Author: adler

The government has set out plans to clamp down on buy now, pay later schemes, after concerns that some people are borrowing more than they can afford to repay.
Lenders will need to be approved by the Financial Conduct Authority and required to carry out affordability checks on customers, who will be able to take complaints to the Financial Ombudsman Service.
Penalties for failing to comply include a ban from offering regulated services and products or fines against companies and individuals.
People using buy now, pay later schemes will also be covered by Section 75 of the Consumer Credit Act, which gives customers the right to compensation when they spend between £100 and £30,000 on goods or services.
Under the Treasury’s eight-week consultation, lenders will have to give customers key information about their loans and issue credit that is genuinely affordable. The government estimates that the rules will help protect about 10 million people using the loans.
Lenders make their money from retailers by taking a cut of each transaction. The payment model, which was largely used at first for low-cost fashion, is now used for items including holidays, furniture and paying rent.
Many agreements are not regulated and rely on minimal checks, and lenders are not required to give key information to borrowers, the Treasury said, which means some people may borrow more than they can afford to repay.
The government has previously outlined plans to strengthen rules around such firms. In June it said lenders would be required to carry out checks to make sure loans were affordable for consumers, and financial promotion rules would be amended to ensure advertisements are fair, clear and not misleading. The next stage after the new consultation will be legislation.
More than two out of five customers of the schemes borrowed money elsewhere to keep up with their buy now, pay later commitments, according to Citizens Advice. The most popular type of borrowing was on credit cards.
A meeting of banks and debt charities will be convened today by the City minister, who will urge the group to work together to improve financial education. Andrew Griffith, economic secretary to the Treasury, said: “People should be able to access affordable credit, but with clear protections in place. Today’s summit will also help regulators and banks better understand the best ways to support people who feel boxed in by debt and open up the financial system to people who find it more difficult to access.”
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Treasury set to tighten up pay later schemes

Mortgage lenders risk reputational damage if they fail to help customers who are struggling under the weight of rising borrowing costs, a leading credit rating agency has warned.
Moody’s said that British banks and building societies faced “social risks” from interest rates at a 15-year high, as the Bank of England struggles to contain inflation.
“We expect banks to work proactively with their customers to refinance maturing loans or, for those with constrained cash flows, to avoid default,” Moody’s said. “Failure to do so would entail reputational risk.”
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It adds to pressure on lenders to protect their customers as households struggle with the cost of living.
Nikhil Rathi, chief executive of the Financial Conduct Authority, warned City firms in November that how they navigated this period of economic turmoil “will determine the industry’s reputation for decades ahead”.
Rising interest rates present a double-edged sword for lenders. On the plus side, they are boosting the profitability of banks. Higher rates have allowed commercial lenders to grow their net interest margins, which is the difference between the interest a bank pays to savers and the rates charged on borrowers.
Margins are rising because banks are not fully passing on base rate increases to depositors. Barclays reports profits for 2022 tomorrow, followed by NatWest on Friday and HSBC and Lloyds Banking Group next week.
Yet higher rates also raise the risk that borrowers cannot service their debts, resulting in bad loans at banks.
There are also the reputational dangers. Indeed, banks have already faced criticism from MPs on the Treasury committee for being “ungenerous” in the rates they are paying to savers.
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Banks ‘risk reputations’ by failing to help borrowers

Footfall bounced back strongly last week as workers returned to offices after several days of rail strikes, in the latest sign of a recovery for Britain’s city centres.
A central London “back to the office” benchmark by Springboard, which tracks activity at office hotspots, shows that footfall rose by 36.4 per cent in the seven days to February 11, compared with the same week last year, although it is still 19.5 per cent lower than pre-pandemic levels.
Week-on-week footfall in London was up by 5 per cent as workers returned after strikes on February 1 and 3, which disrupted commuter rail services, including Thameslink, Southeastern and Southern. Cities in the regions also benefited, with annual footfall up by 19 per cent.
Diane Wehrle, insights director at MRI Springboard, said: “Last week was clearly a week when consumers returned to high streets following train strikes in the week before last.”
She said that on an annual basis, “by far the greatest recovery in footfall from 2022 occurred in large city centres, most probably driven by employees returning to their offices, whilst there were far more modest year-on- year increases in smaller high streets”.
Town centres have taken a battering in the past few years as a result of the pandemic and more recently the cost of living crunch, with many shops and services forced to close during lockdowns and growing numbers of stores going out of business as a result of the pandemic.
Hybrid working has been hard-wired into the lives of millions of people, who seem in no hurry to return to the office.
However, Richard Lim, a retail analyst, said the latest footfall figures highlighted that workers were being “encouraged to get back into the office at least two or three times a week”.
“What we’re seeing in terms of the long-term, hybrid working structural change in the labour market is that people are tending to get back to the office more so than we have seen in the last couple of years,” he said.
“Hybrid working is here to stay and the implications of that is that it will change the city centre landscape.”
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City centres see boost as footfall bounces back after rail strikes

