Category Archives: Economy & Jobs News

Appointments, Automotive, Business, Cardiff, Careers, Economy & Jobs News, HR, Jobs

Industrial electronic repair firm Kontroltek Ltd welcomes new Director of Commercial and HR

One of the UK’s leading providers of industrial electronic repairs has announced the appointment of Catherine Demaid as its new Director of Commercial and HR.

Kontroltek, being the largest independent firm of its type in the UK, covers the whole of the UK, specialising in Industrial Electronic Repairs, working with all sectors of manufacturing and servicing businesses across the UK and globally.

With her extensive experience and expertise, Cath will play a pivotal role in driving the company’s strategic growth initiatives and fostering a culture of excellence.

Cath brings a wealth of knowledge and leadership to her new role, having served in various senior leadership positions in the fields of acquisitions, HR and transformational change.

With a proven track record of developing and implementing effective organisational development and growth strategies, Cath is poised to lead Kontroltek’s plans for major expansion in the UK and Europe. Her experience in driving business growth is set to be instrumental in nurturing talent pipelines and fostering a culture of innovation and advancement within the industrial electronics sector.

Commenting on her appointment, Cath said: “I am thrilled to be part of the Kontroltek team and am committed to leveraging my experience to drive the company’s strategic objectives forward.

“I believe in fostering a culture of inclusivity, innovation, and talent development and engagement, and I look forward to collaborating with the talented team at Kontroltek to achieve our goals.”

Andrew Follant, Managing Director, Kontroltek Ltd, added: “We are delighted to welcome Cath to the Kontroltek family as our Director of Commercial and HR. With her extensive background in strategic change, performance initiatives and organisational development, she will play a pivotal role in driving our company’s growth and success.

“Her passion for excellence and commitment to fostering a positive work culture and impressive talent pipelines align perfectly with Kontroltek’s vision. We look forward to her transformational leadership as we continue to expand and innovate in the industrial electronic repair industry.”

Appointments, Business News, Economy & Jobs News, FInance, Jobs, London, News from Wales

Quantum Advisory promotes Darren Wateridge to Principal Consultant in London

Quantum Advisory, the leading independent financial services consultancy, today announced the promotion of Darren Wateridge FIA to the role of principal consultant. Darren, who is based in the firm’s London office, took up the role on 1 January 2024.

Rhidian Williams, partner, said: “Our people are at the centre of our success as a business and we invest in the highest calibre of staff. Their continued support and development is part of our ethos so promoting talent from within is key.

“Throughout his career at Quantum, Darren’s talent, commitment and client management expertise has been apparent. We are confident he will continue to excel in his new position and play a pivotal role in the continued growth of the company.”

Darren Wateridge added: “The market landscape is the most dynamic and competitive it has ever been, and we welcome that challenge. We have some really exciting plans and initiatives coming up this year to further support our clients.

“It has been a privilege to be part of the evolution of Quantum over the last 10 years and I am very much looking forward to now being integral to the strategic leadership going forward.”

 

Darren joined the firm in 2013 as a senior consultant and actuary and has over 25 years’ experience in the pensions industry.

Darren is currently Scheme Actuary to a number of pension scheme clients and advises trustees and companies on the wide range of issues affecting pension schemes including scheme funding, company accounting, scheme benefit change exercises and de-risking strategies.

Darren is also a member of the Association of Consulting Actuaries.

This is the latest in a string of promotions for the firm, most recently with Simon Hubbard to principal consultant in Cardiff.

For more information on Quantum Advisory, visit www.quantumadvisory.co.uk

Business News, Cost of Living Crisis, Economy & Jobs News, Transport

Veezu Introduces Lower Taxi Fares in Rotherham

In support of the ongoing cost-of-living challenges, local private hire firm Veezu has announced it will offer the cheapest rides in Rotherham, starting from £3.80.

The decision to lower its fares follows careful consideration, analysis of market trends, passenger feedback and the current economic landscape. With the cost-of-living crisis putting a strain on many households in the community, Veezu has recognised the importance of offering relief where possible. The reduction will ensure that new and existing passengers have access to smarter local rides, at an affordable price.

Arnie Singh, Chief Operating Officer at Veezu, said: “Veezu is committed to supporting the community where we can, especially in times of financial strain. By lowering our fares, we hope to ease some of the burden on passengers seeking budget-friendly transportation options.”

Rides can be booked through the Veezu app or by calling the usual local number 01709 555 000. Veezu also offers multiple payment options, including Google Pay, Apple Pay, card, or cash, making it even easier for passengers to pay their fare.

