Category: Uncategorized

House prices in October were 0.9 per cent higher than in September, figures from lender Nationwide showed before the Bank makes its interest rate call tomorrow. .
Compared with October last year, prices were down 3.3 per cent, a less sharp fall than September’s 5.3 per cent drop, Nationwide said.
This comes after the Bank of England raised interest rates for 14 consecutive occasions in its battle against inflation, before holding on the previous, last month. All eyes will be on the Bank’s Monetary Policy Committee’s decision tomorrow.
Robert Gardner, Nationwide’s Chief Economist, said: “October saw a 0.9 per cent rise in UK house prices, after taking account of seasonal effects. This resulted in an improvement in the annual rate of house price growth to -3.3 per cent, from -5.3 per cent in September.
“Nevertheless, housing market activity has remained extremely weak, with just 43,300 mortgages approved for house purchase in September, around 30 per cent below the monthly average prevailing in 2019.
He added, ahead of an expected hold by the Bank according to some economics, that: “With Bank Rate not expected to decline significantly in the years ahead, borrowing costs are unlikely to return to the historic lows seen in the aftermath of the pandemic.
“Instead, it appears likely that a combination of solid income growth, together with modestly lower house prices and mortgage rates, will gradually improve affordability over time, with housing market activity remaining fairly subdued in the interim.”
Matt Thompson, head of sales at Chestertons, says: “The recent price adjustment that some of the property market has seen, led to more house hunters continuing their search in October with sellers receiving an increasing number of offers that month.
“The vast majority of buyers have accepted that interest rates are here to stay and, after readjusting their budget or search criteria, are no longer willing to delay their property search any further.”
Meanwhile, Jeremy Leaf, north London estate agent and a former RICS residential chairman, says: ’These figures, though historically reliable, only cover Nationwide’s customers and don’t include cash buyers who are active at present.
‘High mortgage rates and inflation may be compromising buyer demand but strong employment and shortage of properties for sale in areas of highest demand is keeping prices strong.’
Tom Bill, head of UK residential research at estate agent Knight Frank, added that: “sentiment in the UK housing market is weak but unlike the early months of Covid or the period following the mini-budget, there is no single cause.”
“The seasonal bounce in activity didn’t happen this autumn, although price falls have been kept in check by weak supply. We expect UK prices to fall by seven per cent this year and four per cent next year as inflation comes under control and mortgage rates stabilise.”
Read more:
Surprise in month on month house prices rise suggests property market beginning to stabilise

Herefordshire-based SafeLane Global (SafeLane) counters explosive and hazardous material threats, holding global expertise in the clearance of landmines and explosive remnants of war, including improvised explosive devices. Its work on land and in marine environments creates safer spaces for clients and communities.
Following strategic acquisitions in the UK between 2019 and 2022, SafeLane’s UK operations grew significantly and evolved into a new brand, Igne.  This realignment ensures both Igne and SafeLane Global are best positioned for success in their respective markets.
New CEO Tim Illingworth will take the reins from the 1st November 2023, and brings with him a wealth of experience following an extremely distinguished and relevant career to date, including over 23 years of operating, building and running businesses and living in some of the world’s most remote, complex and hazardous environments.  Most recently, Tim was the Commercial Director of Iqarus, a company that delivers medical care in the same complex environments in which SafeLane’s international business also operates.  Before joining Iqarus, Tim worked within the high-risk arm of global security company GardaWorld, ran a number of companies within the extractive industry in West Africa, and served as an officer in the British Army, where he was awarded the Conspicuous Gallantry Cross in recognition of his services while operating alongside local forces in Afghanistan.
SafeLane’s incumbent CEO Rob Hunter, who has been with the company for over seven years, will ensure a seamless handover before stepping across from the international business to exclusively lead Igne.
Discussing the latest step in the evolution of SafeLane Global, Igne’s CEO Rob Hunter explains: “In recent years, the group businesses have each grown significantly.  We have been working strategically to separate the businesses and allow their individual growth opportunities to be realised, without disrupting any ongoing contracts or business relationships.  We are now ready for SafeLane and Igne to follow their own paths, and that means a full handover to the calibre of leader that Tim embodies.  For me, I am thrilled to be passing the baton with SafeLane in such a robust position and am fully confident in Tim’s skills to continue steering the company on its success trajectory.  Together with the outstanding team we have built, I am invigorated by Igne’s opportunities to become the service provider of choice for Britain’s construction and infrastructure sectors.”
