Understand Your Rights. Solve Your Legal Problems
When it comes to currencies, the last couple of years have without a doubt been some of the most disruptive, surprising and innovative in recent memory. While long-established currencies with reputations as reliable safe havens have come under pressure and fluctuated in value, newer currencies, including the explosion in cryptocurrencies, have been completely reshaping how we invest, spend and save. So from paying for goods to gambling in online casinos, they've changed everything. It's also been an interesting couple of years for those watching these developments from the legal arena, as governments and litigators scramble to adapt existing systems to the new currencies which are playing increasingly prominent roles in our every day lives. With that in mind, let's take a look at the currencies which are the most reliable in 2018, and what predictions might lie ahead.
The Almighty Dollar
The world's most popular reserve currency remains so, and despite some rather surprising fluctuations this year, stemming largely from wider geopolitical concerns and a more cautious Federal Reserve policy, the almighty dollar is still the safest port in an increasingly stormy world. Thanks to a major upswing in the world's largest economy and a banner year for Wall Street, in comparison with other major currencies taking a dive (looking at you Pound Sterling), it can safely be said that in 2018, you can put your faith in the greenback.
Holidays and online casinos helping cryptocurrencies
E-currencies have been dominating the headlines ever since the surreal Bitcoin bubble reached its dizzying peaks earlier this year, but the chatter has faded recently and noticeably less attention is being paid to how cryptocurrencies are doing right now. One thing that's a sure thing is that they certainly aren't going aware, with literally thousands of different types of electronic currencies popping up in the past year, which are used for an endless variety of goods, services and investments. Whether you're paying for your next vacation with Ether, or looking to find online casinos that accept ukash like Betway or Royal Vegas, there's no denying that e-currencies are now a prominent part of our financial lives. And, as land-based and online casinos step up in their acceptance of these newer payment methods, it's becoming more and more obbvious that they'll remain part of the casino and gambling industry. Although the speed with which many famous currencies have gathered staggering value has prompted concerns about the volatility of e-currencies, if you invest wisely (and get lucky), it's an investment that can pay off like no other currency can.
Ones to watch in 2019
Back in the physical realm of all that boring paper money, there are a few currencies that investors and travellers should keep an eye on in the year ahead. The Euro has had a pretty interesting year and is looking to come out on top in 2019 as an increasingly strong and reliable currency, finally shaking off years of weakness and poor performances which followed the Eurozone crisis. The South African Rand is also a good one to watch, given that it is so closely affected by fluctuations in precious metal and oil prices, both of which are set to be majorly on the rise in the year ahead.
When it comes to investment, no currency is a sure thing, and it'll be interesting to see how these predictions play out in a year that is set to be politically and economically unknowable across the world.
You may be looking for a new challenge, maybe what you do doesn’t drive you anymore, either way, you’re looking to re-specialise in a new field of law. Consultant Susan Bywater-Lewis at QualitySolicitors J A Hughes recently made the shift into equine law from the Civil Litigation Department. Below she describes her process and offers some insight into the benefits of jumping ships.
In a modern workforce where disruptive innovation is good and reinvention is the catch-cry of success, we can splash some of that mentality onto the wall of our careers and see what sticks.
Over the course of our careers we can feel the pressures of needing to stay relevant and diversify our skillsets to in turn offer our clients more valuable and varied services. Part of this pressure can be linked with wanting to ensure the success of the firm we’re invariably tied into, but it can be much more inward facing too.
Often, the need to specialise in a particular law type so early on in our careers can funnel us into a particular career path that is very different from the journey we first thought we’d set out on. The law specialism we move into can be so dependent, for example, on the type of training contract we’re able to secure or how successful we are at getting our top job preferences as a new graduate.
Likewise, for people who may be entering the legal profession through different streams, the early training they do and type or size of firm they join can have a major influence on the rest of their career path. This can of course be for the better, where we coincidentally find a specialism we’re well-suited to which feeds our sense of purpose as to why we started law in the first place – one that may be different from what we idealistically thought we wanted.
Choosing to stick with a specialism we just happen to find ourselves in can also be a matter of getting too comfortable and not wanting to move; we’ve done our time climbing through the ranks and becoming experts and the thought of having to start afresh to find our feet again in a new law specialism is an unwelcome one.
