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A Clear Guide If You Can’t Pay Bounce Back Loan (CBILS)

Sam Allcock
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A Clear Guide If You Can’t Pay Bounce Back Loan (CBILS)

Companies throughout the UK have been struggling to stay afloat since the pandemic began. Many needed a quick injection of cash to keep their heads above water, so the government decided to introduce a series of measures to help solve their financial problems in 2020. 

One of these schemes the British government brought into action during the first year of the pandemic was the Coronavirus Business Interruption Loan Scheme, better known as CBIL. It was specifically designed to help out businesses within the UK who found themselves losing revenue during these challenging times. Without these types of schemes, several British companies would not have been able to survive due to their cash flow problems. New applications are no longer available after the government decided to stop the scheme at the end of March 2021. 

The scheme has proved highly beneficial for those who were able to get their business back on track, but several small companies have found it difficult to pay back the amount they borrowed. Let’s take a closer look at what you can do if you have been struggling to pay back what you owe. 

What do you do if you KNOW you can’t pay the CBILS loan back?

If you are sure you can’t pay back the emergency loan, you are not the only one. The government claims that almost half of the issued CBILS loans will never be repaid, which will eventually cost the United Kingdom Treasury billions of pounds. 

The first thing you should do instead of tackling the issue yourself is to get professional help. A reputable financial company that understands how CBILS loans work will be able to provide you with professional advice on how to solve the issue. Their employees will do whatever it takes to rescue your firm from going under. 

These financial experts often tell their clients to avoid running down the CBILS money they have been given until there is no finance available to pay creditors, no money to pay staff members’ wages, or no cash left to cover the cost of liquidating the company. 

When the government brought in these schemes, they were fully aware that some company directors would struggle when it came to making the repayments. If you are in this situation, it’s not the end of the world, especially if you have acted reasonably and responsibly since you applied for the loan. 

Will it damage my credit rating?

It seemed like everyone tried to predict how long the pandemic would last, especially company directors whose businesses had been affected by the virus. During the early stages, lots of folks thought their companies would start generating a profit shortly after the country went out of lockdown, which is why they weren’t worried about taking the loan at the time. However, many continued to struggle for a much longer period and found that they couldn’t afford the repayments. 

Borrowing is extremely important for a lot of businesses, and bad credit history can have a devastating impact on the company because they fail to convince future lenders that they can make repayments. Just like any other loan, the CBILS loan can give you a bad rating. 

Is dissolving the company a possible solution?

Unfortunately, dissolving the company is not an option. If you try to dissolve the company, you can expect The Insolvency Service to investigate the case. The person who has borrowed the money will remain fully liable for the debt. Most banks that have issued the loans follow the commercial recovery procedures that are in place. 

It is of vital importance that you read the terms and conditions of the loan. If you think you can get away without paying the loan by dissolving the company, you can expect them to bring you to court. This won’t just damage the company, but it could cause problems for you on a personal level too. 

The only way the debt could be written off is if the company is liquidated. If this is the case, the company will be forced to shut its doors, and the remaining debts will be either repaid or perhaps written off. 

Conclusion

Borrowing money can be a daunting experience for business directors, especially during these unprecedented times. Nobody could have predicted the impact the pandemic would have on all types of businesses. Trying to make repayments hasn’t been easy for a lot of companies, but if you think it’s impossible to pay back the lenders, speak to a professional before making any drastic decisions. There are experts throughout Britain assisting hundreds of companies in the same position, so don’t hesitate to get in touch with them. Over one hundred thousand companies were granted these emergency loans in 2020 and 2021, and the banks and the government predicted a lot of those who borrowed would struggle to pay them back. 

Car Accident Claim: What Happens at Trial?

Sam Allcock
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0
Car Accident Claim: What Happens at Trial?

Let’s assume that the dreaded scenario has happened: you’ve been injured in a car accident, and you’ve resorted to taking legal action that’s ended up at trial. The process of preparing for trial can feel discouraging and overwhelming. However, once you’re armed with plenty of knowledge about the legal process and secure a dedicated legal team to represent your case, such as the car accident attorneys at Boohoff Law, you can approach your trial date with confidence.