Tim Illingworth, newly appointed CEO of SafeLane Global’s international business, added:  “In spite of significant progress over the past two decades with the removal of explosive remnants of war, landmines and cluster munitions, the world is continuing to see instability and conflict in areas where the communities and governments are least well equipped to cope with the lasting effects of the use of explosive weaponry.  SafeLane Global is among the most respected names in the field of explosive threat mitigation, working alongside governments, NGOs, companies and communities in these environments and I couldn’t be happier to be joining such a capable and experienced team at what is an important point in the company’s history.  With current projects ongoing in countries such as Yemen and Somalia and a real requirement for SafeLane Global’s services in Ukraine and across the Middle East, this is an unrivalled opportunity for me to help shape the future success of the business while working with what is already an exceptional team.”
Read more:
SafeLane Global Welcomes New CEO 

Did you know that while 5% of adults have ADHD, 29% of entrepreneurs do? Bill Gates and Richard Branson are just two successful businesspeople who have been open about their diagnoses.
Undoubtedly, entrepreneurs with ADHD possess a unique blend of creativity, resilience, and adaptability that can serve as powerful drivers of success.
But it’s essential to be aware of pitfalls like distractibility and burnout.
Whether you have an official diagnosis or self-identify as having ADHD, the right support and self-care strategies can turn what some might see as a limitation into your greatest entrepreneurial asset.
What is neurodiversity, and why are we talking about it?
Neurodiversity describes the natural variation in the human brain and how people think, learn and process information differently.
Around one in seven people are neurodivergent, the umbrella term which includes autism spectrum conditions, ADHD, dyslexia and dyspraxia.
This conversation matters because, in embracing neurodiversity, we don’t just acknowledge differences; we can optimise for them.
Why does neurodiversity matter in entrepreneurship?
Entrepreneurship thrives on different ways of seeing and solving problems, precisely where many neurodiverse people excel.
For me, entrepreneurship was more than an option; it was a necessity.
Traditional work environments stifled my creativity and didn’t cater to my unique ways of thinking.
The entrepreneurial path provided the freedom to explore, create, and execute my visions, however unconventional they might have been.
What’s the link between ADHD and entrepreneurship?
ADHD is a neurodevelopmental disorder that affects the structure and function of the brain and nervous system. It is presumed to be present from birth.
Living with ADHD presents a unique blend of challenges and advantages, shaped by its severe impact on focus and impulsivity.
How do I describe my ADHD? It’s like having a brain with the horsepower of a Ferrari but the braking speed of a cheap bicycle. Or having a powerful internal motor that never shuts off. It’s constantly having 100 internet tabs open in my brain. It’s exhausting. But it also brings many gifts – or, as I prefer to call them, superpowers.
ADHD has given me natural creativity and problem-solving abilities. I get things done quickly. I see patterns and opportunities others don’t. I have a finely-tuned bullsh*t radar. I take risks, and sometimes they pay off. All of these things make me brilliant at my work.
Tell me more about ADHD superpowers in business.
Let’s consider some of the unique traits neurodiverse entrepreneurs often bring to the table:
Hyperfocus: Neurodiverse people often focus intently on tasks that capture their interest. This can be incredibly advantageous in the early stages of a start-up, where passion and focus are crucial.
Empathy: ADHDers are often more sensitive to other people’s needs and experiences. This hyper-empathy allows for a more nuanced understanding of client relationships and team dynamics.
Quick Adaptability: The ability to pivot swiftly in a new direction is often a lifesaver in the ever-changing landscape of entrepreneurship.
What about the challenges?
Risk Management: While risk-taking is essential for entrepreneurship, it can become a double-edged sword if not managed carefully. This is particularly relevant for those of us with ADHD, where impulsive decisions could lead to unnecessary risks.
Mental Health: Struggles with anxiety, depression, or even burnout are frequent companions for neurodiverse people, which need active management and shouldn’t be taken lightly.
Self-Support Strategies for ADHD Entrepreneurs
While there’s no one-size-fits-all solution for navigating entrepreneurship with ADHD, some strategies and preventive measures can make the journey smoother.
