London named top global city - New Prime Minister - new deal? INSIDE
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(Print) ISSN 1469-5162
(Online) ISSN 2051-9524
Issue 157 | Jul-Aug 2019 INSIDE
New Prime Minister
– new deal?
Page 4
www.londonbusinessmatters.co.uk
COV ER S TO RY
London named
top global city
Page 3
2 July/August 2019 Issue 157 (Print) ISSN 1469-5162 (Online) ISSN 2051-9524
Regulars
LCCI trade missions
Africa, Asia and the Middle East
Page 13
Overseas business opportunities
Page 15
Events
Networking opportunities in the extensive
LCCI programme
Pages 22-24
Two minute interview
Adrian Powell of Active Workplace
Solutions
Page 28
Enterprise Europe Network
News and events
Pages 40 and 42-43
New members
Behind the scenes at Thames Water The largest water and wastewater Who has joined the LCCI in the last month?
6-7 company in the UK is facing up to population growth and climate change Page 44
Features
BREXIT London architecture
Showcased in Piccadilly
Costa Rica
Productivity in paradise
UPDATE
New Prime Minister – new deal? 8 14
Brexit Q&A Page 4
Trade Exporting
Stockpiling to hit economic Cristina Stoian on New guidelines on the
growth sustainable SME origin of goods
internationalisation
Page 5
16 17
European elections – the results
analysed
Uganda India
Pages 10-11 UK can help PM Modi
East Africa’s sleeping giant
deliver
UK nationals in the EU
Page 38
18 20
Royal review Artificial Intelligence EY
Jo Wallis tests out the Brave new world of Supporting London’s
Macdonald Windsor Hotel opportunity entrepreneurs
26 30 35
Front cover: London overlooking City Hall and Tower Bridge
London Business Matters is edited by London Business Matters is published
on behalf of London Chamber
Peter Bishop – pbishop@londonchamber.co.uk
of Commerce and Industry by
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July/August 2019 News 3
London named
as top global city
Despite the uncertainty around
While the true
Brexit, London has taken the
top spot as the leading city in impact of Brexit is
A T Kearney’s annual Global
Cities Outlook yet to come,
London’s
C
ombining the Global Cities
Index and Global Cities Out- consistently strong
look to assess the best places
for businesses to invest now and in performance in
the future, the report looks into the recent years puts the
current performance of the world’s
top cities and the potential of up- city in good stead for
coming powerhouses. London has
moved up to first place in the Out-
the future.
look for 2019, having been placed gling to keep up. After four years
third in last year’s rankings. at the top of the Outlook, San The other cities in the top ten are
Francisco has dropped to third Singapore, Amsterdam, Paris, To-
Next generation place – still scoring high in inno- kyo, Boston, Munich, Dublin and
While the index reflects cities’ vation, but up-and-coming cities Stockholm.
current performance, the Outlook are outpacing the tech hub in per-
reveals which cities are primed to be sonal wellbeing and governance. www.atkearney.com
the next generation of global hubs
by assessing four metrics: personal
wellbeing, economics, innovation,
and governance. Across these met-
rics a number of previously leading
outlook cities have faltered recent-
ly, and this coupled with London’s
historically steady performance has
resulted in this year’s top position
for the UK capital. London’s ranking
is in part due to investment in cul- tourism this year.
tural experiences, where the capital “While the true impact of Brexit
was the highest-ranked in three out is yet to come, London’s consistently
of five categories: international trav- strong performance in recent years
ellers, sporting events, and culinary puts the city in good stead for the
experiences. Also boosting London’s future. Commitment to key areas
ranking is increased investment in such as innovation, cultural experi- MAKE YOUR AMBITIONS
HAPPEN SOONER WITH
governance and personal wellbeing, ences, and human capital will be the AUGUST OR OCTOBER 2019
including additional security meas- defining factor in the next genera- START DATES IN LONDON.
ures and improvements to the quali- tion of the world’s most influential Courses include Accounting,
Finance, Tourism, Public Health,
ty of private and public healthcare in cities. Cultural and creative indus- Nursing, Business, MBA’s and
the city. tries contribute £47 billion to Lon- Health & Social Care.
don’s economy every year and the
Sporting
Study in South Quay
Mayor of London recently invested Course enquiries:
+44 (0)20 7531 7333
London currently has 72 of the an initial £7 million to develop cre-
london.sunderland.ac.uk
world’s Michelin star restaurants, ative enterprise zones in different
according to the 2018 Michelin parts of the city. As London contin-
Guide, so it is unsurprising that ues to invest in strategies for the fu-
consumers continue to head to ture, London may top the rankings
the capital for some of the world’s of both the Index and the Outlook
best dining experiences. With the next year,” said Andrew Stewart,
city playing host to major sporting managing partner, UK & Ireland at
events such as Wimbledon, the ICC A T Kearney.
Cricket World Cup and the US NFL
London Championships in 2019 Innovation
too, London will continue to see an While London takes the top
influx of sport-driven international spot, other urban hubs are strug-
28481_DLR_CAMPAIGN_6SHEET_1200x1800_@25%_AW.indd 2 10/09/2018 09:53
4 Brexit Q&A July/August 2019
New Prime Minister – new deal?
Brexit: what Another General
Photo by NHS Confederation/Flickr.com
Photo by OPCW/Flickr.com
happened after Election
The new Prime Minister could call
the Prime Minister a General Election to break the Par-
resigned? liamentary deadlock but is unlikely
to want to do so before Brexit is con-
The Prime Minister’s resignation cluded. Under the Fixed Term Parlia-
triggered a leadership contest among ments Act, MPs would have to vote to
Conservative MPs which officially call an early election.
began on 10 June. The original slate
of ten candidates was whittled down Vote of no confidence
to two following a series of votes by The Opposition could table a vote
Conservative MPs. The two remain- of no confidence in the new Prime
ing candidates, Boris Johnson MP EU without a deal but that the UK EU leaders ‘unanimous’ there Minister’s government at any time.
and Jeremy Hunt MP, will be put to a must leave by 31 October 2019 re- will be no renegotiation of Were the government to lose, there
ballot of the estimated 160,000 Con- gardless of whether a deal has been Brexit deal, says Juncker would be a 14-day ‘countdown’ peri-
servative Party members. The winner reached. He has spoken of there n https://bit.ly/2N84zKz od to try to form a new administra-
will be appointed as Conservative being “a catastrophic loss of confi- tion. If this is not possible, an early
Party Leader and Prime Minister in dence in politics” if the UK does not UK heading for no-deal Brexit General Election would be called.
the week beginning Monday 22 July. leave the EU by the end of October, on 31 October, EU leaders
adding that it is “eminently feasible” conclude Cancel Brexit
Theresa May resigns over to do so. n https://bit.ly/31JsW4v The European Court of Justice has
Brexit: What happened? Johnson says that the current ruled that the UK could unilaterally
n https://bbc.in/2M8ttsV Withdrawal Agreement is dead, Brexit: what could revoke Article 50 to cancel Brexit.
