A stitch in time saves nine

This year, as Brits celebrate Valentine’s Day, many at home, as the cost-of-living crisis pinches their pocket (see p1) People are unable to spend on premium brands and purchasing fewer items However small, affordable, and homely items are on the rise, including plant-based chocolates People are opting for home deliveries and whipping up a storm in the kitchen, to make experiences more affordable and personalised

While tougher benefit rules have boosted employment in the UK but have also trapped workers in dead-end jobs and weakened incentives to move from part to full-time work, according to the Institute for Fiscal Studies (IFS)

As Britain is expected to be the only major industrialised country to see its economy shrink this year, amid rising interest rates and higher taxes, the government is frantically trying to find ways to boost economic growth

With Chancellor, Jeremy Hunt, having launched an inquiry into why hundreds of thousands of people have left the workforce recently, and the Treasury keen to get more people into full-time work, the question of why more people isn’t increasing their hours amid a persistent shortage of workers has once more moved centre-stage

More than 8 million people – a quarter of the UK workforce – are in part-time work now, the latest official figures from the Office for National Statistics (ONS) show

Influential Tory backbenchers are putting pressure on the chancellor to introduce a range of measures to help make childcare more affordable so parents can get back to work

In a speech last month, Mr Hunt urged early retirees and those struggling to find a new job to rejoin the workforce “We need you, and we will look at the conditions necessary to make it worth your while,” he said

Several middle and higher earner couples have said that punitive childcare costs and income taxation meant that going part-time and generating income through property ownership was financially more lucrative than full-time employment

In the meantime, former Chancellor Philip Hammond has admitted that Britain has got poorer because of Brexit

The senior Tory said the Covid-19 pandemic and the soaring cost of energy have also contributed to the cost-ofliving crisis His comments are significant because the government has repeatedly denied that leaving the European Union has had a negative impact on the economy Hammond - who was chancellor between 2016 and 2019 and an MP for 22 years - backed Remain in the Brexit Referendum

The Duke of Sussex has also spoken of the ‘tremendous pressure ’ the cost-of-living crisis, as he released his first charity video since the publication of Spare

Harry has now highlighted the work of families caring for children who rely on life-saving equipment, in a recorded message for the charity WellChild The Duke – dressed in a pale blue open-necked shirt in the clip – appeared to be wearing the necklace he accused the Prince of Wales of ripping

In the meantime, the City of London is planning to ask its cluster of skyscrapers to dim their lights at night as part of a new strategy to reduce visual pollution and save energy

Property owners across the Square Mile will be asked to switch off any unnecessary building lights as part of a proposal by the City of London Corporation to create “brightness zones ” governed by curfews City officials are concerned about energy wastage and light pollution caused by the unnecessary use of lights in office buildings that have few or no workers after a certain time of night

“Over time, as new developments come forward that follow this guidance, we will transform the approach to lighting in the City,” the corporation said in a planning document During the curfew, the City will ask buildings to turn off or dim all external illumination other than that required for safety or crime prevention Internal lights should also be dimmed significantly, although buildings in business areas will be allowed to have brighter lights if needed by workers

Residential areas and those with special heritage status will be assigned earlier curfews than those in central business districts City officials said that efforts to tackle light pollution needed to be balanced with the fact that some people work through the night, especially when keeping international hours, while the area ’ s many bars and restaurants are open until late

“The City is a unique place in which 24/7 business districts and busy transport hubs rub up against historic buildings and residential neighbourhoods,” said Shravan Joshi, City of London Corporation planning and transportation committee chair The corporation’s strategy “is aimed at ensuring an intelligent, sensitive approach to lighting, which ensures the City is safe and accessible while protecting its historic character”, he added The corporation’s planning document says that developments should “ ensure all external and internal lighting is automatically turned off when not needed using [motion sensors]”

The local authority will hold consultations on the planning document

Discovery of lithium a milestone for India

A sense of euphoria has engulfed the country after the Ministry of Mines announced that the Geological Survey of India has discovered lithium in Kashmir, with inferred reserves of 5 9 million tonnes (mt) Lithium is the primary ingredient for making the most sought-after electrochemical batteries, viz , lithium-ion batteries There are other electrochemical batteries blossoming in research laboratories, such as those based on zinc, sodium and iron, and indeed, there are many other ways of storing energy - ranging from flow batteries to pumped storage - but there is no denying that today, lithium is the king

Lithium is the lightest metal and the third element in the periodic table, after hydrogen and helium, both of which are gases It is highly reactive If you put a pellet of lithium in water, it will start sizzling like pakora in hot edible oil and could even catch fire It is extremely light and a good donor of electrons - which makes it the preferred electrode material in batteries But to make better batteries, lithium is mixed with other elements, such as cobalt, iron, phosphorus or sulphur: but it remains the main stuff in lithium-ion batteries India in 2020-21 imported £17 3 million worth of lithium metal and £881 1 million worth of lithium batteries In the April – November period of 2022, the numbers were £16 4 million and £798 6 million respectively In the same period, India also imported £33 9 million worth of lithium hydroxide and £9 5 million worth of lithium carbonate, both of which doubled over the corresponding period of the previous year This gives a sense of buoyancy in imports