Amazon workers at a warehouse in Coventry have announced seven more days of strike action as they continue their push for better pay.
More than 310 staff at a giant fulfilment centre in the West Midlands city will strike on 28 February, 2 March and from 13 to 17 March, according to the GMB union.
The workers became the first ever employees of the online retailer in the UK to take strike action on 25 January. They are asking for higher pay and have also complained of overbearing management practices and long hours.
The strike threat came as workers across the UK economy face a steep fall in real-terms pay because of high inflation. However, it also follows an announcement last month by Amazon’s chief executive, Andrew Jassy, that the company is to cut 18,000 jobs globally in response to slowing economic growth after the pandemic tech boom.
Amazon has not recognised the union, continuing a pattern of hostility towards organised labour across the world. The company has consistently argued that its employees should not unionise.
The striking Coventry workers, a minority of the 1,400 staff working at the warehouse, are seeking £15 an hour, a 43% increase from the £10.50 rate they are paid. Amazon had offered a 5% rise, 50p more an hour. The national living wage, the legal minimum, is £10.42 an hour for workers over 23.
Amazon has previously said it gave staff a £500 cost of living payment at Christmas.
Amanda Gearing, a GMB senior organiser, said: “This unprecedented week-long strike shows the anger among Amazon workers in Coventry. They work for one of the richest companies in the world, yet they have to work round the clock to keep themselves afloat.
“It’s sickening that Amazon workers in Coventry will earn just 8p above the [minimum wage] in April 2023. Amazon bosses can stop this industrial action by doing the right thing and negotiating a proper pay rise with workers.”
Amazon has also faced a push for increased unionisation in the US. In November a US judge ruled that the company cease and desist from retaliating against workers for organising in the workplace at a warehouse in Staten Island, New Jersey. Workers at the warehouse were the first Amazon employees to win a union vote in the US, although the compnay has defeated other attempts to unionise in the US.
An Amazon spokesperson said the workers going on strike represented only a small proportion of its Coventry workforce.
“We’re proud to offer competitive pay which starts at a minimum of between £10.50 and £11.45 per hour, depending on location. This represents a 29% increase in the minimum hourly wage paid to Amazon employees since 2018,” the spokesperson added.
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Amazon workers in Coventry announce seven more days of strike action

Hycondo Thasala Chiang Mai by Hylife Improvements Co., Ltd. won the FIABCI-Thai Prix D’Excellence Grant in 2022 at the classifications of the honors of Private Townhouses Class.
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Hycondo Thasala Chiang Mai: FIABCI-Thai Prix D’Excellence Grant 2022