To download the Veezu app visit www.appsend.me/veezu

Business, Cost of Living Crisis, Economy & Jobs News, Transport

Veezu Introduces Lower Taxi Fares in Derby

In support of the ongoing cost-of-living challenges, local private hire firm Veezu has announced it will offer the cheapest rides in Derby, starting from £3.50.

The decision to lower its fares follows careful consideration, analysis of market trends, passenger feedback and the current economic landscape. With the cost-of-living crisis putting a strain on many households in the community, Veezu has recognised the importance of offering relief where possible. The reduction will ensure that new and existing passengers have access to smarter local rides, at an affordable price.

Arnie Singh, Chief Operating Officer at Veezu, said: “Veezu is committed to supporting the community where we can, especially in times of financial strain. By lowering our fares, we hope to ease some of the burden on passengers seeking budget-friendly transportation options.”

Rides can be booked through the Veezu app or by calling the usual local number 01332 75 75 75. Veezu also offers multiple payment options, including Google Pay, Apple Pay, card, or cash, making it even easier for passengers to pay their fare.

To download the Veezu app visit www.appsend.me/veezu

Accountancy, Business, Economy & Jobs News, Sustainability

Women are key to the success of the green transition

On International Women’s Day, ACCA underlines the need to address gender inequality in sustainability  

 

Women have a crucial role to play in the green economy. But leading global accountancy body ACCA (the Association of Chartered Certified Accountants) is concerned that women are in danger of being left behind in the green transition. On International Women’s Day (IWD), ACCA is calling on governments, policymakers and employers to make a reality of the 2024 UN IWD theme ‘Invest in women: accelerate progress.’ 

 

ACCA highlights that 80% of people displaced by climate change are women, and women are fourteen times more likely to die in climate emergencies than men. And UN data shows how women led households lose 8% more income to heat-stress than male led households. 

 

Emmeline Skelton, head of sustainability, ACCA, said: “Women work extensively in sectors such as agriculture where they are disproportionately exposed to climate-related events. On the other hand, they are underrepresented in sectors that are benefitting from the transition to net zero such as construction, utilities and manufacturing. This imbalance needs to be urgently addressed.” 

 

ACCA is working on this inequality through its focus on gender responsive budgeting (GRB), which measures impacts of gender inequality and mitigates them through targeted policies and budgets.  

 

Jessica Bingham, regional lead, policy & insights – EEMA and UK, is looking at how this can help investment in women. She said: “Gender responsive budgeting can help to identify and address differences by allocating resources to help resilience building. Women often leave the workplace to fulfil unpaid caring responsibilities. In many areas of the globe, work and employment issues are exacerbated by climate change where women have limited access to resources, loss of livelihood and food insecurity.”  

 

The accountancy profession is not immune to these issues. Women leave the profession at a much higher rate than men. In large accountancy firms, estimates suggest around 60% of the graduate intake are women, but that figures falls to an estimated 20%-30% at manager level.  

 

ACCA is providing education through initiatives such as workshops on the EU’s Corporate Sustainability Reporting Directive (CSRD). ACCA is working specifically with public sector finance professionals to understand how gender responsive budgeting could be used to address the widening gender gap.  

 

Finance professionals have a vital role in the transition to net zero. ACCA research reveals that CFOs believe the finance function has a key role to play in business moving towards a sustainable business model creating long-term value. For instance, by grasping upskilling opportunities the finance profession can become the guardians of ESG (environmental, social and governance) corporate data.  

 

Skelton said: “In order to make progress we need to look at these issues from a holistic perspective. That is why ACCA supports the UN Sustainability Development Goals (SDGs) addressing gender, poverty and inequality. 

 

“The good news on IWD is the more I research this area the more I’m convinced women can create wonderful opportunities for themselves and for the rest of society in the green economy.” 

 

Watch here to see Emmeline and Jessica discuss green transition. 

Read ACCA’s transition report,
Economy & Jobs News, Tax

The Spring Budget 2024 sees tax cuts and a continued push to unlock pension investment potential

In this year’s Spring Budget, the Chancellor Jeremy Hunt focused on tax cuts made possible through reported progress in the UK economy and to encourage growth in the next few years.

Where pensions are concerned, the Chancellor reiterated messaging over the last few months from the Mansion House reforms and Autumn Statement on targeting value for money for pension scheme members and encouraging pension funds to drive further growth in the UK economy.

