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Tag: 2023

  • PRESS RELEASE : “Building charging infrastructure and making it flexible will be key to enabling Electric Vehicle adoption” – PwC comment on new EV legislation [January 2023]

    PRESS RELEASE : “Building charging infrastructure and making it flexible will be key to enabling Electric Vehicle adoption” – PwC comment on new EV legislation [January 2023]

    The press release issued by PWC on 18 January 2023.

    Cara Haffey, Automotive Sector Leader at PwC UK, said:

    “The government announcement today is an important policy catalyst to accelerate the decarbonisation of road transport.

    “Smart charging not only improves the ease for drivers but also addresses the affordability dimension, as consumers can charge when it is cheaper.

    “Also enabling EV batteries to power homes will support the evolution of flexible energy systems, as well as aiding energy security. Indeed, many will remember how some Texans powered their homes using EV’s during the energy crisis in 2021.

    “This initiative will also help to change how we all think about energy use in general and vehicle charging in particular. It should also help consumers  take more control of how, where and when they charge their cars. Building charging infrastructure and making it flexible will be key to enabling EV adoption.”

  • PRESS RELEASE : PwC comments on the Dec 22 CPI figures [January 2023]

    PRESS RELEASE : PwC comments on the Dec 22 CPI figures [January 2023]

    The press release issued by PWC on 18 January 2023.

    Commenting on the latest ONS inflation data, Jake Finney, economist at PwC comments:

    “CPI inflation was 10.5% in December, down from 10.7% in November, and 11.1% in October. This means that inflation has fallen for two consecutive months for the first time since the pandemic started, providing the best evidence yet that inflation has peaked. However, the UK still ends 2022 with an inflation rate that is almost double the 5.5% inflation rate it started the year with.

    “Seven of the twelve CPI divisions made downward contributions to the headline inflation rate in December, suggesting that inflation pressures are easing almost across the board. The transport  sector made the largest negative contribution, as petrol and diesel prices continued to fall back from the heights they reached last summer.

    “Going forward, we expect that the headline inflation rate will continue to decline throughout 2023, and the UK will end the year with an inflation rate of around 3% to 3.5%. Falling energy prices mean that average household energy bills could fall below the government’s cap of £3,000 a year in the second half of 2023, which should provide further relief for households.”

    Lisa Hooker, Industry Leader for Consumer Markets at PwC, said:

    “The slight decline in headline inflation from 10.7% in November to 10.5% in December will be of little consolation to hard-pressed consumers, who are already having to contend with the worst decline in real earnings in two generations.

    While cheaper petrol, clothing and footwear provide some respite, the price of many day-to-day essentials – groceries in particular – continued to defy gravity in the critical run-up to Christmas, meaning double digit increases in the cost of many families’ first, back-to-normal Christmas dinners together since before the pandemic.

    In spite of the unprecedented inflationary pressures last month, Britons were determined to make Christmas special. Retailer trading statements almost universally beat expectations, even if inflation meant that shoppers were getting less for their money.

    Whilst fashion and footwear performed strongly in December, as we refreshed our wardrobe and wrapped up against the cold weather, we did see an acceleration in discounts in the last two weeks of the month and more traditional boxing day sales which helped bring down inflation.

    The question is whether consumers have had to dip into their savings – or borrow – in order to fund their Christmas spending, and whether this will put a dampener on spending now that we’re into 2023. A recent study between PwC UK and TotallyMoney suggested that 8.9m UK adults show signs of financial fragility.

    There will certainly be no let up in food price inflation at least until the summer. Combined with the energy price guarantee rising in April, the reality for retail and leisure companies is that there will simply be less disposable income to go around for the first part of the year and therefore a fight for share of wallet from shoppers.

  • PRESS RELEASE : PwC comments on December’s insolvency data [January 2023]

    PRESS RELEASE : PwC comments on December’s insolvency data [January 2023]

    The press release issued by PWC on 17 January 2023.

