13 minute read
Finance
Bringing solutions to the pandemic challenges
Sometimes being in business can be very daunting, especially at this moment. The pandemic has hit the UK particularly hard under two different aspects: the number of deaths and the economic downturn.
The question that many businesses are asking is this: Will the economic recovery be swift, or long and drawn out? The answer will help them prepare for the future. While it is, of course, impossible to predict what is yet to come, we can hopefully point you in the right direction.
June’s economic release show UK GDP falling by 20.4% in May, with unemployment at only 3.9% (so far). The government, however, may be supporting as much as a third of the UK workforce with its furlough scheme, due to end in October. According to a recent study from Oxford Economics, 400,000 jobs may be lost in the creative industries due to the pandemic. HSBC is openly discussing cutting 35,000 banking jobs. This doesn’t suggest that unemployment or the economy will bounce back quickly. The Bank of England projected a 14% fall in GDP for 2020, accompanied by an unemployment rate of 9%, with return to growth in 2022. The Bank’s predictions assume a trade deal will be struck between the UK and EU before the Brexit deadline. The UK government is pushing for a deal to be concluded by July, while the EU is suggesting October—but we have no idea what the agreement will look like. If a deal is agreed, businesses will have two months to react to the new terms, a very challenging timeframe to properly prepare and adapt.
Import and export businesses have the added task of managing increased currency volatility. Over 10 days in March, GBP/USD fell sharply by 14% and GBP/ EUR by 9%. Businesses who had a flexible hedging policy in place were able to deal with this volatility. Those who didn’t, probably received an unwelcome shock.
All taken together, we can conclude that the UK economy will take its time to recover. The ECB has suggested that the Eurozone GDP could fall by between 5% in its most positive scenario, and 12% in its worst-case scenario. The EU, however, is currently negotiating a euro 750 billion stimulus package, some of which will be distributed as grants. This is good news for the euro. But now the question is: Are the central banks telling us the likely direction of GBP/EUR?
To find out more, please visit www.afex. com or contact Trevor Charsley on +44 (0)207 004 3866 | tcharsley@afex.com
About the author
Trevor Charsley, Senior Markets Advisor at AFEX
Bringing 25 years of FX sales and trading experience to bear on his market study, analysis and commentary. Trevor provides incisive market analysis and perspective, leavened by his wry humour and ever-present optimism, to AFEX clients and to the broader market through his weekly blog and videos. A sought-after speaker and successful currency forecaster on Bloomberg, Trevor is often quoted in the UK business press.
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Photo Credit: Andy Teebay/Liverpool Echo
Infectious disease experts looking to the business
communityto help prevent future pandemics.
Liverpool School of Tropical Medicine (LSTM), the first of its kind in the world, is returning to its roots in partnering with businesses to tackle global health threats, as the focus on the COVID-19 pandemic begins to shift from emergency response to longterm resilience.
For almost 125 years, the Liverpool School of Tropical Medicine has worked across the world in some of the world; discovering how diseases are spread, developing new treatments and interventions, and delivering impactful solutions to improve health.
As recent events have shown, global pandemics do not respect geographical boundaries, and a globally focused effort is needed to combat them. LSTM has worked for decades in the most fragile health systems and its work has never been so important.
Throughout the pandemic, many of LSTM’s staff and facilities have been refocused on supporting frontline response efforts, including treating patients across the city’s hospitals. A dedicated research fund has been established in partnership with the University of Liverpool, focussed on finding new solutions, treatments, and vaccines. More recently, LSTM was recently selected as a site for the Oxford vaccine trial; a decision which indicates the esteem in which LSTM’s respiratory and clinical trials expertise is held.
As the UK moves out of the immediate crisis and we start to see the number of deaths and new cases fall, people may feel that the danger has largely passed.
However, the World Health Organization lists many diseases which have the potential to cause public health emergencies, but for which there are currently no effective drugs and/ or vaccines.
LSTM is uniquely placed to play a leading role to continue researching new solutions now and understanding how to prevent similar devastating outbreaks in the future.
In April, LSTM launched the COVID-19 Response and Resilience Fund, to support COVID-19 research efforts and supporting colleagues working at the front line in Malawi, one of the world’s poorest countries.
