Month: February 2024

Leaders from the financial services industry have called on the government and regulators to introduce robust legislation to boost market confidence in the use of artificial intelligence (AI).
Speaking at last night’s Parliamentary Digital Economy summit, which was organised by the Parliament Street think tank, hosted by Dean Russell MP for Watford, and chaired by Steven George-Hilley of Centropy PR, proposals were put forward to for financial services firms to further embrace quantum computing and AI, but only if they have the regulatory framework to do so responsibly.
Over 75 industry experts, academics and chief executives attended the debate, which included digital assets experts, personal and institutional investors along with software and fintech firms.
Digital assets expert Mimi Kufuor, Chief Operating Officer at KoinKoin said: “In the era of global digital asset transformation, our company serves as a crucial link between the evolving UK digital economy and the thriving African business sphere. Positioned as a vital conduit, we are poised to facilitate seamless transactions, fostering collaborative growth in these dynamic economic landscapes.”
Fergus Speight, EVP & GC at ZILO Technology said: “Fintech has an outsize role to play in raising the growth rate of the UK economy. Key ingredients for digital economy businesses are ideas, people, access to capital and policies to support these. Policymakers have a challenge to provide certainty and protect innovators, investors, and the public.”
Solomon Fazel, Implementation Manager, DKK Partners said: “It’s important to scrutinise taxation for businesses, but what’s more important is how the money is being spent and the impact that has on the digital economy.”
Geoff Garrett, Co-Founding Director, Henry Dannell said: “We operate in a relationship driven environment where the client/adviser interaction is paramount to driving successful outcomes. As the regulatory environment has become heightened, the adviser will now spend more time making sure the file illustrates why the advice given is both good advice and suitable for the clients’ requirements. This will inevitably lead to the clients spending less time with their adviser which is to their detriment. The Henry Dannell team are producing technology-based solutions to enhance the client journey and to allow more opportunity to develop those precious client/adviser relationships”.
Fraser Steward, co-founder of Lyfeguard said: “2024 is set to be an exciting year for fintech, where innovative digital solutions and open finance are set to redefine the financial landscape, making it more accessible, efficient, and inclusive than ever before.”
Read more:
Fintech leaders call for stricter AI regulation at Parliamentary summit

In a pivotal move for the future of the UK’s postal service, Kevin Hollinrake, the Post Office minister, is slated to engage in discussions regarding potential shifts in ownership structure.
As reported by Bloomberg, Hollinrake will convene with stakeholders this week to deliberate various options, prominently featuring the prospect of transitioning to a mutually-owned arrangement.
Among the attendees at this significant gathering will be union representatives and proponents of cooperative models, including Rose Marley, Chief Executive of Co-operatives UK. Notably, the Post Office itself will not be represented at this meeting.
Advocates of cooperative models, such as Marley, have been vocal in their support, emphasizing the societal benefits of businesses that prioritize the well-being of both their employees and the broader community. Marley articulated this viewpoint, stating, “The spotlight has fallen on the societal value of businesses and how they can be run in ways that profit the wider community, including their own staff, as well as profit the company balance sheet.”
The discussion around altering the ownership structure of the Post Office harks back to the Postal Services Act of 2011, which mandated complete public ownership. However, the possibility of mutualization was previously debated and dismissed. The potential shift towards a staff-owned model akin to mutual giant John Lewis would hinge on the Post Office’s financial viability.
These deliberations occur against the backdrop of the ongoing turmoil surrounding the Post Office, exacerbated by issues with Fujitsu’s Horizon software. This debacle resulted in wrongful convictions for numerous sub-postmasters and mistresses, with many still awaiting compensation or exoneration.
In response to the crisis, former Post Office chief Paula Vennells has been compelled to return her CBE, and an official inquiry continues, with Vennells and activist Alan Bates set to provide testimony in April. Additionally, Henry Staunton recently stepped down as Post Office chairman, a move endorsed by Business and Trade Secretary Kemi Badenoch, who cited the necessity for fresh leadership.
Addressing these challenges, a Post Office spokesperson underscored the commitment to rectifying past injustices, highlighting ongoing efforts to provide compensation and support to affected individuals. Despite progress, the road to resolution remains arduous, with the Post Office acknowledging the imperative of confronting and redressing the missteps of its history.
Read more:
Post Office minister exploring new ownership structures handing ownership to workers

