Month: July 2024

The financial technology powerhouse Revolut has finally obtained a long-anticipated banking licence from the Bank of England’s Prudential Regulation Authority (PRA), enhancing its capability to compete with traditional high street banks and providing improved consumer protections for millions of UK customers.
Revolut’s pursuit of this licence spanned three years, significantly longer than usual due to a series of hurdles encountered during the application process. This landmark decision by the regulator allows the app-based company to begin offering loans, overdrafts, and other lending products to its nine million UK customers. Additionally, once Revolut launches its banking services, it will be covered by the UK’s Financial Services Compensation Scheme (FSCS), protecting customer deposits up to £85,000.
Nik Storonsky, co-founder and CEO of the London-based firm, celebrated this achievement, calling it an “important milestone”. Valued at $33 billion during its last fundraising round in 2021, Revolut is considered one of the crown jewels of Britain’s fintech sector.
Founded nine years ago by Storonsky and Vlad Yatsenko as a money transfer and foreign exchange service, Revolut has rapidly expanded to serve over 45 million retail customers in 38 countries, offering a wide range of services from cryptocurrency trading to insurance. Last year, the company reported revenues of £1.8 billion and pre-tax profits of £437.8 million.
Despite holding a European banking licence from the Bank of Lithuania, allowing it to operate within the EU, Revolut’s growth ambitions in its home market and beyond have been hampered by the absence of a UK licence. Without it, Revolut has been unable to compete directly with British banks, operating instead under an e-money licence that required using third-party banks to hold customer funds and prevented lending to UK customers. Consequently, Revolut has not been part of the FSCS.
Revolut’s application has been under intense scrutiny in the City, particularly due to its rapid growth. One significant obstacle was the company’s accounting practices, which drew attention when its auditor, BDO, raised concerns over nearly £477 million of its 2021 revenues, resulting in a qualified opinion on its accounts. These issues were later resolved in the 2022 report.
Further complicating matters was Revolut’s complex ownership structure, which it recently simplified to facilitate the licence approval. Now, Revolut has been granted “authorisation with restrictions,” initiating a “mobilisation” period to build the necessary systems and processes to operate fully as a bank. During this period, typically lasting about a year, Revolut can only hold £50,000 in total customer deposits and will continue to operate under e-money regulations in the UK.
Read more:
Revolut secures UK banking licence after three-year wait

Taking the pain out of compliance
With so many moving parts and different perspectives on enforcement across Europe, Arcus Compliance’s ‘hive mind’ approach ensures that each client benefits from the experiences of others.
Lee Bryan shares his Secrets of Success with Business Matters.
What made you start Arcus Compliance – did you want to rock the status quo or was it a gap in the marketplace that you could fill?
I had seen other compliance providers fail in their offering and felt that by combining the regulatory knowledge with an old-school approach to customer service we would have the winning formula.
What is your USP
Personally, I’d say tenacity. I’ve failed more times than I’ve succeeded, but I pushed forward with new ventures regardless. As a business, I’ve always maintained that we must offer the best customer service and deliver on our promises.
What are your brand values?
Efficiency, Consistency, Reliability and Transparency
Do your values define your decision-making process?
Yes, very much so. Anything we do needs to be efficient and scalable. We ensure that the client is aware of any limitations and risk.
Is team culture integral to Arcus Compliance?
Most definitely. We recruit team members with a similar outlook and personality to ensure the culture of the business is maintained
What do you do to go the extra mile to show your team you appreciate them?
Ongoing training opportunities to develop, two bonuses a year, international team building trips, flexible hours to suit their family commitments and our commitment to keeping the work environment fun and fresh.

In terms of your messaging do you think you talk directly to your consumers in a clear fashion?