    David Kelly, Head of Insolvency at PwC, comments on December’s ONS insolvency data:

    “December’s data shows 1,964 company insolvencies this month – a 32% rise year -on- year and a 76% rise on the same month 3 years ago, pre-pandemic. However, there are fewer than the month before (November 2022), where there were 2,029 insolvencies.

    “While the slight decline in insolvencies this month is welcome news, it is likely in part due to the respite offered by increased trade during the World Cup, particularly in sectors such as retail and leisure, which may still be under increased pressure from cancellations as a result of recent industrial action. It’s also not uncommon for creditors to give debtors one last chance over the Christmas trading period and kick difficult decisions into the New Year.

    “Despite there being fewer insolvencies than November, company directors are under no illusions about the challenges in store this year, ranging from high inflation and rising interest rates to poor consumer sentiment and increasing raw material costs. Many are also exhausted from the last few years having already contended with a pandemic and supply chain issues, so may be raising the white flag for insolvency as a consequence of this fatigue.”

    Catherine Atkinson, Director in PwC’s restructuring and insolvency team, added:

    “In keeping with the decrease in insolvencies in December, our analysis shows there were only 346 winding up petitions in December – a 27% decrease from November’s 474. As formal applications from creditors to shut down companies, these are a key bellwether of creditor sentiment, and while the lower number is likely to have been impacted by the  holiday period, it remains to be seen whether creditors will take a more lenient, collaborative approach with debtors as we head into the recession.”

  • PRESS RELEASE : Over 8 million UK adults financially ‘fragile’ according to research as unsecured debt tops £400bn [January 2023]

    PRESS RELEASE : Over 8 million UK adults financially ‘fragile’ according to research as unsecured debt tops £400bn [January 2023]

    The press release issued by PWC on 15 January 2023.

    • Study shows that 8.9m UK adults show signs of financial fragility according to research by PwC UK and TotallyMoney
    • In addition, the total amount of unsecured debt now exceeds £400bn, meaning that an average UK household is set to owe just over £16k in unsecured debt
    • Data also reveals a 50% increase in UK adults who are likely already locked out of mainstream banking services (13.6m 2016 vs 20.2m 2022) and are therefore ‘under-served’

    Data from PwC and TotallyMoney has found that 8.9m UK adults show signs of financial fragility which is defined as those who may need to use their overdraft to cover everyday spending such as the food shop. They may also struggle to make repayments on their borrowing in the next year.

    In addition, fresh analysis by PwC also shows that the total amount of unsecured debt now exceeds £400bn, which equates to a record high of £16,200 per household. In the past year alone, unsecured household debt has grown by >£1,000, or an annual growth rate of 7.2%. This is a steep increase in comparison to 2016 when UK households were set to owe close to £10,000 in unsecured debt by the end of that year, which was, at that time an all-time high.

    The data by PwC and TotallyMoney also shows that over 20 million adults are currently under-served by high street lenders either due to having a  thin credit file / minor adverse credit history, holding a near prime credit card or perceiving themselves to be under-served. On average, the under-served population tends to be younger than those who are not under-served (45 vs. 51 years old) and typically has a lower gross personal income (£27k vs. £34k per annum).

    Isabelle Jenkins, Leader of Financial Services at PwC UK, said:

    “The results are startling and it’s clear that for UK households struggling with post christmas debt, the outlook may feel challenging.
    “For most borrowers, credit performs an important function, smoothing income and expenditure, which, if affordable, can be beneficial. However, unaffordable lending and borrowing can cause real harm to individuals and society, and vulnerable consumers can be disproportionately affected.

    “However there are ways in which consumers can get a grip on their finances, for instance, for those finding it difficult to pay their mortgage, credit card or personal loan, your lender should be able to give you support tailored to your circumstances. This support will be available if you’re struggling for the first time or if you’ve already had help.

    “Your options could include making reduced payments for a temporary period, changing your mortgage or loan terms to make your payments more affordable  and being directed to sources of free debt advice.