Although the specific regulations regarding a car accident trial can differ depending on location, almost all courtrooms employ the following basic procedure.

Selection of an Impartial Jury: The jury, which should be comprised of a cross-section of impartial individuals dedicated to evaluating a case with empathy, wisdom, and practicality, is the key determiner of fault in a car accident case. The jury selection process is referred to as voir Dire, which essentially means “to speak the truth.” It’s critical for prospective jurors to be properly interviewed to ensure their ability to be fair and open-minded in their decision-making.

Initial Statements: The two parties involved in a car accident trial, both the plaintiff and the defendant, will open the proceedings by making brief statements defending their position. It’s critical for an attorney to be truthful, prudent, and concise when presenting this portion of a case. After all, it’s the prime opportunity to highlight issues that will leave an impression on the jury when it comes to reaching a decision (verdict).

Presentation of Evidence: Next, both the plaintiff and defendant will present their case to the courtroom. First, the plaintiff will present their version of the story that attests to their innocence while assigning the reasons why the defendant is at fault. This is the time for the plaintiff to call witnesses, to show medical records and police reports, and address any other evidence relevant to the case.

Next, the defendant will be afforded the opportunity to deny the allegations of the plaintiff. The defendant might simply provide a clear-cut refutation of the plaintiff’s statements. In some situations, however, the defendant will provide an entirely new perspective of the case that will assign fault to the plaintiff or to circumstances beyond any party’s control. Again, this is the opportunity to explore any evidence relevant to the case and to interview or cross-examine witnesses.

Final Statements: Once both cases have been thoroughly explored, each party will be given the chance to make a closing statement that will help summarize their position and further leave an impression on the jury before the deliberation process begins.

Reaching a Verdict: After the final statements, the jury will begin the process of reaching a verdict. Once the judge receives the verdict, he/she will determine any other details before issuing a ruling before the court. In this ruling, the judge will assign fault and outline the conditions and monetary damages to be paid by the responsible party.

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Nicotine pouches: What they are and how to use them

Sam Allcock
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0
Nicotine pouches: What they are and how to use them

Nicotine pouches are quick, easy, and discreet for people who used to smoke to get their nicotine fix. Nicotine pouches are also convenient and can be found in more online stores like Snusdirect. They are like lozenges and gum in their “modern” ways of taking nicotine by mouth. Since these pouches don’t have tobacco, you can use them anywhere.

Nicotine pouches are becoming increasingly popular to stop smoking because they keep people from getting yellow teeth and other nasty things that happen when they smoke. What are the specific advantages of using nicotine pouches?

In this part, we’ll answer any questions you have about nicotine pouches. This article will talk about how they work, how to use them, whether or not they are safe, and how they compare to other ways to quit smoking. We hope that this information will help you decide if nicotine pouches are a good choice for you or not.

The process of effectively using the nicotine pouches

As soon as you get out of the tub, you can use the packets. You only need to put one cigarette in your mouth and the other under your upper lip to get the nicotine from it. After placing the pouch in, you might feel tingling and get a quick nicotine rush, but these feelings should go away quickly.

When you let the granules sit in your mouth for a while, the flavourings and nicotine in them get into your bloodstream. People hope that a 30- to 60-minute pouch will give them steady and long-lasting pleasure.

When you’ve eaten everything you can from the pouch, throw it away. Most tubs come with a “catch lid” that can be used to pick up empty pouches even when the user is moving.

How safe are nicotine gums?

As a means of quitting smoking, using nicotine pouches, even though doing so for an extended period is not advised, is still preferable to smoking. E-cigarettes aren’t the only thing that can help smokers break the habit. When it comes to alleviating the symptoms of nicotine withdrawal, there is nothing that compares to the effectiveness and simplicity of a pouch.

The following are some of the reasons why smoking is riskier than using a nicotine pouch:

  • Because nicotine is taken in through the mouth rather than through inhalation, there is no chance of developing lung disease or harm from using tobacco products.
  • Nicotine pouches pose no risk to anyone around the user because they do not produce any smoke.
  • Utilising nicotine pouches comes with several advantageous outcomes.

