· Businesses in the Arts, Entertainment and recreation sector have seen the second highest increase of 10.84%.

· Accommodation and Food Services have seen the lowest increase, at just 0.75%.

Professional, scientific and technical services – including financial management, scientific research and development and agricultural have received the UK’s highest increase in average wage since the pandemic began, a new study shows.

Comparing ONS average wage figures from January 2020 with those from July of this year, research from leading software developers Bacancy Technology reveals that the average salary for those working in professional, scientific and technical services has gone up by 11.4% – the highest increase across industries in the UK. Overall, this sector’s monthly pay packet of £2,270 per month in Jan 2020 has increased to £2,529 in July of this year.

Roles within the Arts, Entertainment and Recreation sector have seen the second highest average wage increase, going up by 10.8%. The industry’s average has gone from £1,255 in January of 2020 to £1,391 in 2021 – a growth of £136.

Though positions within Finance and insurance saw the third highest percentage increase in wages of 10.6%, the sector saw the highest raw average financial increase from last January to this July, of £308. Average wages in this sector increased from £2,883 to £3,191 per month.

At the other end of the spectrum, employees within Accommodation and Food Services ranked with the lowest wage growth, both in percentage and raw financial increase – seeing an average increase of less than 1% – just £8 per month.

Construction services have also seen slow growth over the lockdown period, placing the second lowest in the table with an average increase of just 1% – an additional £23 per month to their pay checks.

Assessing these findings, a spokesperson for N.Rich commented: “This breakdown shows a number of interesting facts surrounding the UK’s most lucrative industries for personal financial growth over time. The rising demand for financial guidance, agricultural suppliers and medical research and development over lockdown has clearly impacted the wages received by the employees of these businesses.”

The study was conducted by N.Rich, which offers a rich array of intent data and ad inventory that enable marketers to drive awareness and lead generation effectively.

UK industry average wage increases – January 2020 to July 2021

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post Science And Technical Industries See Highest Pay Increases During Pandemic appeared first on OpenBusinessCouncil Directory.

The services sector, proximately being responsible for 80% of the UK economy, which in fact has been largely absent from UK-EU trade negotiations; but in did, reduce access to the EU market will profoundly impact businesses across the country, a new report by academic think tank UK in a Changing Europe finds.

The report, Services and Brexit, raises fundamental questions about the economic price the government seems willing to pay through decreased single market access to ‘take back control’ over the rules and regulations shaping the services sector.

The Governments of both Theresa May and Boris Johnson have paid little attention to the services sector in the Brexit negotiations, despite the fact that it accounts for some 30m jobs.

The EU’s single market is the primary destination for UK services exports. The UK runs a trade surplus with the EU and leaving the single market will have a profound effect on tradeable services.

The UK played a central role in facilitating enhanced trade in services within the EU and the single market enables greater cross border services trade than is typical of free trade agreements.

Trade deals typically have not been able to enable services trade to nearly the same extent as they do for trade in goods. As a result, strategically important sectors in the UK, including financial services, will face new barriers to selling into the EU market from 1 January 2021.

Even with a deal, services will suffer. Without one, services exporters will face significant barriers as WTO rules are much weaker for services than goods. The hugely important financial services sector will depend on a unilateral EU decision on equivalence, which can be revoked at short notice.

There is no guarantee that a trade deal will be secured on services given the distance between the negotiating positions of the two sides. Whilst the UK emphasises the need for regulatory autonomy, the EU insists on conditions to remove the risk it perceives of regulatory competition from the UK.

The services sector, including financial, health, education and road haulage, is highly dependent on EU migrant workers  When free movement ends and the government’s new post-migration proposals take effect, there may be  staff shortages in sectors which rely on workers who will not meet the salary thresholds proposed within  the new scheme.

The current Covid-19 crisis is also impacting the services sector. As a result, many businesses may may prove unviable. The combined impact of Brexit and Covid will significantly reshape the UK’s economy – regionally and nationally.

Professor Anand Menon, director of the UK in a Changing Europe, said: “It is worrying that the biggest sector in the UK economy – accounting for more than 80% of it – has been the subject of so little focus in the UK-EU negotiations.

“This serves to underline the largely political nature of the Government’s Brexit priorities, focussed on regulatory autonomy rather than any economic implications of this.”

Professor Sarah Hall, senior fellow of the UK in a Changing Europe, said: “Given the UK’s reliance on services, the government faces a key question in the current negotiations: what economic price, in terms of declining single market access, is it willing to pay to ‘take back control’ on services regulation? How this question is answered will be critical in shaping UK services post covid and post Brexit.”

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post Absent services sector in UK-EU negotiations: New Academic Report Discovers appeared first on OpenBusinessCouncil Directory.