Tory leadership: Party members
having been overwhelmingly reject-
ed by Parliament three times. He
happen next? However, the government is highly
unlikely even to consider this option.
to choose between Boris says that he is confident that the UK No deal
Johnson and Jeremy Hunt for can strike a new Brexit deal which Although leaving with no formal Existing Withdrawal
new PM will address MPs’ concerns. In addi- deal is not the preferred choice of either Agreement returns
n https://bit.ly/31KFkRJ tion, he wants to request a transition Conservative Party leadership candi- Although the existing Withdrawal
period without the adoption of the date, it remains the default position if Agreement has been rejected by Par-
Where do the full Brexit agreement. It is Johnson’s
belief that MPs now realise they
no negotiated deal can be agreed and
the 31 October deadline is not extend-
liament three times to date, it is still
possible that it could return to Par-
remaining candidates must deliver Brexit or else face dev- ed. At time of writing, the prospect of liament for a fourth time. Some MPs
stand on Brexit? astating consequences for trust in leaving the EU with no formal deal is might support it either to prevent no
British democracy. more likely than in the past. deal or no Brexit.
Jeremy Hunt Tory leadership candidates’ Renegotiation Another Brexit
Foreign Secretary Jeremy Hunt Brexit plans in a nutshell The government could try to re- extension
supported Remain during the n https://bbc.in/2X4tsLC negotiate a Brexit deal. However, this There would have to be a very
2016 referendum. Like his rival, would have to be an entirely new deal good reason for EU leaders to extend
he is aiming to reach a negotiated Tory leadership race: Boris as EU leaders are adamant they will the Brexit deadline a third time. Pos-
agreement with the EU in pref- Johnson vs Jeremy Hunt – how not re-open discussion on the ex- sible reasons could be to allow more
erence to leaving with no deal. do they compare? isting Withdrawal Agreement. It is time for a completely new deal to be
However, he is less hardline about n https://bit.ly/2X3iG8y highly unlikely that a completely new finalised, or to hold a second referen-
sticking to the 31 October dead- agreement would be concluded by 31 dum or General Election.
line, saying that he would “delay How likely is the October, so another extension would
a bit longer” if a deal was within need to be granted. Brexit: what happens now?
reach. However, he will pursue a EU to renegotiate n https://bbc.in/2PsiQ0n
no deal Brexit if all else fails and the Withdrawal A second referendum
Leo Varadkar warns of
there is no chance of an acceptable
negotiated deal.
Agreement? MPs could vote to hold a sec-
ond referendum. However, they ‘enormous’ EU hostility to
Hunt has pledged to give Brussels The EU’s leaders made it plain at would have to determine whether Brexit delay
a “credible Brexit plan” with a new their Brussels summit on 21 June the referendum is advisory like the n https://on.ft.com/2J3VP2L
negotiating team. He believes that that they will not renegotiate the ex- 2016 vote or binding i.e. Parliament
a proposed deal will be accepted by isting Withdrawal Agreement. The would have to adhere to the result.
Parliament if the backstop – a key Irish Taoiseach, Leo Varadkar, said The majority of MPs who want an- Brexit Q&A is researched
sticking point – can be changed so the bloc’s leaders have “lost patience other referendum favour the latter and written by Alexa
that there is no risk of UK being with the UK”. They have rejected approach. The Electoral Commis- Michael, LCCI business
trapped permanently in the EU Boris Johnson’s request for a tran- sion would need to be consulted information executive.
Customs Union. sition period without first adopting to agree how the questions are LBM readers are invited to
the Withdrawal Agreement in its worded. There would also have to submit their own questions
Boris Johnson entirety. The EU leaders’ unanimous be a statutory ‘referendum period’ for responses to be
Boris Johnson campaigned for position is that any further discus- before the ballot takes place, so it published in future issues.
Leave during the 2016 referendum. sion will be confined solely to the couldn’t happen before 31 October.
Send them to amichael@
The former Foreign Secretary in- UK’s future relationship with the The EU would have to agree to ex-
londonchamber.co.uk
sists he is not aiming to leave the EU. tend the deadline.
July/August 2019 Brexit 5
Brexit stockpiling to
hit economic growth
The British Chambers of “The deteriorating outlook for business into a more pronounced deteriora-
Commerce have upgraded tion in economic conditions.”
their growth expectations investment is a key concern as it limits the
Transition
for the UK in 2019 to 1.3
per cent from 1.2 per cent.
UK’s productivity potential and long-term Responding to the forecast, Adam
But they have downgraded growth prospects.” Marshall, BCC director general of
growth forecast for 2020 to the British Chambers of Commerce,
one per cent (from 1.3 per conditions for UK exporters. In con- ingly subdued growth path for some added: “While politicians are dis-
cent) and to 1.2 per cent trast, consumer spending is expect- time to come. tracted, businesses are left with no
(from 1.4 per cent) in 2021 ed to remain resilient with earnings choice but to try and prepare for the
Downward pressure
T
growth forecast to continue to exceed unwanted possibility of leaving the
he chamber business group price growth over the forecast period “It is increasingly likely that the European Union on 31st October
has slightly upgraded its and unemployment forecasted to re- temporary boost from historically without a deal and transition period.
growth forecast for 2019, main low by historic standards. high stockpiling in Q1, which has Businesses are putting resources into
driven by the exceptionally rap- The BCC’s latest forecast is a marginally improved the growth out- contingency plans, such as stockpil-
id stock-building early in the year. warning sign that the next Prime look for this year, will be surpassed ing, rather than investing in ventures
However, the immediate boost to Minister must set out a clear roadm- over the medium-term by the nega- that would positively contribute to
UK GDP is forecast to come at the ap for how the political impasse in tive impact from the running down long-term economic growth. This
cost of more subdued growth in 2020 Westminster can be broken and an of these inventories. The downward is simply not sustainable. Business
and 2021 as the unwinding of histor- agreement reached to prevent fur- pressure on business activity and communities expect the next Prime
ically-high inventory levels, coupled ther slowdown in the economy. investment intentions from the un- Minister to quickly find a sensible
with weaker business investment, winding of stocks is likely to be ex- and pragmatic way forward to avoid
weigh on economic activity. Domestic agenda acerbated somewhat by increasing a messy and disorderly Brexit.