What are the benefits of utilising nicotine pouches

One of the many benefits that nicotine pouches offer is that they do not contain any tobacco. The following is a list of some of the benefits that nicotine pouches offer:

  • cigarette-free
  • tobacco-free
  • ultra-lightweight

Cigarette smoke is known to contain more than seventy different carcinogens. Nicotine packets do not include combustibles that have been linked to an increased risk of cancer. They are an excellent way to satisfy your craving for nicotine without subjecting your lungs to the toxic consequences of smoking.

How to Protect Yourself From Insurance Fraud

Sam Allcock
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0
How to Protect Yourself From Insurance Fraud

Unfortunately, scams are on the rise. With the increased use of technology and the ever-expanding amount of online data being collected and stored by companies, fraudsters have more opportunities than ever to scam individuals and businesses.

Everybody who uses technology needs to be extra cautious, especially if they make online purchases. There’s always a risk of scammers accessing your information when you scroll through random websites or enter your details into an online store.

Scammers use additional tactics like sending emails that contain faulty links. When you click on one of these links, it causes malware to download onto your device, which gives the fraudsters access to all of your personal information.

One of the most common ways fraudsters get money out of vulnerable people is through insurance fraud. In this article, we’re going to cover what insurance fraud is and how you can protect yourself from it.

What is Insurance Fraud?

Insurance fraud refers to the act of trying to defraud the insurance process. This type of fraud can be committed in a number of ways but usually involves the scammer trying to gain money or benefits that are not theirs to claim.

Many drivers are victims of car insurance fraud when another driver tries to make a claim against them for an accident that did not happen. Even if an accident did happen, somebody may lie about what happened to make a larger claim against your insurance.

How Can You Protect Yourself From Insurance Fraud?

If you think that somebody is trying to scam you, it’s important that you get in touch with insurance fraud investigators immediately so that they can resolve the issue and minimise any financial loss.

Being extra vigilant when taking out an insurance policy and being careful about your online activity can minimise the risk of insurance fraud. Below, we have listed some great ways to protect yourself from being a victim of an insurance scam.

  • Never disclose your personal details to somebody you don’t know. Never give out your PIN number or national insurance number.
  • Always confirm who you are speaking to when you get a phone call from the insurance company (or somebody claiming to be an individual from the insurance company).
  • Keep all letters from your insurance company safe. Don’t throw them away in the rubbish bin if you want to get rid of them. Instead, shred them.
  • Never click on links from random email addresses. Instead, open up an internet browser separately and log into your insurance account this way.
  • Make sure your passwords are not easy to guess and change them on a regular basis.
  • Download anti-virus software onto your computer.
  • Avoid using public Wi-Fi networks. If you want to use Wi-Fi when you’re out and about, make sure you use a Virtual Private Network (VPN).

CoinSpot Fees Explained – Is CoinSpot Expensive?

Sam Allcock
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CoinSpot Fees Explained – Is CoinSpot Expensive?

In 2022, changes started and they affected the crypto market many currencies dropped to low prices, and users who invested lost a lot of money and that’s what started the collapse of the crypto market. over 100k crypto market users were forced to close their positions because of falling prices, for example, bitcoin dropped from over 100k to 28k or lower.

News on the crypto exchange:

Over the past 24 hours, cryptocurrencies liquidated margin positions of traders to the amount of more than $410 million according to CoinSpot Fees Summary by Coin Culture. Total transactions were forcibly closed by 102 thousand traders, the largest single liquidation occurred on the Okex in a pair with ETH and amounted to $2.9 million. 

The largest amount of losses during the day accounted for transactions with ETH – $68 million. BTC is in second place in the volume of liquidations ($54 million). Altcoin Solana is in third place ($2.8 million).

Traders’ losses were caused by a sharp market crash.  Ethereum renewed its low at $1,700. Bitcoin fell to $28,000 and the price of the Solana token dropped 8% to $44.

What do traders earn?

Cryptocurrencies on various platforms allow traders to earn additional income. This method of trading is called arbitrage, and its essence is to buy tokens to resell them at a higher price. Arbitrage appeared on stock and currency markets a long time ago. However, it is more difficult to trade according to this scheme on traditional exchanges, because the difference in quotations is very small. Cryptocurrency traders get more opportunities for this type of earnings due to significant fluctuations in the prices of exchanges for digital assets.

