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(Print) ISSN 1469-5162
(Online) ISSN 2051-9524
INSIDE
Issue 162 | February 2020
Elizabeth line
Opening in 2021
Page 3
www.londonbusinessmatters.co.uk
COV ER S TO RY
Inspiring climate
action in the City
Page 7
2 February 2020 Issue 162 (Print) ISSN 1469-5162 (Online) ISSN 2051-9524
Regulars
Overseas business
opportunities
From Belgium to Russia
Page 15
Events Networking opportunities
in the extensive LCCI programme
Pages 22-23
Two minute interview
Amy Smith of Lingfield
Park Resort Page 28
Enterprise Europe
Network
News and events
Pages 40-41
New members
Who has recently joined the LCCI?
Page 42
14 Budapest River Danube is the focal point for a smart city
Features
BREXIT
Economy Rory Stewart
Taking the capital’s Independent mayoral
UPDATE temperature candidate addresses LCCI
5 10
Britain in 2020 –
New leadership LCCI in the news
getting over Brexit Changes at the top at LCCI Rail issues dominate
Economic analysis by HSBC’s
Mark Berrisford-Smith
Page 6 10-11 12-13
Brexit Q&A Africa Asian Business Association
Progress since the election; Infrastructure projects get Winter reception at the
and key dates UK Export Finance backing Bombay Brasserie
Page 35
16 17
General Election French connections Workplace
London’s new political map LCCI at MIPIM in March Isobel Edwards on
addressing the skills gap
18 18 20
Front cover: Imminence, NOVAK in collaboration with Ed Carter and Hazel Dunn, Bloomberg Arcade, London, 2019. Commissioned by Bloomberg Philanthropies.
Produced by Artichoke. Photo by Matt Crossick.
London Business Matters is edited by Peter Bishop – pbishop@londonchamber.co.uk
Official Publication of International business London Business Matters is PUBLISHING CONTACTS
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www.londonchamber.co.uk | www.londonbusinessmatters.co.uk
February 2020 News 3
Elizabeth line services
scheduled for 2021
Crossrail’s latest update on to complete the Elizabeth line and
Photo by Philafrenzy [CC BY-SA 4.0]
progress to complete the the milestones we must hit during
Elizabeth line – out last month 2020, including the testing of the
– confirmed that the much- signalling and train systems and
delayed project is now looking safety assurance, but there are no
at opening the central section shortcuts to delivery of this hugely
between Paddington and complex railway.”
Abbey Wood in summer 2021
Immense
T
he forecast is based on the Sean McKee, LCCI director of pol-
current progress with com- icy and public affairs said: “Once
pleting software development operational, the benefits that Cross-
for the signalling and train systems rail will bring to London will be
immense.
“Of course safety is the first con-
sideration, but it has to be appreci-
Elizabeth Line construction at Moorgate station ated that the delays to the project
have been a blow to those business-
along with safety assurance for the the central section now reaching es that made investment decisions
railway so that intensive operational substantial completion and we are based upon the previous timelines.
testing can begin this year. increasingly confident that Bond These firms will now hope for the
Street station will be ready to open earliest possible opening date”.
No shortcuts with the rest of the railway.
Crossrail chief executive Mark Wild “We have a comprehensive plan www.crossrail.co.uk
commented: “I know that London-
ers are deeply frustrated by the de-
lays to the Elizabeth line and we are
doing everything we can to get this
railway finished and open. We con-
tinue to make good progress with
London business concern
over cost of HS2
With a review of HS2 ongoing, “It is important to
LCCI released new opinion
polling, carried out by Savanta note that London
ComRes, of 500 London
businesses of varying size and
businesses see
sector merits in the project
R
esults showed that nearly for both London Accelerate your Business!
three quarters of London
business leaders polled think
and the UK.” • Proactive Support
that HS2 costs too much. Nearly two
thirds feel that HS2 construction has
ecutive, said: “With nearly three
quarters of businesses voicing con-
• Fast Response
or will cause too much disruption. cern about the growing cost of the • No Contract
project, this new polling will be of
Economic benefits significant interest to the ongoing
Contact Us Today!
The polling found however that government review.
business leaders recognised the “It is important to note that London
economic benefits that HS2 would businesses see merits in the project for 020 3790 7500
bring such as helping bridge the both London and the UK. However, Enquiries@LabyrinthIT.com
north-south divide and boosting majority concern about its necessi-
the economies of both London and ty, costs and disruption, leave a clear
the UK as a whole. challenge for the promoters of the
Commenting on the results, Pe- project to effectively convey that the
ter Bishop, LCCI interim chief ex- project is worth its mounting cost.”
4 Economy February 2020
UK economy stagnating as
T
he UK ended 2019 in stag- main well below their historic machinery dropped to its lowest
nation, amid long term un- average. level since Q4 2011.
certainty, rising business
costs and a slowing global econ- • The balance of manufacturers • Cashflow – a key indicator of
omy. These were the conclusions reporting a rise in domestic and the health of businesses – im-
from the British Chambers of export sales improved slightly. proved slightly from its lowest
Commerce quarterly economic However, the balance of man- level in eight years but remains
survey, the largest of its kind in ufacturers reporting increased very weak across both manufac-
the UK and a leading indicator of export and domestic orders turing and service sectors.
GDP growth. has now been negative for two
Protracted weakness was detect- consecutive quarters. This is Slowdown
ed across most indicators of eco- the first this has happened since Suren Thiru, BCC head of econom-
nomic health in the final quarter 2009 and 2011 respectively. ics, commented: “The UK economy Adam Marshall
of 2019, specifically: limped through the final quarter
• The service sector, which ac- • Investment intentions remain of 2019. The fourth quarter was household expenditure and crip-
counts for almost 80 per cent of weak by historic standards – the characterised by a broad-based pling cost pressures.