Being part of a successful business and having a positive impact doesn’t have to be mutually exclusive.
SMEs can engage with their corporate social responsibility (CSR) goals easier than you may think, all by making small changes that can amount to effective results without being paralysed by the thought of CSR.
CSR is the efforts your business makes towards improving society and contributing towards a better world. It’s a self-regulating model where you hold yourself accountable to yourself, your stakeholders and the general public. With CSR, you take responsibility for the impact your business makes on a range of issues from human rights to the environment.
One of the key aspects of CSR is philanthropy which can involve charity fundraising. Integrating your CSR activities with your fundraising makes sense but only if it’s done well.
Every company has CSR goals they aspire to achieve and this shouldn’t be seen as an impossible task but rather an ambitious one. The level of commitment to your goals will define how you’re going to engage with them, especially when this comes to charity giving.
Small businesses up and down the country raise significant amounts of money for good causes every day, with this being far easier than often assumed. Committing to your CSR also doesn’t have to be overly expensive or tedious as so many believe, by dedicating yourself to these goals they can be effective and have worthwhile outcomes for your business.
Committing to CSR will amplify your business’ reputation and this can be done through fundraising. This is a vital way to boost awareness of your business in your community and further afield. Put simply, people like to buy from businesses that do good in the world.
Your reputation as a good business also goes beyond your customer base. When it comes to hiring and retaining employees, it really helps. People want to be associated with a company that’s striving to make a difference in the world. Plus, if people are given an opportunity to raise funds themselves, take time out of their work to give back to a charity or get involved in company fundraising events, it enhances their working lives. This in turn can boost the happiness and motivation of your employees.
Your CSR activities need to align with your business values and the way you operate your organisation. What good are you trying to do in the world? CSR can’t be a token gesture and you need to be able to hold your business accountable.
Once you have committed to your CSR goals don’t jump ahead to choosing what charity events you’re going to put on or which charities to support, look at your business values.
Are you all about the people in your organisation and making their lives better? Ask yourself, how can you then make the lives of the people in your local community better through your charity fundraising? Are you trying to become a greener business with the way you run day to day and across your supply chain? Can you then give to environmental charities or support environmental initiatives in your local area through your charity fundraising?
One way of acting on your values and plan to work towards your CSR is corporate fundraising. This is where businesses and private companies raise money for charity and donate to good causes. Often it is in the form of cash or an in-kind gift to a charity, easyfundraising raises these as micro donations that collectively make a big difference to charities and causes.
There are many reasons why businesses and corporations choose to fundraise. It gives them an opportunity to create a meaningful dialogue about their social values and responsibilities as an organisation, as well as allowing micro donations to build up for your cause.
Employees, and potential employees, can buy in to fundraising initiatives, but it’s also a chance for the business to showcase its values with stakeholders, investors and wider society. When corporate fundraising is done well, it provides an opportunity to elicit real social change through the charities companies choose to support.
For effective CSR, charity fundraising without a business commitment doesn’t work. For example, if you’re supporting an environmental charity without putting in the hard work to change how you run as a business. Or if you’re raising money to help people in your local community, but you’re not looking after the people in your company properly.
For CSR and charity fundraising to effectively coexist, your business has to walk the walk every day too.
Remember, businesses of any size can fundraise for charity. Just because your business is small it doesn’t mean you can’t make a big impact. With the right goals and objectives, well-planned fundraising events be hugely successful.
Through easyfundraising lots of companies have raised thousands, particularly small businesses who do their online shopping on our giving platform, with their micro donations adding up to have a real impact on their chosen charity.
Read more:
How to engage with your CSR goals this year