What schemes are used by traders?

The most popular type of arbitrage is automated inter-exchange arbitrage, with the help of bots. The robot independently analyzes hundreds of trading pairs on dozens of centralized and decentralized exchanges, transfers funds between exchanges, and places buy and sell orders.

NFT: the fall and rise of digital art:

Non-interchangeable tokens are gaining popularity because they can be anything – works of art, unique avatars, a Facebook data record, or even a piece of land in a metacommunications. But the NFT infrastructure – marketplaces, authoring tools, business models for communities, and data management systems – is still in its infancy. 

So in 2022, NFT infrastructure will be one of the most in-demand areas in terms of investment. For the meta-universe, NFT will be one of the main “building blocks”: we will need unique digital objects with real value there, so we will probably be willing to pay authors for digital goods that others will not have anymore. For example, we need this so that all avatars in the digital world are not the same – then it will be easier to avoid identity theft. Collectible avatars aside, total sales of digital art NFTs today are less than $2 billion. That is, NFTs still make up less than 1% of the physical art market. 

The authors compare NFT to bitcoin in 2013: that bubble “burst” in 2014 and the bitcoin exchange rate collapsed by 80%. It is possible that in 2022 the same thing will happen to non-interchangeable tokens. But if we continue the BTC analogy, this drop will mark a new rise for NFT over the next 10 years – even higher than before. Messari analysts are confident that the outcome will be positive because NFT’s potential is virtually unlimited.

Investing in cryptocurrency :

Crypto trading tends to be social and mimetic. This means that many small or not very experienced traders willingly invest in new projects supported by the largest and most successful investors in the industry. This is copy-trading – copying trades of another investor. That’s how you can start trading the stock markets, even without knowledge of how it all works. You can choose a “role model” on a special platform, using filters, or you can ask for help from the artificial intelligence Quantum AI, which analyzes the market and suggests the best deals. The crypto market has its rhythms. For example, if BTC is leading the way, then the alternative coin season is just around the corner. Some argue that the crypto trading narrative is as simple as two times two: “growth of BTC – growth of ETH – growth of altcoins.”

Conclusion:

The cryptocurrency crisis has befallen new investors because today the crypto market has fallen several times due to political problems, and thanks to this many consumers realized that they can make good money right now because they believe that after a while the cryptocurrency will grow several times again. there are many projects where you can invest and multiply your capital by using your wit and catching a good moment to make money.

Django’s Supreme Versatility makes it the Industry Standard for an Online Space Ripe for Innovation

Sam Allcock
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0
Django’s Supreme Versatility makes it the Industry Standard for an Online Space Ripe for Innovation

The internet is growing at a rapid rate, particularly when it comes to businesses looking to appeal more directly to their customers in the wake of the Covid-19 pandemic, as digital transformation has sent shopping increasingly online. 

This trend has had a significant impact on the world of programming. According to the US Bureau of Labor Statistics, the employment of software developers is expected to grow by 22% over the course of the decade. As the World Wide Web continues to innovate its way towards the metaverse, we may see more businesses seek to enlist the help of developers to appeal to audiences more effectively. 

However, it remains to be seen just how the next generation of the internet will be powered. Should current trends continue, the world’s most prominent programming framework will be Django, which is a language that’s functional and scalable whilst encompassed within a pragmatic design. 

Created by a team of experienced developers, Django covers much of the complexity associated with web development, helping businesses to dedicate more time towards writing their apps or pages without having to struggle through the design process. 

(Image: Gustav Willig Medium)

As we can see from the table above, Django has become the world’s most popular programming framework based on Github starts, highlighting its value in modern programming and far surpassing many of its competitors. 

Today, some of the world’s most popular companies use Django in the form of YouTube, Google, and Instagram. 

One of the greatest assets for the framework comes in the form of its supreme versatility, which enables Django programming to cater to vast and varying levels of demand and programming complexity at the same time. 

With this in mind, let’s take a deeper look into why more businesses are turning to Django to achieve their online ambitions. 

A Framework to Suit any Project 

The beauty of Django is that it can suit any project, regardless of whether it’s based on mobile or the web. Furthermore, it’s possible to take on projects of any size and complexity – even significantly high-load applications can function well. 

