Sector Focus


Finance


Sponsored by: University of Birmingham


Birmingham Business School supports Responsible Business Week


By Kirsty Smith Marketing Officer, Birmingham Business School


Birmingham Business School was delighted to support Responsible Business Week, which was held from 24 - 28 April 2017 and led by Business in the Community. The school coordinated a series of activities to raise the profile of responsible business research that aimed to show the impact that organisations have on benefitting employees, communities and their countries. This included a series of blogs on the newly launched Business School blogging platform, social media and press activity. Responsible business is


relevant for all type of companies from SME’s to large multinational conglomerates and each published blog highlighted the importance of organisations understanding their responsibilities ethically, environmentally and what it means to have a responsible public profile. A new blog was posted each day of the week written by academics including: Dr. Vivek Soundararajan, Dr. Natalia Vershinina, Dr Finola Kerrigan, Dr Geraint Harvey and Professor Isabelle Szmigin. Blog topics included sustainable entrepreneurship, the responsibility of brands, sustainable global value chains and responsible business in the film industry. Furthermore, University of Birmingham students contributed by sharing their thoughts on social media about the question ‘what's one company that you love and runs responsibly?’ The content shared


demonstrates how wide an area responsible business covers and how important it is to continue to build awareness of corporate social responsibility both in the UK and worldwide.


To find out more about Responsible Business Week 2017 visit the BITC website or search for the hashtag #RBweek.


50 CHAMBERLINK June 2017


High increase in financial pessimism since EU vote


The proportion of West Midlands adults who say they are concerned about their future financial health has been steadily increasing since June 2016 – and is now the highest of any British region. This is according to a new survey


of over 2,000 British adults by insolvency and restructuring trade body R3, and ComRes. A quarter (25 per cent) of adults


in the region think their personal financial situation will worsen over the next six months, which is the highest level of personal finance pessimism of any UK region. The ratio is up from 20 per cent in


September 2016 and 14 per cent in June 2016. The June 2016 survey – conducted


of rising inflation and falling real wage growth we have seen since June’s referendum, and the pound’s subsequent slump. Increases in the cost of fuel from last year, which have been exacerbated by the pound’s woes, may have had an impact, too. “So far, in contrast to expectations,


the continued consumer confidence across the UK since the vote has kept the economy buoyant, but it will be interesting to see how a General Election may affect the financial mood of the region.” Nationally, of all surveyed, those


Chris Radford: Shift in attitudes


just before the UK voted to leave the EU – found personal finance pessimism at a record low in the West Midlands, having fallen from a post-recession high of 40 per cent in January 2011. R3 Midlands chairman Chris Radford, a partner at


‘The downturn coincides with the period of rising inflation and falling real wage growth’


Gateley plc in Birmingham, said: “The increase in the number of adults who think their personal financial situation will worsen in the next six months is small, but could be the first signs of a shift in attitudes towards personal finances. “It is not clear why West Midlands adults are so pessimistic, but the downturn coincides with the period


aged 55 to 64 are the most pessimistic age group, with a quarter (24 per cent) expecting their financial situation to worsen over the next six months. Men and women are equally


worried about their future personal finance situation (20 per cent and 18 per cent respectively), continuing a trend from R3’s previous polls in September and June of last year.


Mr Radford added: “For those who are expecting


their circumstances to worsen down the line, professional advice is available to guide people through difficult financial situations. “However, it is important that individuals are easily


able to access accurate and effective information, in order to plan for their financial future or for any unexpected changes.”


Health insurance firm sees revenue growth


Birmingham-based BHSF, which provides health insurances, employee benefits and HR support services, has reported revenue growth of 3.4 per cent during 2016. The firm said that the figure


had been boosted by a 20 per cent increase in new applications for its health insurance arm. In addition, BHSF’s


occupational health division acquired two other businesses during the year, Nexus Healthcare Limited and Newhall Medical Practice Limited. The latter is being renamed


BHSF Medical Practice, will be relocating to the heart of Birmingham’s business district where it will offer a private GP service, health screening and a travel clinic as well as occupational health services. Group chief executive Peter


Maskell said: “We have contended well with huge regulatory


Peter Maskell: Regulatory changes


changes, including the introduction of Solvency II for which we have been preparing for several years, but the costs of doing so have been considerable. “Further, it is very unfortunate


that the Chancellor of the Exchequer has doubled insurance premium tax in three stages in less than two years and this makes it more expensive for ordinary people to provide for their health and wellbeing needs.”


Music retailer strikes a fair deal


One of Birmingham’s largest independent music retailers is moving to new premises, thanks to funding from Barclays. Fair Deal Music, which this year


is celebrating 30 years in business, is moving to the new 7,000 square foot premises at Concorde House at Holloway Head in the city centre. The new shop is only 500 yards


away from its previous premises. Fair Deal supplies a range of musical instruments and accessories and the move will enable the business to further expand its current range of stock. This will include what is claimed to be biggest selection of electric and acoustic pianos in the whole region. The new store was officially


opened by Bernie Marsden, former member of rock band Whitesnake. Fair Deal director Balraj Singh


said: “I am really pleased that we are marking our 30th anniversary with the move to our new premises. This will enable us to display many more musical instruments for our loyal and new customers.”


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