15% increase in 2020/21.

    According to the survey, in 2021/22, the 100 Group employed approximately 1.9 million people, or 5.8% of the total UK workforce, paying an average wage of £37,514 and contributing employment taxes of £12,903 per employee on average.

    Andy Agg, chairman of The 100 Group tax committee said,

    “Notwithstanding the new social and economic challenges that have emerged in recent years, this year’s survey highlights the resilience and agility of the 100 Group companies as the UK started to emerge from the pandemic. This year’s findings demonstrate that businesses were willing to continue to invest and innovate to play their part in the economic recovery amid considerable uncertainty.

    “It is also important to remember and appreciate the valuable support that the Government provided through this period, while also recognising the contribution of the 100 Group to the wider economy and communities around the UK.”

    Andrew Packman, tax partner at PwC said,

    “As we deal with the impact of geopolitical and economic instability, this report illustrates the key role of large companies in sustaining investment in capital projects and research and development while supporting large numbers of well paid jobs. The tax contribution is recovering from the impact of Covid and the amount generated for the Exchequer is all the more important as the government deals with the challenges of the public finances. In difficult times, large and resilient companies are particularly important to our economy.”

    Total Tax Contribution in detail

    The largest tax borne was again corporation tax, at 32.2% of total taxes borne (compared to 27.0% in 2020/21). Employer NICs is the second largest tax borne, at 25.1% of total taxes borne (compared to 26.6% in 2020/21). The third largest is business rates (17.0%) followed by irrecoverable VAT (13.8%).

    For every £1 of corporation tax, £2.09 is paid in other business taxes borne. In 2005, the ratio was 1:1.

    Employment taxes, at 29.9%, are the largest share of taxes collected (income tax deducted under PAYE: 22.5% and employee NIC: 7.4%) followed by fuel duties at 24.5%..

    For every £1 of corporation tax borne by this group of companies, there is £6.65 of taxes collected.

    Both taxes borne and taxes collected increased in this year’s survey, by 1.2% and 7.1% respectively. The TTC in 2022 is £4.5bn higher than in 2021.

  • PRESS RELEASE : Younger people twice as likely to access private healthcare, with most willing to pay using their own money or savings [November 2022]

    PRESS RELEASE : Younger people twice as likely to access private healthcare, with most willing to pay using their own money or savings [November 2022]

    The press release issued by PWC on 30 November 2022.

    • Almost nine in ten (87%) UK adults believe people should have equivalent access to NHS services regardless of where they live, with those aged over 55 feeling most strongly about this
    • Seven in ten of 18-24 year olds are likely to access private healthcare, compared to three in ten of those aged 55 and over
    • Over three quarters of young people willing to access private healthcare would pay for at least one treatment using savings or their own money
    • Improving wellbeing support for female NHS workers of menopausal age could reduce the turnover and absence of 9,000 staff per year

    Younger people are twice as likely to access private healthcare in the next 12 months than those aged over 55, as health gaps remain between the rich and poor, according to a study by PwC on transforming healthcare.

    A PwC survey of 2,000 people across the UK showed that whilst two in five people (43%) say they would use private healthcare, or a mix of private and the NHS, for at least one treatment, younger people aged 18 to 24 are more than twice as likely to do so. Seven in ten (77%) 18 to 24 year olds said they would use private healthcare, or a mix, for one thing or more, compared to three in ten (30%) of those aged 55 and over.

    Over three quarters (78%) of those young people wanting to access private healthcare said they would pay for a treatment using savings or their own money, with others saying they would use health insurance (72%) and would ask for help from family and friends (65%).

    Geographically, Londoners are three times more likely (63%) to be willing to access private healthcare for at least one treatment, compared to people living in the North East (22%). Black and ethnic minorities are also more likely to be willing to pay to access private healthcare for something with seven in ten (70%) people saying they would, compared to four in ten (41%) white people.

    Karen Finlayson, PwC’s regional lead for government & health industries, said:

    “Generation Z is empowered to take decision making into their own hands and their willingness to opt for private healthcare is a sign of this. As the first generation defined by the disruption of Covid, how they access services, including healthcare, is changing. They are used to operating remotely, accessing tech-enabled services, and want fast-paced options, and these behaviours are evident in how they want to manage their wellbeing and health.”

    Regional inequalities

    PwC’s report A fairer future: how can the NHS tackle health and social inequities? also explores regional inequalities and differences in attitudes and impact on health inequity.

    Almost nine in ten (87%) UK adults believe people should have equivalent access to NHS services regardless of where they live. People aged over 55 felt most strongly about this (93%) compared to those aged 18-34 (78%). Regionally, people in Yorkshire and Humber think most strongly (93%) that people should have the same access to the NHS compared to those living in London (83%).

    The Rt Hon Alan Milburn, senior advisor at PwC, said:

    “Equity is at the heart of the NHS’ founding principles but in practice both access to care and health outcomes remain starkly unequal. Widening social divisions and the cost of living crisis make this the time for the NHS to make health equity a core priority for action. The public want the NHS to be a catalyst for greater fairness in our country. That means changing how services are provided, how resources are allocated and how staff are recruited.”

    Workforce support

    With a greater need for the NHS to focus on staff wellbeing due to the immense workforce pressures exacerbated by COVID-19, the report calls for an increase in the pace and scope of action on workforce wellbeing. This includes improving support for female NHS workers experiencing menopause symptoms, which could reduce the turnover and absence of 9,000 staff per year, according to PwC’s analysis.

    With 1.4million employees, the NHS provides careers beyond doctors and nurses to occupations such as porters, ambulance staff and healthcare assistants. PwC’s report calls for the NHS to develop a social mobility strategy, including capturing data on its workforce’s socio-economic backgrounds in the same way as other diversity measures, such as race and gender.

    PwC’s public polling found that people value the NHS creating economic value through employment more than delivering services at the lowest cost. People ranked world class skills (29%) and training and employment opportunities for the local population (26%) as the most important things the NHS should prioritise in recruitment and training of its workforce.