Due to the fact that Django suits most major databases, and enables users to utilize a database that’s more suitable in different projects – or to even add multiple different databases at the same time, Django is highly efficient for developers. 

Because the framework features a built-in object-relational mapper (ORM), it’s extremely easy to migrate or move applications throughout databases with only a few lines of code to be edited. This is because Django’s ORM offers a layer between a developer and database. 

Although such functionality can make it possible for Django to be picked up by individuals with little programming experience, there are still plenty of Django development specialists available that are capable of making your ideas come to life for your business. 

Due to its versatility, businesses and organizations have turned to Django to develop many different applications, from content management systems to multi-platform social networks and more advanced scientific computing platforms. 

Additionally, Django performs well in security and performance-intensive industries like fintech, where platforms are required to be entirely secure, and fully compliant with both domestic and international regulators. They also need to be deemed trustworthy by their network of users in order to succeed. 

Significantly, Django’s popularity has contributed to make the language more scalable and reliable. Its open-source framework is frequently maintained and updated, and as a result, more cloud providers are looking to offer support for Django applications across various platforms. 

This fundamentally means that once the application is launched, it can be managed by verified developers with a single command in a cloud-based environment. 

Backed by a Vibrant Open-Source Community

One of the key perks of Django is that the framework doesn’t cut corners when it comes to security. This means that even if your developer hasn’t left you with a foolproof program, there’s likely to be no issues when it comes to avoiding security vulnerabilities. 

As such, security features are enabled as standard throughout the framework, making it far more difficult for hackers to attack your applications. 

One of the key reasons for Django’s comprehensive level of security is the framework’s vibrant open-source community. As the language has evolved to become one of the world’s favorite frameworks, it draws more attention from prospective hackers, but Django has stood strong against cyberthreats in comparison to rival frameworks. 

Django’s open-source nature means that it’s built a helpful community of users. Although there’s plenty of documentation to provide guidance, it’s easy to find solutions online should you encounter issues, with platforms like Stack Overflow brimming with queries and solutions directly related to Django, for instance. 

The future capabilities of the internet can be exciting and concerning for online businesses in equal measure. However, programming languages like Django allow companies to build applications today that can be appropriately scaled tomorrow to accommodate growth in traffic and the emergence of Web3.0. 

With a supremely trustworthy and scalable solution, there’s little doubt why Django has evolved to become the internet’s favorite programming framework today – and it’s likely to continue to grow in popularity tomorrow.

Double Glazing Vs Secondary Glazing for sash windows

Sam Allcock
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Double Glazing Vs Secondary Glazing for sash windows

The debate about which glazing option is better – double glazing or secondary glazing for sash windows – has been raging for years. Pros and cons exist, so it’s a matter of personal preference, budget and requirements.

Here’s a rundown of the main points to consider when choosing between secondary glazing or sash windows double glazing for your original window.

The benefits of Double Glazing compared to secondary glazing

Double glazing for sash windows is more energy-efficient than secondary glazing if Low-E triple glazing or vacuum glazing is used. It will also reduce noise pollution from outside better.

The double glazing is a more high-end option; it looks sleeker. It is easier to operate double-glazed sash windows than the same windows but with secondary glazing.

Secondary glazing can reduce the amount of light that comes into your home and make your windows look ‘cluttered’ from the inside. It can also be difficult to find secondary glazing that matches the style of your existing windows.

Better energy efficiency

Double glazing is a good option if you’re looking for a way to make your home more energy-efficient and reduce heat loss. Double-glazed units are made up of two panes of glass with a gap in between filled with inner gases, or the air is removed to create vacuum-sealed units. These gases or vacuums act as insulators and improve thermal efficiency, making heat less likely to escape through the window. With this type of glazing, you will need less energy to heat or cool down your home and save on your energy bills.

Reduce condensation

Another benefit of double glazing is that it can help to reduce condensation on your windows. It keeps one of the glass panes warm, so the condensation is less highly to appear. less condensation means a healthier home and more sound timber frames and glazing bars.