    “For consumers who are struggling, they have the option to contact their bank as soon as possible, keeping in mind that talking to your lender will not affect your credit file, and they can support you.”

    Simon Westcott, Strategy& UK Financial Services Lead at PwC UK, said:

    “There is no doubt that the long tail of the pandemic plus the rising cost of living has put a significant strain on people’s financial health, and after Christmas, the prospect of reflecting on post festive season spending can put a significant strain on families.

    “The rising levels of unsecured debt plus UK household’s vulnerability to interest rises, could leave consumers over stretched.

    “However, there is an opportunity for lenders to continue to create and develop products and services  that truly meet the needs of consumers in this potentially challenging time.

    “In addition, the Consumer Duty, due to be implemented in the new year, will set clearer standards of consumer protection across financial services therefore we expect a major shift which will ideally promote competition and growth based on high standards.”

  • PRESS RELEASE : PwC comments on the updates to the Energy Bill Relief Scheme (EBRS) [January 2023]

    PRESS RELEASE : PwC comments on the updates to the Energy Bill Relief Scheme (EBRS) [January 2023]

    The press release issued by PWC on 10 January 2023.

    Vicky Parker, Sector Leader for Power and Utilities at PwC UK, said:

    “A warmer than normal Winter has already helped energy prices to fall in recent months, from historic highs last Autumn, with European gas storage remaining at comparatively high levels. However, gas and power prices are expected to remain volatile and above seasonal average levels (40-60p/therm). As such, businesses will welcome the certainty on how the government will continue to support them with energy prices, although the level of support will be materially lower after March.

    “Customers who signed energy contracts at the end of August last year face a greater than 50% cut in government support: from £55.05/MWh to £19.61/MWh for electricity and from £17.64/MWh to £6.97/MWh for gas. Given these substantial reductions, the imperative for businesses to take action to control energy costs is greater than ever. With the outlook for high energy prices continuing, firms need to start thinking about building their longer term energy resilience.

    “While the additional support for energy intensive industries will be welcome for those sectors, the new scheme overlooks those other sectors – like hospitality or social care – which may be exposed to high prices and struggle to pass these costs onto their customers or reduce their usage. It remains to be seen how these firms will manage in the coming months.”

  • Robert Halfon – 2023 Speech to the University UK’s Conference on Degree Apprenticeships

    Robert Halfon – 2023 Speech to the University UK’s Conference on Degree Apprenticeships

    The speech made by Robert Halfon, the Higher Education and Skills Minister, to the University UK’s conference held on 1 February 2023.

    It’s great to be speaking to you today at the first Universities UK apprenticeships conference.

    I’m disappointed to not be able to join the conference today. Degree apprenticeships and higher technical education are my favourite subjects, and the agenda has several topics which are dear to my heart.

    I particularly want to talk to you about the role of degree apprenticeships in the ladder of opportunity, which enables people to climb, rung by rung, towards a good job and a great career. Our shared challenge is to grow these brilliant opportunities.

    Successes to date

    Degree apprenticeships are a real success story. Level 6 and 7 programmes now make up over 12% of apprenticeships overall. In the last academic year, they have risen from just over 39,000 to more than 43,000.

    This phenomenal growth is thanks to the hard work of everyone involved – including Universities UK and its members. I want to thank Professor Steve West, Vivienne Stern, and the whole UUK team for everything they’ve done to help drive this expansion, working with you all.

    I hope you’ll agree that the Secretary of State and I are some of the most passionate advocates for degree apprenticeships in Parliament. But we need to go further to ensure even more people can benefit from them.

    The package of earning while you learn, studying at our world-leading universities, and working for some of Britain’s best employers is a unique selling point. Especially when you consider the earnings potential! Data published last year shows that Level 6 apprentices have median earnings of over £34,500 after they achieve their apprenticeship – with no student finance to repay.