As senior lawyers reflecting on our careers, we can wonder just how exactly we ended up specialising in what we did, including all of the conscious or fluid choices along the way. If there’s a level of dissatisfaction in our answer, the reality we need to face is what we’re going to do about it. Will it be a hard swim across the channel to change law specialisms? Will I be happy with my choice when I get there? Do I have the time and energy to commit to any necessary retraining before I set out against the tide?
Hitting refresh on your career can be daunting, but then again so is the thought of staying in an unfulfilling role. Overarching modern workplace trends tell us we should prepare for five career changes in a lifetime, which can seem like a lot when you apply that to a traditional setting like law. While general workplace trends might not be readily transferrable to the legal profession, what we can takeaway is that change can be good. Even if you enjoy your current specialism, exploring a completely new or complementary practice area of law can add fuel to the fire of a passion to solve problems and support clients.
Today I’m a specialist consultant in equine law for QualitySolicitors J A Hughes, but I haven’t always had that legal specialism. I started my career defending litigation claims for a well-known Agricultural Insurer. As well as becoming specialised in litigated Agricultural Claims, I later became more involved in litigated equine cases. While this shift into equine law started early and was a business decision, this default was met with open arms.
I’ve always had an interest in horses having ridden since I was five years old. I currently own three dressage horses, train every day, visit a trainer monthly and have competed at the National level; so it’s safe to say horse riding and everything to do with horses is a little more than a hobby of mine.
My experience outside the legal profession certainly helped equip me for the gradual transition to the equine law specialism. More and more I worked with anyone involved in the equine industry – from riding schools, tracking centres, training establishments and colleges, riding instructors to riders themselves.
Equine law was, and still is, a niche specialism. A lot of my learning has stemmed from taking cases to trial to learn through judicial guidance. So that was a very real challenge in being able to support clients with a sense of certainty about a case outcome.
I also spent a number of years having to feel my way around the niche practice area of law and building up the appropriate Barristers and Experts to rely on. However already having an understanding of the horse world, particularly in being able to relate with clients on a different level really helped. As with any specialty area, it can come with its own language; knowing that language and having that knowledge has helped make the transition a lot easier.
The decision for QualitySolicitors J A Hughes to offer equine law services has only been a recent one. I started in the civil litigation team and, seeing a gap in the market and using my specialised skill set, proposed a shift into this area. It wasn’t a hard sell with the team as there was already a natural demand in our local area. Extending the law services on offer can be one way of moving into your field of choice without having to change teams entirely, providing it makes business sense for the firm and there’s profitability in it.
The transition is not always so natural, but it’s worthwhile looking at how you can transition if that’s really where your passion lies. Whether you’re looking to pursue a different law type stems from wanting to upskill and remain indispensable as a professional, or you’re making a conscious decision to chase the specialism of your dreams, in my opinion it’s worth it. You may have to go through some uncertainty first and a lot of trial, error and in habitual supervision, but life’s too short not to be doing what you love.
For a time, the cryptocurrency market has embodied a new “Wild West” for traders. Characterised by mayhem and disorder, we’ve seen a gold rush from traders looking to strike lucky off the back of the meteoric rise of currencies such as Bitcoin – it has been a case of ‘get involved first, figure out what it is second’. This week Lawyer Monthly delves into the new and exciting world of crypto with some insight on regulation from Kerim Derhalli, Founder and CEO of Invstr.
Now, just like for the Wild West before it, the rule of law is approaching. With a July deadline set by the G20 for unified regulation of cryptocurrency and Philip Hammond, a new Sheriff in town, announcing the launch of a dedicated UK task force, all signs are pointing towards a new era for cryptocurrencies – one of regulation and risk management.
While this concerted drive towards regulation has been a long time coming, the implications are troubling for those familiar with the crypto market as it currently stands. On the one hand, more regulation could see a reduction in scams and more efficient markets, but on the other, is regulation a contradiction to cryptocurrency’s inherent appeal – a risky asset that sets itself apart from centralised government systems?
Firstly, let’s look at the positives. Without some degree of regulation scams, cyberattacks, and fraud will continue to threaten the stability of the cryptocurrency markets. While it is this inherent instability that has surely helped push cryptocurrencies to dizzying – and exciting – heights in the past, nobody wants duplicitous trading practices to go unpunished.