Government ministers have met to set out plans for a new Business Finance Council to be established to support SMEs through Brexit. Business, Treasury and Cabinet Office ministers met banking chiefs to encourage support for small businesses post-Brexit through an increased availability of finance.

The aim of this initiative is to give SMEs the best chance possible to succeed and seize opportunities that present themselves after the UK leaves the EU on October 31st. The success of growing small businesses will undoubtedly have a significant impact on the economy as a whole given that the SME sector makes up over 50% of jobs in Britain.

Business Secretary Andrea Leadsom said: “Lenders must empower their SME customers to seize the huge variety of opportunities that lie ahead as we leave the EU on 31 October. Our new Business Finance Council will bring together key players, ensuring that finance continues to flow to our brilliant British businesses so they can do just that.”

This support to British SMEs also was included in the review of the Spending Round, which was also announced by the Chancellor Sajid Javid. This will consist of an additional £2 billion set aside for no-deal preparedness, however is still unclear how it will reach those who need it most, not least the small firms that make-up 99 per cent of the UK economy. An extra £60 million for the GREAT initiative is helpful, but SMEs need to see the introduction of £3,000 Brexit vouchers alongside targeted support for exporters directly impacted by persistent uncertainty.

This new spending round also contemplates long standing issues that most SMEs face like crime -rising crime is a massive concern for the UK small business community, collectively costing small businesses billions of pounds a year-, the commitment to full fibre access for all by 2025, the stop-start approach to infrastructure and funding for further education institutions.

Talking about the issue, Federation of Small Businesses (FSB) National Chairman Mike Cherry, commented that it’s important to stress that what small firms really want is a return to an environment where they can plan for the long-term, and policymakers consistently tackle domestic challenges head on. With the latest UK economic data painting a bleak picture, small businesses urgently need tangible support on the ground.

Likewise, CEO of IW Capital Luke Davis added: “SMEs are vital to the UK economy both for the jobs they create and the innovation they encourage. Ensuring that this sector is in the best possible position to make the most of future growth opportunities will make a huge difference in years to come.”

“If this announcement is combined with extensions to the schemes that fund the SMEs left behind by banks, such as EIS, we could see a boom of growth. Investors want to support British businesses and firms want to grow, what we need to do is make this sentiment a reality”, he concluded.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post UK Government To Establish A New Business Finance Council To Support SMEs Through Brexit appeared first on OpenBusinessCouncil Directory.

The UK is one of the few European markets in which women are a major segment, says GlobalData, a leading data and analytics company. According to the company almost 15% of UK HNW investors in 2018 are women, accounting for roughly 50,000 individuals. This equates to more female millionaires than in all the nations of Central and Eastern Europe combined. It represents a sizeable and growing opportunity for the wealth management industry to target, in what is currently a poorly served segment.

The company’s latest report, ‘Wealth in the UK: HNW Investors 2018’, reveals that while it is already a mature wealth market, the UK still offers room for growth. As the intergenerational wealth transfer is looming, provision of inheritance and tax planning services does not match demand.

While this opportunity is not limited to the female HNW segment, propositions targeted at wealthy women can prove to be a competitive advantage. So far, globally the industry is as a whole has failed to connect with women. In the UK specifically, this is complicated by the fact that many wealthy women are busy executives, either as entrepreneurs or high-flying employees.

Time constraints are a key problem for this demographic – something they share in common with their male colleagues as a motivator for seeking out professional advice. However, whereas British men can rely upon their wealth managers understanding their needs to build up trust and facilitate a convenient relationship, wealthy women do not have that luxury.

Bartosz Golba, Head of Content, Wealth Management at GlobalData commented, ‘‘Wealth managers that can connect with female investors on concerns such as dependents, financial health, and risk management will have a competitive edge in this large and growing segment.’’

Being able to differentiate from other providers in the UK’s well-developed wealth management market is key. 55% of wealth managers surveyed by GlobalData agree that intergenerational transfers will be a big source of new business in the coming years. Hence inheritance planning will continue to be of importance, but competitors can stand out from the crowd by adding tax advice to the mix.

Golba concluded: ‘‘The industry also has to consider alternatives for discretionary asset management services traditionally favoured by HNW clients. Demand is increasing for both advisory mandates and automated solutions like robo-advisors – and UK wealth managers are worried. Those that can adapt to a hybrid model will gain market share.

‘‘In addition to those discussed above, emphasis on brand building and a more selective asset allocation strategy are critical success factors in the UK wealth industry – all of which we explore in detail in the report.’’

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post Gender Equality: UK’s 50,000-Strong Female HNW Population Is The Largest In Europe appeared first on OpenBusinessCouncil Directory.