UK economic output, saw all its balance of firms in the manu- slowdown in the dominant services “Despite some improvements,
key indicators worsen compared facturing sector that plan to in- sector with all key indicators weak- indicators in the manufacturing
to Q3 2019. These indicators re- crease investment in plant and ening in the quarter, amid sluggish sector remain very weak by historic
Business needs confidence to be restored
British Chambers of now take to deliver them.”
Commerce (BCC) responded Marshall said that businesses
to the election of a new needed an urgent guarantee that
government with an urgent the PM would act decisively to
call to action avoid a messy and disorderly exit
B
from the European Union. He
CC director general Dr Adam asked for clear, detailed informa-
Marshall wrote to the Prime tion to be provided to businesses so
Minister to congratulate him that they can navigate the complex
on the election victory last Decem- changes ahead.
ber on behalf of chamber business
communities in every nation and Frustration
region of the United Kingdom and Looking back, the BCC’s director
around the world, wishing him well general spoke of the frustration in
in the crucial period ahead. business communities. “There is
deep dismay over the stasis of the
“The task the PM faces, last three years, and over the way
the challenges of Brexit and future
said Marshall, was economic growth have been glossed
“perhaps the biggest over during the recent general elec-
tion campaign.
the United Kingdom “Businesses feel that their needs
has ever confronted in have been overlooked, and their
faith that Her Majesty’s Govern-
peacetime. Campaign ment will support enterprise,
slogans must now give wealth creation, trade and invest-
ment must be restored. Over the
way to a renewed focus crucial weeks ahead, businesses
on the details that will be looking for evidence that
words will be backed up with deeds
matter.” - and that their needs are being
both heard and addressed at the
The task the PM faces, said Mar- highest levels.
shall, was “perhaps the biggest the “The hard work of good govern-
United Kingdom has ever confront- ance must start now. Work with
ed in peacetime. Campaign slogans doing business. Your party’s elec- us, in a genuine partnership, to
must now give way to a renewed Concrete action tion manifesto was neither clear nor rekindle the animal spirits of our
focus on the details that matter. “Immediate, substantial action is detailed enough on how a Conserv- businesses, to tackle the challenges
Words alone will not restore the needed to reinvigorate our stagnant ative government would achieve facing our communities and our
confidence of British businesses, economy, build new infrastructure, these aims – and businesses want to planet, and to deliver progress and
consumers and investors. boost skills and lower the cost of know what concrete action you will prosperity in every part of the UK.”
February 2020 Economy 5
service sector slows
standards, and with indicators for ment must use its newfound major- quickly over the coming weeks to
domestic and export orders con- Deadlock ity to take big decisions to stimulate ensure that Brexit is done right.
tinuing to contract, the near-term Responding to the findings, Dr growth. A clear future trading relation-
outlook for the sector remains chal- Adam Marshall, BCC director “If ministers take action to re- ship with the EU is also crucial to
lenging. general said: “The end of political duce up-front costs, move key in- many firms’ future investment and
“A faltering service sector togeth- deadlock at Westminster must also frastructure projects forward, and growth prospects.”
er with listless manufacturing activ- bring action to renew business con- to help businesses on training, See main points of BCC letter
ity points to a downbeat outturn for fidence and tackle the prolonged they’ll be rewarded with increased to the Prime Minister on page 4.
UK GDP growth in the fourth quar- stagnation that’s affecting so much investment.
ter of 2019”. of the UK economy. The govern- “However, they also must move www.britishchambers.org.uk
Taking the capital’s temperature
LCCI has been conducting a of commerce across the UK the London economy by business
quarterly economic survey of every quarter. size and broad industry sector.
London companies for over The survey evolved into the The survey is based on
ten years to gauge business Capital 500 and since Q2 2014 responses from over 500 London
performance and general LCCI has worked with leading businesses – the Capital 500 –
confidence levels across the polling company, Savanta that make it London’s largest
capital. This is part of the ComRes, to expand the sample and most authoritative regular
biggest and longest running beyond LCCI membership to poll business survey.
national private business survey, a panel of London businesses
conducted by regional chambers that are fully representative of www.comresglobal.com
Economic insights
Mark Berrisford-Smith – see his Health assessments.
article on page 6 – analysed the sur-
vey results in the light of HSBC’s
own studies and insights as part
of an expert panel which included
James Rentoul, director of pollsters
Savanta ComRes, Vicky Price, chief
Invest in your
economic adviser of the Centre for
Economics and Business Research,
and Joe Mayes, Bloomberg’s Brexit
and media reporter.
H greatest asset.
LCCI’s director of policy, Sean
SBC hosted the launch of McKee, outlined the chamber’s
London Chamber’s quarter- policy recommendations related to
ly economic survey for the the report, while the question and
capital at their Queen Victoria Street
premises in the heart of the City.
The bank’s head of economics,
answer session with the panel was
chaired by event chairman Peter
Bishop, interim chief executive.
People.