    The Ladder of Opportunity

    The ‘ladder of opportunity’ I mentioned earlier is something I believe in wholeheartedly. It’s a way of thinking about what we need as a country, to get to where we want to go.

    Opportunity and social justice

    The ladder has two crucial pillars that hold it up. The first is opportunity and social justice. Degree apprenticeships offer an opportunity for those who might not normally go to university to get started in a profession. This is real social mobility – getting into careers which might otherwise be closed off. We need to reach-out to those with potential, especially from disadvantaged backgrounds, and connect them with employers who value alternatives to traditional graduate recruitment.

    A good example is the Medical Doctor apprenticeship standard, which has recently been approved for delivery. This will offer a genuinely new route into a profession currently dominated by traditional degree entrants.

    The Department of Health & Social Care recently updated me on this apprenticeship, with new funding for a pilot announced a few weeks ago. It will support healthcare providers to employ these apprentices from underrepresented groups, helping to create more doctors that reflect the population they serve.

    Strong HE and FE

    The second pillar of the ladder is about strengthening Higher and Further education. Degree apprenticeships have an important role in widening access and participation to university. Many UUK members have built their flexible offers to serve employers’ and apprentices’ diverse needs.

    When I made my first speech in this job, I challenged those universities who don’t offer any degree apprenticeships to ask themselves “Why?”

    With funding of up to £8 million on offer this year through the Strategic Priorities Grant, there is a great opportunity to forge strong employer partnerships and develop new offers. I know Universities UK are keen to drive forward the expansion of degree apprenticeships – particularly when it comes to engaging with SMEs.

    Ladder rungs:

    Careers information

    The first rung on the ladder of opportunity is careers empowerment. Careers information must include skills-based options, and help young people understand the incredible opportunity of a degree apprenticeship. It should also offer guidance on applying for a route where employers (not universities) are sifting applications.

    My department and UCAS are currently exploring how we can offer a more joined-up experience for school leavers who want to access apprenticeships – including at degree-level.

    Championing apprenticeships and employers’ skills need

    The next rung is about championing apprenticeships and meeting employers’ skills needs. I know there are some amazing apprenticeship champions among UUK members.

    But we need to look beyond the industries that have fuelled the growth of degree apprenticeships to date. There are more than 150 standards at degree level, and a handful of them have thousands of starts. There is untapped demand elsewhere. This might be in standards which have been approved relatively recently. Or it might be amongst employers who traditionally recruit graduates – those who could be tempted by the prospect of recruiting talent to shape into their ideal employee while they study.

    Quality

    Another rung of the ladder is about championing quality, so that technical education and training – including degree apprenticeships – gain parity of esteem with traditional degrees.

    It is great the Ofsted inspections of Higher Education Institutions are so positive – 88% are good or outstanding. This confirms my belief that Universities are brilliantly placed to deliver these unique programme; and IfATE’s new policies to drive greater integration of degrees in occupational standards will also support this work.

    Even so, there are areas for improvement. I encourage those among the 88% to delve into Ofsted’s reporting, and the reviews of Apprenticeship Service submitted by employers and apprentices. Only through continuous appraisal and improvement – and flagging our success to the wider world – will we build the standing of degree apprenticeships.

    Regulatory burden

    With this focus on quality comes the question of regulation. Universities UK have raised this issue on your behalf and I want to thank all the UUK members who have also discussed this with us directly at the end of last year.

    I hear you loud and clear, and whilst we will never compromise on quality, I am equally clear that want strip out unnecessary regulation that gets in the way of delivery. I recognise that being subject to several layers of assurance and intervention by different organisations is challenging for providers; and we continue to look critically at what we can discontinue and what we can change, so that you can spend more of your time delivering more apprenticeships. I want to continue that conversation and expect that we will have more to say on this issue very soon.

    Lifelong learning and jobs, security and prosperity

    The final two rungs of the ladder are lifelong learning, jobs and security. On this point I’d like to recognise the huge contribution universities’ degree apprenticeships courses make in providing access for older employees and career-switchers. Facilitating continuous career progression and getting a degree while in work is fantastic for social mobility – breaking a glass ceiling for those who can’t otherwise progress without graduate status.