LSTM’s very foundation was through the collective support of the city’s industrialists and it is now looking to the North West business community to join the COVID Funders’ Circle and kick-start the second round of fundraising.
Professor David Lalloo, LSTM Director said, “Over the last few months, I have worked alongside many of our clinically trained staff treating COVID patients in Liverpool’s hospitals and have seen first-hand the devastating effects of this disease.”
“I am proud that LSTM has been able to support local efforts at the front line as well as driving forward the science which will have far-reaching impact in the global COVID efforts and in creating more resilient health systems in the future.”
LSTM is seeking up to ten founding partners to support this critical next stage of research as part of the exclusive COVID Funders’ Circle.
For more information about joining LSTM in the fight against COVID-19 and future pandemics, please contact Karen Brady, Director of Fundraising: Karen.Brady@ lstmed.ac.uk or call +44 7714 481656.
LSTM: Liverpool School of Tropical Medicine (LSTM) is the world’s oldest centre of excellence in tropical medicine and international public health. It has been engaged in the fight against infectious, debilitating and disabling diseases since 1898 and continues that tradition today with a research portfolio over £320 million and a teaching programme attracting students from over 65 countries. For further information please visit www.lstmed.ac.uk/covid-19
MEDICASH LAUNCHES SKIN CANCER DETECTION APP
Leading Liverpool-based cash plan provider Medicash has launched a skin cancer detection app in partnership with SkinVision.
Available free of charge to all new and existing policyholders on a company paid health cash plan, the SkinVision app can detect 95% of skin cancer.
The SkinVision app is certified by the British Standards Institute (BSI) and across the globe it has nearly 1.3 million users. To date 3.5 million moles and skin spots have been analysed and over 40,000 skin cancers found, proving that this app really can save lives. Thanks to an innovative COVID-19 testing service, available from Liverpool Chamber member Randox Health, employers can facilitate a timely and efficient return to work by confirming their workforce as ‘COVID-safe.’ The staff screening programme will allow companies to demonstrate their commitment to their staff, and help a wide variety of industries get back to business by ensuring the highest level of safety. David Hallendorff, Business Relations Manager at Randox Health commented; “Collectively we are all working towards a timely return to a more normal society, which will see companies reopening and people returning to work. “To facilitate this recovery of the economy, without compromising the health of workers or of the wider general public, workplaces have a responsibility to provide a safe working environment. “It is great to see so many companies putting the health of their staff as a priority and taking a proactive approach to testing.”
On average 1 in 5 people will develop skin cancer at some point in their lifetime, with UV exposure being the biggest cause of this type of cancer. Just one case of severe sunburn heavily increases your chances of getting skin cancer in the future. Users will have access to an unlimited number of tests worth over £45 per year. The SkinVision app also allows users to store photos to keep track of changes over time, helping both them and their doctor to monitor changes in the long term. Sue Weir, chief executive of Medicash said: “We are offering our policyholders a simple and effective way to check their skin for skin cancer. This app provides an instant risk assessment and advice on what you should do next, including seeing a doctor, if needed. “It is invaluable at a time when many are worried about seeing their GP or wasting the NHS’s time. With the launch of this app we hope to detect more skin cancers at an early stage when they are most treatable.” Randox, a partner of the UK Government’s national COVID-19 testing programme, is offering two types of testing to members of the Liverpool Chamber of Commerce - PCR (diagnostic) testing that is performed on a throat/nasal sample taken with a home swab collection, and antibody testing, performed on a patient blood sample taken by the Randox Health team. Whilst antibody tests give an indication that an individual has been previously infected with COVID-19, they do not confirm current presence of the virus, and as such, a combination of diagnostic and antibody testing is recommended to determine a complete overview of a patient’s COVID-19 status. David added; “We are delighted now to be able to offer antibody testing, which, in conjunction with the diagnostic test being used in the Government’s national testing programme, forms our ‘Back to Business’ programme, for organisations to address their own particular testing needs. “Randox is fully committed to supporting the national effort to fight COVID-19 by testing at scale, and we continue to work alongside The timing of the launch is particularly important when Cancer referrals have dropped by up to 80% in some areas as individuals are put off from consulting with a GP over symptoms they would have done prior to ‘lockdown’.¹ Shellie Campbell Birch, a current user of the SkinVision app said: “SkinVision helped me to realise that nobody is too busy to look after their health, using this app takes seconds, so there’s no excuse. “I downloaded the app, and my husband took a photo of the spot on my back. Within 30 seconds, it came back with a ‘high risk’ assessment. I called my doctor after reading the message and scheduled an appointment the next day.” Erik de Heus, chief executive of SkinVision said: “We are thrilled to work with Medicash to support their corporate members across the UK with the early detection of skin cancer. Digital technology is quickly transforming the approach to healthcare as we know it. “Our service can provide users with the technology to quickly and accurately assess their skin spots from the comfort of home, giving them the chance to seek care and treatment in time, if needed. We’re very
‘Back to Business’ COVID-19 Staff Screening Programme from Randox Health
As we move towards a new ‘normal’ and businesses begin the process of reopening, many organisations will be wondering how to ensure a safe and reassuring work environment for their staff.