Yes. One of our values is transparency, so we always look to understand their commercial aspirations first. Then we build a compliance strategy that maps that and allows them to market their products without the fear of enforcement for non-compliant products.
What’s your take on inflation and interest rates – are you going to pass that on to your customers or let your margins take a hit and reward customer loyalty in these tougher times?
No. We offer a retained service that acts as an extension of their company. We have no plans to increase our pricing due to inflation.
How often do you assess the data you pull in and address your KPIs and why?
Our data is assessed constantly, owing to the various moving parts within compliance. It’s essential that we keep our finger on the pulse of any regulatory changes and communicate them to our clients asap.
Is tech playing a much larger part in your day-to-day running of your company?
Yes, we have invested heavily in proprietary software. Having our own software is not only a USP but allows us to handle tasks in a fraction of the time it would take a human to handle them. It means we keep our head count low as well as our costs. Our aim is to provide an outsourced compliance department at a fraction of the cost that it would be ‘in-house’.
What is your attitude to your competitors?
We don’t concern ourselves with our competitors. We focus on our swim-lane only and aim to get better than we were previously. Competition then becomes irrelevant.
Do you have any advice for anyone starting out in business?
Expect the road to be bumpy, then when a problem comes along you’re not as fazed by it as if you were expecting plain sailing. Make sure you have enough cash to cover costs while you are building your reputation, and that reputation is going to take you 3-5 years to build.
It can be a lonely and pressured place to be as the lead decision maker of the business. What do you do to relax, recharge and hone your focus?
I learned transcendental meditation shortly after starting the business. It was a game- changer for me. It made me realise I wasn’t great at everything and that I should farm out anything that I wasn’t great at and focus on what I was good at. TM still plays a part in my life today and keeps me relaxed and focused.
Do you believe in the 12-week work method or do you make much longer planning strategies?
No, it’s not something I follow. I’m pretty much a workaholic and just go hard at it all the time. I don’t employ any schedules or best practices to growing the business, although I am at the point where I am bringing in the staff that focus on that, to allow me to be the aggressive sales person that I am.

What is your company’s eco strategy?
We don’t have an eco-strategy per se. We are of course mindful of our corporate responsibilities but as a consultancy our impact on the environment is low, so we don’t have to worry too much. We help our clients understand their waste obligations and ensure that appropriate programmes are in place for that.
What three things do you hope to have in place within the next 12 months?
1 We are bringing in an MD to improve efficiencies within the business and are looking forward to that.
2) We will be launching some new software that will improve our clients’ ability to manage their compliance files more easily
3) We will be taking our services into the US cannabis sector to help improve compliance in that market.

Read more:
Secrets of Success: Lee Bryan, CEO of Arcus Compliance

Heathrow Airport has reported a record-breaking 39.8 million passengers in the first half of this year, surpassing pre-pandemic levels and signalling a strong recovery.
The airport, located on the western fringes of London, experienced its busiest day ever on June 30, with more than 268,000 travellers on over 1,300 flights.
This record surpasses the 38.8 million passengers recorded in the first half of 2019, before the coronavirus pandemic. Despite the surge in passenger numbers, revenues for the six-month period fell by 2.9 per cent to £1.69 billion, and adjusted earnings dropped by 11.1 per cent to £951 million. However, pre-tax profit increased by 15.8 per cent to £323 million, swinging from an adjusted loss of £139 million to a profit of £178 million.
Growth has been driven by high load factors and the use of larger aircraft, particularly on routes to Asia and the Middle East, which have seen demand double in recent years. In anticipation of a record number of passengers this summer, Heathrow has ramped up its workforce to 90,000 employees, aiming to avoid past chaos and improve punctuality, which stood at 72.8 per cent in the first six months of the year. Over 95 per cent of passengers passed through security within five minutes.
However, revenues from flights, including landing fees, aircraft parking charges, and passenger security fees, dropped by nearly 8 per cent due to the Civil Aviation Authority’s stringent H7 settlement. This settlement sets the annual cap on passenger charges paid by airlines and frames the regulatory environment for Heathrow since 2022.
The airport is working to address a £400 million shortfall from the settlement, introducing initiatives to streamline operations and drive efficiencies without compromising passenger experience or safety. These efforts have contributed to an adjusted pre-tax profit of £178 million in the first half.
Heathrow’s strategy includes six “beacons” aimed at making it an extraordinary, future-ready airport. These strategies focus on building a “winning team,” embracing a “digital future,” and “creating capacity,” all intended to deliver the greatest “value for customers.”
Thomas Woldbye, Heathrow’s CEO, praised his team’s dedication in managing record-breaking passenger numbers while maintaining excellent customer service. Alongside the passenger traffic, 765 tonnes of cargo passed through Heathrow, supporting British industries in accessing global export markets.
Woldbye emphasised the importance of Heathrow to the UK economy and called for policy support to enhance global competitiveness and sustainable growth. He expressed optimism about the new government’s recognition of Heathrow’s role in national growth and urged for policies that would establish Heathrow as the preferred European hub airport.
Despite attracting new routes and record passenger numbers, Heathrow faces competitive pressures from European hubs due to bureaucratic tax and border policies that push passengers towards rival airports.
Read more:
Heathrow passenger numbers hit record 39.8 million amid busiest summer preparations