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(Left to right) Peter Bishop, James Rentoul, Mark Berrisford-Smith, JAN20 CLI 00442
Joe Mayes and Vicky Pryce
6 Economy February 2020
Business recruitment challenge remains
N
early sixty per cent of Lon- ued throughout 2019 – as it did for
don businesses that tried “With employment levels high and the UK’s many London firms. Consequently,
to recruit during the final future trading terms with the EU still unknown, the year ended with over half of
quarter of 2019 struggled to find the London firms operating under full
candidates they required – suggest- 2020 starts with a challenging recruitment staffing capacity.
ing employers are set to continue to
be challenged by the job market in
environment for many London businesses.” “Any detrimental changes to the
UK’s immigration system post-Brex-
2020. it will only worsen what is already a
The analysis is part of the LCCI’s broadly consistent with Q3 but with ties recruiting professional/ challenging situation for business.
quarterly ‘Capital 500’ – London’s a larger proportion of firms en- managerial positions. “A new balanced immigration
biggest and most representative countering difficulties doing so. • 12 per cent reported difficul- system providing access to skills at
business survey. Carried out by Results also show: ties recruiting unskilled or all levels is required. As is an in-
Savanta ComRes, it is based on the • 58 per cent of London business semi-skilled roles, and 12 per creased focus on the domestic skills
performance of over 500 London decision-makers say they are op- cent for clerical roles. system, including reforming the ap-
businesses of various sizes, sectors erating at below full capacity. prenticeship levy.”
and boroughs over the previous Struggles Vicky Pryce, chief economist,
three months. • Of the London businesses that Peter Bishop, LCCI interim chief Centre for Economics and Business
When asked during Q3, the busi- tried to recruit during the final executive commented: “With em- Research said:
ness community overall predicted quarter of 2019, 76 per cent were ployment levels high and the UK’s “Slower domestic and export
an increase in workforce size in Q4. looking to recruit to full-time future trading terms with the EU demand for London business-
However, when asked in Q4 about roles – up from 61% in Q3. still unknown, 2020 starts with a es chimes with the rest of the UK
how things actually went, employ- challenging recruitment environ- economy, still gripped in Brexit un-
ment levels fell on balance, with • Of the businesses that encoun- ment for many London businesses. certainty.
only eight per cent reporting an tered difficulties recruiting: “Nearly two thirds of companies “Worries about the trade disputes
increase and 12 per cent reporting • 62 per cent reported difficul- that tried to recruit during the fi- and the slowdown in the world
a decrease. ties recruiting skilled manual/ nal quarter of 2019 had difficulties. economy, particularly the EU, the
The proportion of businesses that technical workers. This includes us at LCCI, where UK’s main export partner, played a
tried to recruit during Q4 remained • 45 per cent reported difficul- our recruitment struggles contin- role too.”
Britain in 2020 – getting over Brexit
by Mark Berrisford-Smith cluded by the time the Implementa- sue has been a lack of confidence. But come to terms with the increased
W
tion Period ends on 31 December. In with Brexit done, spending on cars, frictions when dealing with EU
ith some of the Brexit un- that case, the UK would trade with houses, home improvements, luxury partners, but also with an appreciat-
certainties resolved, con- the EU on World Trade Organisation holidays, and other big-ticket items ing exchange rate. An orderly Brex-
fidence among house- terms from the start of next year. will all revive in coming months. it, and especially the conclusion of
holds and businesses will perk up a follow-on FTA with the EU, will
in the early months of 2020. It will Bare bones Confidence push sterling back towards its ‘fair
certainly be a better year for hard- Looking to the year ahead, howev- Yet even though spending by house- value’; or to put it another way, the
pressed retailers, and the housing er, it is HSBC’s ‘main case scenario’ holds contributes nearly two thirds ‘Brexit discount’ which markets have
market will lumber back into life. But that some sort of FTA will be con- of total economic activity in the UK, applied to the pound for the past
this is unlikely to translate into faster cluded with the EU. But it’s likely to the revival of this sector will not on three and a half years will dissipate.
growth for the economy as a whole. be a ‘bare bones’ agreement that will its own be enough to move the over- With the British economy entering
Whatever their views about Brexit, eliminate tariffs and quotas on most, all growth dial. To begin with, many its fourth year of sub-par growth, the
the certainty provided by December’s and maybe all, products, but will not businesses spent last year stocking-up Bank of England is likely to feel that
General Election will bring relief to address many non-tariff barriers or to mitigate the potential impact of a further loosening of monetary policy
many people and businesses. An stray much into trade in services. ‘no-deal’ Brexit. Assuming that rela- is warranted. HSBC is anticipating a
orderly departure on 31 January is On this basis, the UK economy is tions with the EU don’t break down reduction in Bank Rate from 0.75 per
not the end of the story, but it’s an expected to expand by an anaemic 1.1 quickly and irrevocably, it’s likely that cent to 0.5 per cent, probably at the
important first step. The government per cent this year, fractionally slower much of these excess inventories will policy meeting in May. The govern-
will then spend the coming months than in 2019, and around one per- unwind during the coming months. ment will also lend a hand, through
negotiating Free Trade Agreements centage point shy of the growth rates This will boost cashflows, but will its commitments to increase spending
(FTAs) with the EU and other im- achieved in the three years before the also mean that new orders will be on infrastructure. But those projects
portant trading partners. The aim EU referendum. At first glance, this curtailed until stocks are back at their take a while to come through and so
will be to have agreements ready to might appear counter-intuitive given normal level. This temporary dip in are unlikely to provide much impetus
come into effect from the start of the improvement in confidence that demand will adversely affect both during 2020.
2021, once the Implementation Peri- is already evident. And indeed, the domestic manufacturers and im-
od that forms part of the EU With- revival of consumer sentiment does porters. The upshot is that, despite a Mark Berrisford-Smith is head
drawal Agreement has ended. The herald a better year for the strug- general improvement in confidence, of economics at HSBC UK,
government could, in theory, ask for gling retail sector and also for the GDP growth rates for the first half of Commercial Banking
an extension to this period for either depressed housing market. There has this year will continue to be weak. www.hsbc.com
one or two years, but has pledged not been nothing wrong with consumers’
to do so. The biggest risk facing the finances for some time now, with the Exports
UK in 2020 is, therefore, that a fol- annual rate of inflation running well A second issue relates to exports,
low-on FTA with the EU is not con- below earnings growth. The only is- where firms will not only have to
February 2020 Economy 7
Inspiring climate
SPONSORED COLUMN
BREXIT CURES
action in the City Victor Caddy, Partner,
Trade mark and design attorney –
Wynne-Jones IP
Brexit has probably been the - If you start treatment earlier
longest game of will we/won’t and have applications to
we in the history of the world. register EU trade marks and
If you are suffering from the designs, you’ll need to apply
illness called Brexit Fatigue, to register corresponding UK
you are not alone. There’s a lot trade marks and designs. As
of it about. long as you do so within nine
months of Brexit, you should
For businesses, strategic
be fine.