Reduction in National Insurance contributions

The government announced plans today to reduce the basic employee rate of National Insurance contributions (affecting approximately 27 million people) from 10% to 8% with effect from 6 April 2024; a further decrease from the recent shift on 1 January 2024 from 12% to 10% and the lowest the rate has been set since the early 1980s.

From an employee benefits angle, this will make salary sacrifice arrangements (where employees can make National Insurance savings on certain benefits) a little less attractive for employees.

Simon Hubbard, a Principal Consultant at Quantum Advisory, said:

“Further reductions in National Insurance contribution rates will be welcomed by many. The change, at face value, indirectly makes saving into a pension less attractive for employees where contributions are paid before the deduction of tax and National Insurance through an arrangement known as salary sacrifice. This change reduces the National Insurance that employees save by using such an approach. 

“These tax cuts must be viewed alongside the freeze on income tax thresholds until 2027. Given this, we expect that salary sacrifice arrangements will remain the most efficient way for employees to pay their pension contributions and there is no impact on the National Insurance savings made by the employer.

“Cuts in National Insurance will only benefit income earned through work, so pensioners will not benefit in the same way that employees do.”

Disclosure and value for money for DC Schemes and LGPS arrangements

The government reiterated planned changes in disclosure requirements for defined contribution (DC) pension funds, such that funds will need to publicly state their level of UK investment and compare their performance level against other schemes (at least £10bn in size).

Where it is determined that schemes are providing relatively poor returns for members compared to that provided elsewhere, schemes may not be allowed to take on new members.

There will separately be revised reporting guidance for Local Government Pension Scheme (LGPS) Funds from April 2024, such that a summary of asset allocation, including UK equity investment, as well as providing greater clarity on pooling will need to be disclosed.

Simon Hubbard, a Principal Consultant at Quantum Advisory, said:

“The announcement from the government will help concentrate DC pension funds on delivering the best returns for members whilst encouraging further investment in the UK economy. We welcome the aim to target good investment returns for every member. Careful consideration will need to be given in the coming months on how to encourage this for DC schemes whilst allowing funds to invest in long-term growth assets that may be volatile in the short-term.”  

Abolition of the Lifetime Allowance

The Lifetime allowance (LTA) is being removed from 6 April 2024 following the Spring Budget announcement last year; a move that is hoped to alleviate pressure on the NHS as well as other industries to prevent early retirements from experienced individuals.

HMRC have since referenced that there will continue to be a fixed cap on tax-free cash sums of £268,275 (25% of the current LTA) and a fixed cap of £1,073,100 (the current LTA) on the total tax-free cash sums that can be paid to an individual.

Simon Hubbard, a Principal Consultant at Quantum Advisory, said:

“The abolition of the LTA will, as a whole, simplify the pensions industry and encourage more to save for retirement and work for longer. It remains to be seen whether this policy will change if there was a new government following the imminent General Election given the Labour party’s opposition to the abolition of the LTA.”

State Pension

The government has committed to applying the triple lock to the State Pension for 2024-2025, such that it will increase from £10,600.20 pa to £11,502.40 pa.

Simon Hubbard, a Principal Consultant at Quantum Advisory, said:

“The triple lock guarantee for 2024/25 (which the Labour Party has also committed to retaining) will ease pensioner fears, particularly given the recent years of high inflation. Whilst this news will be welcomed, wider issues remain with the functionality of the State Pension, which is becoming increasingly more expensive in real terms due to current birth / death rates. We expect there will be further discussions around the State Pension following the election.”

Pension ‘Pot for Life’

The government is continuing to consult on plans to allow individuals to choose one provider to hold their pension pot throughout their life; aiming to improve outcomes for savers as well as convenience of access.

Simon Hubbard, a Principal Consultant at Quantum Advisory, said:

“We look forward to the government providing further detail on the lifetime provider model they have set out, noting that challenges with economies of scale will need to be carefully managed.  This will help people who change jobs frequently or who have multiple jobs at any one time, because under the current system some workers can end up with a large number of small pensions which can be difficult to manage and to keep track of.”

ISAs

The government announced the launch of a new British ISA which will allow individuals to invest £5,000 tax-free cash per year in UK assets in addition to the current ISA allowance of £20,000. The government intends this to help the UK economy grow.

About Quantum Advisory

Established in 2000, we are an independent, owner-managed actuarial and employee benefits consultancy that provides straight-talking, no-nonsense advice to employers and pension scheme trustees.  We design, maintain and review pension schemes and related employee benefits so that they operate efficiently and effectively.  We also help communicate these benefits in a straightforward way so that employees understand their real value.