Embarking on the journey of cryptocurrency mining can seem like sailing into choppy seas, with daunting costs and complex technicalities lying in wait.
Yet, cloud mining emerges as a beacon, guiding enthusiasts to more tranquil waters. It demystifies the traditionally intricate process by allowing individuals to partake in mining without substantial initial investments. This leveling of the playing field means that dreamers and doers alike, regardless of financial muscle, can dip their toes into the potentially lucrative crypto waters.
Imagine simply renting the pickaxe instead of buying the entire mine, and the allure of mining becomes abundantly clear. Unlike traditional models that require hefty startup capital for equipment and software, cloud mining platforms such as 1BitUp offer subscription-based models. These models enable users to lease mining power hosted in remote data centers. By doing so, the once insurmountable financial hurdle shrinks to a manageable step, one that a wider audience can stride over with confidence, inviting them to mine cryptocurrencies like seasoned pros.
Furthermore, as this streamlined approach to mining takes root, it becomes an incubator for a new breed of digital gold seekers. It opens doors for those who may have watched from the sidelines, intimidated by the steep ascent of initial costs. With just an internet connection and a modest budget to secure a share of the mining operation, anyone can now chase after the crypto bounty. This democratic approach not only garners interest from an expanded demographic but also injects fresh vitality into the cryptocurrency ecosystem.
What truly seals the deal is the ease with which one can begin. Instead of navigating through complex hardware setup and maintenance, the user’s main task is reduced to selecting a suitable cloud mining contract. This simplicity is magnetic, wooing aspiring miners who are eager to join the crypto revolution but are not equipped with the necessary gear or in-depth expertise. It’s this effortless entry into the world of mining that’s fostering a new wave of crypto enthusiasts, all keen to carve out their slice of digital fortune in the expansive crypto universe.
The Allure of Passive Income Streams
Imagine waking up to find that while you slept, your bank account grew slightly richer, without any effort on your part. This isn’t fantasy; it’s the reality of earning through cloud mining. The concept tantalizes investors and everyday individuals alike with its promise of financial gains that accrue literally as they go about their daily lives. The dream of securing a steady flow of income without the need to clock in, manage a team, or even step out of the house is not just appealing—it’s reshaping how people think about work and investment. In times of economic volatility, the opportunity to earn without active involvement is a safe haven that many are eager to explore.
The magic of passive income through cloud mining is akin to planting a financial seed and watching it grow into a bountiful tree, all without the constant attention that traditional gardening would require. No wonder the whispers of earning while sleeping have turned into a chorus of enthusiastic endorsements.
Dipping into the cloud mining pool means joining a system where sophisticated mining operations are managed by experts, while participants enjoy the fruits of the tech-laden labor. Imagine a vast engine room with gears turning and machines whirring, all humming away on your behalf. Thus, cloud mining not only brings the allure of passive income but also offers a glimpse into a future where smart investments work smarter, not harder, for their proponents.
Not Requiring Advanced Technical Knowledge
Embarking on the journey of cryptocurrency mining once demanded a treasure trove of specialist knowledge, a requirement that often daunted the average enthusiast. However, with the advent of cloud mining, the landscape has shifted dramatically. The allure of tapping into the crypto world is now within reach for many, thanks to this innovative approach which democratizes access to the mining process. By outsourcing the heavy computational work to cloud providers, individuals are welcomed into the fold without the need to master the intricacies of blockchain technology or the latest mining algorithms.
This democratization has played a significant role in the broad appeal of cloud mining. Individuals who were previously sidelined by the technical complexities now find themselves able to participate in the mining economy. The intricate details involved in setting up and maintaining mining rigs, understanding the hash rates, or keeping abreast of the latest tweaks in mining protocols are all handled by the cloud mining service providers. Users revel in the fact that they can essentially rent state-of-the-art infrastructure to mine cryptocurrencies. This simplicity not only entices the crypto-curious but also empowers seasoned investors who wish to expand their operations without immersing themselves in the technical minutiae. The growing fascination with cloud mining is a testament to its ability to remove technical barriers, welcoming a diverse group of participants to the mining community.
Reduced Energy and Hardware Costs
One of the significant pinch points for traditional mining has always been the staggering electricity bills that could accrue. Cloud mining sidesteps this issue by leveraging large-scale operations that optimize power usage. These companies often have access to cheaper electricity rates, or they may use renewable energy sources, making the practice more sustainable and less costly. Furthermore, the elimination of running high-powered mining rigs 24/7 at home means a noticeable reduction in the home energy bill, a saving that can’t be overstated.
Without the need to invest in high-end mining hardware, enthusiasts can participate in the mining process without the hefty upfront costs. The depreciation of expensive mining equipment can also be a financial drain over time, not to mention the costs associated with hardware updates to maintain competitive mining capabilities. Cloud mining platforms essentially rent out their equipment, allowing users to avoid the pitfalls of hardware obsolescence and the unpredictable second-hand market for such specialized equipment.
Beyond the startup costs, maintenance of mining rigs requires both time and money. Hardware is prone to wear and tear and can fail due to overheating, dust accumulation, or simply burn out from constant use. Cloud mining services handle all maintenance and repair, offering peace of mind and saving miners from the headaches of constant vigilance and the potential costs that come from emergency repairs or parts replacements.
For many, the convenience brought by these services has democratized the entry into the cryptocurrency mining space, making it more accessible than ever before. This shift allows individuals to benefit from cryptocurrency mining without the in-depth knowledge of operating and maintaining complex hardware systems. The prospect of heavy financial savings and the simplicity of stepping into the mining industry cap off the appealing features of cloud mining, providing more individuals with the opportunity to join the crypto economy.
The Benefit of Diversifying Investment Portfolios
In the financial sphere, prudent investors often adhere to the maxim of not putting all their eggs in one basket. Cloud mining stands out as an innovative avenue through which they can spread their investment risks. By integrating cloud mining contracts into their portfolios, investors are harnessing the potential of cryptocurrencies without the need for exposure to the volatile trading markets directly. This strategy is akin to adding an alternative asset class, one breathed into existence by the digital age, and it offers a counterbalance to traditional investments such as stocks, bonds, or real estate.
Mining different coins also offers a hedge against market fluctuations. Should the value of one cryptocurrency dip due to market dynamics, diversification means the impact on the overall investment portfolio could be mitigated. Moreover, cloud mining allows for flexibility—investors can shift their focus to mining other cryptocurrencies, often with just a few clicks. This reallocation can align with the forecasted trends of the crypto market and enhance potential returns. Cloud mining platforms often provide an array of options, with differing risk levels and potential for growth, enabling investors to tailor their strategies to individual risk appetites.
Another significant advantage is the accessibility it provides to emerging coins and technologies. Traditional investments rarely offer early-stage entry into innovation with such ease. With cloud mining, one can tap into newer blockchain projects that present high-growth potential before they hit mainstream awareness, thereby standing at the forefront of technological progress. This proactive stance in diversification could lead to substantial rewards if these projects ascend in popularity and value.