    I mentioned earlier that our data shows strong earnings potential for degree-level apprentices. That same publication shows that sustained employment or learning for level 6 and 7 apprentices is over 94% – a great indication that the apprenticeships you deliver set people up for prosperous careers.

    UUK’s plan for growth – Progression

    I want to finish by talking about UUK’s plan for growth. Greg Wade will be introducing it later this morning – so I don’t want to steal his thunder – but I want to thank him for sharing it with me.

    I’d like to pick out an aspect of the plan that is close to my heart. I’d like to focus on progression.

    I think you will have gathered by now that this is something I care deeply about. I believe that progression through different routes under the banner of technical education can deliver great outcomes, regardless of someone’s background.

    Progression isn’t just about going from A Levels to University – or even to a degree apprenticeship. Progression could also mean moving from a T Level to a higher apprenticeship, or a Higher Technical Qualification to a degree apprenticeship. All that it takes to help people move forward and capitalise on their potential is the right support. And we can facilitate this by putting in place the right partnerships between employers, Further and Higher Education. I know that together, through degree apprenticeships, we can transform many more people’s lives in this way.

    Thank you for your time.

  • PRESS RELEASE : Led by Donkeys Finds Michelle Mone’s Yacht [February 2023]

    PRESS RELEASE : Led by Donkeys Finds Michelle Mone’s Yacht [February 2023]

    The press release issued by Led by Donkeys on 1 February 2023.

    We’ve found Michelle Mone’s yacht.

  • Kim Johnson – 2023 Comments on Israel Being a “Fascist State”

    Kim Johnson – 2023 Comments on Israel Being a “Fascist State”

    The comments made by Kim Johnson, the Labour MP for Liverpool Riverside, in the House of Commons on 1 February 2023.

    Kim Johnson

    Since the election of the fascist Israeli Government in December last year, there has been an increase in human rights violations against Palestinian civilians, including children. Can the Prime Minister tell us how he is challenging what Amnesty and other human rights organisations are referring to as an apartheid state?

    The Prime Minister

    The hon. Lady failed to mention the horrific attacks on civilians inside Israel as well. It is important in this matter to remain calm and urge all sides to strive for peace, and that is very much what I will do as Prime Minister and have done in the conversations that I have had with the Israeli Prime Minister.

  • PRESS RELEASE : Fresh funding to boost British exports of professional services overseas [February 2023]

    PRESS RELEASE : Fresh funding to boost British exports of professional services overseas [February 2023]

    The press release issued by the Department for Business, Energy and Industrial Strategy on 1 February 2023.

    New grants to be awarded to UK regulators and industry bodies to help them develop agreements with their international counterparts.

    • Second round of government funding to make it easier for UK professionals, such as accountants and architects, to sell their services overseas
    • funding will help reduce the need for UK professionals to gain additional qualifications in foreign countries, or go through costly bureaucracy, meaning firms can focus on growing
    • grants of up to £75,000 available to UK regulators and professional bodies to do work on bilateral or multilateral recognition arrangements for UK professional qualifications

    More funding to grow British exports by making it simpler for UK professionals to work abroad has been announced by the Business Minister Kevin Hollinrake today (Wednesday 1 February).

    Grants of up to £75,000 will be awarded to UK regulators and industry bodies to help them develop agreements with their international counterparts for UK professional qualifications to be recognised overseas. This will make it easier for UK businesses to export their services worldwide.

    Following the success of the first round of funding, which has supported work to boost the presence of UK qualified professionals in accountancy, auditing and legal services in countries such as Australia, New Zealand, Ireland, and India, the second round of the Recognition Arrangements (RA) Grant Programme is now open.

    Small Business Minister Kevin Hollinrake said:

    The UK’s professionals in sectors like accountancy, audit and legal services, are rightly recognised as some of the brightest and best in the world.