Businesses must improve workplace fluidity if they are to emotionally and financially support employees through rising childcare costs.
Prime Minister Rishi Sunak has indefinitely shelved plans for an overhaul of the UK’s childcare system, initially proposed by his predecessor Liz Truss. The former Prime Minister’s bill involved scrapping mandatory staff-child ratios in an attempt to cut costs for nurseries, as well as increasing free childcare support by 20 hours a week. Sunak is preparing his own reform plans on a far smaller scale, which are expected to take months to arrive.
The announcement coincides with the highest food price rises on record (the annual food inflation rate jumped to 13.3% in December), as the cost-of-living crisis tightens its grip on household incomes. Alongside inflationary pressures, parents have unprecedented childcare fees to contend with – the annual fee for full-time care for a two-year-old rose by 171% from 2000 to 2021.
Nicole Bello, Group Vice President EMEA at UKG , said: “Businesses should not underestimate the mental and financial toll the cost-of-living crisis is inflicting on their staff, and they have a moral obligation to support employees in these trying times. This means engaging with the political and economic climate to identify how employees are being impacted and introducing measures to address these challenges.
“The childcare reform U-turn is a prime opportunity for business leaders to proactively support staff who are struggling with rising bills. The easiest way businesses can assist the employees affected is to offer a truly flexible model of working, that gives colleagues the chance to schedule shifts or office days around childcare demands.
“For example, employers may consider lowering the minimum requirement of days spent in the office per week so that staff can stay home and save on nursery fees. Alternatively, businesses could scrap office rotas and instead let employees decide which remote working days best suit them, allowing colleagues to venture into the office when relatives can offer childcare support.
“Leveraging HR technology and automating ‘People Operations’ are also effective ways of introducing much-needed malleability to schedules and granting staff the autonomy to work around childcare needs. Self service HR tools allow employees to swap shifts, change their availability or pick up overtime via their mobile device, making it easy for staff to alter shift patterns and reduce the financial burden of external responsibilities.
“Businesses should also make educational resources accessible through HR portals, as well as sending out targeted alerts that update staff when new material becomes available. Doing so provides colleagues with the knowledge to make informed financial choices and notifies them whenever a new measure is introduced with their financial welfare in mind.
“Times are undeniably tough for both businesses and their staff, but the organisations that prioritise the needs and wellbeing of employees will be rewarded with loyal and engaged personnel for years to come. It’s important to remember that nobody understands the requirements of the current workforce better than employees themselves, so trusting them with an agile and empowering working environment is the most effective way of offering support,” concluded Bello.
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Workplace flexibility is essential to offset Rishi Sunak’s childcare reform U-turn

The biggest rail workers’ union has rejected what the Transport Secretary has described as the “best and final offers” aimed at resolving the long-running disputes over pay, jobs and conditions.
Mark Harper described the move by the Rail, Maritime and Transport union (RMT) to reject the proposals from Network Rail and the train operating companies as “a kick in the teeth for passengers”.
He said it is clear “no realistic offer” will be accepted by the union as hopes faded that the dispute will be resolved any time soon.
Mick Lynch, the RMT’s general secretary, said they had to reject the “dreadful offers” after a consultation of his members and vowed to keep up industrial action for “as long as it takes”.
The RMT said its executive decided to reject both offers on the basis that they do not meet members’ expectations on pay, job security or working conditions.
The union said it was seeking an “unconditional” pay offer, a job security agreement and no detrimental changes being imposed on members’ terms, conditions and working practices.
The union said it believes Network Rail’s plans for maintenance were unsafe, unhealthy for staff and unworkable. Network Rail rejects the union’s claims.
But Mr Harper said: “The RMT’s rejection of these best and final offers is a kick in the teeth for passengers across the country and their own members, who having been ordered to take strike action are now being blocked from having a say on their own future.
“It is now clear that no realistic offer is ever going to be good enough for the RMT leadership.”
The RMT said it will now seek further meetings with Network Rail and the Rail Delivery Group to try to achieve a negotiated settlement.
Mr Lynch said: “We have carried out an in-depth consultation of our 40,000 members and the message we have received loud and clear is to reject these dreadful offers.
“Our members cannot accept the ripping up of their terms and conditions or to have safety standards on the railway put into jeopardy under the guise of so-called modernisation.
“If our union did accept these offers, we would see a severe reduction in scheduled maintenance tasks, making the railways less safe, the closure of all ticket offices and thousands of jobs stripped out of the industry when the railways need more investment, not less.
“Our industrial campaign will continue for as long as it takes to get a negotiated settlement that meets our members’ reasonable expectations on jobs, pay and working conditions.”
Both Network Rail and the Rail Delivery Group have offered a pay deal worth 9% over two years.
The Transport Salaried Staffs’ Association (TSSA) said its members will vote on the same offer it has received from the Rail Delivery Group.
A TSSA spokesman said: “Members involved in this long-running dispute will now have the chance to vote on whether what the train companies have come up with is enough to address their demands.
“What is on the table now is a result of careful negotiations and the commitment of our members in their determination to demonstrate our collective industrial strength.”
A Rail Delivery Group spokesman said: “Our passengers and many hard-working RMT members will be deeply dismayed that the union leadership has opted to reject our fair proposals without putting out a vote to their full membership in a democratic referendum.
“Having listened to the union’s concerns during recent negotiations, we went back to the table with substantial changes to give colleagues a minimum pay increase of at least 9% over two years – rising to over 13% for the lowest paid – which they will now miss out on without even having had an opportunity to have their say. We removed driver-only operation and gave an improved job security offer.
“The railway’s financial crisis is not going away. We remain willing to engage, but the RMT leadership must now accept the urgent need to make the railway fit for the future for both our people, and the communities the railway serves.”
Tim Shoveller, Network Rail chief negotiator, said: “The RMT’s leadership is condemning its members to a further round of fruitless, pointless and costly strikes, for passengers, for employees and for the economy.
“We have made multiple concessions, compromises and offers, while the RMT has shifted on nothing.
“It’s time for a second referendum on our new, revised offer and time to end this and work together to rebuild our railway.”
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Union rejects ‘dreadful’ pay deal as Lynch promises to prolong strike misery