planning and forecasting is
incredibly difficult at such an One of the most noticeable side
uncertain time and the last effects is that the vast majority
thing anyone wants to do when of UK trade mark attorneys will
suffering from a malaise. But not be able to handle European
planning and forecasting is vital. Union trade marks and designs
after Brexit. However, European
Fortunately, in intellectual
trade mark attorneys will still be
property, there are some
able to handle UK trade marks
effective cures out there.
putting UK practitioners in an
First things first; innovators unfavourable position. The
that rely on patents are effect on the UK profession will
the lucky ones. They have be felt deeply.
natural immunity because
Of course, there are many
Photos by Deborah Jarvis patents are not affected by
so-called cures on the internet.
Brexit. This is because the
But, can these be relied upon
Every evening for five weeks
in December and January,
“Bloomberg European Patent Office is not
an EU institution – the Europe
and how do you tell the
difference between ones that
City workers and visitors were Philanthropies referred to here is geographical,
work and ones that may end
not political Europe.
believes in the
treated to a free public artwork up doing more harm than
– an immersive installation In contrast, those whose IP good? Many UK trade mark
titled Imminence – which transformative health depends wholly or and design attorneys have tried
illuminated Bloomberg Arcade
with shape-shifting projections power of public art partly on the European Union
Intellectual Property Office
to broker deals with EU based
contemporaries, and some
to highlight the impact of
human-led climate change on
and its ability to (which handles trade marks and have opened their own EU
designs) have good cause to offices. However, none of these
planet earth inspire and engage feel under the weather. Brexit are a proven cure. The former
T
he light and sound installation communities” means the UK will no longer be
part of the EU trade mark and
involves middlemen (so possibly
extra cost), and the latter is not
invited the public to experi- design systems, and so EU trade on its own sufficient to meet the
ence and reflect on animated rates of change observed across cli- marks and designs will no longer requirements of the EU IPO.
scenes depicting the consequences mate indicators, including arctic sea cover the UK.
of climate change as they unfolded ice volume, seasonal monthly tem- Fortunately, at Wynne-Jones IP,
beneath their feet. Issues captured in perature, global forest cover, and the However, the good news is we inherited natural immunity
the vibrant projected landscape and decline in UK pollinating insects. that there are various fast and as a result of our part ownership
accompanying soundscape ranged Jemma Read, global head of cor- effective cures, depending on of Rotterdam based law firm,
from deforestation and bee extinc- porate philanthropy at Bloomberg how Brexit affects you: AIPEX BV, a pan-European
tion, to coral bleaching and global LP said: “Bloomberg Philanthropies IP firm with offices in eleven
- If you have existing EU trade European countries; AIPEX is a
warming. believes in the transformative power
mark registrations and design ready-made IP cure for Brexit,
of public art and its ability to inspire
registrations, you should be
Natural and engage communities. We hope
able to rely on a new cure
formed long before the EU
An original, synchronised sound- this collaboration with long-stand- referendum.
that will mean new, separate
track produced by composer Ed ing Bloomberg Philanthropies part- For tailored advice talk to our
UK registrations are created
Carter accompanied projected pat- ner Artichoke will inspire London- Brexpert attorney, Victor Caddy.
automatically by the UK IPO
terning running in a continuous ers to take bolder action to address
for each of your EU ones.
sequence to create a sense of con- the climate emergency.”
This should also happen for T: London - +44 (0)20 3146 7888
stant motion and urgency. The score
International trade marks and W: www.wynne-jones.com
draws on climate and environmental The artwork was commissioned
designs that designate the EU.
data from 1880 to the present day, by Bloomberg Philanthropies,
combined with recordings from produced by Artichoke and
the natural world that reference the created by artist collective,
changing visual imagery. The music NOVAK in collaboration with
was created to reflect the alarming Ed Carter and Hazel Dunn.
8 Your business February 2020
Out of this world
SPONSORED COLUMN
CONTRACT
FORMATION
Richard Silver, Senior Partner
at Silver Shemmings Ash
Parties enter into agreements Consideration is the requirement
(usually) with the very best of of reciprocal obligations on the
intentions but for a multiplicity parties to a contract, for example
of reasons things don’t go to one party undertaking some
plan and one or more of the work and the other for paying for
parties wants some form of the work undertaken.
redress.
Both parties must receive
The parties rights and liabilities valuable consideration for
are to be determined by the performance of their side of the
terms of the agreement they contract but it need not be a
L
have entered into. All too often, “fair” amount. If you contracted ast December the Dragon system, this payload will enable Bit-
however, the parties have to do work for too low a price capsule from a SpaceX Falcon coin transactions to be transmitted
not given at the outset due you are likely to be bound to the 9 rocket successfully docked and approved by the hardware on
consideration as to what might bad bargain. with the International Space Sta- the ISS through multisig authenti-
go wrong, relying far too much tion (ISS), carrying LCCI member cation, thus greatly increasing their
on trust. Certain terms may be implied
SpaceChain’s blockchain hard- security.