Better sound insulation –  Outside noise reduction

If you live in a busy area or near the main road, you’ll know how annoying noise pollution can be. Double-glazed windows can help reduce the amount of noise that comes into your home, as the gap between the two panes of glass acts as a sound barrier.

The disadvantages of Double Glazing compared to secondary glazing

Secondary glazing is cheaper than double glazing, and a wide range of DIY kits are available for all types of timber windows. Secondary glazing can be installed behind the existing windows, which means less disruption during installation.

To get the double glazing benefits, you either buy new double-glazed sash windows or retrofit the original sash windows with slimline heritage double glazing. So it is not a straightforward process; you will probably spend around 3-6 months searching for sash window specialists, collecting and comparing quotes. The lead time for new windows or retrofitting will also make you wait for some time.

Types of Secondary glazing

There are two main types of secondary glazing – internal and external. Internal secondary glazing is fitted on the inside of your existing sash window; internal secondary glazing is the most popular type as it’s less disruptive to install and can be easily removed if you want to return

Types of secondary glazing units:

  • Hinged
  • Removable
  • Fixed panels
  • Vertical sliding
  • Horizontal sliding
  • Lift-out
  • Bespoke secondary glazing

Double glazing options for your property

Several other options are available as well as the standard double-glazed units that are fitted into new windows. You could opt for triple-glazed units, which are even more energy-efficient, or you could choose to have Low-E glass fitted. You also have an option to fit vacuum slimline double glazing into existing sashes or fit new double glazed sashes into existing timber frames.

 New double-glazed sash windows

If you think your current window frames are too rotten, you may consider opting for new double-glazed sash windows. Double-glazed sash windows are more energy-efficient than single-glazed units and will help to keep your home warm in winter and cool in summer. New windows also come with a guarantee for at least 8 years. They’re also much less drafty, so you’ll notice a reduction in noise from outside.

The only downside to double-glazed sash windows is that they can be more expensive than retrofitting double-glazing to existing windows, and they are not as long-lasting as you might think.

Retrofit double glazing to existing windows

If you have existing timber sash windows that you want to make more energy-efficient, you could consider retrofitting double glazing. This involves fitting new thin-profile double-glazed units into your existing wooden window frames. It’s a relatively straightforward process which gives the same benefits of new double glazing windows but preserves the original features of your period property.

The only downside to retrofitting double glazing is that it can be still expensive compared to cheaper secondary glazing.

So, there you have it – a rundown of the main points to consider when choosing between double glazing and secondary glazing for sash windows

Which is better double glazing or secondary glazing for listed buildings?

If you live in a listed building, you may be wondering whether you can install secondary glazing. The good news is that you do not need permission from your local authority to install sash windows secondary glazing.

While double glazing is an option for listed buildings, secondary glazing is often the preferred choice. This is because it’s less disruptive to install and can be easily removed if necessary, but now the demand for double glazing retrofitting services is growing.

As you can see, there are advantages and disadvantages of both double glazing and secondary glazing. Ultimately, the best glazing option for your house will depend on your budget, your needs and whether you live in a listed or non-listed building.

Conclusion about the choice between secondary glazing and double glazing.

The choice depends on budget, the type of property you live in, and personal preferences.

We believe that sash windows double glazing retrofitting is the best option as it is cheaper than new double-glazed sash windows; it preserves original windows as secondary glazing and costs something in between the new windows and secondary glazing.

You will still need a building consent from the conservation officer to fit double glazing into the original frames. Still, it is easier compared to getting permission for new bespoke windows. Homeowners are increasingly seeking sash window repairs in Hertford as part of a broader trend toward restoring period features in historic UK properties.

UK finance professionals struggling to adapt to Making Tax Digital

Sam Allcock
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UK finance professionals struggling to adapt to Making Tax Digital

New survey shows tax is taxing despite going digital

23 June 2022 – Finance professionals are still struggling with the switchover to Making Tax Digital (MTD) software, according to a new survey, more than two months on since the UK’s latest deadline.

Training staff and getting employees to use new systems has been the biggest challenge so far, with more than a third (37%) of finance professionals struggling to get to grips with the software, according to a survey commissioned by Yooz.

Financial reporting (30%) and costs associated with adopting new software (30%) were also listed as significant challenges, while one in four (24%) still citing a lack of information and understanding on MTD compliance.