The BCC is also calling for a strong cost pressures and Brexit uncertain- “The UK’s low-growth trajectory
Impasse and clear strategy on the domestic ty, slowing overall economic growth makes clear that we can’t afford for
Business investment is forecast to agenda, including urging the next across the forecast period. Westminster to keep turning a blind
contract at a faster rate in 2019 and government to use the forthcoming “The deteriorating outlook for eye to the domestic agenda. The up-
recover more slowly in 2020 than ex- Comprehensive Spending Review to business investment is a key con- coming Comprehensive Spending
pected in our previous forecast. The affirm its commitment to delivering cern as it limits the UK’s productiv- Review is an opportunity for the next
continued Brexit impasse, including major infrastructure projects, such as ity potential and long-term growth government to affirm its commit-
the growing possibility of a no-deal HS2, that underpin economic growth. prospects. On the upside, household ment to support economic growth,
exit, together with the high upfront The BCC forecast assumes that spending, a key driver of UK eco- including investment in the skills and
cost of doing business in the UK and the UK avoids a messy and disor- nomic output, is expected to be sup- training system and infrastructure
the running down of excess stock, is derly exit from the EU. Another sce- ported by relatively low unemploy- projects, such as high-speed rail and
expected to suffocate investment ac- nario would lead to revisions in the ment and positive real wage growth. the city regeneration schemes linked
tivity over the near term. next forecast. “A messy and disorderly exit from to them. Businesses will also be ex-
Trade is projected to make a neg- Commenting on the forecast, the EU remains the main downside pecting action to alleviate the heavy
ative contribution over the forecast Suren Thiru, BCC head of econom- risk to the UK’s economic outlook burden of upfront costs which stunt
period as exchange rate volatility, ics, said: “The revisions to our fore- as the disruption caused would in- growth.”
Brexit uncertainty and a subdued cast suggest that the UK economy crease the likelihood of the UK’s
global economy, weaken trading is likely to remain on a disappoint- weak growth trajectory translating www.britishchambers.org.uk
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6 Your business July/August 2019
Behind the Scenes at Thames Water
Chamber members were
recently taken by Thames
Water on a Behind the Scenes
tour of Coppermills Water
Treatment Works and the
Walthamstow Wetlands, one
of the seven water works the
company operates in North
East London. Stuart Pick was
there
C
oppermills supplies water to
3.5 million customers across
the City of London and the
borough of Tower Hamlets. A safe,
reliable and plentiful water supply is
fundamental to business in the cap-
ital and the work Thames Water is
doing to safeguard this for the future
is vital.
Thames Water is the largest wa-
ter and wastewater company in
the UK and has a huge geographic
region to operate in, providing 15
million customers in the region
with either water or wastewater
services. There are 102 water treat- Challenges cluding a growing population and
It is estimated that
ment works, 308 pumping stations, Thames Water’s business plan climate change. It is estimated that by
235 service reservoirs and 33 raw 2020-2025 sets out how it intends to 2045, two million people will be liv- by 2045, two million
water reservoirs across 31,000 km make its water systems more resilient ing in the Thames area alone, which
of network. to a range of future challenges – in- combined with forecasts of contin- people will be living
ued overall reduction in rainfall and
an increase in extreme temperatures
in the Thames area
will increase strain on the water sys- alone.
tem.
An ageing infrastructure is a
challenge with the average age of Coppermills treatment
pipes being 79 years old. New, in- works
novative technologies are being Built in 1972, Coppermills is the
employed to identify and repair largest water treatment works in
leaks quicker. Thames Water is east London and as such has the ca-
working in collaboration with oth- pacity to employ different cost-sav-
er utility providers to replace the ing methods, in turn producing a
pipes with minimal destruction high-quality water at a reduced cost.
– the aim is to dig up the roads There are several stages of wa-
justget
onceyour
to fixCIPD
all the qualification
problems in ter filtration involved in the treat-
one go. ment process. Site manager James
Thames Water are looking to in- Townsend pointed out the rapid
98%
vest more in the network over the gravity filters, large open-top tanks
next five years to deliver reduced through which any large particles
bills for customers, reduced water such as twigs, feathers and other bits
PASS RATE leakage from pipes and reduced are removed. Water then moves in
COMPARED TO 72%
NATIONALLY IN THE UK
pollution incidents. to tanks where ozone gas is added to
We offer a full programme of Health, Safety
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Your business July/August 2019 7
SPONSORED COLUMN
The world is changing,
and mistakes cost.
Are you IP savvy?
Victor Caddy, Partner, Wynne-Jones IP
Brands now have more
visibility in today’s digital
world than ever before. We
live online, in print, on the
high street and are now even
connected when flying in
the air; brands are around
us any time, any place,
anywhere. Which is why
protection is more important
than ever. Competition is
tough, market intelligence
is vital and IP protection
can make a massive
difference in your brand’s
success or failure. Here’s
the basic do’s and don’ts:
Walthamstow Wetlands is a fully operational
The Wynne-Jones IP Do’s:
211-hectare Thames Water reservoir site • Do determine what IP you have
which is the main source of water supply for in your business and consider
whether or not you wish to
3.5 million people. protect it. Do also make sure
your decision makers know
remove pesticides and organic matter. Water, the grant-holder London why you are investing in IP;
A vast area is dedicated to the Borough of Waltham Forest, and if you are the decision maker
slow sand filtration stage, which cul London Wildlife Trust, the con- ensure the team around you
minates in chlorination and dichlo- servation delivery partner. Of the understand. Without realising
rination in specially-designed tanks £10.6 million required to renovate the importance and value of
that destroy any harmful micro-or- and prepare the site, £4.5 million IP protection it is difficult for Protecting
ganisms before the water is sent into was funded by the Heritage Lottery people to buy into its strategy your brand isn’t
the distribution networks.