Spreads Investment Risks Across Asset Classes
Provides Market Fluctuation Hedge with Coin Variety
Enables Agile Re-allocation of Resources
Access to High Growth Potential of Newer Blockchain Projects

Finally, cloud mining embodies the principle of liquidity within a diversified portfolio. Unlike physical assets that often involve lengthy and laborious processes to liquidate, cloud mining contracts typically allow investors to convert their holdings back into fiat or other digital currencies with relative ease. This liquidity means that investors can quickly adapt to changing financial goals or market conditions, strengthening the resilience and adaptability of their investment portfolios.
Scaling Mining Efforts with Ease
One of the fundamental tenets of successful investing and business is the capacity to escalate operations effectively, a concept that applies equally to the realm of digital currency extraction through the cloud. Within this model, individuals have seized the opportunity to amplify their mining power without the traditional constraints of physical space or the immediate need for substantial capital outlays. The inherent flexibility of cloud solutions allows enthusiasts to seamlessly increase or decrease the scale of their mining activities in response to market conditions, demand fluctuations, and changes in cryptocurrency value. In essence, this ease of scalability offers a smooth and accessible pathway for growth without the usual attendant stresses of managing a physical infrastructure. As such, one could start small with just a fraction of a mining operation, testing the waters of potential profitability, and then, as confidence and capital grow, effortlessly secure more processing power through their chosen platform.

Responsive Growth: In the dynamic landscape of cryptocurrency, the ability to nimbly adjust to the ebb and flow of the market stands as a crucial advantage. Cloud mining platforms empower users to instantly invest in additional hashing power, enabling a responsive growth strategy tailored to real-time indicators.
Distributed Risk: Engaging in cloud mining, investors can basically distribute their risk across various assets. Should one operation encounter challenges, they can swiftly reallocate resources or pivot strategies, maintaining a diverse, robust mining portfolio.
Collective Collaboration: The burgeoning community of cloud miners often enables collective collaboration on larger projects that would be untenable for solo operators due to cost or complexity. This community orientation maximizes each individual’s potential gains while minimizing their risks and outlay.
Convenience and Automation: Users benefit from the convenience and automation cloud mining services offer, abstracting the process into a simple interface that belies the complexity of underlying operations. As a result, expanding one’s mining endeavor becomes as straightforward as a few clicks.