Giving podcasts the edge in a saturated market
In an ecosystem where over 500,000 podcasts were created just in the first half of 2021, a creator faces real challenge in finding an audience, monetising a show and handling all the distribution logistics. Auddy solves all that.
It’s a one stop podcast company which hosts, publishes, markets and distributes globally the best in original podcast content from award-winning and high-quality sources. Its shows span across different genres and are available on every major platform (Google, Apple. Amazon, Spotify, Deezer, Stitcher, Soundcloud, etc.).
What type of businesses do you work with?
Auddy works with a wide range of businesses varying from commercial partners looking to advertise and promote their brand to podcast listeners, to those looking to produce a podcast. We also work with podcasters looking to commercialise their previously produced podcasts and seeking to increase their listeners and engagement figures. So, in a nutshell, we work with everyone involved from the concept stage, right through to hosting, producing and promotion.
What problem does Auddy solve?
Not unlike YouTube, podcasting is now a vast ecosystem, valued at over £7bn by 2027. With over 100m listeners in the US and 20% of the UK already listening, a creator of a podcast faces a real problem in finding an audience for its show and, therefore, leading to a potential for commercial return by way of ad sales and sponsorship sales. As a publisher, Auddy uses data analytics and advanced skills in hosting, marketing, promoting its published podcasts and, in doing so, can help the creator to create a commercial outcome for the podcast.
What is your USP?
We are unique in that we manage everything under one Auddy roof – from concept which produces, publishes, markets and distributes the best in original podcast content and audio shows, all in one company. We also own proprietary systems, data analytics tools and technology to bring efficiency and business intelligence to the business of publishing.
What are Auddy’s values? Have you ever had them challenged and if so how have you dealt with it?
To date, we have never had our values challenged – that’s not to say we won’t, however as a company, we believe in integrity, reputation, diversity, inclusiveness and in being socially and morally astute.
We like to work with people who have the same values so that our values are represented in the work that we do and whichever industry we are working with.
How do you ensure that you recruit a team that reflects your company values?
We work with a team psychologist in the recruitment of all hires. She specialises in working with candidates through a testing process and by which we can better understand the personality and dynamics of the candidate, ensuring that they – and we – are a great fit. Our psychologist also works closely on the dynamics within the leadership team, ensuring that the team’s understanding skillsets are accelerated to improve effective communications. Our testing also includes work on the candidate’s tolerance or need for home working.
Are you happy to offer a hybrid working model of home/office post-covid?
We believe that remote working is a critical component of our future development. While we believe in the need for a close-knit team to have personal interaction, office life can be stressful and lead to health-related challenges, especially of a mental health nature. Therefore, we plan to maintain a support for and encouragement of flexible working hours, in-home work and team building through in-person engagement.
Do you have any tips for managing suppliers and customers effectively?
We strongly believe that whoever you are and in whichever position you are in, you must treat others how you would want to be treated. Respect goes a long way so it’s important to respect your peers and treat others kindly in all areas of life.
Any finance or cash-flow tips for new businesses starting out?
We feel it’s important to be transparent, fair and reasonable in managing and preserving cash. If you have to be slow in paying a bill, contact the vendor, express your position and be sure to treat them with respect, thanks and fairness.
What is your attitude towards your competitors?
Without competition, you and your business will remain unchallenged so you could get bored or complacent. Competition makes you compete better. In our world, with hundreds of millions listening globally to podcasts, there is an abundance of room for all the competitors to thrive and succeed and without the need for one to win at the expense of others.
Any thoughts on the future of your company?
 Tomorrow is way more exciting than yesterday.
We are at an exciting stage where we have managed to crowdfund our target figure within days of launching our crowdfunding campaign. The interest and commitment has blown us away and we are truly excited to be in a position to discuss our plans for the future. The future is exciting, the future is scary but when you see the level of interest from crowdfunders who wish to invest, the thrill of getting started and wanting to achieve great things is what drives the team.
Read more:
Secrets of Success: Andrew Craissati CEO and Co-Founder of Auddy