Water quality is a priority, with
Fund, £1.8 million from Thames
Water and £1.8 million from the
across the business as a whole. rocket science.
• Do publicise that you have
500,000 water quality tests carried London Borough of Waltham For- rights and educate the public
out annually across the water net- est. £750k was also received from about what they are.
work. Thames Water is proud that the Greater London Authority to
its tap water is amongst the best support the 2km cycle path through The Wynne-Jones IP Don’ts:
quality water in the world. the site. • Don’t choose a new name or
The wetlands are connected to logo without first checking Businesses of all sizes should put
Wetlands the Coppermills Water Treatment that it is available for use and protection at the heart of their
Walthamstow Wetlands is a ful- Works and is integral to it working registration. Don’t use a logo business strategy. Mistaking
ly operational 211-hectare Thames effectively, an example of which is if you don’t own copyright in the importance of protection
Water reservoir site which is the the use of silt from Coppermills it and check any designers and assuming it’s going to be
main source of water supply for 3.5 which ordinarily would have gone you use sign a copyright too costly is a common error.
million people. It is also Europe’s to landfill is instead used to form assignment in your favour. Don’t let your business suffer
largest urban wetlands and an in- reed plant beds along the waterways. • Don’t copy someone else’s and work with partners who
ternationally important nature re- design or technology can guide you, help you manage
serve, providing home and shelter Stuart Pick is senior patron without searching to see if your IP affordably and effectively
to a wide range of wildlife, from rare account manager at LCCI it is protected by patents or so that you reap the rewards.
waterfowl to majestic birds of prey. www.thameswater.co.uk registered designs. You could
Since opening to the public in 2017, www.walthamstowwetlands.com face a lawsuit and have to T: London - +44 (0)20 3146 7888
(for the first time in 150 years) the pay the rights owners a lot W: www.wynne-jones.com
reserve has been a huge success, at- of money as well as losing
tracting over 420,000 visitors in its all your investment in the
first year alone. project up to that point.
Kirsty Halford, the Walthamstow
Wetlands project lead, explained
that the opening of the reserve was
only possible due to a partnership
between the landowner Thames
8 Your business July/August 2019
Architecture and modern life
I
n June Heart of London – rep- erating some truly great Instagram
resenting St James’s, Piccadilly moments.”
Circus, and Leicester Square
– made its debut as a festival hub Themes
for the London Festival of Ar- Consisting of six designs, each
chitecture and played host to a row of banners explores the lim-
thought-provoking flag instal- itations of London with themes
lation on the famous street of including: greater London and its
Piccadilly. boroughs, the river Thames and
Designed by world-renowned arterial routes, London’s parks and
architecture firm Rogers Stirk Har- squares, suburban housing and
bour + Partners, vibrant flag de- large-scale interruptions and the
signs explored the festival theme private dwelling.
of ‘boundaries’ and encouraged An accompanying exhibition
visitors to take the time to explore was hosted in the St James’s Church
London’s physical, political, social gardens, where visitors could fur-
and economic boundaries that exist ther appreciate each design and the
in modern life. questions they pose. Exploring the
London Festival of Architectures
Colourful intervention theme ‘Boundaries’, the colourful
John McElgunn, partner at Rog- Ros Morgan of Heart of London and spirited flag installation and
ers Stirk Harbour + Partners said: Business Alliance exhibition also endorse the work
“It is our hope that this series of ban- of the Heart of London Business
ners above Piccadilly will encourage this study is to effect a lively and col- We were delighted to be able to Alliance’s mission to tackle home-
all passers to contemplate some of ourful intervention along Piccadilly work with the Heart of London as lessness in the West End.
the political, physical, visual, spa- for all to enjoy — a splash of colour part of the London Festival of Ar-
tial, social and boundaries that exist and the opportunity to provoke a chitecture and we hope that these www.heartoflondonbid.london
within the city around us. thought, a smile, or even just a nice banners will brighten up a few days www.
“More importantly, our aim for photo opportunity. in the month of June, perhaps gen- londonfestivalofarchitecture.org
SUMMER
SHORTS
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adult education. We offer a range of arts, music and languages
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Our range of Summer Shorts, a series of taster classes,
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2019.
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T: +44 (0) 141 331 8975
E: contact@gculondon.ac.uk
Events
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GCU London is a specialist postgraduate campus
of Glasgow Caledonian University, a registered
Scottish charity, number SCO21474.
10 Brexit July/August 2019
European elections 2019
Alexa Michael provides
the analysis
T
he 2019 European elections
in the UK were not scheduled
and were held because the EU
agreed to delay the UK’s departure
date until 31 October 2019, having
already extended the leaving date
once. As a condition of delay, the
UK was required to hold elections
to the European Parliament on 23
May, or else quit the bloc with no
deal on 1 July.
What was the
outcome?
Nigel Farage’s newly-formed Brex-
it Party won the largest number
of Member of the European Par-
liament (MEP) seats. A total of 29 the United Kingdom Independence on 2014, losing votes to the Liberal London with just under 24 per cent
Brexit Party candidates were elected Party (UKIP) saw a wholesale shift Democrats and the Greens. of the vote. They saw their share of
UK-wide with almost 32 per cent of in their vote to the Brexit Party and the vote fall by 12.7 per cent on 2014
the total vote, despite the party hav- lost all their remaining seats. Of the What happened in and lost one of their MEP seats. De-
ing been established just six weeks
earlier. The Brexit Party came first
smaller parties, the Scottish Nation-
alists took three MEP seats, while
London? spite this setback, Labour still came
top in 13 London Boroughs, mostly
in every country or region except Plaid Cymru won a seat in Wales. At the EU referendum, London (to- in East and West London and also
London (won by the Liberal Demo- In Northern Ireland, the pro-Brexit gether with Scotland), was the most in Croydon. It is likely that the high
crats), Scotland (won by the Scottish Democratic Unionist Party and the pro-EU region of the United King- proportion of black and minority
Nationalists) and Northern Ireland pro-Remain Sinn Féin and Alliance dom with 60 per cent of voters elect- ethnic voters in those areas helped
(where they did not stand). Parties each won a seat. ing to remain in the EU. The capital the Labour vote. The Brexit Party
The Liberal Democrats polled just Total turnout was just under 37 has remained strongly Remain and made more modest gains, winning
over 20 per cent nationally and in- per cent, the second highest since this was reflected in the European 18 per cent of the vote London-wide
creased their representation in the European elections were first held Election poll almost three years later. which gave them two MEP seats.