Moreover, long gone are the days where scaling would necessitate time-consuming searches for more hardware, worrying about heat dispersion, or managing an ever-increasing electricity bill. By harnessing the power of cloud mining, individuals can witness their ambitions take flight, backed by the computing might of sprawling data centers that are designed specifically for this task. Through strategic partnership with these services, growing a mining operation becomes a partnership, where the collective goals align – maximizing efficiency, uptime, and ultimately, profit.
Read more:
Why is cloud mining so popular?

UK businesses are grappling with an additional 10% average cost for gas and electricity, as revealed by a prominent litigation law firm in a new report.
The firm, Harcus Parker, is leading a collective legal action involving thousands of small enterprises seeking to recover up to £2 billion in undisclosed broker fees added to their energy bills.
The undisclosed commissions, sometimes reaching 60% of energy costs, are exacerbating the challenges faced by small businesses dealing with surging energy prices, a situation further intensified by Russia’s reduction of gas supplies to Europe following the Ukraine invasion.
Harcus Parker alleges that over a million small businesses may have paid inflated prices over the past decade due to suppliers incorporating “secret” fees or commissions from energy brokers into their bills. These fees are often not disclosed on customer bills, making it challenging for businesses to identify or contest the additional charges.
Damon Parker, a partner at Harcus Parker, expressed astonishment at the significant impact these undisclosed commissions have had on customer bills, emphasizing the need for transparency. The typical broker commission, approximately 1.7p per unit of energy, adds an estimated 10% to the total energy bill for small businesses availing broker services.
The law firm is urging the energy regulator to enforce transparency on fees passed on to customers by suppliers. While regulations introduced since October 2022 mandate disclosure of charges to “microbusiness” customers, slightly larger small businesses lack the same protections.
Harcus Parker’s call for transparency aligns with Ofgem’s recent actions. The energy regulator has sought government intervention to regulate energy brokers, recognizing concerns about unregulated third-party brokers taking advantage of small business owners. Ofgem has also closed a consultation on plans to compel major energy companies to disclose rates covering broker fees.
The Federation of Small Businesses has supported these efforts, asserting that brokers have imposed hidden commission fees running into billions on bills for companies, charities, care homes, and faith groups. Additionally, concerns have been raised about brokers locking businesses into long-term energy deals at peak global market prices.
While welcoming Ofgem’s recent moves, Harcus Parker emphasizes the necessity of further transparency, suggesting a lump sum disclosure of brokers’ commissions to enhance understanding and protect companies from potential financial exploitation.
Read more:
Legal action launched against ‘rip-off’ hidden commissions on UK firms’ energy bills