 

Simon Hubbard

Principal Consultant

Quantum Advisory

Economy & Jobs News, Finance News, Wales

Global economy set for slow growth, high uncertainty for 2024, says ACCA chief economist

  • ACCA’s review of the current global economy suggests 2024 will be beset with risks and challenges
  • Slow growth, geopolitical risks, lagged impact of monetary tightening in 2023 and businesses approaching with caution are likely to shape

 

 

An inaugural annual economic prospects report by ACCA examines the outlook and major risks for the global economy and key countries. The report, 2024 Global Economic Outlook: Slow Growth High Uncertainty, sets out the key events to watch in a year packed with elections; examines three trends to watch closely; and interviews chief financial officers (CFOs) from across the globe.

 

Jonathan Ashworth, chief economist at ACCA and author of the report, said: “The global economy looks set to grow slowly once again in 2024, and the risks are skewed to the downside. The lagged impact of past monetary tightening could lead to an even more pronounced slowing in growth, and geopolitical risks remain very heightened. The busy political calendar, with elections scheduled in around 60 countries, including the US, the UK, India, and the European Parliament, adds a sizable extra degree of uncertainty and potential volatility.”

 

Ashworth added: “It could be risky for central banks to declare imminent victory in their battles against inflation” but suggested that: “Upside risks to the global economy in 2024 could perhaps come from continued rapid improvements on the inflation front, which could pave the way for quite an early and significant easing of monetary policy by central banks.”

 

But he warned that “this could risk sowing the seeds of higher inflation in 2025 and beyond.”

 

In addition to monitoring the usual ebb and flow of economic data, Ashworth suggested watching three key trends this year:

 

  • Further backsliding by governments on policies to achieve the green transition
  • Signs of rising geo-economic fragmentation
  • Developments with artificial intelligence (AI).

 

Ashworth said: “The first two could be particularly impacted by political developments through the year, and we will be watching for early signs that wider AI adoption is beginning to provide a much-needed boost to productivity growth in economies.”

 

Meanwhile, caution was the watch word from CFOs given the challenging global economic backdrop and the geopolitical developments and elections in many countries. Some businesses were naturally less impacted by cyclical economic developments, but a number were impacted by, or at risk from, structural changes related to trade, and supply chain issues. Most were experimenting with AI and other technologies in their businesses, while some noted the difficulty in attracting talent given the changing ways of working.

 

Read the full report here.

 

Please visit ACCA’s website for more information.

Economy & Jobs News, Finance and Banking, News

Autumn Statement 2023 sees benefit increases and tax cuts – Quantum Advisory Expert Shares His Analysis

In this year’s Autumn Statement, the Chancellor, Jeremy Hunt, announced the steps the Government propose to take to protect lower earners and make pensions more productive for the UK economy.

Pension ‘pot for life’

The Government announced plans to tackle the proliferation of small pension pots that can build up when people change jobs frequently.  Currently, every time someone starts a new job they are given a new pension pot, which they and their employer pay into.  The Government will consult on a system where instead people will be able to nominate an existing pension pot to be used.  This will also include further moves to introduce ‘Collective Defined Contribution’ pension schemes which offer members a more flexible approach to retirement.

Simon Hubbard, a Senior Consultant at Quantum Advisory, said:

“The automatic enrolment of workers into a pension scheme when they join an employer has worked well to encourage retirement saving, but the growth of small pension pots was always a concern.  The Government’s proposed approach feels like a pragmatic solution, but employers will need to be careful about any extra administrative costs it brings.”

Pension fund consolidation

The Government announced plans to encourage the consolidation of small defined contribution pension funds, with a target for the majority of members who save into a defined contribution scheme to be in an arrangement of £30 billion or more by 2030.  The Government also plans to consult on using the PPF as a consolidator to take on small defined benefit pension schemes that want to wind up but might struggle to obtain good value terms from an insurer.

Simon Hubbard, a Senior Consultant at Quantum Advisory, said:

“The Government and the Pensions Regulator have been quite vocal about wanting to consolidate pension schemes, driven by concerns about governance standards in small schemes.  This may not be a popular approach for trustees and employers operating small pension schemes because of the likely loss of control that will come with consolidation.”