Conscious Communications is a dynamic public relations agency renowned for creating impactful communication strategies that forge powerful brands, elevate awareness, safeguard reputations, and drive client engagement.
Leveraging extensive industry knowledge and strategic media connections, the agency positions clients at the forefront of their markets, crafting compelling narratives that resonate and influence behavior.
Boasting a dedicated team of 17 professionals, Conscious Communications offers a unique blend of high-impact public relations, marketing communications, event planning, and design services. Their diverse clientele spans education, technology, energy, development, non-profit organizations, and charities.
The agency prides itself on a core philosophy of “doing well by doing good,” prioritizing the societal impact of their work over mere profitability. This ethical approach marries strategic expertise with creativity, establishing values-driven practices that foster professional and personal development, social responsibility, and community engagement.
p in creating social change; from our commitment to developing ourselves professionally and personally, to our voluntary work.
What was the inspiration behind Conscious Communications?
Conscious Communications was established from a passion to do things differently: to add genuine value, deliver return on investment for our clients without compromising ethics and use profits to give back to the community.
The company is built on the principles of a conscious business, meaning that it’s not just what we do that’s important but how the team does it. Our open and transparent approach ensures we make clear and conscious decisions for our clients, partners, business, people and the environment.
Who do you admire?
Any business owner or leader who is riding the wave that is the current economic climate post-pandemic. Running a business can be challenging and it’s how you overcome those challenges and continue on a growth trajectory that makes a business stand out. Hearing from leaders about how they grew their business, often starting in their kitchen à la Julie Deane (Cambridge Satchel Company) or Ella Mills (Deliciously Ella), and overcoming hurdles, whether in or out of their control, is always valuable learning.
I am also a strong advocate for profiling working families, especially women in leadership roles. You would think in 2024 we wouldn’t have to break the cycle of gender roles historically imposed by society but sadly here we are. I am a mother of two young children and I hope that when they are older they will be empowered by seeing their mum running a small business!
Looking back, is there anything you would have done differently?
Our culture is incredibly important to us; at times we haven’t got it right with our recruitment so I would have taken more time to hire, making absolutely sure people align with our company’s values and vision, no matter how urgently we need to fill a position.
What defines your way of doing business?
Our objective in founding the agency in 2012 was to be a force for good and to use our public relations expertise to have a positive social impact, by addressing inequalities, creating opportunities, and helping to drive social mobility locally and in the wider world.
By putting corporate social responsibility and sustainable development at the heart of our business, we are setting an example and demonstrating to others how a business can thrive, while making a positive impact on the lives of others and on the environment. Our work, actions and behaviours act as a ‘magnet’, attracting the types of clients that we dream of working with and the talented employees we need in our team.
As an independent business operating in the service industry, ours is not a business that attracts huge external investment to grow rapidly. Since start up in 2012, Conscious Communications has grown steadily and organically, despite being faced with a global pandemic. Our growth is totally dependent upon the hard work, expertise and dedication of our team. Our intention is to continue to invest all of our profit into our people, our charitable activities, and into the local community, while also giving our most valuable commodity – our time – to charitable causes and working in the community with disadvantaged people.
We have created and registered a charity (FXP Festival) as well as a community interest company (Cambridge 2030), both of which aim to drive social mobility and improve the quality of life for people in Cambridge which, in turn, benefits the economy and other businesses in and around the city.
In January 2024, we were awarded Platinum by Investors in People, the highest level of accreditation granted by the UK’s leading accreditor for business improvement through people management in the UK. We sought assessment against the Investors in People standards after achieving Gold accreditation for the second time in 2021. Our commitment to our people, our agency culture and local community is core to our business. From the day we started Conscious Communications, we wanted to create an agency that is different and driven by values; thinking about the impact our work will have on others and creating a culture that empowers its employees.
In May 2023, we became a certified B Corporation (B Corp), reinforcing our commitment to a higher standard of business which aligns closely with our mission to be a force for good. The B Corp certification addresses the entirety of a business’ operations and covers five key impact areas of Governance, Workers, Community, Environment and Customers. To complete the certification, we have legally embedded our commitment to purpose beyond profit in our company’s articles of association. From our supply chain to our office operations, we meticulously consider the social and environmental impact of everything we do and we actively seek out opportunities to support local communities, and champion diversity and inclusion. The B Corp accreditation is validation that our business has been, is and will continue to do well by doing good.
What advice would you give to someone starting out?
Seek feedback from those around you on your plans and ambitions for the business and commit to your proposition.
Read more:
Getting To Know You: Zoë Scorer, MD, Conscious Communications