into contracts by law, or by
ware wallet technology. This will With each SpaceChain launch,
Obviously, it is advantageous usage or custom. The Sale of
enable ‘multisig’ authentication the vision of furthering a New
that the agreement is fully set Goods Act and the Sale of Goods
from space for the first time in Space Economy – enabling space
down in writing and with a full and Services Act by way of
history! agencies, industries and innova-
set of terms and conditions. But example imply certain terms into
The launch took place from the tors to access and collaborate in
even where there has been no all contracts for the sale of goods
Kennedy Space Center in Cape space using decentralized tech-
written agreement that does not and services, primarily for the
Canaveral, Florida, and a large nology – is getting ever closer.
necessarily mean that there is no purpose of consumer protection.
contingency of SpaceChain team This opportunity was pro-
contract. The supplier of goods or services
members and friends were in at- vided via Nanoracks and their
is obliged to provide goods of a
We all enter into contracts every- tendance to witness and support Space Act Agreement with NASA.
satisfactory quality which are
day from buying a tube ticket, the occasion. SpaceChain expect the testing of
fit for the consumer’s purpose
buying lunch or going to the this payload to be completed early
gym (after eating and drinking
or perform the services with
reasonable skill and care.
Security this year.
too much over Christmas). Routed through the most remote
These agreements are not all in So, yes I would strongly advise human inhabited place in our solar www.spacechain.co.uk
writing but are nevertheless just that you enter into a written
as enforceable with rights and contract, but where you have not
liabilities. that does not necessarily mean
that there is an enforceable
To form a contract there needs agreement.
to be:
Richard Silver is the Senior
• an offer; Partner at Silver Shemmings
• an acceptance; Ash, he is multi qualified as a
Barrister, Solicitor & Chartered
• consideration; and Quantity Surveyor with over
30 years of experience in the
• an intention to create legal
Construction Industry
relations.
An offer could be a quote or an
estimate. Email: richardsilver@silverllp.com
Tel: 0207 167 6602
Acceptance of an offer is Mob: 07900 166 749
when there is an unqualified www.silverllp.com
acceptance of the offer. Clearly
signing a contract will meet
this requirement, however,
allowing a contractor to start the
work following the issue of an
estimate may equally constitute
an acceptance.
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10 Your business February 2020
New team at LCCI
Changes at the top mean that and chair of Finboot, a start-up
the Chamber enters a new offering a unique enterprise-grade
decade with a new chairman, suite of blockchain applications and
deputy chairman and chief middleware solutions for value and
executive supply chains. He was previously an
R
investment banker at Sphere Part-
isk mitigation professional ners, Lehman Brothers, JP Morgan
Roddy Caxton-Spencer has and BZW (Barclays).
been elected as the Cham- Kotecha said: “I share LCCI’s pas-
ber’s new chairman writes Steven sion for helping small businesses to
Reilly-Hii. grow. London is one of the world’s
An executive director of Lloyd’s leading cities for start-ups and it’s
broker Besso Group, chairman crucial that we continue to nurture
of its international division and the entrepreneurial spirit for which
responsible for its overseas oper- it is known so that innovative com-
ations, Caxton-Spencer has spent Roddy Caxton-Spencer panies can thrive, for the benefit of
his career dealing with complex al Arctic expeditions, the Global nesses across all London’s boroughs us all.”
global insurance risks. Challenge Round the World Yacht require.”
A board member of LCCI since Race, and successful completion of In a further appointment Nish Newly-appointed chief executive
2014 (and member of its invest- the Marathon des Sables. Kotecha was elected Chamber’s Richard Burge writes about his
ment committee), he also sits on deputy chairman. A seasoned en- plans and aspirations for the
the board of London Scottish rug- Challenges and trepreneur, Kotecha is co-founder Chamber on the opposite page.
by club and the Court of the Wor- opportunities
shipful Company of Arts Scholars. Commenting on his election Cax-
He has also served as chairman of ton-Spencer, said: “At what is a cru-
the charity, Arts 4 Dementia. cial time for business in the capital
Having begun his career as a and the UK, I am delighted to be-
broker of jewellery, fine art and come chairman of London Cham-
bullion, he has been a Lloyd’s bro- ber of Commerce and Industry.
ker since 1978, and joined Besso in “As London navigates the chal-
1997. lenges and opportunities of the
Caxton-Spencer is no stranger post-Brexit landscape, I hope to
to managing risk in his spare time. bring my global experience to the
Amongst his achievements are the role and ensure that LCCI is offer-
ascent of Mount Everest, sever- ing the voice and services that busi- Nish Kotecha Richard Burge
In the news
Rory Stewart was the latest politicians for having little or no tutor of two royal princes; an (Conservative), Sian Berry (Green)
candidate to be put through experience outside Westminster award-winning author; a Foreign and Siohhan Benita (Liberal
his paces by LCCI members in but Stewart goes against the grain. Office official; and a panellist on Democrat).
advance of the London mayoral The former Conservative MP, Have I Got News for You.
All are expected to feature in this
elections this May at an event at now standing as an independent,
The spotlight in previous months month’s hustings at the London
the Ivy restaurant and Secretary for International
has been on incumbent Sadiq School of Economics in a session
Development has variously been:
It has been fashionable to criticise Khan (Labour), Shaun Bailey chaired by Professor Tony Travers.February 2020 Your business 11
London – UK’s world city
Positive intent of a truly world city within our own ness life grows and flourishes as a
We will doubtless have many differ- country. But more importantly, we consequence.
by Richard Burge ent ideas and that will produce dis- are a diverse commercial commu- So much to do. Let’s get on with it.