excited to see how the partnership will evolve.” the government and ramp up our testing capabilities, as we know that this is the most effective way to save lives and ensure a timely return to a more normal society.” Paul Cherpeau, Chief Executive of the Liverpool Chamber of Commerce concluded; “We are delighted to have Randox, which has such vast experience in the diagnostics industry and has subsequently been able to respond so quickly to the COVID-19 outbreak, as one of our Chamber members.
“That this pioneering testing technology is available from a company based in Liverpool presents an exceptional opportunity for workplaces here to easily implement a staff screening programme, and at the same time demonstrate a high standard of duty of care.”
www.randoxhealth.com
What have we learnt from Covid-19?
The impact of Covid-19 on businesses across the city has been substantial, whatever the size or sector. We asked Liverpool Chamber members for some personal reflections on how it has changed both their business and their own perceptions.
At Morecrofts we have been fortunate to be able to keep providing our services throughout lockdown, albeit in an altered state. The majority of our team have been working remotely and I will forever be grateful for our technology upgrade in January which enabled this transition to work as seamlessly as possible. We have introduced virtual meetings with clients, and others, and many of our solicitors have been attending court from their homes. Like everyone else, we are now all Zoom and Teams experts. There have been multiple challenges along the way, and we have been faced with daily conundrums to solve, but have discovered there is very little that cannot be done remotely, with a little imagination.
I am a natural optimist and always try to take the positives from every situation. I know that this has been an extremely difficult time for many people in different ways. I think we have learnt many valuable lessons, personally as well as workwise, from this whole experience. We have learnt to use our technology in ways we might not have done before, and to its full capacity. We have learnt to operate more efficiently – something I have been promoting for years! The dictum that you need to create urgency and chaos to accelerate change, has certainly proved true.
Emerging from lockdown has taken far more planning, although of course we have had the luxury of time, rather than having to react to a crisis. For us, those who can work remotely are still doing so. Our offices are open by appointment only as we continue to prioritise the welfare of our staff and their families. Our people are our main asset, and they need looking after. We recognise that many of them will have caring and other responsibilities, and that some will feel unsafe working in an office environment and travelling on public transport, so we want to facilitate their working remotely and flexibly for as long as they need. If they decide that is the way they would like to work permanently, and that is workable for the business, we will look to support that.
It has been fascinating to see how different personalities have reacted to the situation. It has been brilliant to see some real leadership qualities emerge throughout the team, sometimes in unexpected places. I am so incredibly proud of our people and the way they have dealt with the whole situation. One of the first things we did was set up a whole firm WhatsApp group and It has been brilliant to see people who don’t normally meet from one Christmas to the next, chatting on there. I believe that these new relationships and strengths, coupled with our fresh understanding of technology, enhanced problem-solving skills and newly-discovered personal attributes will stand us in very good stead to emerge strongly from lockdown and face the future with increased confidence.
Contact for Proof: Michelle Cameron Michelle.Cameron@liverpoolchamber.org.uk
Alison Lobb is the Chair of Liverpool Chamber’s Business Policy Committee