Encouraging productive finance

The Government announced plans to introduce a growth fund of over £7 billion that pension schemes can use to access productive assets in the UK that might otherwise be out of reach.  Local Government Pension Funds will also work together to pool their assets, giving them access to broader investment markets, with a target to invest at least 10% of assets in private equity.  The Government will similarly look to change the rules for insurers to allow them to invest in more productive UK assets.

Simon Hubbard, a Senior Consultant at Quantum Advisory, said:

“The proposed options for pension scheme investment build on the Chancellor’s recent ‘Mansion House’ speech, where he described plans to encourage pension schemes to invest in a way that benefits UK businesses.  This brings potential economic benefits, but many pension scheme trustees will not welcome what might be seen as political interference in their freedom to invest for the benefit of scheme members.”

Reduction in National Insurance contributions

The Government announced plans today to reduce the basic employee rate of National Insurance contributions (affecting approximately 27 million people) from 12% to 10% with effect 6 January 2024.  This will help a lot of working families facing pressure from recent high inflation.  It will, however, make salary sacrifice arrangements (where employees can make National Insurance savings on certain benefits) a little less attractive for employees.

Simon Hubbard, a Senior Consultant at Quantum Advisory, said:

“Reductions in National Insurance contribution rates will be welcomed by many, especially lower earners who face pressures from recent high inflation.  The change indirectly makes saving into a pension less attractive for employees because these contributions are paid before the deduction of tax and National Insurance through an arrangement known as salary sacrifice.  This change reduces the National Insurance that employees save by using such a salary sacrifice approach but it is still the most efficient way for employees to pay their pension contributions and there is no impact on the National Insurance saving made by the employer.”

Increase in the National Living Wage

The Government announced an increase in the National Living Wage of 9.8% from April 2024, this means that the National Living Wage will increase to £11.44 an hour, for those aged 21 and over.  This is on the back of a 9.7% increase the previous year.

Simon Hubbard, a Senior Consultant at Quantum Advisory, said:

“With the National Living Wage rising, those employers with salary sacrifice arrangements will need to ensure that employees earning the National Living Wage where their salary after salary sacrifice goes below this new threshold are opted out of the salary sacrifice arrangement.”

Pensions triple lock retained

The Government announced that the triple lock will be applied in full to the State Pension in April 2024, giving an 8.5% increase.  This is despite public sector bonus payments potentially distorting the calculation of increases in national average earnings in the period.  Some market commentators had been expecting the Government to adjust the calculation in some way to allow for this.

Simon Hubbard, a Senior Consultant at Quantum Advisory, said:

“The 8.5% increase in the State pension in April 2024 will come as welcome news to the millions of pensioners in the UK for whom the State pension makes up the majority of their income.  There had been speculation that the Government might not apply the triple lock in full because public sector cash bonuses could affect the calculation, but the Government has now decided that is can afford to award the full increase.”

Reduction in tax on pension scheme surplus

The Government announced that the tax charge when an employer receives a refund of a surplus from a pension scheme will be reduced from 35% to 25% from April 2024.  The Government will also consult on whether changes to the rules on refunding surpluses might encourage pension schemes to invest in assets with higher expected returns.

Simon Hubbard, a Senior Consultant at Quantum Advisory, said:

“The reduction in the tax charge on surplus refunds will be welcomed by many employers who have seen the funding level of their schemes increase significantly over the last year following the increase in government gilt yields.  The aim of encouraging investment in riskier assets will, however, be at odds with the objectives of many pension scheme trustees (and the Pensions Regulator) who want to minimise the risk in their schemes.”

Abolition of the Lifetime Allowance

The Government re-confirmed that the Lifetime Allowance will be abolished from April 2024.  This was announced in the 2023 Spring Budget, but there had been speculation that it might be delayed.  However, the Government plans to include this in the Autumn Finance Bill 2023.

Simon Hubbard, a Senior Consultant at Quantum Advisory, said:

“The announcement in the 2023 Spring Budget that the Lifetime Allowance would be abolished from April 2024 was met with a warm welcome by the pensions industry.  Recently there have been some concerns that this might be delayed, with uncertain consequences given the approaching general election and the Labour government’s opposition to the change.  However, despite the complex legislation involved it looks like the change will go ahead as planned.”

About Quantum Advisory

Established in 2000, we are an independent, owner-managed actuarial and employee benefits consultancy that provides straight-talking, no-nonsense advice to employers and pension scheme trustees.  We design, maintain and review pension schemes and related employee benefits so that they operate efficiently and effectively.  We also help communicate these benefits in a straightforward way so that employees understand their real value.