Prioritisation Skills: One of the challenges with ADHD is prioritising tasks. Using tools like to-do lists or project management software can help, but try to keep them simple. Identify your ‘big rocks’ – the tasks that must get done – and focus on them first.
Setting Boundaries: With an active mind always buzzing with ideas, knowing when to say no can be difficult. Setting clear boundaries can prevent you from overcommitting and help maintain a healthier work-life balance.
Mindfulness Techniques: Impulsivity and emotional peaks and troughs can be typical for those with ADHD. Practising mindfulness can help improve focus and self-regulation. There are several apps and short courses that can guide you in developing this skill.
Accountability: Share your goals and deadlines with someone you trust or, even better, someone who understands the intricacies of ADHD. Knowing that someone else is aware of your commitments can motivate you.
Body Doubling: This productivity hack involves having someone nearby while working on tedious tasks. Because our brains are interest-based, we can easily forget or put off the less exciting but equally important jobs in business. I use Flown, a virtual co-working space, to help keep me accountable for the bigger tasks I dread. It’s incredible how much more I get done when I feel like others are watching, even when they’re strangers!
Financial Planning: Given that ADHD can be associated with impulsivity, financial planning and budgeting can be more crucial than ever. You might consider consulting with a financial advisor who can offer tailored guidance.
Seek Professional Support: If you find that ADHD-related challenges are severely affecting your business, it may be beneficial to seek the support of professionals, like ADHD coaches or mental health advisors, who can provide personalised coping strategies.
What To Watch Out For
Burnout: The thrill of a new project can be intoxicating, but it’s easy to overextend yourself and end up burnt out. Keep an eye on your workload and take time to recharge.
Over-Promising: The enthusiasm and creativity that come with ADHD can sometimes lead to making commitments that are hard to fulfil. Be mindful of what’s realistically achievable.
Analysis Paralysis: The flip side of impulsivity is getting stuck in endless cycles of overthinking. If you procrastinate because you’re caught up in details, take a step back and refocus on the bigger picture.
Read more:
Unlock the Entrepreneurial Power of ADHD: Strategies and insights for maximising your unique strengths

Bankers can earn unlimited bonuses again from today, following a change to rules brought in following the financial crisis prompting a warning from the TUC that removing the cap will bring back a “greed is good” culture.
Before 2008 City high-flyers hit the headlines for spending their bonuses on fast cars and champagne-fuelled nights.
But UK Finance, the body representing the sector, says scrapping the cap will make it easier to attract the best professionals from around the world.
Ruksana Uddin, from City recruitment firm Robert Half, said she expects banks to start the process of bringing back bigger bonuses over the next few months.
“It will probably be at least a year before things start filtering through,” she said. “Bankers going out, spending their money and doing those lavish things – we probably will not see that until 2025.”
The cap was brought in across the European Union in 2014, limiting bonuses to a maximum of two times a banker’s basic salary.
The aim was to make the financial system more stable by reducing the incentive for bankers to take excessive risks.
But regulators and banks said it had not had the intended effect because firms simply switched to paying higher basic salaries to compensate for lower bonuses. Higher basic salaries are harder to reduce during a downturn, or take back if performance has been poor.
Ms Uddin thinks banks will ask their existing staff to switch back to the old system of a lower basic salary plus bonus.
There may be “some pushback” if current staff are reluctant to lose the security of the higher basic salary, she said.
But higher bonuses would have a positive impact on the market overall, she said, drawing in more “superbankers” from overseas.
The TUC, the umbrella body for the UK’s trades unions, described the move back to bonuses as “obscene”.
“City financiers are already raking it in,” said TUC general secretary Paul Nowak. “They don’t need another leg-up from the Tories.”
A spokesperson for the Treasury said decisions on remuneration in the banking sector were made not by politicians but by the regulators.
The original decision to scrap the cap on bonuses was announced by former chancellor Kwasi Kwarteng in his September 2022 mini-Budget. His successor Jeremy Hunt subsequently referred the decision to the regulators, the Prudential Regulation Authority and the Financial Conduct Authority.
UK Finance, representing the banking industry, said regulators had identified the bonus cap as one factor “limiting labour mobility” in the financial sector, and its removal would make the UK “more attractive to international professionals”.