These numbers will only increase, exponentially, as, according to Niti Aayog, the demand for advanced chemistry cell batteries is set to increase between 104 GWhr and 260 GWhr by 2030, compared with about 3 GWhr now The Ministry of Mines has estimated that the reserves could contain 5 9 mt of lithium To compare, the previous discovery in India, in the Mandya district of Karnataka in 2021, was estimated at 1,600 tons To put this in perspective, Bolivia has 21 mt, Argentina 17 mt, Chile 9 mt, US 6 8 mt, Australia 6 3 mt, and China 4 5 mt However, the 5 9 mt estimate of the Kashmir find is only in the ‘inferred’ category A lot of work needs to be done before it is established as mineable reserves The GSI survey was a ‘preliminary survey ’ (or, ‘G3’), which is the second step in the exploration of minerals after ‘reconnaissance surveys (G4) After further exploration, the exact reserves will be determined and then will start the process of securing environmental clearances and tendering out for mining Hopefully, as all this happens, a processing industry will evolve in India A highly optimistic estimate would be seven years, but 10 years looks feasible In the meantime, India has to do with imports Fortunately, under the Indo-Australia FTA, lithium can be imported duty-free

The discovery is important for India because it actually can compete with the global average It is one of the most crucial metals that is currently used in electric vehicle (EV) b a t t e r i e s B y e x p l o i t i n g t h e p o t e n t i a l o f t h e l i t h i u m reserves, India could reduce its dependence on foreign countries making us truly 'Atmanirbhar', while also creating jobs, generating revenue, and furthering its renewable energy ambitions India's plan to increase EV penetration by 30 per cent by 2030 relies heavily on lithium This vital discovery can help boost the production of lithium-ion batteries and will put India on track to reaching its goal of net zero emissions by 2070 So far, India has largely been importing these important minerals, which are used in EVs, the likes of cobalt, nickel, and lithium So it could be a step towards self-sufficiency as well However, a lot depends on how much of it is actually discovered and refined as well, because that is what the value chain looks like After that it goes for refining self-production, then module assembly and that is when it goes into the OEMs So, a lot of steps have to be covered right now

Almost 26 years ago, the GSI submitted a detailed report about the presence of lithium in the same areaSalal-Haimana area of the Reasi district of Jammu and Kashmir, but there seems to have been no meaningful follow-up until now Experts, however, caution that it is too e a r l y t o c e l e

Framework Classification for mineral resources, there are four stages of exploration The GSI's findings are in the second tier at present, with two more levels left As of now, India does not have the technology to excavate and process lithium Mines Secretary Vivek Bhardawaj said once the deposits are auctioned off by the Jammu and Kashmir administration, private players will start the process to excavate the mineral The discovery could potentially put India on the map as one of the world's major lithium m i n e s T h e f i n d i n g m a y e n d I n d i a ' s d e p e n d e n c e o n imports for light metals and aid the country's ambitious plan of switching to electric vehicles, besides boosting other key sectors such as medical infrastructure Experts say besides batteries, mobile phones, laptops, and digital cameras, lithium is used also for the treatment of bipolar disorders In Salal, locals are hopeful that the discovery may turn the fortunes of the village

Thought for the week

Start by doing what’s necessary; then do what’s possible; and suddenly you are doing the impossible - Fra nc is of Ass isi

Alpesh Patel

So the UK misse d a recession Why are we stag nating?

B eca use so man y peopl e ar e out of the wor kforce is one r eason Last week I co-hoste d an eve nt in Parl ia me nt for women in t ech and fin ance

From my years of experience and study of the issue, and working with them, I can say with certainty that having more women in tech and finance is not only important, but essential for the growth and innovation of these industries

Studies have consistently shown that companies with diverse teams, including gender diversity, tend to perform better financially For example, a 2020 study by McKinsey found that companies in the top quartile for gender diversity were 21% more likely to outperform those in the bottom quartile

Another study by Peterson Institute for International Economics found that companies with 30% or more w o m e n i n l e a d e r s h i p p o s i t i o n s h a d b e t t e r f i n a n c i a l performance than those with fewer women in leadership

However, despite the clear benefits, women are still underrepresented in tech and finance According to a 2020 report by Girls Who Code, only 24% of computing jobs in the US are held by women In finance, a 2020 report by the Global Financial Centre Index found that only 22% of senior finance roles are held by women globally

So what is holding women back from breaking into these industries?

There are several hurdles that women in tech and finance face, including a lack of female role models and mentors, a gender pay gap, and unconscious bias in the workplace

One of the biggest obstacles for women in tech and finance is a lack of female role models and mentors Research has shown that having someone to look up to and seek guidance from is a critical factor in career a d v a n c e m e n t f o r w o m e n H o w e v e r , i n m a n y c a s e s , women are not able to find female role models and mentors in these male-dominated industries

The gender pay gap is another major hurdle that women in tech and finance face Despite advances in equality legislation, a report by PwC found that women in finance still earn an average of 20% less than men This pay gap has a ripple effect throughout women's careers and makes it harder for them to progress and achieve their full potential (Don't even start on diversity gap)

Finally, (un)conscious bias can manifest in a variety of ways, from women being overlooked for promotions to not receiving equal pay for equal work

Despite these hurdles, there is reason for hope There a r e m a n y o r g a n i z a t i o n s a n d i n i t i a t i v e s w o r k i n g t o promote women in tech and finance and provide support to those who are breaking into these fields

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