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The Analysis News & Opinions
Opinion
Lendings helping goal to reduce carbon emissions
Last month, the British Business Bank
published its Small Business Finance Markets 2021-2022 report, and we welcome the recognition that asset fi nance will be a key choice for businesses seeking to reduce their carbon emissions. The report also notes that several
asset
fi nance providers have already launched products designed to increase the usage of electric vehicles, and it further highlights cas- es where our members are partnering with local authorities to support green initiatives – for instance Shire Leasing and Haydock Fi- nance being appointed fi nanciers on Greater Manchester’s Clean Air Financial Support Scheme.
Examples such as this illustrate not only the
innovative approach of this industry, but also its commitment to Net Zero more broadly. The report notes that almost half of smaller
businesses see reducing their carbon emissions as a priority, and over a fi fth would use external fi nance to improve their environmental impact. With the strong growth in business investment forecast for 2022, we would like to see more fi rms choosing asset fi nance. The report also makes clear that Ethnic Minority and female-led businesses are missing out on funding. This is an important point and one we
will work with members to solve, as getting fi nance to this under-served cohort would be transformative for their businesses.
Stephen Haddrill Director general, Finance & Leasing
Association
‘One in 10 know public fraudster’
The industry is urging British people to report fraud committed against the public purse as new research reveals one in 10 people know someone dishonestly claiming a discount on their Council Tax Bill. Current rules mean any household with only
one adult living at the address can claim a 25% discount on their Council Tax Bill. In a poll of 2,000 UK adults, one in 10 people admitted to knowing someone who had falsely claimed this discount over the last 12 months, with this fi gure rising to almost one in 6 in London. Additionally, 10% of the adults surveyed did not view falsely claiming Single Person Discount as illegal, while one in 13 believed it was a ‘reasonable’ thing to do. These fi ndings were also amplifi ed in the Greater London region, with one in 7 (15%) viewing this as ‘reasonable’ and one in 6 not viewing the action as illegal. Research for the Institute for Government local authorities’ spending power
revealed
fell by 16% between 2010 and 2020, with the pandemic leading to a further £11.9bn fi nancial burden. This means fraud committed against councils reduces their ability to fund many of the services residents rely upon. With council tax bills due to be sent out next month, Cifas is urging people that are aware of someone defrauding the council to speak up and report those stealing from the public purse. Cifas’ director of public sector, Rachael
Tiff en, said: “The economic impact of the pandemic has put signifi cant strain on council budgets. The fraudulent abuse of
schemes
designed to help those in need unnecessarily restricts funding for many of the services resi- dents rely upon daily. “Rises in the cost of living may be forcing
people to look for ways to save money on their household bills. However, defrauding councils, or any organisation, is never okay
and should not be viewed as a way to cut outgoings. “Fraud in both the public and private sector is a serious issue and poses a threat to national security. The public are rightly outraged by the widespread fraudulent abuse of COVID-19 loans and grants, however this research sug- gests more common abuses of public funds are not viewed with the same level of dismay.’ Gemma Young, head of internal audit
and anti-fraud at Waltham Forest & Enfi eld Councils, said: “Fraud against councils is never acceptable. It is not a victimless crime – the impact is often felt most keenly by the most vulnerable. This kind of fraud preys on funds that are meant for public services and to support the local community. “The annual loss from fraud to councils is
estimated to be £2.1bn, with the largest loss from housing tenancy fraud. Reducing fraud is one way in which councils can make savings and help those who are genuinely in need. “Many councils have successful dedicated and accredited investigation teams and have powers available to investigate and prosecute off enders, as well as recovering the proceeds of crime. Do not ignore it if you suspect a fraud against your council. You can report it anonymously through their website.”
10
www.CCRMagazine.com
March 2022
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