Huw Edwards emerged as the BBC’s highest-paid journalist last year, earning £480,000 despite being suspended for nine months. The annual report reveals that Edwards received a £40,000 pay rise, making him the corporation’s third-highest earner.
Suspended in July 2023 over allegations of paying a young man for explicit images, Edwards did not resign until April, citing medical reasons. During this period, he was contracted to present 160 days’ worth of BBC One news bulletins, including news and election specials, along with other programming.
Gary Lineker remains the BBC’s top earner with an unchanged salary of £1.35 million. Radio 2’s Zoe Ball follows, with her salary slightly reduced to £950,000. Nick Robinson saw the most significant increase, entering the top 10 highest earners due to his BBC podcast work. His salary jumped from £280,000 to £350,000 following the launch of The Today Podcast. The combined salary for Today programme presenters now totals £1.56 million, up from £1.49 million the previous year.
All but a few presenters received pay increases last year. The BBC is mandated to publish salaries exceeding £178,000 from licence fee revenue. New entries include former weather presenter turned radio DJ Owain Wyn Evans, who now earns £200,000. Vernon Kay, replacing Ken Bruce as Radio 2’s mid-morning DJ, enters the list with a salary of £325,000, while Gary Davies joins with a salary of £205,000.
Edwards ranks behind Radio 1 Breakfast Show host Greg James (£420,000) and Fiona Bruce (£410,000), who hosts Question Time and BBC news bulletins. Bruce’s full pay, including Antiques Roadshow, is significantly higher.
Tim Davie, the director-general, defended continuing Edwards’ pay. “We’re always trying to be judicious with the spending of public money and we do not want to waste a single pound,” Davie said. “From the outset, we tried to act proportionately, fairly and navigate this appropriately. I think that’s what we did.” He emphasised that Edwards’ contract was agreed before the scandal broke.
Edwards also carried out after-dinner speaking and hosted awards evenings like our own Business Champion Awards in both 2022 and 2023.
The report also disclosed that half a million people stopped paying their licence fees last year, causing an £80 million drop in income. Despite the decline in fee payers from 24.4 million to 23.9 million, BBC’s chief operating officer Leigh Tavaziva maintained that the licence fee “continues to offer excellent value for money.”
Davie highlighted hit shows such as Gladiators, Blue Lights, and Once Upon A Time In Northern Ireland as examples of the corporation’s “sustained creative excellence.” He acknowledged challenging times ahead and announced that 500 posts would be cut by March 2026 as part of a “streamlining” effort.
The report indicated that the BBC failed to meet its performance targets for reaching young audiences, with only 71 per cent of 16-34-year-olds using BBC services weekly, falling short of the 75 per cent target. For under-16s, the figure was 69 per cent, and 85 per cent for those aged 16+.
Additionally, the report revealed an increase in formal cases of sexual harassment and bullying, rising from 34 to 50. The average time to close a case increased from 69 days to 101 days.
Read more:
Huw Edwards jumps to third-highest BBC earner despite scandal