However, the optics of allowing bankers to be paid bigger bonuses were not good against the backdrop of the cost-of-living crisis, a UK Finance spokesman conceded. It was not yet clear, though, whether financial institutions would use the opportunity to increase bonuses significantly, he said.
Anne Sammon, a partner at law firm Pinsent Masons, said she thought “superstar” traders would see higher bonuses fairly quickly. But rules requiring a portion of the bonus to be deferred, and making it easier to claw back payments in the event of wrongdoing, meant there may not be quite the same big payday feel to bonus seasons in future, she said.
In terms of the wider workforce, banks were in for a bit of an “employee relations nightmare”, Ms Sammon said.
“People will remember the days before the bonus cap, when people got five, six times their salary,” she said, levels that wouldn’t be returning without a big drop in base salaries, meaning firms would need to engage in some urgent “management expectation”.
Offering different remuneration packages for new staff or staff from overseas could store up potential discrimination cases for the future, she said.
“The issue is likely to hit when we have bad years and the bonuses are down. It might not be an immediate issue, if we have a really good bonus year. But the next financial crash – people are likely to start arguing what is fair and what is not.”
Read more:
TUC warns that removing bankers bonus cap will bring back “greed is good” culture

Government urged to prioritise the development of industry ethical frameworks to boost business confidence and make the UK a global pioneer in responsible AI innovation – ahead of the inaugural UK AI Safety Summit
Nearly half of SMEs do not plan to innovate with AI in the next year, largely because of a lack of confidence among business owners in the safeguards in place to protect society — according to new research by the UK’s data and marketing industry trade body.
Ahead of the inaugural UK AI Safety Summit, which will run from 1-2 November, the UK Government has been urged by industry to grasp its unique opportunity to become a global pioneer in responsible AI innovation.
Of those SMEs who do plan to innovate with AI within the next 12 months, 40% believe current regulation does not offer sufficient safeguards for its development. Just under a fifth are in a position where they plan to innovate and believe current regulation is sufficient.
These findings come from the Data & Marketing Association’s (DMA UK) new report: ‘Data Horizons: How UK SMEs and Consumers View the Future of Privacy Regulation’. Exploring the viewpoints of SME business owners and the UK public on key issues at the heart of the evolving digital economy, it revealed strong demand among SMEs for responsible AI innovation and safeguards to protect society.
“The inaugural Global AI Summit has laid the foundations for the UK to become a pioneer in how to drive responsible AI innovation”, said Rachel Aldighieri, MD of the DMA. “To achieve this, industry leaders and government must first work together to build industry ethical frameworks founded on core values such as accountability, transparency, and public safety and trust, to ensure AI’s development remains a force for good and businesses become more confident to innovate in this space.”
Over three quarters of SME business owners believe the UK Government should introduce regulation to mitigate the ethical risks of AI.
“The DMA supports the UK Government’s proposals to build on existing regulatory expertise and legislation, to establish a set of core principles to guide regulators across their respective sectors. Regulation will always have an important role to play to deter rogue organisations, but it must supplement an industry-led governance initiative,” added Aldighieri. “A stringent regulation-first approach could stifle innovation and show mistrust to businesses when most have genuine intentions for AI’s development — they just need more direction, support, and structure from industry leaders and regulators to help them to use AI effectively and responsibly.”
AI’s key benefits and threats
For SMEs and consumers, the main perceived benefit of AI technologies is that it will improve training and development. Over a quarter of SME owners and nearly a fifth of consumers stated this.
Alarmingly, just 15% of SME owners stated it will be a boost to the UK economy as a key benefit, which suggests government must work with industry bodies to help upskill and educate businesses on the opportunities gained from AI innovation.
The main concern consumers have around AI is the reduction of jobs, with more than a third stating this; followed by privacy and information, societal detriment, and national security. Surprisingly, a fifth have no concerns around AI.
Despite these range of concerns, there is high consumer confidence in UK regulatory bodies’ ability to keep up with emerging technology.