I
agreement. But I hope that we will nity. We have businesses that work
am struck that my first day remember that despite differences only with our city, we have those Richard Burge is the LCCI’s new
as chief executive of the Lon- of opinion on how we might create that work at a national level, and chief executive. He joins the
don Chamber of Commerce the rules and procedures for busi- we have those that base themselves Chamber from his most recent
and Industry is also the UK’s first ness, we will recognise that we all in London because it is the greatest position as senior advisor on
working day outside the European share the same objective, and that business ecosystem on earth. That diplomatic engagement for the
Union. Of course, that departure we assume the positive intent of all gives us a special responsibility to City of London Corporation.
is not a single step, and much has of us in this shared endeavour. ensure that we partner closely with Before the Corporation role
to be done between now and the I believe that chambers of com- the rest of the UK to ensure that no he was chief executive of the
end of the year to ensure the tran- merce have a unique role to play. region, city or town is left behind. Commonwealth Enterprise and
sition arrangements are replaced by Individually, each of us span all Our success as London will be Investment Council from 2017-
permanent agreements which are business sizes, types, and sectors. based on the success of the UK and 2019. Before that, for eight years
flexible enough to foster trade in a So we automatically gravitate to- dependent upon our shared growth he led Wilton Park – a Foreign and
fast-changing world. wards identifying policies and solu- and prosperity. Commonwealth Office agency for
There will be mixed emotions but tions that work for the commercial So, over the coming months and conciliation and dialogue on global
I hope we in the London business ecosystem as a whole. We must years, we will be a strong and con- issues.
community can now show leader- build upon the relationships be- sistent partner for local and national During his career Burge has worked
ship by moving beyond the divisions tween chambers to ensure that we government. Our policy propos- in over 60 countries, including
that have characterised the process make that cohesion work for the als will be based on the pragmatic serving for ten years with the
of leaving the EU so far. The direc- entire country. wisdom of our member compa- British Council in Africa and the
tion of travel is clear, and we have to nies – large and small. We may be Middle East.
work together to produce a shared Special responsibility critical of government at times, but Domestically, his experience
set of solutions that will create a London has a unique role to play. our approach will always be based includes high profile roles as director
bold and resilient platform for our We are the largest city in the UK, we on evidence, well thought out, and general of the Zoological Society of
future commercial relations with are the national capital, and we give consistent. We seek to ensure that London and chief executive of the
Europe and the rest of the world. the UK a rare benefit; the presence government succeeds and our busi- Countryside Alliance.
WHERE
LONDON
Morley College London offers over
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in arts, music, languages and more.
ENJOYS
Visit us this new year to boost your
skills, wellbeing and creativity. LEARNING
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www.morleycollege.ac.uk12 February 2020 LCCI in the news
Rail dominates
SPONSORED COLUMN
Public relations is about
being better prepared
to manage risks and after decisive
mitigate a crisis
By Laura Sutherland FCIPR Chart.PR
Chief, Aura PR
election result
Steven Reilly-Hii tracks particularly focussing on the need
Public Relations is about New technology offers the ability LCCI’s media coverage for flexible fares this year.
A
reputation - the result of to alert you when an issue has Rail issues dominated LCCI’s
what you do, what you say occurred, or a crisis is about decisive election result in media presence at the end of 2019
December had media out- and the start of 2020.
and what others say about to hit allowing you to address
lets calling the LCCI for a As 2019 ended, LCCI criticised
you, online and offline. It the issue and avoid a crisis. business reaction. Peter Bishop, in- the length of the RMT strike action
establishes and maintains The challenge remains around terim chief executive, summarised on South Western Railway and the
goodwill and understanding investment and making the tech the reaction for London Live; and impact that it was having on the
between organisations and accessible. Those which are also appeared as a guest on Vanes- capital’s businesses, particularly
their stakeholders therefore investing in technology and are sa Feltz’s BBC London radio pro- during the crucial festive period.
increasing brand equity. innovating face their own risks, gramme to discuss the new Brexit The Daily Telegraph supported that
territory the result moved the UK criticism in their editorial, whilst
but those same companies are
towards. LCCI’s stance was also covered by
Reputation is the number one the ones thriving. The Guardian, Evening Standard,
asset an organisation has, Politico and ITV.
and it can be made or broken Key elements for success
in minutes. New threats to You need to understand the HS2
reputation are emerging and source of risks and the impact Another rail project generating
the impact they have on an they present and invest in widespread discussion is HS2, and
LCCI’s press release about business
organisation will depend how resources and skills to research,
opinion of the project generated
prepared businesses are. plan and manage them. huge national media interest, with
150 pieces of media coverage over
Know your risks Don’t halt growth plans or lose As certain a guarantee as auld a 24-hour period.
Develop an understanding of what staff or customers due to poor lang syne playing, the new year also Polling of London businesses
risks threaten your business – leadership. A chartered public always starts with media stories showed support for the economic
this might include stakeholders, relations professional is qualified and debate about rail fares and the merits of the scheme for both Lon-
general state of the railways. don and the UK, but nearly three
processes, supply chain, IT, data and experienced to advise and
The Chamber network is always quarters of businesses saying that
management and communication. work with you to ensure risks at the heart of that debate, with the the project costs too much. LCCI
are identified, mitigated and, British Chambers of Commerce said that the findings, which also
This analysis should be turned into in a time of crisis, protect your
a risk register, identifying when the reputation through timely and
risk turns to an issue or incident effective communication.
and how to manage it.
A positive reputation translates
Organisations must consider the into long-term value, represented
‘always on’ culture within their risk by confidence in brand equity,
and crisis plans. Citizen journalists intellectual capital, sustained
are live streaming, consumers are earnings and future growth.
leaving online reviews, videos are
going viral, the world can access Choose to invest in your
anything, at any time. organisation’s reputation and
stakeholder relationships through
Monitor your brand a robust strategy and plan.
Social listening is a way to monitor
what is being said about you and For more information contact
competitors and provides an CIPR at www.cipr.co.uk
opportunity to respond.LCCI in the news February 2020 13
SPONSORED COLUMN
PAYE Settlement
Agreements – the
good and the bad!