Economy & Jobs News, News

Held Interest Rates Maintains UK Economic Uncertainty Without A Clear Plan For Growth, Says ACCA

  • Bank of England announced interest rates will hold at 5.25% following another month of meagre economic growth.
  • Head of ACCA Cymru/Wales, Lloyd Powell, points out that this holding pattern is a sign of a stagnant UK economy.

The announcement from the Bank of England today (2nd November 2023) that interest rates will be held at 5.25% will be unsurprising, if slightly disappointing, news for many businesses and customers alike.

Lloyd Powell, head of ACCA Cymru/Wales, shared his thoughts on the held interest rates, and what it means for the UK economic outlook:

“The previous month’s hold of interest rates at 5.25% was a welcome and necessary breather after 14 consecutive rises. However, it now appears that the Welsh economy is stuck holding its breath, awaiting some kind of economic sign to help kickstart the reduction in interest rates.

“This holding pattern or a ‘wait and see’ attitude is something ACCA has seen translate to the feedback from accountants about the businesses they support. A sense of “perma-crisis” has left businesses hesitant to invest, delaying decisions until a clearer picture of the prospects for the UK economy emerges. It seems inevitable that further action, in addition to the Bank’s single monetary policy lever, will be required. Undoubtedly, the Chancellor has an important Autumn Statement ahead.

“Without decisive action from the government and Bank of England this winter, Welsh businesses and customers will struggle to cope with continuing high rates of interest and inflation, further damaging an already weakened economy as people spend less and businesses are unable to invest or expand.”

 

The Bank of England kept interest rates unchanged at 5.25% at today’s meeting. Three members dissented from the majority and voted for a quarter point increase in rates. The decision was not a surprise given the weakness of the economy. But after a very finely balanced decision at the September meeting, the decision not to hike nonetheless provides a bit of respite to businesses and households.

 

Jonathan Ashworth, chief economist at ACCA, shared his thoughts on the decision:

“A weakening economy, a loosening labour market, and expectations for a sharp fall in headline inflation over coming quarters, looks to have persuaded the majority of the Monetary Policy Committee to eschew policy tightening once again, despite fast wage growth and the fact that inflation is currently more than three times its target level.

“The Bank of England’s forecasts and commentary suggest that monetary policy is likely to remain restrictive for an extended period. Against such a backdrop, they are expecting the economy to remain very weak over coming years, with little, if any, growth expected in 2024.

“All in all, a very challenging period lays ahead for business amid extremely weak growth and high borrowing costs. And given the difficult fiscal backdrop, a significant amount of budgetary relief, which would be welcomed by business, is unlikely in the upcoming Autumn Statement. The downside risks from the global economy also look very elevated”.

 

Economy & Jobs News, International News, News

China’s plan to expand BRICS trading bloc a major concern to West, says UK intelligence group‏

KCS Group Europe (KCSGE) says that an expanded BRICS trading bloc, dominated by Beijing, is being promoted as a real alternative to the G7 and raises major concerns for the West.

‏‏Saudi Arabia, Egypt and Argentina have applied for membership. BRICS is currently comprised of Brazil, Russia, India, China and South Africa. ‏

‏Together with its ally Russia, China has been developing the SPFS banking system – the Russian equivalent of the SWIFT banking transfer system.‏

‏If offered to its BRICS partners, it would allow Beijing and its trading allies to decouple from the US dollar with the minimum of disruption to their economies.

‏KCS Group Europe CEO Stuart Poole-Robb said: “Such a move would facilitate the transfer of money globally without trace of payments. The countries that have actually applied to join so far should be of real concern to the West.”‏ ‏

As the CCP begins its 5-yearly plenary session on Sunday (October 16), all eyes will be on Xi Jinping’s re-election as General Secretary for a third term. But a reshuffle of the Politburo Standing Committee will also give an indication of the state’s future direction and priorities.‏

‏Analysis by KCS Group Europe suggests that If Xi is to remain in office he will have to balance his plans against those of internal factional interests, a contraction in the Caixin purchasing manager index, repeated Covid lockdowns in cities and a weakening currency.‏

‏However, with oil producers’ group OPEC+ and Russia strengthening their ties and collaboration on oil output, BRICS+ would, therefore, present a far more powerful entity on the world stage, which in turn strengthens Beijing’s position immensely.‏ ‏

KCS Group Europe has been working for over three decades with some of the world’s major financial institutions and companies to create transparency for governments and businesses.

KCS Group Europe’s reports and research papers can be found at www.kcsgroup.com