European Parliament from one MEP in 1979. The staunchly pro-Remain Liber- However, they achieved the high-
in 2014 to 16. Labour took ten of the Just under a third of voters na- al Democrats topped the poll in the est share of the vote in four outer
73 seats with just under 15 per cent of tionally backed the Brexit Party capital with just over 27 per cent of London boroughs, namely Bexley,
the vote. The Green Party saw its best while the Conservatives won less the vote, an increase of 20.4 per cent Bromley, Havering and Hillington.
performance since 1989 and won sev- than nine per cent of the total vote on 2014. They took three of the eight The Conservatives fared very poor-
en seats, up from three in 2014. The share, their worst-ever performance MEP seats, having won none in 2014. ly throughout London with just 7.9
Conservatives came in fifth with just in a national poll. In 2014, the Con- The Liberal Democrats came first in per cent of the vote, a drop of 14.6 per
four MEP seats nationally, one each servatives had won 19 seats, which 16 out of 32 London Boroughs, most- cent on 2014. A very large proportion
in the South East, Eastern Region, the was actually a loss of seven from ly in Central and South West London of pro-Brexit Conservatives voted
West Midlands and Scotland. the previous set of European Elec- but they also beat Labour into second for the Brexit Party, while pro-Re-
The newly-formed Change UK tions five years earlier. Meanwhile place in their stronghold of Islington. main Conservatives ‘lent’ their votes
Party failed to take a single seat while Labour saw a net loss of eight seats Labour won two MEP seats in to the Liberal Democrats. Neither of
the two sitting Conservative MEPs,
Syed Kamall and Charles Tannock,
were re-elected, thus wiping the Con-
servatives out of London in terms of
MEP seats. The Greens took 12.4 per
cent of the capital’s votes and retained
their one seat but former UKIP leader
Gerard Batten failed to be re-elected.
Turnout in London was higher
than the national average at 41.3 per
cent.
The Brexit factor
Unsurprisingly, the Brexit Party re-
ceived more than half the vote in
the strongest Leave areas of the UK
while the Liberal Democrats had
their strongest showing in pro-Re-July/August 2019 Brexit 11
main areas such as London. This was Overall, nationalist and Eurosceptic parties and newer – parties gained support.
also true of the Green Party vote, al- In France, National Rally topped the
beit with lower levels of support. increased their representation in the European polls with 22 seats, as did Lega Nord
Labour performed most strongly
in pro-Remain areas but still failed
Parliament, reflecting Europeans’ concerns in Italy. However, in France Macron’s
En Marche party came just behind
to win even 20 per cent of the vote with issues such as economic uncertainty and with 21 seats. In Germany, the
share there. The Conservatives’ Christian Democrats won 29 MEP
vote share was poor throughout the mass migration seats but the Greens were not far be-
country (even falling below that of hind with 21. In Hungary, the ruling
Change UK in some parts of Lon- Labour Parties. The Conservatives don, the East Midlands, the North FIDESZ/KDNP coalition won 13
don) but it was exceptionally weak had failed to deliver Brexit by 29 East, the North West, Yorkshire and MEP seats, well ahead of its nearest
in heavily Remain areas. March (and then by 12 April) while Humber and the South West are all rival on four. Overall, nationalist and
Some commentators dubbed the Labour’s position was ambivalent. Conservative MEP-free zones. Eurosceptic parties increased their
European elections as an unoffi- Voters were seeking clarity on Brex- representation in the European Par-
cial ‘second referendum’. Certainly it, whether they wished to leave or The wider picture liament, reflecting Europeans’ con-
those political parties who made
their stance on Brexit clear i.e. the
remain in the EU. There is now no
Labour MEP representation in the
across the EU cerns with issues such as economic
uncertainty and mass migration.
Brexit Party (for) and the Liberal Eastern and South West regions of The UK result was reflected across
Democrats (against) did vastly bet- England or in Scotland, formerly a the EU, with the established larger Alexa Michael is business
ter than both the Conservative and Labour heartland. Meanwhile, Lon- parties faring badly while smaller – information executive at LCCI
More river crossings needed
London needs more river welcomed the commitment to scrutinised by the London
crossings, especially east of building the Silvertown Tunnel, Assembly recently.
Tower Bridge, as East London but we and businesses can’t
“This late major project delivery
continues to grow rapidly so welcome the opening being
has to stop. Businesses and
the recent announcement of delayed a further year to 2025.
residents make investment
a further year’s delay to the
“There are too many delayed decisions based upon project
Silvertown Tunnel is unwelcome.
TfL infrastructure projects timelines and Silvertown is yet
London Chamber David Frost in the capital at present – another major scheme failing to
chief executive said: “LCCI something that was rightly be delivered on time.”
The £100,000 Dilemma
How much do you earn from your business You can decrease the denominator either by
per hour? How much do you charge out? drawing a hard line around your personal
Most business owners never consider how time or avoiding activities with a lower per-
much their time is worth per hour. This leads hour rate.
to the fallacy that you save more money in Against a list of your activities on a daily,
the business by doing stuff yourself and not weekly, monthly, quarterly and one-off
hiring an extra hand. basis, consider what you could pay someone
Say your yearly profit after tax (before you
take any money out of the business) is
£50,000 and, annually, you work 50-hour
weeks with two weeks’ holiday. Your rate is
£20/hour (£50,000 ÷ 2,500).
hourly to do each. If the hourly rate is less
Are you happy working at this rate? How than you are worth when doing your most
could you increase it? The answer is: either valuable work, get someone else to do it. If
increase the profitability of the business you focus on using more of your time to earn
(numerator) or decrease the number of hours a higher rate per hour, your business will
you spend on the business (denominator). be more profitable or you’ll be able to work
You can increase the numerator by doing fewer hours.
activities that pay more than £20/hour. How much per hour would you pay for extra
Spend your time sourcing key customers if leisure time? How much would your partner/
you can establish they will be worth it over child pay for an hour of your time? Is £20/
the next few years. You could also invest hour worth the sacrifices you make?
time in recruiting a new member of staff and
Excerpted from the Amazon bestseller ‘Sparks:
training them to be as good (valuable) as
you. The per-hour return of this effort should Ideas to Ignite your Business Growth’ by Shweta
be beneficial. Jhajharia, a leading global business coach.