And this problem could be worse than feared, as the survey also found that finance professionals are having a hard time recruiting new staff. This is where a company such as Pearse Partners could be a major asset in hiring quality staff into your company.

Hiring people with necessary skills (40%) was highlighted as the biggest recruitment challenge within the next year – more so than wage demands (39%) and flexible/home working preferences (37%).

Fears of MTD readiness have loomed over finance and accounting department for years and while VAT registered businesses will (or should) be MTD-compliant now, digital processes are continuing to confuse many.

Just 17% of UK businesses are fully prepared for electronic invoicing, with a whopping 68% almost ready or with plans in progress.

“Although it’s natural that there would be a few teething problems with companies making the switch to Making Tax Digital, it’s clear that there are plenty of hurdles still to overcome,” said Laurent Charpentier, CEO at Yooz.

“There’s widespread acknowledgement that Making Tax Digital is the right approach for the future, but it seems the pace of change has left many wondering what they have to do to not just remain compliant, but remain in business. They say tax doesn’t have to be taxing, but it seems many within the business would agree entirely with that statement.”

Yooz is providing an update on the current state of MTD in the UK and the recent April 2022 mandate in their webinar on June 23rd, 12pm BST. Register for the webinar here: https://www.getyooz.com/en-gb/webinar-edu-live-mtd-2022-06-23

Rise of The East: AsiaPac banking makes gains on Europe & North America as volume of new hires increases by over +60% in the past year

Sam Allcock
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0
Rise of The East: AsiaPac banking makes gains on Europe & North America as volume of new hires increases by over +60% in the past year
  • 64% global growth of job roles in financial services
  • London has experienced the highest job growth of any banking hub (101%)
  • Singapore financial services talent almost matches the number of global leader London
  • 2 in 3 banking professionals in AsiaPac are actively looking to move job roles
  • Recruitment of senior-level professionals in FS has tripled since start of pandemic
  • +40% pay increases offered for remote roles to tackle global talent shortage
  • Asia leads the way on gender diversity, with a near 50/50 split in workforce

Hiring has reached peak levels for financial services across the globe – where across the eight major hubs the number of job roles advertised has increased by +64%, making the sector one of the fastest hiring industries post-pandemic (after technology).

Whilst London powers ahead as being home to the most financial services professionals working in any one city (293,700) – AsiaPac have steadily made gains in the past 12 months with Singapore (250,000), Sydney (167,364), and Tokyo (166,000+) the most notable cities with high levels of financial services talent.

Job Growth in the Past Year by City

  • London: +101%
  • New York: +78%
  • Tokyo: +77%
  • Singapore: +76%

Job Growth by Region

  • Europe: +62%
  • North America: +60%
  • AsiaPac: +61%

New York (48,595), London (38,945), and Paris (24,165) continue to dominate on the hiring front – having the greatest number of advertised job roles. However, it is across AsiaPac where we see the best conditions for hiring, with professionals in Sydney (81%), Singapore (76%), Hong Kong (67%), and Tokyo (60%) all expressing a high willingness to leave their role despite this being the tightest candidate market seen in decades.

The findings come from a new report from global professional services recruitment consultancy Robert Walters – Hiring Trends in the World’s Leading Financial Services Cities – which puts a lens over the labour market across 8 key banking hubs; London, New York, Tokyo, Sydney, Paris, Singapore, Frankfurt, and Hong Kong.

Toby Fowlston, CEO of Robert Walters comments:

“The global financial services system is as solid as it was before the pandemic – and much healthier than after the last crisis in 2008 (GFC).

“Whilst the pandemic did not have the expected harmful financial effects on the global banking industry, it has certainly accelerated change in a multitude of other areas. Digital banking boomed whilst cash use fell, savings expanded and credit card debts were paid-off in record time, remote became a way of working, data-capture and usage is a central business function, and environment and sustainability are now front of mind for customers and regulators.

“All of this change has led to exponential hiring in the sector – with each hub trying to fight for the same talent at the same time, the results being a fiercely competitive recruitment market like we’ve never seen before, with execs being offered over +30-40% pay increases with the option to work from anywhere in the world.”