“It is encouraging to see high levels of confidence among the UK public in our regulators, as the importance of regulation can never be underestimated. However, to supercharge the potential economic and societal benefits associated with responsible AI innovation, government must now facilitate a values-driven, agile approach through ethical industry frameworks,” concluded Aldighieri. “The DMA community believes the human-AI team is our best future, with AI operating as a tool that humans use to assist and enhance our own abilities. This will certainly alter job opportunities among the public, but it must not diminish them. Ultimately, we must never forget the people AI is intended to serve.”
Read more:
UK can become a “pioneer of responsible AI innovation” but must boost business uptake and confidence, new research reveals

The higher cost of borrowing is weighing heavily on bank lending in a sign that the UK economy may be facing a recession due to the Bank of England’s interest rate hikes.
Both mortgage lending and consumer lending dropped in September as the interest rates on bank loans continued rising, according to new data from the Bank of England.
Mortgage approvals fell to 43,300, the lowest level since January this year while approvals for remortgaging fell to the lowest level since January 1999.
Mortgage approvals are an indicator of future borrowing. The data showed that the effective interest rate paid on new mortgages climbed by 19 basis points in September to 5.01 per cent.
With effective interest rates continuing to rise, Ashley Webb, UK economist at Capital Economics, said: “We suspect that further weakness in housing activity and prices lies ahead.”
New loans for consumer borrowing meanwhile were also hit by the higher cost of borrowing. Consumer credit borrowing fell to £1.4bn in September from £1.7bn in August due to a decrease in personal loans and motor finance.
Net borrowing on credit cards also fell from £700m in August to £600m in September.
Webb said that the fall in new lending was “consistent with our view that a mild recession may already be underway”.
Although households continued withdrawing deposits from banks and building societies in September, inflows into National Savings and Investment (NS&I) ISAs meant that total household liquid assets increased in the month.
Households withdrew £9bn from sight deposit accounts, which was partly offset by net inflows of £5.3bn into interest-bearing time accounts.
A further £7.7bn flowed into NS&I ISAs, the highest level since August 2020, partly reflecting the market-leading rates on offer in those products.
“Households added the most to their liquid assets in September since midway through 2020, likely in an attempt to rebuild savings buffers which have taken a hit over the past couple of years,” Gabriella Dickens, senior UK economist at Pantheon Macroeconomics said.
The effective interest rate paid on new time deposits rose by nine basis points and now sits at 5.21 per cent.
Read more:
Drop in bank lending adds to fears that UK recession already underway

A lack of flexible working options is driving almost half of UK workers to reject jobs at a time when employers are increasingly concerned about talent attraction and retention.
That’s according to new research by specialist recruitment firm Robert Half.
The firm’s 2024 Salary Guide – which analyses and reports on market salaries, hiring trends, and skills requirements across the UK – revealed that while pay remains a key driver of job moves – with 63% of workers citing salary as a reason to reject an offer – flexible working and development opportunities are also significant motivators. Almost half of the workforce would reject a new job if the company didn’t offer flexible working. A further 43% would do so if career development opportunities weren’t suitable.
The report also revealed that 75% of employers are very or somewhat concerned about staff attraction and retention, with almost a third of workers indicating that they are apprehensive about the impact of heavy and increased workloads on peer retention.
Kris Harris, Regional Director – UK Technology Solutions, at Robert Half, commented: “It’s an incredibly complex hiring landscape at the moment and while salaries remain a significant driver of career moves, candidates are looking for a broader package that gives them more than just a good pay packet. As the debate around flexible working grows and news reports continue to highlight those brands that are enforcing office returns, the fact that almost half of workers would turn down a job due to a lack of flexible working options is a concern.
“With such a significant proportion of the UK’s employers concerned about their ability to recruit and retain talent, what candidates want needs to take precedence over what employers would prefer to some degree at least. Inflated salaries aren’t feasible long term – indeed the study also showed that 22% of businesses don’t plan to offer pay increases – but flexible working is. Although the recruitment market is slowing, with the labour market data from the Office for National Statistics showing sustained falls in jobs over recent months, skills shortages still remain. In this environment, candidates continue to be able to command more, and right now that includes flexibility.
“The figures around excessive workloads are also an issue if firms are to retain the key talent that has been so difficult to attract. Burnout is a real issue in the workforce and these latest statistics suggest this isn’t going to go away on its own. While there does need to be a longer-term solution to excessive workloads, in the interim, the flexible labour market can play a significant role in managing workloads and employers should seriously consider where it may be best to invest in contract staff to retain full time employees.”