Claim your FREE copy at
Unfortunately, business owners often put businesscoaching.actioncoach.co.uk/sparks
these high-value activities off.
(P&P extra)12 Your business July/August 2019
London’s development industry –
what must government prioritise?
The expected fall in skilled construction Investing in skills and
by Gavin Kieran
workers is one of the industry’s top concerns, modern methods of
construction
T
he London business commu- and it has called on the government to adopt The expected fall in skilled con-
nities have been hanging in
the balance over the last few
an open-minded view to migration policies. struction workers is one of the in-
dustry’s top concerns, and it has
years. Now well past the original called on the government to adopt
Brexit date, it seems no one is any an open-minded view to migration
wiser as to what the UK’s relation- tivity in the capital? Logically, one The Brexit transition policies. But, just as the LCCI has
ship with the EU is going to look would assume sorting out Brexit Mitigating Brexit is a close third, advocated for a labour market that
like. As the international centre of would be on top of the agenda, with 31 per cent placed it in their provides access to skills and train-
the UK, the London business com- especially as the Spring 2019 LDB top two. It could be that confi- ing, the industry has also been busy
munity is at once both more and was launched immediately after the dence has been buoyed by contin- reviewing its own capabilities in
less susceptible to the consequenc- missed Brexit deadline of April 12. uing demand and inward foreign recruiting, training and retaining
es of the outcome. The results say otherwise. investment in the last few years. It skilled workers, as well as investi-
But despite the uncertainty, busi- could be because the industry, like gating more efficient methods of
ness carries on as usual, albeit with It’s the planning many other businesses, has been construction.
new and profound challenges. system twin-tracking future planning in
The M3 Consulting London De- Industry calls have been con- case of a hard Brexit. More likely is Political headlines, not
velopment Barometer (LDB) was sistent since Autumn 2017: the top that while the development indus- industry priorities
launched in Autumn 2017 to get a priority is to improve the town plan- try will continue to lobby for the Much has been made of the gov-
clearer understanding of how Lon- ning process, followed by increasing best possible Brexit outcome, the ernment’s help-to-buy funds and
don’s property and development funding for local authorities, infra- broken planning system and chron- tacking the housing crisis, but pro-
industry thought it would best face structure, transport and housing ic public underfunding have been moting home ownership and build
up to those challenges, and what delivery. the bigger barriers to business. to rent policies have been the bot-
policy makers can do to help. There have been efforts by pol- tom two priorities since the launch
The development industry is, like icy makers in that period – chang- Stamp duty and land of the survey.
many businesses, concerned about es to the National Planning Policy supply The truth is that the housing
the impact of resources and costs. Framework, the Raynsford and Releasing land has slipped down crisis continues and homes of
LDB respondents overwhelming- Letwin reviews, and a steady trick- the priority list into fifth place, with all types and tenures will be in
ly believe that construction costs, le of funding announcements. But, only 21 per cent placing it in their demand. Looking at the list of
financing costs and construction Whitehall’s preoccupation with top two compared to a third in Au- priorities and its consistency from
skills and capacity will have a neg- Brexit means government efforts tumn 2017. This is likely a response survey to survey, the industry is
ative impact in the coming years. have amounted to little more than to visible efforts by local and cen- more interested in interventions
However, having experienced con- tinkering. tral governments to release surplus to help get the supply side through
tinued demand following the ref- The Mayor’s policies like the up- land by organisations like local au- and across all property sectors
erendum, it is less concerned about dated London Plan haven’t been thorities, the NHS and Transport in a more time and cost-efficient
the impact of the global economy well received either. Just over a third for London. However, the industry manner.
and politics. believe his policies will have a pos- is less impressed with the impact
In this context, what do central itive impact, down from half two of the stamp duty revamp of 2017, Gavin Kieran is director of M3
and local governments need to pri- years ago. with the call for improving these Consulting
oritise to increase development ac- policies in fourth place. www.m3c.co.uk
London business has doubts about T Levels
Ahead of the introduction of much support the introduction
T Levels into the workplace in Significant work of T-levels next year as a
2020, new polling has shown that They are intended to be the genuine alternative vocational
two thirds of London business vocational equivalent of qualification to A-Levels. But
decision makers say that they A-levels. But polling carried out our polling suggests that most
would not be willing to offer paid by ComRes on behalf of London businesses are unaware of
or unpaid placements or work to Chamber of Commerce and T-levels or doubtful about their
a T Level student or graduate. Industry has highlighted there is value to their company. The
T Levels are a new two-year significant work to do ahead of government will need to run
technical programme for young their introduction to convince a significant communications
people aged 16 to 19, which will employers of their merits. campaign to boost awareness if
combine classroom study with T-levels are to be a success.”
LCCI chief executive David
workplace experience. Frost (pictured) said: “We veryInternational July/August 2019 13
Reviewing
SPONSORED COLUMN
global trade
What’s my
company worth?
By Clare Munro, Senior Tax Partner,
T
Lubbock Fine Chartered Accountants
rade Secretary Liam Fox complete. But he also spoke of the
gave an upbeat keynote need to reform the WTO rulebook
speech at this year’s GTR to address trade tensions in subsi-
UK, looking forward to Britain dies, state-owned enterprises and If you’ve established your own For a profitable trading entity,
becoming an active, independent technology transfer. business or company, you may we would generally value on the
member of the World Trade Or- well have wondered what it’s basis of earnings, looking at the
ganisation (WTO) once Brexit is www.gtreview.com
worth. You’ve invested personal company’s trading past as an
wealth, not to mention effort indicator of future results. So, we
and emotion, and your business would usually calculate average
may well form a significant profit or earning levels over the
part of your net worth, but, recent past and adjust for one off
unlike a shareholder in a listed items of income or expenditure
company, you have no easy which a potential purchaser could
way to work out its value. not expect to recur.