    This additional funding will further support UK qualified professionals to export their expertise overseas, winning contracts and scaling up their businesses.

    The additional funding comes as part of the government’s plans to ensure UK-qualified professionals have the support they need to grow their businesses on the international stage.

    Under the Professional Qualifications Act, the UK government can ensure regulators have the ability to agree recognition arrangements with overseas counterparts.

    Following the first round of the grant programme, which saw high demand and interest from regulators, this second round will go on to continue and expand these vital efforts to boost British services exports in essential overseas markets.

    The Financial Reporting Council (FRC) successfully secured funding for round one of the programme. Sarah Rapson, Executive Director of Supervision, said:

    The FRC is very pleased to hear that a further round of grant funding will be available from BEIS. The availability of previous funding has enabled us to bring in the additional expertise required to support our international recognition work.

    We would encourage UK professional accountancy bodies engaged in international recognition work to consider applying for a grant and make use of this valuable source of funding support.

    The Recognition Arrangements Grant programme will run until 31 March 2025, with grants of up to £75,000 per financial year awarded to UK regulators and industry bodies, and a further round planned for applicants seeking 2024/2025 funding.

  • PRESS RELEASE : Historic veterans charity praised for housing 1,500 veterans across the country [February 2023]

    PRESS RELEASE : Historic veterans charity praised for housing 1,500 veterans across the country [February 2023]

    The press release issued by the Cabinet Office on 1 February 2023.

    • Minister for Veterans’ Affairs Johnny Mercer visited Haig Housing, to meet veterans supported by the charity’s work.
    • The historic charity has been helping veterans for more than 100 years and last year housed 1,500 new veterans in its accommodation.
    • The government is committed to ending veteran homelessness this year, including through the launch of Op Fortitude.

    Historic veterans charity Haig Housing has been praised by Veterans Minister Johnny Mercer at a visit to the group’s site in Morden, south-west London.

    The charity provides dedicated support to more than 1,500 veterans and their families across the country, and has been operating for more than 100 years.

    The Minister met with resident veterans at their Morden Estate, hearing first-hand accounts of the impact the charity’s support has had on their lives and gaining a deeper understanding of the unique challenges they face.

    Minister for Veterans’ Affairs Johnny Mercer said:

    Every veteran deserves a home that they can be proud of and the Haig Housing Trust provides an amazing service for its residents.

    Last year they welcomed 115 new veterans and their families to their accommodation and I was encouraged to see the investment they’re putting into their estate.

    I am committed to ending veterans homelessness by the end of this year, and I pay tribute to our third sector partners who will be vitally important in delivering this.

    Mr Mercer also met with the CEO of the charity, Tim Stockings, to discuss the organisation’s current programmes, future challenges and the support they currently offer.

    Haig Housing has embarked on a £10 million programme to improve their energy performance and sustainability of their 700 homes in England and are spending £5 million each year on investing in their estate. The charity also has a number of homes which are specially tailored for disabled veterans who have suffered life-changing injuries.

    Tim Stockings, Chief Executive of Haig Housing, said:

    Haig Housing was really pleased to welcome the Minister to Haig Housing, both to hear about the work we undertake and to meet Veterans, some in the homes we provide, and to engage with other Veterans and staff in a discussion about some of the challenges we all face today.

    The Office for Veterans’ Affairs recently announced Op Fortitude, a single referral scheme for homeless veterans to access support and housing. Along with more than £8.5 million in funding for services in veterans supported housing, the scheme will support ending veteran homelessness by the end of 2023.

    Following the success of a temporary pathway set up for the Christmas period last year, the referral scheme is being designed, taking forward lessons learned and launching in Spring this year.

    The visit marks just over one year on from the launch of the Veterans Strategy Action Plan, which outlined how the government would work to tackle veterans homelessness. It further highlights this government’s continued commitment to improving and learning first hand from veterans themselves about what we can do better to meet their and their families’ needs.