Start-up group Tech Nation has reportedly lined up a host of potential bidders for its assets as it prepares to close down in March following the government’s controversial move to hand its funding to Barclays.
Around 30 buyers have now lined up to potentially swoop on the firm’s assets, including the networking group run by Lastminute.com founder Brent Hoberman, the Founders Forum, the Financial Times has reported.
London Business School had also reportedly considered bidding for the assets but pulled out of the process.
The move to withdraw Tech Nation’s funding has drawn the ire of the tech industry. A letter prior to Tech Nation’s announcement called on ministers to “back British tech” and attracted over 400 signatories from across the industry.
The group was formed by David Cameron’s coalition government in a bid to boost the UK’s tech industry through “growth programmes” and more than £28bn has since been raised by alumni of the group’s accelerator programmes, which include the likes of Monzo, Deliveroo and Darktrace.
Tech Nation, which runs start-up accelerators and a visa programme for the Home Office, announced last month that it would be permanently shuttered after ministers pulled a £12m grant – its main source of funding – and handed it to Barclays.
The group said in January it was now looking to shed its remaining assets and intellectual property to “mission-based organisations” and was calling for firms to bid before a 14th February deadline.
The visa programme run by Tech Nation on behalf of the Home Office has processed over 6000 Global Talent Visa applications since its inception and endorsed more than 3000.
But questions are now hanging over the future of the programme, after the group lost its funding.
A spokesperson for the Home Office said that the future governance of the programme had yet to be decided.
“We are working closely with Tech Nation to ensure continuity of the digitech strand of the Global Talent visa in the short term, whilst we explore the long term changes necessary in light of Tech Nation’s planned closure,” the spokesperson said.
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Tech Nation lines up potential buyers for assets as closure looms

Britain’s pubs are at “breaking point”, hospitality chiefs have warned, after new figures reveal that the number of pub and bar insolvencies has risen 83 per cent in the last year.
According to data published by accountancy firm UHY Hacker Young, some 512 pub and bar companies went bust in 2022, up from 280 the previous year – with the firm citing inflation and rising energy bills as the key reasons for closures.
Kate Nicholls, chief executive of UKHospitality, said that the scale of insolvencies is unfortunately reflective of the “enormous challenges” facing hospitality, and many pubs are now at “breaking point”.
“Soaring energy costs, labour shortages, record food and drink inflation, industrial action and debt from pandemic loans, to name a few, will eventually deal a fatal blow to businesses, and we’re seeing that in these figures,” she said.
It comes as the government revealed it is set to reduce the amount of relief it provides businesses and public sector organisations in relation to energy bills in April.
The current Energy Bill Relief Scheme, which was announced in September, has provided £18bn to businesses to help with soaring costs.
However, this support package will now be replaced with the Energy Bills Discount Scheme which will see the amount reduced to £5.5bn.
“The spiralling cost of energy has been our members’ number one concern for close to a year now and remains so,”  Emma McClarkin, chief executive, of the British Beer and Pub Association, told Business Matters.
“As this data demonstrates, there is no doubt that energy costs are causing businesses to fail – people simply cannot afford to make ends meet and are left with no choice but to shut up shop meaning a community loses its pub or brewery, and the jobs and livelihoods that go with it, for good,” McClarkin said.
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Pub insolvencies jump 83 per cent as rising energy bills force them to call time