Value may only become important Armed with a view of the
when you want to sell. However, company’s ‘maintainable’ profit,
the value of private company the next step is to identify an
shares can be relevant for tax appropriate multiple for earnings
purposes too. Most obviously capitalisation to arrive at a
the value is incorporated into company value. Private companies
your estate on your death but are very different from their
Upcoming LCCI share value can also impact on listed counterparts, so a quoted
company missions succession planning for making PE or index is unlikely to be a
gifts to the next generation and good match, but it may be the
Myanmar Ethiopia employee incentives. best available. EBIT and EBITDA
Sector: Energy Sector: Energy multiples are compiled from
Date: 6-12 July Date: w/c 15 July Where a market value is required private sale transactions and
Contact: Vanessa Vlotides Contact: Zuzana Brutenicova
for tax purposes the legislation may give a more suitable result,
Tel: 0207 203 1838 Tel: 0207 203 1823
Email: vvlotides@ Email: zbrutenicova@ makes up for a lack of real market particularly if the company has
londonchamber.co.uk londonchamber.co.uk by requiring the valuer to imagine significant debt as interest costs
a transaction between a willing can obscure the underlying value.
buyer and seller.
For tax valuations, the result
The valuation approach will of the imaginary transaction
depend on the nature of the is open to scrutiny by HMRC’s
company’s business. With valuation specialists. Back in the
investment companies, the real world a valuation can provide
starting point is often the a starting point for a commercial
Kenya UAE, Dubai
Sector: Energy Sector: Multi balance sheet, although if regular transaction and can give insight
Date: w/c 22 July Date: 30 September - 4 October dividends are paid one might into the factors that a purchaser
Contact: Zuzana Brutenicova / Contact: Vanessa Vlotides capitalise that income stream. will consider. If you’d like to
Vanessa Vlotides Tel: 0207 203 1838 Investment assets may be held talk to us about valuing your
Tel: 0207 203 1823 / Email: vvlotides@
at cost and require revaluation company, please contact
0207 203 1838 londonchamber.co.uk
Email: zbrutenicova@ to bring the balance sheet up to Clare Munro
londonchamber.co.uk / current value. claremunro@lubbockfine.co.uk.
vvlotides@londonchamber.co.uk
Lubbock Fine
Paternoster House
65 St Paul’s Churchyard
London EC4M 8AB
t +44 (0)20 7490 7766
www.lubbockfine.co.uk14 International July/August 2019
Costa Rica – productivity
in paradise
by Jose Luis Pal
S
tunningly beautiful and as
rich with opportunity as it is
in biodiversity, Costa Rica’s lo-
cation, robust platform of free trade
agreements with preferential access
to two-thirds of the world´s mar-
kets, skilled workforce, track record
and quality of life provide the nec- Rican exports of goods and servic-
essary elements to enhance corpo- es, Costa Rica has free trade agree-
rations´ supply chain strategies and ments which cover two-thirds of the
global reach. world’s gross domestic product and
Where else in the world can you go over a third of the world’s popula-
from the Caribbean to the Pacific in tion. Costa Rica is the only Central
just five hours? Costa Rica has been a American country with a free trade
meeting point for cultures and trade agreement with China, and main-
since its earliest days. As a crossroad tains 14 free trade agreements that
in the heart of the Americas it’s easy provide access to 57 global trade
to connect north to south, east to partners including the US, Canada
west. Native tribes used the land as a and the EU.
bridge to join their communities and With Costa Rica’s strategic lo-
flourish together. That same ances- cation, moving goods into and out
tral knowledge continues to be seen the country is easy. In 2017, some 24
across the country today in business- collaborative business environment, In February, this Nether- percent of Costa Rica’s exports left
es, education and opportunity. more than 300 companies can speak lands-based company inaugurated the country via air, 53.5 percent by
highly about the nation’s true return Costa Rica’s newest deep-water port sea and 21 per cent on land. With
Numbers on investment. on the Caribbean coast. The 80-hec- ports on both the Caribbean and
While most Latin American The country has leveraged this tare Moín Container Terminal was Pacific Coasts, transporting prod-
countries attract FDI – foreign di- location to enhance it with top tal- built on an artificial island and is on ucts to either coast of both North
rect investment – related to natu- ent formation on logistics, supply track to become the most efficient and South America takes less time
ral resources and domestic market and engineering fields where uni- port in Latin America. APM Termi- and saves companies money.
size, Costa Rica targets investment versity graduates grow at over six nals operates a global terminal net- Costa Rica’s competitive advan-
seeking efficiency and market ac- per cent annually. Combined with a work in 60 countries. tages are only going to continue to
cess. This tiny country knows how robust network of free trade agree- “Costa Rica has inaugurated grow as the market matures. The
to play the numbers game, seeing ments, growing connectivity and much more than a container termi- opportunities are as bountiful as the
a consistent growth in FDI inflows infrastructure, Costa Rica is an ideal nal. The country is inaugurating a land itself.
during the past decade, growing at site to reach the Americas and the new era in its commercial relations
an average of 8.4 per cent every year world. with the world, and this will have a Jose Luis Pal is a marketing
since 2003, accounting for a total of direct impact on the country’s econ- executive at CINDE, the Costa
$US2.13 billion during 2018. Ecosystem omy and an important advance in Rican Investment Promotion
The ‘ticos’, have experienced a Costa Rica´s dynamism of in- the global connectivity ranking,” Agency, which has helped
profound diversification of its ex- ternational trade has nurtured an said Morten H. Engelstoft, chief ex- hundreds of firms settle in the
ports of goods, transitioning from ecosystem of players and suppliers ecutive of APM Terminals. country. Over the past 10 years,
traditional agriculture up until the ranked #1 in quality of supplier base The state-of-the art Caribbean the country has witnessed
early 90s to high-tech products with by the World Economic Forum, and port in Costa Rica will complement consistent growth in FDI, with an
high R&D intensity, such as medi- premium partners to enhance sup- the new expansion at the Panama average growth of 10.3 per cent
cal devices, pharmaceuticals, digital ply chain strategies are no different. Canal. Though the canal has an in- per year since 2003.
