I’m an avid listener of Radio 5 Live, especially from about 7am through to 1pm where they tend to deal with the day’s hot topics. It’s a good source of advice from members of the public, politicians and experts.
However, apart from the excellent information it beggars belief as to how much people can’t follow guidelines and use common sense themselves; instead call after call is from people asking what should I do about this, that and the other. When did we become a nation of people who are directed to do the right thing, instead of just doing it.
As I have said before, the payments industry has gone into quite mode. NPA, RTP, SCA, COP and other topics all delayed and waiting for traction of one sort or another. This is a time to get your business lean. If you’ve got staff furloughed then give them links to online training that will improve their skills, if they need ideas on what to read, point them in the right direction for enhancing their knowledge for their beneift. What you cannot do is ask them to work!
Payments Insight Updates
One of the worrying things that is happening in our industry is that there are many plans under way to review staffing levels in the wake of Corvid. One of they unintended consequences of ‘Working from Home’ was that businesses in general began to realise that they didn’t need as many staff. One banker described it to me as akin to taking all your staff and putting them in a hall, and then calling them out one by one when you had a ‘real’ job for them. The result is that the hall still has a lot of people in it who are not needed.
The virus has digitalised that process as businesses have realised through the use of video conferencing and social media just who their valuable workers are and who are less valuable.
I’m not sure that in the long-term this approach is viable; but lots of companies are using the crisis as a way of evaluating staff needs and many will not be returning to work.
Finextra covers this in this excellent article: Deutsche Bank Starts Redundancy Program
Only 10% of office space in use, says Land Securities
Land Securities was reported in the BBC saying that only about 10% of their office space is being utilised as people ‘Work from Home’. They estimate that there will e a shortfall in the number that return after the lockdown is over as lifestyles have changed. Working behaviour is refocusing on deliverables and the consequent management model that needs staff to be present is beginning to fade. Staff like the idea of being given specific tasks to do and focusing on delivery. Not only does it stimulate them bit it also provides them with a sense of purpose. Read the BBC Business article here.
Bank of England can help UK avoid return to austerity
Telegraph Economy | BOE can help UK avoid return to austerity, says Bailey
Governor says Britain can choose its path without hefty cuts, even after GDP suffers a record collapse.
In the article Bailey, the Governor of The Bank of England, says that the UK can choose which path it takes in dealing with the estimated £300bn bill that Corvid has cost us. We can either impose austerity, which he doesn’t advocate, or we can choose to work our way through it by improving the economy.
My own view is that we need to get these things in perspective; a loan of £300bn is not a huge amount of money and the repayments would easily be absorbed by the underlying economy. The key to success is to ensure a robust economy as quickly as possible and not to return to austerity which we now know put a brake on growth by dampening down demand.
Latest Payment Headlines
View all these on our on our website; today’s guest contributor is the FS Club.
Coronavirus crisis causing ‘very sharp move into recession’, Bank of England governor warns
The coronavirus crisis is pushing Britain towards recession, the Bank of England governor has said. Andrew Bailey issued the dire warning as official figures showed that just nine days of curbs in March saw the economy shrink by 5.8 per cent, and two per cent overall in the first three months of 2020.
Open Banking Europe publishes draft signature standards for bank APIs
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UK property market could fall 13%, housing experts predict
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ABN Amro slumps to loss as impairment charges pile up
Dutch bank takes €1.1bn provision for bad loans including one tied to Singaporean oil trader
Banking: the great return to the office
Antibody testing, temperature monitoring and social distancing are among the challenges ahead
UK economy shrinks at fastest pace since financial crisis
The economy contracted by 2% in the first three months of the year, official figures show.
Numeracy skills are vital as we emerge from the coronavirus crisis | Andy Haldane
The Bank of England’s chief economist argues that maths is more essential than ever The Covid-19 crisis is hitting hard the finances of millions of households across the UK and perhaps billions more globally. In the UK, surveys suggest more than half of all households are working fewer hours than