Business News


Supply chain at risk of fraud


Business risk experts are warning that the widely forecast recession could spark ‘a cataclysmic wave of fraudulent activity within the global supply chain’. The warning is from


Stratford-based global risk and compliance expert GWCI, who said that organised crime syndicates had begun a large- scale effort to defraud business as soon as the lockdown began. GWCI said that the current


volatility in the supply and demand of goods due to lockdowns, travel restrictions, warehousing capacity issues and labour shortages had all encouraged opportunistic fraudsters to capitalise on the devastation caused by Covid- 19 on global supply chains. The criminals have been


helped in their activities by management taking their eye off the ball to focus on cashflow and liquidity, the company said, adding that it is not uncommon to witness a spike in fraudulent activity during times of hardship. Criminology expert Professor


Mark Button recently pointed out that there was a direct correlation between a struggling economy and heightened fraudulent activity – the 1980 recession saw a three per cent fall in GDP which resulted in a 5.6 per cent increase in fraud related offences, the 1990 recession saw a dip of 1.7 per cent in GDP followed by a 9.9 increase in scams and the 2008 crash caused an increase in fraudulent crimes by 7.3 per cent. As supply chains remain


severely disrupted as a direct consequence of Covid-19’s prolonged impact, Chadd Blunt, managing director of West Midlands based Millennium Cargo, said importers and exporters will not be the only casualties in the event of fraudulent activity within the supply chain. He said: “The levels of


fraudulent activity within the supply chains indicate businesses are currently experiencing a pandemic within a pandemic – and freight forwarders are on the front line battling this outbreak. With fraudulent activity currently at critical levels, forwarders need to be vigilant now more than ever.”


8 CHAMBERLINK August/September 2020 Getting back to work safely


Virtual reality: from left to right are Nick Barton (chief executive, Birmingham Airport), Paul Faulkner, Jon Kiteley (Birmingham area director, Balfour Beatty), and Andy Street (Mayor, West Midlands)


A meeting of key business leaders hosted by the Chamber focused on safely returning people to work in the West Midlands as the country recovers from the impact of the Covid-19 crisis. Business leaders, central


government, banks, trade unions, and local authorities, including the West Midlands Combined Authority (WMCA), met in a partly virtual session of the West Midlands Covid-19 Economic Impact Group (EIG). The meeting was chaired by


West Midlands mayor Andy Street.


Chamber chief executive and EIG member Paul Faulkner said: “The meeting was attended by 60 business leaders in the West Midlands and was invaluable in putting together a road map for returning the region and its cities to relatively normal life. “This is a key mission of the EIG


and one that the Chamber supports wholeheartedly. “It is vital that bodies like the Chamber come together with the public sector and trade unions to ensure the region returns to the sort of economic prosperity it was


enjoying at the beginning of the year. The EIG have been meeting every month since the crisis broke and their work continues to be important as we gradually return to normality. “The region was growing faster


than anywhere outside London when Covid-19 struck and we aim to return to that status.” When the EIG group was created,


a West Midlands road map was created to secure a successful post- pandemic economic recovery, focusing on ten key goals at weekly meetings.


£3.2bn recovery blueprint is presented to Government


A blueprint to kick-start the West Midlands economy and create long-term prosperity for the region has been presented to the Government. With research suggesting the region could be hit


harder than most by the Covid-19 lockdown, ‘Kickstarting the West Midlands Economy: Our Investment Case to Government’ sets out the immediate actions needed to stimulate economy, in ways that are both green and more inclusive. The region’s political, business and trade union


leaders, who have drawn up the plan with the West Midlands Combined Authority (WMCA), other local authorities and major businesses, called on the government to support the project, which asks for a massive £3.2bn of investment during the next three years to boost recovery and tackle climate change.


‘Our research tells us that this pandemic and lockdown measures have resulted in an economic shock unlike any other on record’


The plan centres on providing support to industry in


three key areas, alongside a commitment to invest in transport, housing and people, in the hope of a rapid economic recovery that will create or safeguard more than 135,000 jobs and build 35,000 new homes. The three key business opportunities are creating a


green economy, making the most of Coventry City of Culture and Birmingham 2022 Commonwealth Games in terms of job creation, and investing in a massive healthcare programme. The ‘green economy’ will centre on harnessing clean technology, including a gigafactory to produce state-of-the-art batteries, resulting in 51,700 jobs. A further 33,000 jobs will come from HS2, City of Culture and Commonwealth Games. Investing in healthcare innovation would capitalise


on the region’s existing strengths as a centre for health research and create or safeguard 3,200 jobs. Chamber chief executive Paul Faulkner welcomed


the report, to which the Chamber contributed, and said: “This blueprint sets out not only how the West Midlands can get back on track following the Covid-19 crisis but how it can innovate and secure a strong economic future. Our research tells us that this pandemic and lockdown measures have resulted in an economic shock unlike any other on record. Challenging times call for a clear vision and bold measures. We are pleased to have been able to input into this work and hope to see an equally bold and forward looking response from the Government.” West Midlands mayor Andy Street said: “The


Government can demonstrate its commitment to the levelling-up agenda by backing this blueprint and continuing to invest in the West Midlands.” With a regional economy generating £105bn a year


and a population of 4.2 million people, the West Midlands is the largest economy outside of London.


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