Asia Leading the Way on Female Diversity

It is across Asia where we see the most gender diversity in the financial services sector – in fact, Singapore (46%) has near 50/50 gender diversity, whilst women make up 44% of the banking workforce in Hong Kong.

Whilst the likes of New York (36%) and London (36%) lag slightly behind in gender diversity, they continue to make strides in cultural, racial, and socio-economic diversity – with many firms having advanced recruitment programmes to ensure their workforce is representative of the diverse population of the city they are based in.

Toby adds: “As a whole the global financial services sector has made solid strides in gender diversity – with near half of the entry-level workforce in financial services being women.

“The task now is to equal representation at the top, where in banking less than a quarter of high-level senior positions are held by women. We are seeing some worthy gains been made in this area, and I think the increasing diversity in senior positions will only help to speed up the rapid rate of innovation and change within the sector.”

An Imbalance of Seniority

Not surprisingly the recruitment of senior professionals – who have been in the industry for 15+ years – was rife as the pandemic hit, as major institutions snapped up professionals who had experience of dealing with the GFC.

Where typically senior hires represent around 8-10% of all new hires – with the bulk of hiring being at junior and mid-management level – this figure sky-rocketed in the past 12-18months where in some hubs up to 1 in 3 new hires in banking has been at a senior level.

  • London: 20% of new hires is for senior roles, an increase of 5%
  • New York: Team/Department Heads was the only area to experience growth in the pandemic (+26%)
  • Tokyo: 19% of new hires are at a senior level
  • Sydney: 28% of new hires is for senior positions, an increase of 5%
  • Paris: 63% growth at Manager-level and above
  • Singapore: 31% of new hires is for a senior role

Investment into training programmes and graduate hiring all came to a standstill in Q1 2020, with the ramifications of this being felt at mid-management level who have reported the highest levels of burnout due to having a weaker support team beneath them.

Toby comments: “Employers will continue to experience challenges in attracting junior analysts and associates as the traditional appeal of working for a large Financial Services organisation now finds itself in a battle with the lure of a career in a start-up or major tech firm.

“Reputational issues suffered since the GFC and workplace-related perceptions – around hours, flexibility, and culture – will all need to be addressed head on by financial services firms if they want to build out their future talent pipeline.”

Click here to download a copy of Hiring Trends in the World’s Leading Financial Services Cities.

Press Release – RBW Consulting wins a Best Corporate Social Responsibility Award

Sam Allcock
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Press Release – RBW Consulting wins a Best Corporate Social Responsibility Award

RBW Consulting has just been announced as winner of the Best Corporate Social Responsibility category at the 2022 Best Business Awards. 

Upon receiving the Award, RBW Consulting’s Chief Growth Officer, Emma Thorp, said: “As a business, we’ve always wanted to ‘give back’. Investing in patient-focused research is the most relevant, most immediate way of impacting the patient populations that our clients serve, hence the creation of our RBW IMPACT programme. I know first-hand the impact a rare disease diagnosis can have on a family, and we’ve been bowled over by the reception this first project has received from the community, which only goes to show how needed more action is. Our hope is that in some small way we can make a positive difference to better health outcomes, and having our endeavours recognised by the Best Business Awards is the icing on the cake”.

 The Best Business Awards pride themselves on having a large panel of independent expert judges who select winners according to strict criteria for each category and sector.

Commenting on RBW Consulting, the chairman of the judges said: “Specialist life science talent acquisition consultancy RBW Consulting can’t be praised enough for funding some patient-focussed research into the mental health impact of a rare disease diagnosis. It is a devasting moment for the patient and family when a diagnosis is made and to ease the shock RBW Consulting, working with the Rare Disease Research Partners, has developed a statement of good practice and guidance for healthcare professionals to help them improve their approach. This is a wonderful project that is being supported by many rare disease organisations and helping patients with their mental health.” 

The Best Business Awards are one of the UK’s highest profile awards and winning this accolade speaks volumes about RBW Consulting. Due to its high profile, the Awards attract a wide range of entries from across all sectors from large international PLCs and public sector organisations to dynamic and innovative SMEs. The winners all have one thing in common – they are truly outstanding at what they do.

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