In the intricate world of management, promoting individuals for technical abilities often overlooks the crucial requirement for interpersonal skills.
This can leave many managers unprepared to handle the challenges of leading diverse teams, highlighting the importance of active listening as a frequently overlooked yet essential soft skill.
Lost in Translation:  managers without listening know-how
The main problem occurs when managers are promoted to leadership roles without sufficient training in active listening. This lack of skill not only hinders their ability to understand and connect with team members but also affects the overall unity and efficiency of the team.  They are told they will learn on the job, but at whose expense, I ask?
Time Crunch or Just Excuses:  the listening dilemma
One commonly cited reason for the disregard of active listening is the perceived lack of time. Managers often say that they don’t have the luxury to engage in prolonged listening conversations. However, reframing this perspective reveals that investing time in listening is not just a discretionary luxury but a strategic necessity for fostering a healthy and productive workplace culture.
Active Listening: More than just another buzzword
Digging deeper, active listening is key to shaping a workplace culture that values authenticity and inclusivity. It goes beyond just a communication skill; it becomes a vital aspect of building an environment where individuals feel recognised, accepted, and comfortable expressing their true selves.
Meet Mary:  Platitudes and loneliness
Mary, an experienced lawyer, is facing a personal crisis at home. Dealing with both a strained relationship with her husband and the recent loss of her mother, Mary is grappling with intense emotional turmoil.
Her husband, uncertain about how to support her through the grief, distances himself, intensifying Mary’s feelings of isolation. This emotional gap extends to her workplace, where colleagues, unsure of how to broach the sensitive topic, inadvertently contribute to an overall lack of communication around her.
This resulting emptiness leaves Mary feeling profoundly lonely, capturing emotions of sorrow, isolation, and deep grief. Despite the availability of the company’s Employee Assistance Program (EAP), Mary hesitates to seek support, concerned about opening up to professional counsellors about her vulnerabilities.
Her manager offers cliches to her ‘it could be worse!’  Cliches, clichés, cliches – why do we resort to using them? That’s simple, we use them when we are uncertain about what else to say, often filling spaces with these overused expressions.
Shh… Silence Speaks Volumes:  And speaking of filling spaces, how good are you at keeping silent?   John, a member of your marketing team, recently lost his job. While you’re skilled at offering ‘reassurances’ like ‘everything happens for a reason,’ ..  ‘you’ll get a better job’…there’s a chance to improve by actively listening and offering real support. It’s okay to admit if you’re unsure of what to say, rather than relying on clichés. Being present and acknowledging the difficulty of the situation can be more meaningful.
Recognising the power of silence in communication, the message emphasises that effective listening isn’t just about using words. Allowing moments of silence provides individuals the opportunity to express their thoughts and feelings at their own pace, building an empathic connection with you.
Building a Listening Culture:  Creating a culture of listening goes beyond just talking about it. It means embedding values like caring, empathy, and understanding into the core of the company. This turns these values from abstract ideas into practical aspects of the organisational ethos.
ROI of Listening: Loyalty, Commitment, and Corporate Reputation: A workplace that values listening not only builds loyalty and commitment among employees but also enhances the company’s reputation as a preferred employer, contributing to staff retention and overall team dedication.
It’s a Win-Win! Active listening is not just a moral duty but a strategic investment in the success of both the team and the organisation. Encouraging a culture that values and practices active listening turns the workplace into a fertile ground for innovation, collaboration, and sustained growth.
It’s a good deal for both individual and collective success in the team and the business.  And I like a good deal!  How about you?
Read more:
Good managers talk but great managers listen!

Labour appears to be considering a potential dilution of its plans for a tax overhaul targeting private equity, amid concerns that it might deter prospective investors.
Insiders within the party have reportedly discussed the option of scaling back the proposed income tax rate of 45p on deal profits generated by private equity leaders, according to the Financial Times.
Despite worries about the impact on investments, shadow Chancellor Rachel Reeves declared the party’s commitment to moving forward with the plans during Labour’s business conference at the Kia Oval on Thursday. She emphasized the party’s intention to close the “private equity loophole” where bonuses currently evade proper taxation.
Currently, ‘carried interest’ payments in this sector are taxed at the 28 per cent capital gains rate. However, some within the Labour Party, as reported by the FT, are concerned about the potential negative effects on attracting international investment to the UK. Suggestions have emerged that a compromise between the proposed 45p and the existing 28p tax rates could be explored.
An unnamed Labour source conveyed to the Financial Times that there is a “genuine fear” that setting the top rate too high could prove counterproductive. This development comes after a day-long conference attended by C-suite executives, FTSE100 leaders, and investors, where Rachel Reeves confirmed Labour’s commitment to capping corporation tax over the next Parliament to provide increased certainty for businesses.
Labour, led by Sir Keir Starmer and shadow business secretary Jonathan Reynolds, has actively sought to woo the Square Mile and position itself as the party of business, hoping to reshape its electoral prospects. Their efforts extend to attracting venture funding, unlocking pension capital, and enticing state-owned investments to fund the UK’s transition to green energy.
However, the party has faced criticism for wavering on its headline £28 billion green investment policy, with indications that the target may be reduced or even dropped.
With Rishi Sunak expected to call an election before January 2025, possibly later this year, Labour has maintained an average 20-point lead in polls over the past two years.
Read more:
Labour considers watering down plans for private equity tax raid