Read more:
Almost half of workers would turn down a job if flexible working wasn’t offered

Online retail sales have contracted at the sharpest pace on record this month, dragged lower by people cutting back on their spending because of higher interest rates and an uncertain economic outlook.
Monthly internet sales dropped to a weighted balance of -78 per cent in the year to October, the biggest decline since 2009 and down steeply from September’s balance of -3 per cent, according to the CBI, the employers’ lobby group.
The fall is a marked turnaround from when households flocked to online retail platforms in response to Covid-19 lockdowns closing off high streets.
Overall retail sales fell to a balance of -36 per cent annually in the year to October, the joint worst reading for that specific month since the CBI started measuring the data in the 1980s and down from -14 per cent in the previous month.
The numbers echo downbeat official estimates of retail sales published by the Office for National Statistics last week, which were lower than City analysts’ expectations at -0.9 per cent in September. Consumer-facing companies also signalled that they expected retail sales, which have been negative for six months in a row, according to the CBI, to continue to contract over the winter months. Normally, this is when much of the sector generates most of its income.
Martin Sartorius, principal economist at the CBI, said: “As the festive period approaches, the retail sector remains in a perilous position. Sales volumes have been falling year-on-year for six months in a row, as cost of living concerns and higher interest rates weigh on consumer spending. While slowing inflation should help to bolster households’ income in the coming months, retailers will continue to face headwinds from higher energy and borrowing costs.”
Inflation has slowed from a peak of 11.1 per cent to 6.7 per cent, but household finances are still catching up with a steep rise in prices that has lasted for nearly two years.
Wages are now accelerating faster than prices, up by about 8 per cent, according to figures from the ONS, which economists expect to stir consumer spending and economic growth.
Read more:
Cash-strapped Britons turn away from online shopping

Monzo is in talks about a £300m-plus fundraising that would underpin its status as the most highly valued digital bank in Britain.
It is understood that Monzo, which was founded in 2015 and now boasts 8.5m customers, is in detailed talks with a pack of blue-chip investment funds about a share sale expected to value it at more than £3.5bn.
The talks are yet to be concluded, and the identity of any new investors has yet to be determined by the company’s board, insiders said on Thursday evening.
The company is expected to finalise the details of the stake sale by the end of the year.
Insiders said the fundraising would be conducted at a premium to the £3.5bn at which it secured capital from Abu Dhabi Growth Fund in late 2021.
That would be a rarity in technology funding markets which have forced many companies to raise capital at steeply discounted valuations.
Rivals include Starling Bank, which is currently seeking a new permanent chief executive.
Revolut, which was valued at $33bn in a funding round in 2021, has yet to receive a UK banking licence despite months of talks with regulators.
Monzo has recovered spectacularly from a difficult period two years ago, when it emerged that the City watchdog was investigating potential breaches of anti-money laundering and financial crime rules.
Although it remains loss-making, reporting a loss of £116m in the year to the end of February, it is expected to be profitable this year – a major milestone for a standalone digital bank.
Its latest fundraising is likely to be viewed as the final round before Monzo unveils an initial public offering, in which it would sell shares to the public.
Existing Monzo investors include the Chinese group Tencent, Passion Capital, Accel and General Catalyst.
Some of the bank’s current shareholders are said to be keen to invest more money at the new, higher valuation.
Sky News reported during the summer that Monzo was revamping its corporate structure as it pursues an international expansion strategy that will serve as the prelude to a multibillion-pound stock market listing.
Monzo Bank Holding Group was established to avoid the company facing punitive capital treatment by British regulators as it launches in new overseas markets.
It is now the UK’s seventh-biggest bank by customer numbers, and has a small presence in the US.
Monzo’s rapid growth is being fuelled by new product development, including the recent launch of an investment service through a partnership with BlackRock, the world’s biggest asset manager.
One person close to the fundraising effort said the raise was opportunistic in that the new capital would be used to accelerate its growth.
“The company does not need the money other than to build the business faster,” they said.
Monzo is run by TS Anil, its chief executive, and chaired by Gary Hoffman, one of Britain’s most prominent bank executives.
Read more:
Digital bank Monzo in talks to sell new £300m stake