By Graham Caddock, Tax
Investigations Director,
Lubbock Fine Chartered
Accountants
The PAYE system is simple – if PSA do not need to be pay-rolled
you’re an HMRC employment or put on onto the annual form
showed concern over disruption
tax compliance officer! P11D. In addition, when used
and necessity, would be further
food for thought for the independ- correctly, they can generate extra
Anyone responsible for an
ent review of the project, and for employee goodwill and help avoid
organisation’s PAYE compliance
the government. any awkward questions during an
will know exactly how complex
The widespread media coverage HMRC PAYE inspection.
included many of the major na- the rules for dealing with
tional titles, including the results employees’ expenses and What can be included in a PSA?
featuring in the Telegraph three benefits can be. It’s all too easy, The expenses or benefits
times in a week. The story was also especially during busy periods, to included in a PSA must be minor,
reported widely in local newspaper overlook a rule or miss a deadline, irregular or impractical/difficult to
titles across London, the UK and which might lead to an enquiry quantify. Examples of items that
Ireland.
from HMRC. PAYE Settlement could be included in a PSA are:
Recruitment struggles LCCI’s latest Capital 500 quar- Agreements (PSA) can give a
• Incentive awards, including
The start of a new year is also terly economic survey showed an measure of simplification for
employers and, when used prizes
marked by LCCI unveiling results increase in economic outlook and
of how the London economy per- business confidence amongst Lon- effectively, often reward an • Telephone bills
formed in the final quarter of the don firms. City AM picked up on employee without adding to their
year just gone. this outlook boost, including it on existing tax burden. • Small gifts and vouchers
Fifty-eight per cent of London their front page as part of a sto-
business decision-makers say they ry about a post-general election What is a PSA? • Staff entertainment, for
started 2020 operating at below boost. example breakfast
A PSA is an agreement with
full capacity. Throughout 2019 or evening meals without a
LCCI’s quarterly Capital 500 sur- Global affairs specialist HMRC that allows an employer
business purpose
vey highlighted the recruitment The start of 2020 also saw Lon- to settle the tax and NIC on
struggles of those firms who had don media coverage of LCCI’s an- certain minor or irregular benefits • Benefits that are shared
tried to recruit. As the year ended, nouncement of global affairs spe- and expenses, on behalf of their amongst more than
59 per cent of businesses that tried cialist Richard Burge as its new chief employees, in a single, annual one employee
to recruit during the final quarter executive – see page 11. payment. In the past such an
struggled to secure the candidates With post-Brexit trade talks set However, a PSA cannot be used
agreement had to be arranged
they required. to accelerate, the London Mayor- for expenses and benefits such
each year. Now, once an
LCCI warned that any detrimen- al election in May, and a mass of as cash, cash vouchers, loans,
tal changes to the UK’s immigra- domestic issues impacting the cap- employer has agreed and signed
cars or providing shares to
tion system post-Brexit will only ital, its businesses, and its workers, an “enduring PSA,” it will remain
employees.
worsen what is already a challeng- 2020 is set to be a busy year for in force until it needs to be
ing situation for business. Burge and LCCI. amended or is no longer required. An important final point: since
But despite this recruitment the tax/NIC is settled by the
challenge and a dip in domestic Steven Reilly-Hii is senior media Why use a PSA?
employer, it will need to be
and export demand, results from relations manager at LCCI As mentioned above, for an “grossed-up” for PSA purposes
employee, the main advantage increasing the employer’s own
of receiving a benefit or expense tax/NIC bill. This disadvantage,
included in a PSA is that it however, in this writer’s opinion,
is received free of tax or NIC is outweighed by the benefits
deductions. For an employer, mentioned above.
expenses and benefits within a
Lubbock Fine
Paternoster House
65 St Paul’s Churchyard
London EC4M 8AB
t +44(0)20 7490 7766
www.lubbockfine.co.uk14 International February 2020
Danube the focal point for a smart city
Peter Bishop’s and Romania, must make it easier
to reduce carbon footprint levels.
Budapest diary
I met András Rév, president of the
E
Danube Chambers of Commerce
ver since the days of the Han- Association, headquartered in Bu-
seatic League there have been dapest. The association represents
regular instances of Euro- chambers from Ulm to Bucharest
pean regions getting together for including Linz, Vienna, Bratislava,
reasons of mutual benefit. Cham- Pecs, Belgrade and Ruse, and helps
bers of commerce have a number them realise economic opportuni-
of groupings and I attended the ties around transport and tourism
most recent convening of certain as well as sharing best practice in
European metropolitan chambers water management.
which took place in the jewel on the There has been an EU strategy for
Danube that is Budapest. the hugely important Danube Re-
gion since 2010 – the chamber as-
Gothic is just one of the many Gábor Kerpel-Fronius, the impres- sociation’s formation preceded it by
styles that permeate Budapest and sive Vice-Mayor of Budapest, led a few months – and interest from
make it a living architectural mu- a series of presentations on smart Brussels remains strong. Hungari-
seum. Wandering around the inner cities. It was, he said, the city’s an-EU relations though tend to ebb
city you only need a short walk to intention to become a capital of and flow as the country has com-
marvel at classic examples of Art innovation, using automation and plained that it is being pilloried for
Nouveau, Art Deco, Baroque, and championing low emission vehicles rejecting mass immigration. The
Bauhaus while the suburbs are rich and housing. Being or becoming latest row was about the blocking
(if that is the right word) in Social- a smart city was an approach that of Prime Minister Viktor Orban’s
Hosted by the city’s exemplary cham- ist Classicism. The New City Hall would aim to make a city sustain- proposed candidate for the Europe-
ber, the event included a session on where chamber representatives able environmentally, economically an Commission. The replacement
urban development, a demonstration from Athens, Berlin, Brussels, Dub- and politically. He was very mind- candidate, Olivér Várhelyi, for-
of the tram system so embraced by lin, Frankfurt, London, Manchester, ful too of the benefits of a circular merly Hungary’s ambassador, did
mainland European cities, and a din- Istanbul and Luxemburg convened economy and spoke plainly about eventually get over the line despite
ner at a floating restaurant looking to- is a Neo-Renaissance building, con- climate change. “The effects are some negative press and has been
wards the heights of Buda on one side structed in the late 1900s, with an here and they are impacting our given the neighbourhood and en-
of the river, and to the Gothic Revival internal debating room which could everyday lives.” largement portfolio by Commission
Parliament building on the other. have doubled as an art gallery. President Ursula von der Leyen.
