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Business Agenda
A summary of the most important business news
1. Brexit-related red tape has led to a significant decline in goods trade between the UK and the EU, according to a study by Aston University Business School. UK exports have fallen by 27 per cent and imports by 32 per cent since 2021. The report highlights the urgent need for the UK government to address trade barriers and improve relations with the EU. You can read more here.
2. The mayor of Greater Manchester, Andy Burnham, has urged the UK Treasury to shift its focus from austerity to fostering infrastructure investment to support economic growth. With concerns rising over potential spending cuts in the upcoming budget, Burnham emphasises the need for transformative policies, particularly in transport outside London. You can read more here.
3. Amazon will require employees to return to the office five days a week starting next year. The decision marks a shift from the previous three-day mandate and aligns with Amazon’s efforts to streamline its organisational structure by reducing managerial roles. The move comes amid ongoing tensions between employees and management over remote work policies, as well as recent protests at the company’s Seattle headquarters. You can read more here.
4. Business secretary Jonathan Reynolds is poised to introduce a landmark overhaul of workers’ rights. He has spoken to The Times about the changes, arguing that they are not a return to outdated policies but a necessary evolution for modern workplaces. As concerns mount over potential business impacts, Reynolds says we need a balance between economic growth and fair labour practices. You can read more here.
5. Deloitte is set to equalise maternity and paternity leave. The firm will offer new fathers 26 weeks of fully paid leave starting next year, matching the current allowance for mothers. The move aims to enhance female representation in senior roles, addressing the impact of unequal parental leave on career progression. Nearly half its workforce is women, but that proportion drops to 28 per cent at partner level. You can read more here.
Business Question
Guess the company
- Founded in 1867 as an operator of warehouses on the south bank of the River Thames
- Today it is a recruitment specialist, operating in 33 countries worldwide
- It employs over 13,000 people and is listed on the London Stock Exchange
- It helped around 320,000 candidates get roles last in the financial year
The answer can be found at the bottom of the page.
Business Thinker
Deep dives on business and leadership
By Sarah Vizard
🔓 Unlocking the full potential of digital transformation through technology and talent
For most companies, digital transformation is a strategic imperative. Yet despite the promise it holds of improved efficiency, productivity growth remains low. It suggests many organisations are struggling to capture the full value of digital technology. The answer? According to the World Economic Forum, those businesses that adopt a holistic approach that puts people at the centre are best able to convert digital capabilities into tangible and sustained impact.
💰 London’s ailing junior stock market cannot withstand a tax raid
Inheritance tax relief on Aim shares is rumoured to be in the line of fire in next month’s Budget. The Institute of Fiscal Studies says removing it would £1.1bn, plus its critics suggest it is not well-targeted and deters companies from moving up to the main market. In this piece, the Financial Times’s Lex column argues that Aim would be unlikely to survive a significant tax overhaul and that its abolition would make it harder to stimulate investor interest in smaller companies. Food for thought.
🤪 How a playful mindset can boost creativity on your team
Ask most people when they have their best ideas and they won’t say at work. Most people have them when they’re doing something that wouldn’t seem to require thinking at all: out jogging, lying in bed or having a shower. That suggests traditional work environments stifle creative thinking. This piece suggests three strategies to change this.
Business Quote
Inspiration from leaders
“The difference between successful people and others is how long they spend time feeling sorry for themselves.”
– Barbara Corcoran
Business Leader
The best of our content
I am delighted to say that the new edition of Business Leader magazine is now available online and in print. You can find the digital version here and the print version will be landing through the letterbox of subscribers and on the shelves of WH Smith over the next few days.
Here are some of the highlights from the latest issue:
– An interview with Monzo chief executive TS Anil discussing how the digital bank has scaled to become a business worth more than £4bn and taken on the traditional high street banks.
– A look at how businesses can truly be customer-centric and anchor all their decisions around their customers.
– Masterclasses on how to do market research and marketing from Little Moons, Virgin Media O2 and the Italian football league Serie A.
– A fascinating interview with John Cleese on how to be creative and the story behind comedy classics such as Fawlty Towers.
– How Chesire-based Forge Holiday Group is taking on international tech rivals such as Airbnb and Booking.com in the travel industry.
– Behavioural scientist Richard Shotton on what businesses need to understand about the innate biases of their consumers
– Our Business Leader Experts help you understand the issues that matter, including Tom Beahon, co-founder and chief executive of Castore, on his concerns about the outlook for entrepreneurs in the UK and Ed Smith on the lessons from England cricketer James Anderson’s career.
We can’t wait to share the new issue with you. If you aren’t a subscriber, don’t miss out – you can sign up here.
Thank you for all your support and as always if you have any feedback or thoughts on what we should be covering, you can email us at editorial@businessleader.co.uk.
Other popular articles
🩹 Is UK venture capital working?
⚖ 7 reasons why workplace equity audits can be game-changing for SMEs
🙏 Sorry, but Brits need to stop apologising and love success
And finally…
Some very welcome news for fans of Plymouth this month – a double whammy in fact.
First, it was the highest-performing city in the annual Demos-PwC Good Growth for Cities Index (Bristol and Southampton followed in its wake).
Known as the “Ocean City”, Plymouth achieved the top spot through high ratings in both economic performance and quality of life measurements. You can read a breakdown of those results here.
Plymouth also topped a study by Capital on Tap, which specialises in business credit cards, for the most affordable place to set up a bricks-and-mortar store in the UK. This ranking was based on a range of factors including handyman costs and parking. It scored particularly well in the key metrics of cost per square foot to rent or buy retail space (very top in the latter, in terms of affordability). Nottingham was rated as the best place overall to set up shop, all things considered.
You can read more about that study here.
It’s a salutary reminder that not everything revolves around London, where I live, for now…
The answer to today’s Business Question is Hays plc.