technologies, cybersecurity, IT and Several key investments have creased capacity, certain PostPan-
even rocket science. The dynamism helped to amplify the country’s amax vessels are too large to pass
CINDE works closely with
of the knowledge services, smart logistical advantages. For instance, through the canal. This makes Costa
the British Chamber of
manufacturing and life sciences sec- Guanacaste in the North Pacific Rica an ideal platform for freight
Commerce in Costa Rica,
tors is evident, with a growth rate in have recently opened a new cargo fragmentation, as well as a more
established in 2012, which
number of companies ranging from facility at Daniel Oduber Interna- productive point for cargo handling
links UK and Costa Rican
1.5x to 28x since 2000. tional Airport. Puntarenas in the into Central America – a market of
companies and promotes and
Pacific Coast opened a new plat- 60 million people.
supports business set-up and
Return on investment form at the Caldera Port, and Dutch
the cultural and commercial
Why Costa Rica? Besides world- titan in logistics, APM Terminals, is Gateway aspects of both countries.
class human talent, an embedded building a brand-new $1 billion port According to Procomer, the agen-
www.britchamcr.com
innovation-fueled mindset and a in the Caribbean coast. cy in charge of promoting CostaInternational July/August 2019 15
SPONSORED COLUMN
Overseas business opportunities
Do you want to access a selection of business co-operation offers Can coaching help solve
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
the productivity puzzle?
co-operation offers from companies across the EU and beyond.
To find out more about this issue’s listed overseas business With labour productivity growth
opportunities or to subscribe to the bulletin contact Enterprise lower over the past ten years than
Europe Network London at enterprise.europe@londonchamber.co.uk at any other time during the 20th
or 020 7248 1992. century, we consider the factors
contributing to the productivity
Italy puzzle and explore if a coaching
A research group has developed a new therapy to naturally approach could help organisations
stimulate the production of nerve growth factor to increase longevity and
recover from the ongoing slump.
mental capacity. The therapy is based on the administration, through a
nasal dispenser, of a physiologic solution delivered at high pressure).
A sprayer devices manufacturer capable of required Productivity - as measured by creativity to unlock innovation,
specifications is sought. the amount of work produced investing in continuous
Ref: TRIT20190513001 per working hour - is the major training, using coaching to
driver of economic growth and improve staff performance and
Spain higher living standards. UK empowering the workforce
This company is a small-sized firm located in northern Spain, productivity fell again in the are delivering strong results.
dedicated to the online distribution of all kind of natural cosmetics, last quarter of 2018 compared
personal hygiene and care products and natural nutritional supplements to the same period in 2017 and Coaching is a powerful
which come from several countries. To expand their business, they seek the Office of National Statistics management tool and can
European partners, possibly companies selling cosmetic natural products –
states the UK’s productivity be used as a step change to
they must have an ECO/BIO certificate.
at this time was 18.3% below increase individual, team and
Ref: BRES20190527001
its pre-downturn trend. organisational performance
Croatia and ultimately productivity.
This company has developed an innovative method of tracking Caused by various factors, Developing a coaching culture
objects in 3D multi-camera environment. The method includes a some of it can be attributed to allows organisations to make
panoramic camera, PTZ (Pan Tilt Zoom) full body camera, auto zoom and Brexit holding up investment the most of their resources,
auto-tracking of people over a wide area. They also feature high-resolution
decisions. Other reasons include deal with areas that might
3D stereo images. The 3D position is marked for each pixel in the stereo
not using technology to improve need improvement, encourage
image for easy, automated and fast mapping. Looking to sign a joint
venture, technical cooperation or commercial agreement with technical efficiency and inflating pay to a positive response to change
assistance. negate recruitment difficulties. amongst employees and
Ref: TOHR20190301001 Most pertinent though, is the link helps develop staff so they
identified by the CIPD between can grow and learn to help
Germany people management practices the business succeed.
A company that acts as a commercial agency offers agreements and workplace productivity.
to automotive suppliers. Products of interest include interior and exterior Productive organisations get
parts as well as electronic components. The German company has many While this link is no secret, more out of what they have, and
years of experience and is well-established in the automotive market. the Chartered Institute of this enables them to increase
Modular support packages within the commercial agency agreement are
Management estimated that their profits, pay their workforce
designed according to partner requirements.
poor management practices higher wages and invest in their
Ref: BRDE20190529001
are hindering the economy future. Productivity matters
Poland to the tune of £84bn a year and companies can easily be
This company has been active in the feather industry since 1984 in lost productivity. unlocking bigger capital gains
in and offers a co-production partnership. It specialises in the processing, and the capability to grow just
production and sale of the highest quality goose and duck down as well Be the Business, established by by tweaking their management
as bedding mixes, bedding products (quilts, pillows, sleeping bags). The
the Government to find ways practices for the better.
company also offers a blend of down to the customer’s order, including
to increase productivity, has
down and hand-made down.
The company looks for cooperation partners in all EU countries. made several recommendations. The AoEC is a leading global
Ref: BOPL20190520001 These include gaining better provider of accredited coach
self-awareness by measuring training and executive coaching
Austria performance and strengthening within organisations. If you would
This innovative startup is developing the project ‘Carbon- business planning and strategy. like to attend a regular open
trap’ which aims to capture the carbon dioxide produced by
Employee engagement and event or know more, please visit
industrial plants and transform it into a product with a high market
leadership/management skills www.aoec.com or call
value. The company is interested in contacting manufacturers,
distributors, financial investors and other partners that desire should be top of the agenda and 020 7127 5125.
carrying out innovative green development projects. it’s encouraging collaboration
Ref: TOAT20190529001 with peers and experts to
help drive improvement.
Belgium
A centrally-located French supermarket specialises in the sale of
Be the Business has
food (grocery, meat, delicatessen, cheese, fish, fruit and vegetables). It aims
multiple resources including
to diversify its range of products and it is looking for manufacturers of new
products. The company offers their distribution activity to European and benchmarking, collaborative
south American producers. networks and a mentoring
Ref: TOBE20190521001 network. It’s also sharing insights
into how initiatives such as usingYou can also read
