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Business News
BCC/MONEYCORP SURVEY FINDS IMPACT OF COVID-19 AND BREXIT
The British Chambers of Commerce, in partnership with moneycorp, surveyed more than 1,000 UK firms to understand the impact of both Covid-19 and Brexit on UK businesses. As Europe still comes to terms with a new post-Brexit landscape, many businesses are now evaluating what the new processes will mean for trade between the UK and the continent. In the Midlands, the survey had 205 respondents, of which 62% revealed that their intention over the next 12 months is to grow within the UK – a finding that is almost identical to the results of the UK as a whole. Overall, the report established that more UK firms will be accessing finance in the immediate future, likely due to the impact of lockdown. The survey found that while the government provided a wave of financial support in the form of business rates, VAT relief and the furlough scheme, around 20% of UK firms surveyed are still anticipating a reliance on this support in the next 12 months. Due to the uncertainty of both lockdown restrictions and a last minute UK/EU trade agreement, exchange rates have fluctuated significantly over the course of the last year, effecting the value of payments that businesses need to make and balances that they hold. According to the survey, 22% of Midlands-based businesses remarked that currency risk is more of a concern to them now than it was two years ago, but when asked about the measures they take to manage risk exposure, the result was an even divide, with almost 20% admitting that despite knowing they are exposed to risk, they take no action to manage it, and 20% saying they have risk management measures currently in place.
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www.moneycorp.com
Despite a Brexit trade deal being agreed between the UK and Brussels in the form of the Trade and Co-operation Agreement (TCA), it is vital that businesses take steps to review their contractual terms and conditions and proof any contracts to ensure they are in line with the TCA, along with the governing law and jurisdiction of the terms and conditions. The points to review include:
If there are any additional tariffs or exchange rates which may affect the general profitability of a deal The interpretation of the drafting of terms and conditions, the flexibility of contracts, and the hidden risks taking into account location, key customers and workforce
The potential ruling of adequate data protection laws in English jurisdiction. This finding will be particularly important where data is sent for business purposes outside of the EU
THE IMPACT OF BREXIT ON TERMS AND CONDITIONS
Coporate Solicitor at mfg Abbey Jones
Abbey Jones is a corporate solicitor at mfg Solicitors. Members looking for further advice can contact Abbey via email:
abbey.jones@mfgsolicitors.com.
www.mfgsolicitors.com
WORCESTER SIXTH FORM COLLEGE COMPLETES SUCCESSFUL PROGRAMME OF MASS TESTING
Thursday 18 March marked the end of the mass testing of Worcester Sixth Form College students on their return to College. Like all secondary schools and colleges across the county, students were expected to be tested three times onsite before the transition to home testing. Over a nine day period, the College conducted almost 4,000 tests with 99% of students taking part. Ed Senior, Principal, said: "I am proud of the maturity and responsible attitude shown by our students and grateful for the hard work and dedication of the testing team who worked tirelessly to complete such a huge task and at the same time keep students safe. In addition to the testing team, other members of support staff were crucial in ensuring that our testing arrangements worked smoothly including setting up the facility, collecting, directing and registering students and recording their results. Thank you to all of these colleagues - it really was a great team effort." The triumph of the testing programme follows a period of successful remote learning since January with students and their parents being overwhelmingly positive when surveyed about the support received and communications with them.
www.wsfc.ac.uk
volunteers ensuring mass testing of students runs smoothly
University students and staff celebrating a previous sustainability week
UNIVERSITY CELEBRATES SUSTAINABILITY AWARD
The University of Worcester has been recognised for its continued commitment and work on sustainability. After being named Sustainability Institution of the Year in the last Green Gown Awards, this year saw it take home another accolade, as winner in the Reporting with Influence category. The award was shared with the University of the West of England. The Green Gown Awards recognise exceptional sustainability initiatives by universities and colleges and best practice within the further and higher education sector. The award relates to the University’s annual Sustainability Report; it assessed how sustainability is reported and how the report was used to have impact and influence within the institution. Professor David Green CBE, Vice Chancellor and Chief Executive of the University of Worcester, said: “The Climate Emergency is real and is getting worse. At the University we are committed to doing all we can to promote sustainability and cut greenhouse gas emissions. We lead by practical example, from sourcing local food to making our buildings more efficient, to piloting an e-bike share scheme. We are very proud of all the staff and students who have contributed so much to these successful initiatives and more.” The University’s ongoing commitment to sustainability saw it win Sustainability Institution of the Year at the 2019 Green Gown Awards. In 2020 the University became the first UK institution in the decade to be Globally Highly Commended with an International Green Gown, awarded at the United Nations in New York.
www.worcester.ac.uk
With over 1800 members of the team and a myriad of different working conditions – remote workers, workers needing to attend site in order to carry out their work (mainly production and logistics personnel) and also service engineers who visit customers’ homes – there were many challenges for everyone to overcome.
Communication was a big part of the transition – keeping everyone in the loop was vital to keep morale and engagement high – everyone received relevant information at the same time straight from the Board whether furloughed or not. But as time went on it became clear that, along with the obvious health concerns of the pandemic, their employees were experiencing mental health issues. The Worcester Bosch Health and Wellbeing team was set up in 2017 as they knew that in order to maintain a committed and happy workforce, there was a need to support all aspects of the employee’s life – personally and professionally - to achieve a good work life balance. The team is managed entirely voluntarily by employees who are committed to their core values.
Carl Arntzen, Managing Director, said: “Since the pandemic and the difficulties that our employees are facing, the team have been working to provide support online as well as in person. Various sessions held on personal topics like stress, positivity and sleep have been very well received by our employees.
“Mental health is definitely a big topic for us all at the moment and we are proud to have over 200 employees trained as mental health champions giving up their time to support colleagues who are struggling. There is a telephone helpline, an online support site as well as regular slots where mental health champions are available to talk.”
Health and Wellbeing team made up of volunteers from the organisation