McLaren, the Woking-based luxury carmaker, has secured an additional £30 million from its Bahraini owners, Mumtalakat, the Bahrainian sovereign wealth fund.
This injection of capital comes as McLaren strives to fortify its long-term stability amidst persistent financial challenges. Just two months ago, Mumtalakat injected £80 million into the company, further solidifying its position as McLaren’s largest shareholder.
Mumtalakat, which owns two-thirds of McLaren, has been a consistent source of financial support for the company as it grapples with cash issues linked to the ongoing semiconductor shortage exacerbated by the pandemic. The recent investment brings the total funds received by McLaren in the last twelve months to nearly £500 million.
To navigate its financial landscape, McLaren has enlisted the assistance of financial PR firm Teneo, seeking advice on capital structure and aiming to diversify funding sources beyond Bahrain.
The history of financial challenges at McLaren extends back several years, with auditors sounding alarms in September 2022 about the company’s collapse risk due to the global semiconductor shortage. The situation has been exacerbated by quality control issues during production at McLaren’s Woking facility.
In a strategic move in 2020, McLaren sold its iconic Woking headquarters to investment firm GNL in a £170 million deal. However, McLaren retains tenancy rights for the next two decades, ensuring continuity despite the change in ownership. The Gulf investment vehicle, Mumtalakat, is poised to become McLaren’s sole shareholder through a “full recapitalisation” deal announced in December.
Read more:
McLaren receives £30m boost from Bahraini owners

Economic uncertainties are forcing businesses to update and rethink their skills requirements, to make sure they have the workforce and future skills required to navigate financial pressures while remaining competitive in their markets.
Nichola Hay, Director of Apprenticeship Strategy and Policy at BPP explains that as a result, the so-called war for well-fitting talent wages on, with research suggesting that around 75% of UK businesses are experiencing talent shortages, staggering business and economic growth.
To tackle this challenge, business leaders must invest more strategically to not only equip their existing workforce with the necessary skills to fill critical vacancies, but to also attract a wider pool of new talent. This could be achieved by introducing professional apprenticeship programmes that can help businesses continuously adapt to changes in skills requirements, while boosting resilience towards unexpected economic changes.
The business case for introducing apprenticeships
The full potential of an apprenticeship programme can be overlooked by the business community – typically associating it with creating a pipeline solely for school/college leaver talent. But in reality, professional apprenticeship programmes can be tailored to a businesses’ needs.
Whether they’re used for attracting talent with a fresh perspective and skills to identify new business opportunities, used as a tool to retrain existing employees, or to upskill workers in emerging or nascent areas such as AI and green skills – apprenticeships should be seen as an essential tool for both workforce planning and people development.
Moreover, offering an apprenticeship programme can create new channels to build and attract a more diverse talent pool. Whether it’s full-time carers, the long-term economically inactive or recent graduates looking to enter/re-enter the workforce, an apprenticeship can create an opportunity for those candidates who may never have applied for a role due to their lack of direct experience or traditional qualifications.
Boosting staff retention
One of the biggest challenges for businesses facing economic headwinds and rising operational costs, is the knock-on impact on employees, who may be facing short-term salary stagnation and, consequently, seeking other employment at competitor organisations. This creates further unfillable vacancies and can deliver a significant blow to a business’ productivity.
Apprenticeships are a great way to address these challenges, equipping employees with new skills and providing them with a pathway to promotion, strengthening the business’ credentials as a supportive employer during difficult economic times. For example, if a business is short of staff in middle management, instead of looking for talent externally in a tricky labour market, and potentially hiring someone less skilled than desired – an apprenticeship programme would allow existing staff to retrain for promotion. This can unlock potential that already exists in the current workforce while boosting employee morale.
Final thoughts
Through apprenticeships, developing the skills of your staff will not only help improve business resilience by creating a diverse, multi-talented workforce, but it will also support with staff motivation and retention. By providing staff with the opportunity to upskill, retrain for promotion, or transfer to other areas of the business, businesses can show a strong commitment to their progress and development.
Although professional apprenticeship programmes won’t be the answer to all business needs and challenges, they can provide an excellent solution to many critical problems. It can act as a workforce planning tool to close skills gaps tailored to the requirements of what businesses have to offer, boost talent retention, and create a more diverse talent pool.
Apprenticeships can also create a highly resilient workforce essential to fuel business growth and seize new opportunities for expansion during times when organisations may need it the most.
Read more:
National Apprenticeship Week: Using apprenticeships as a workforce planning tool