CONTENTS |Winter 2016 Contents
4 | Trump’s Triumph We examine what might happen next – apart from surprise visits to the steak house – as Donald Trump takes charge of the world’s biggest economy
10 | Expert View Adam Marshall from the BCC on what matters most to British business in 2017
14 | London Calling Daniel Evans examines whether the capital can retain its place as the world’s No 1 financial centre
16 | Hands off Pensions Former pensions minister Steve Webb with some advice for Chancellor Philip Hammond. PLUS: Why the young must invest in pensions
22 | Bright Outlook The UK has nothing to fear over Brexit – we hold all the cards, says Marcus Gibson
24 | Tax Attack Stephen Herring, Head of Taxation at the Institute of Directors with some timely advice for FDs
26 | Masters of All Business expert Rene Carayol looks at why the role of the FD has changed so much
28 | Target the Best Stacey Nicholl takes a headhunter’s view on how to recruit the best CFO
32 | Cyber Sense Paul Simmonds on why it’s time for the FD to take cyber-security seriously
36 | Adapt to Survive Paul Eagland on why we should look to Charles Darwin for the next generation of accountants
40 | Fleet Management How FDs can get the best from their fleets
44 | Up in the Cloud Chris Wade on the big questions a company should ask before migrating to the cloud
46 | Economic Outlook Two leading economists look forward to 2017
48 | Pedal Power Group FD Lorne Vary on the finances behind the Brompton Bicycle Company
dofonline.co.uk Brexit Island
Looking for treasure as the UK prepares for life outside the European Union
Inside
Trump’s Triumph How will the global economy react to the outsider with the most powerful job in the world?
Expert View Adam Marshall from the British Chambers of Commerce assesses Britain’s post-Brexit economy
Give us a Break Former pensions minister Steve Webb has some advice for the Chancellor Philip Hammond
My High Five Stephen Herring, Head of Taxation at the Institute of Directors, with some timely tips for FDs
Cover by Bill Greenhead
Why FDs need to be fighting fit
A
s the musings of Kelvin MacKenzie are not something I imagine our
readers come across particularly oſten, I thought I would relay one tale which I think deserves a wider audience and which might appeal to FDs across the land as they try to balance the books. It was when MacKenzie was working at talkSPORT. The company was looking to cut costs, the finance director was summoned, and it was agreed that jobs would have to go. Naturally, the FD wanted to reduce the number of pay-offs so he came up with the ingenious idea of forcing everyone to walk up to their offices on the third floor by disconnecting all the liſts. Not only would it save on electricity but the fat ones would start surveying the Situations Vacant columns. No doubt the younger or fitter among the talkSPORT team bounded up the stairs two at a time but the FD was right when it came to the more senior brigade and, aſter ten days, a highly paid manager said his knees could take no more and that he would have to find something new. Money was saved, talkSPORT is still going strong and I’m guessing a few
FDs reading this may be wondering how many overweight people they might have working on the top floor… Although the story has some comic value, it also highlights a theme running through this edition – it is that the modern director of finance has so much more to worry about than the numbers, a fact highlighted by Rene Carayol in his thought-provoking column on pages 26-27. But the last word must go to Brexit, both in the UK and now, in a manner of speaking, in America. A few days before his surprise election – the economic implications of which we analyse in this issue – Donald Trump told supporters: “November 8 will be an amazing day, it will be called ‘Brexit plus plus plus’. You know what I mean?” To be honest, Donald, no we don’t but I think we are about to find out… As far as our own Brexit goes, that is analysed and discussed by some of the best minds in British business in the pages that follow including Adam Marshall from the BCC, Stephen Herring from the IoD, Steve Webb, former pensions minister now with Royal London, Barry Naisbitt, chief economist from Santander UK, Adam Chester, head of economics at Lloyds Bank Commercial Banking, former FT columnist Marcus Gibson and Paul Simmonds from the Global Identity Foundation. Looks like an impressive list to me. Happy reading!
Daniel Evans Editor, Director of Finance
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DIRECTOR OF FINANCE
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