Carpetright’s future has been partially secured through a rescue deal, but the move has resulted in the loss of over 1,000 jobs.
Rival flooring retailer Tapi has purchased 54 out of 272 Carpetright stores and two warehouses through a pre-pack administration, which allows the selective acquisition of assets. This transaction has retained 308 staff members.
In a separate agreement, the brand and Carpetright’s intellectual property rights have been sold to Tapi Group by Nestware Holdings Ltd. The retailer had been teetering on the edge of administration for over a week before the deal was finalised.
Founded in 2015 by Lord Harris of Peckham, who also established Carpetright before selling his shares in 2014, Tapi expressed “deep regret” that 1,018 employees from non-included sites and those providing in-home services were made redundant immediately upon the deal’s announcement.
Zelf Hussain, joint administrator, explained the factors behind Carpetright’s struggles: “A mixture of factors, including a big reduction in consumer spending due to cost of living pressures, lower home sales, and a debilitating cyber attack, made it impossible for the business to continue in its current form.”
While the sale of select stores and the brand has preserved over 300 jobs, Mr Hussain acknowledged the sorrow over the redundancies and committed to processing redundancy claims swiftly and assisting affected individuals in finding new employment.
Kevin Barrett, CEO of Carpetright’s parent company, Nestware Holdings, said: “Our focus over the last week has been to secure external investment to ensure job security for a number of our Carpetright colleagues across the country. While we succeeded in finding a buyer, the deal is limited to a select number of stores rather than the business as a whole, impacting a large number of colleagues.”
Customers with orders placed at stores not included in the transaction have been advised to contact their payment card providers for potential refunds.
Founded in 1988 and headquartered in Purfleet, Essex, Carpetright operated 273 stores and employed 1,898 staff members. The fate of the remaining employees is currently uncertain.
Tapi, which currently operates around 175 stores across the UK, has confirmed the acquisition of the following Carpetright locations:
– Basildon
– Birmingham – Erdington
– Bishopbriggs
– Bristol – Longwell Green
– Camborne
– Camden
– Carmarthen
– Cheadle
– Chesterfield
– Chichester
– Chippenham
– Clapham Common
– Coventry – Airport Retail Park
– Cramlington
– Croydon
– Dumbarton
– Dumfries
– East Sheen
– Edinburgh – Hermiston Gait
– Epsom
– Farnborough
– Friern Barnet
– Haywards Heath
– Hemel Hempstead
– Hereford
– High Wycombe – Loudwater
– Holloway
– Hove
– Ipswich – Anglia Park
– Lancaster
– Leeds – Kirkstall
– Maidstone
– Mansfield
– New Malden
– Newbury
– Newmarket
– North Shields
– Norwich – Sprowston
– Peterborough
– Plymouth – Marsh Mills
– Southampton – Hedge End
– Stockton
– Swindon – Bridgemead
– Teddington
– Trowbridge
– Truro
– Washington – Armstrong
– West Wickham
– Weston-Super-Mare
– Weymouth
– Whetstone
– Wimbledon
– Woking
– Yeovil
– Chessington Warehouse
– Croydon Warehouse
Read more:
Carpetright’s future secured but at least 1,000 jobs lost in limited rescue deal

Farnborough International Airshow kicked off with a bang today, with an astounding £39.3bn (USD 51bn) worth of deals announced on its opening day.
This impressive figure underscores the event’s stature as the apex of the global aerospace industrial cycle and highlights the resilience and innovation of the UK aerospace sector.
Among the deals secured, 163 firm aircraft orders stood out, valued at £4.6bn to the UK. These significant orders are a testament to the robust demand and confidence in British aviation capabilities. In addition to the aircraft orders, the deals also encompassed 28 firm engine orders, further enhancing the total value of transactions. The day’s agreements included 114 optional aircraft and engine commitments, alongside various service agreements, indicating a strong pipeline of future business.
The figures were shared by ADS Group, the trade association representing the UK’s aerospace, defence, security, and space sectors, and the organisers of Farnborough International. The substantial day-one total reflects the ongoing buoyancy and resilience of the aerospace industry, despite facing challenges in regulatory frameworks, supply chains, and workforce availability.
Kevin Craven, CEO of ADS and Chair of Farnborough International, expressed his optimism and pride in the industry’s achievements: “The significance and convening power of Farnborough International Airshow make today’s announcements both unsurprising and very welcome. Our aerospace industry remains buoyant and resilient in spite of challenges in regulatory frameworks, the supply chain, and the workforce.
“The UK is home to innovative, ambitious, and world-renowned advanced manufacturing businesses, both large and small, and we are rightly celebrating their impact at the home of British Aviation. Our aerospace sector delivers £10.9 billion in value to the UK economy, and in 2023, UK aerospace exports totalled £20bn. It is our partnership with our international counterparts that truly makes the UK home to an open, ambitious, and innovative industry.”
The first day’s deals reinforce the strategic importance of the Farnborough International Airshow in the global aerospace calendar. The event serves as a critical platform for showcasing advancements in aviation technology and fostering international collaborations. The commitments made during the opening day are expected to bolster the UK’s aerospace exports and contribute significantly to the national economy.
The biennial event continues to attract major players from across the aviation sector, highlighting its role as a hub for networking, deal-making, and technological showcasing. The £39.3bn in deals set a high benchmark for the subsequent days of the airshow, promising a week filled with more groundbreaking announcements and strategic partnerships.
As the Farnborough International Airshow progresses, the industry will keenly watch for further developments and deals that will shape the future of aerospace. The impressive start has already underscored the event’s importance and the UK’s pivotal role in the global aerospace industry.
Read more:
Farnborough Airshow explodes with £39.3bn in deals on opening day