Budapest was busy as the Christ-
mas markets on the banks of the
Danube – the Pest side – drew in
the crowds. The season was most
effectively captured though by
the sight of skaters on the City
Park lake, looking on to Heroes’
Square – as vivid and affecting as a
Being located on the Danube, Eu- Brueghel painting.
rope’s second longest river, link-
ing Germany to the Black Sea via www.budapest.com
Austria, Slovakia, Serbia, Bulgaria www.dcca.euInternational February 2020 15
SPONSORED COLUMN
Overseas business
opportunities
Do you want to access a selection of business co-operation offers
made by European companies wishing to work with UK firms? Every
month Enterprise Europe Network publishes a Business Opportunities
in Europe Bulletin, which contains the latest co-operation offers from
companies across the EU and beyond. To find out more about this
issue’s listed overseas business opportunities or to subscribe to the
bulletin contact Enterprise Europe Network London at enterprise.
europe@londonchamber.co.uk or 020 7248 1992. Is burnout the next crisis
Russia
Manufacturer of printed products and outdoor
facing the workplace?
advertisements in the Tver region, working in marketing, event and Are we doing enough to look using positive feedback to set
media spheres, seeks partners producing banner fabric and paper after our employees? development goals and advance
under a manufacturing agreement.
learning.
REF: BRRU20191210003
Now officially recognised as a
Turkey workplace issue, burnout is a major 3. Work should have purpose
Company located in Erzurum which produces plastic and tin contributor to the 12.8 million The priority is for managers to
boxes is looking for partners with whom a manufacturing agreement working days lost to work-related enable their employees to feel
or subcontracting services can be arranged in order to enter into new stress, depression and anxiety. connected to the work they are
markets. Employees are struggling with doing and have faith in that they
REF: BOTR20191202001 real problems such as a heavy are helping to make a difference
workload, tight deadlines or having to their company, team and the
Poland too much responsibility, a lack of ecosystem they serve.
An SME acting as a commercial agency is offering services
managerial support, changes at
to foreign companies interested in entering the Polish market with
their products. It can support entrepreneurs from any sector under a work, uncertainty from aspects like 4. Instill a team spirit
commercial agency agreement. a lack of clarity about their role and Give your team the right working
REF: BRPL20191209001 issues including violence, threats environment and culture to work
and bullying. together, share accountability
Belgium and make the best of each other’s
This medium sized family business specialises in the These pressures are having a strengths and expertise.
development and production of single-use plastic food packaging. It harmful reaction which can trigger
offers a wide range of products, from cups and trays to containers for a downturn in individual, team and 5. Opinions really do matter
ice cream or vegetables and ready meals. The company seeks business
organisational performance if not Having your voice heard gives a
partners to cooperate with under a manufacturing agreement.
REF: BOBE20190814001 addressed. greater sense of ownership and
accountability. Let your employees
France But burnout can be avoided and and teams know their contribution
An SME deploys its great expertise to find optimised thermal even reversed if employers and is valued and they will take
options for a construction or a renovation project. The company mainly managers think more about how to more responsibility for their own
works on noise and thermal insulation in attics, walls and garages. In get the best from their people. performance.
order to provide its solutions to the market, the company purchases
glass and rock wool. Since these products are not always available, the Using a coaching or mentoring Manager and employees alike
company is looking for an EU certified provider to work under supplier
approach can enable managers have very human needs. If you
agreement.
to motivate their colleagues, build want to improve and capitalise
REF: BRFR20191125001
better workplace health and create on your workforce’s wellbeing
Sweden an environment where workers are and performance, our consultant
An SME with its own brand is looking for a reliable couture encouraged to fulfil their potential. coaches will work with you ensure
tailor in Europe to sign a manufacturing agreement. The couture This and other simple, yet effective your people really matter and are
tailor will be required to make upcoming collections - both bridal and changes which use coaching skills supported at work to be resilient,
evening dresses. can create a positive work culture: change ready and fulfilled in
REF: BRSE20191211001 everything they do.
1. Listen to worker’s
Lithuania
concerns and problems The AoEC is a leading global
This engineering and metalworking company specialises in the
Making the time and space to listen provider of accredited coach
production of metal stamping tools and services - machining, welding,
assembly. The firm manufactures products from steel, alloy steel, to and understand employee’s training and executive
stainless steel, aluminium, bronze, and plastic and offers its services challenges is the first step in coaching for teams and within
for automotive, furniture, construction, and other sector companies. solving problems and supporting organisations. If you would like
The company is keen to work under subcontracting and manufacturing them to move forward. to attend a regular open event
services agreement. or know more, please visit
REF: BOLT20200107001 2. Use positive feedback aoec.com or call 020 7127 5125
and focus on personal
Romania development
A company offers its distribution services for off grid/on
Work with your employee’s
grid photovoltaic systems (installation kits for photovoltaic systems),
photovoltaic panels, photovoltaic lighting poles and wind turbines. strengths and focus on how you
REF: BRRO20191204001 can help them perform even better
by investing in their potential andYou can also read