Within the King’s Speech on 17 July 2024, the new Labour Government set out its legislative agenda for the next few months. The reform of employment law was a pillar of Labour’s election campaign, and so it is no surprise it was referenced within the King’s speech:
“My Government is committed to making work pay and will legislate to introduce a new deal for working people to ban exploitative practices and enhance employment rights”.
Accompanying the announcements in the King’s Speech were Background Briefing Notes.
The Government is proposing the introduction of two new employment Bills:

The Employment Rights Bill, which is intended to implement Labour’s New Deal for Working People
The Draft Equality (Race and Disability) Bill

Employment Rights Bill
The Employment Rights Bill appears in the section Economic Stability and Growth of the Briefing Notes and includes commitments to the following:

Banning “exploitative” zero-hour contracts;
Ending “the scourges” of “Fire and Rehire” and “Fire and Replace”‘ by providing effective remedies and replacing the previous Government’s statutory code;
Making parental leave, sick pay and protection from unfair dismissal available from day one on the job for all workers (although this will not impact upon employers’ ability to operate probationary periods to assess new hires);
Strengthening Statutory Sick Pay by removing the lower earnings limit and the waiting period;
Making flexible working the default from day one for all workers, with employers required to accommodate this as far as is reasonable;
Strengthening the protection for new mothers by making it unlawful to dismiss a woman who has had a baby for six months after her return, except in specific circumstances;
Establishing a new Single Enforcement Body to strengthen enforcement of workplace rights;
Establishing a Fair Pay Agreement in the adult social care sector and assessing how this could benefit other sectors;
Reinstating the School Support Staff Negotiating Body to establish national terms and conditions, career progression routes, and fair pay rates;
Updating trade union legislation, removing unnecessary restrictions on trade union activity, including the previous Government’s approach to minimum service levels, and ensuring industrial relations are based around good faith negotiations and;
Simplifying the process of statutory recognition and introducing a regulated route to ensure workers and union members have a reasonable right to access a union within workplaces.

The Briefing Notes state that there has been an increase in the number of people in less secure forms of work, including the number of zero-hours contracts rising to over 1 million over the last decade. The Bill will provide additional security and predictability for these workers. Further, they also state that extending protections to workers from day one will encourage more workers to switch jobs, which they state is associated with higher wages and productivity growth.
The Employment Rights Bill proposal also references the Government’s intention to deliver a “genuine living wage that accounts for the cost of living” and to remove “discriminatory age bands”.
Draft Equality (Race and Disability) Bill
This appears in the Break Down the Barriers to Opportunity section of the Briefing Notes.
The Draft Equality (Race and Disability) Bill intends to tackle inequality for ethnic minority and disabled people by:

Enshrining in law the full right to equal pay for ethnic minorities and disabled people to make it easier for them to bring unequal pay claims and;
Introducing mandatory ethnicity and disability pay reporting for larger employers (250+ employees). This will expose any pay gaps and enable companies to consider why such pay gaps exist and how to tackle them.

Comment
It is clear that the Government is motivated to implement employment reform quickly, intending that the Employment Rights Bill is introduced within the first 100 days of the new Parliament, so possibly around mid-October 2024.
The Equality (Race and Disability) Bill will likely take longer as it is still considered a draft Bill.
Even though it may be many months before we see either of these Bills signed into law (possibly with amendments) and even longer before any changes are implemented, one thing is certain: we can expect significant changes ahead.
The Government intends to “work in close partnership with trade unions and business” to deliver the  New Deal, and we will keep you updated.
Read more:
The King’s Speech – What is next for employment law?