We’ve already seen the Securities and Exchange Commission (SEC) make its presence felt by clamping down on Initial Coin Offering (ICO) fraud, most notably with PlexCorps, and this sets a good precedent as the market evolves.
Paving the way for greater liquidity in the market and establishing clear operational structures will attract more institutional money. This will go some way towards negating the impact of market manipulation that causes the large daily or intra-day swings in price that make cryptocurrencies such a risky investment.
However, for the cryptocurrency market to maintain its identity, too much red tape could be fatal. Born in the shadow of the global financial crisis, Bitcoin and other digital assets are a direct challenge to the fiat currency system and its central banks, who still have some way to go to repair popular opinion of their practices. Cryptocurrencies represent a challenge to the financial system itself and this has been critical to their appeal.
The new generation of savers and investors are rightfully appalled by the massive fees that banks charge for moving money, a digital product, around the world. Or the unjustifiably high fees that asset and wealth managers charge for typically under-performing the market. New consumers and investors don’t trust the financial system and want to do it for themselves. Cryptocurrencies, alongside online investing platforms, are a way to do just that.
Innovation must also be encouraged to thrive across the industry. Blockchain is one of the key technologies that will drive the next economy, and new advances are being made in its application across a range of industries including banking, government, insurance, transportation to name a few.
Regardless of your stance on regulation, it’s encouraging at least to see that where regulators in other countries such as China, South Korea and Russia are cracking down on cryptocurrencies, authorities in the UK are prepared to work with the crypto community rather than clamping down on them.
Ultimately, it is crucial regulators find a happy medium: one that allows healthy regulation to be implemented and adhered to, but that does not stifle innovation, creativity and the unique qualities that have made cryptocurrencies such an exciting prospect.
Below Rajeev Shaunak, head of travel & tourism, MHA MacIntyre Hudson comments on the plans to bring in the new package travel directive as of the 1st July.
“The plan to implement the new package travel directive (PTD) requirements on 1 July 2018 has been confirmed, despite multiple delays in the run up. Given the extent of changes under the directive, it’s doubtful the deadline will be met in practice.
“PTD aims to create additional legal protection for consumers purchasing non-traditional travel packages and addresses the growth in consumers using online travel websites. Travel businesses which create packages for customers involving two or more travel arrangements, for example the flight and hotel, will now be responsible for all elements within this package. The organiser will be obligated to protect the consumer should any suppliers fail – either by refunding the payment, offering an equivalent replacement package or repatriating the customer.
“Consumers will also have the right to cancel any trip where there are “unavoidable and extraordinary circumstances” at or close to the destination, and receive a full refund. The government has however failed to provide clear guidance on what defines these circumstances. Consumers will be able to transfer a package to an alternative traveller up to seven days before departure, and will have the right to up to three nights’ extra accommodation in extraordinary circumstances when they’re prevented from returning home, for example if we experience another ash cloud crisis.
“The definition of what constitutes a package will be widened to include all scenarios where consumers buy two or more travel components. ‘Flight Plus’ arrangements for example, which include financial protection requirements but no liability for death, injury or illness, will now be considered packages. These sales are believed to stand at around 3 million a year.
“The new concept of a linked travel arrangement (LTA) will also be introduced; though not legally a package, it looks like a package to the consumer – for example where a consumer is invited to book an additional travel service (e.g. accommodation or an excursion) via another provider following travel confirmation. The key difference from a package provider is the travel business facilitating the selection and payment of each component is not liable if one of its suppliers fails. Additional services will now include items such as ski equipment hire and even pampering experiences, as long as the add on is at least 25% of the total cost and the package lasts at least 24 hours. Agents will have to balance the pressure to sell add-ons as commissions continue to fall, with all the obligations that go with it.
“One of the biggest changes relates to information given to customers before a sale takes place. Every organiser, and in many cases the retailer, must ensure potential customers have a document detailing the type of sale (package or LTA), the customer’s rights and a link to UK regulations. This could be costly and time consuming in terms of IT changes, and will be difficult to achieve in the case of telephone or face to face sales.
“There will be greater potential liabilities for travel businesses and therefore greater costs to try and mitigate those risks. The need for public liability insurance has clearly grown and areas currently open to interpretation are likely to lead to legal disputes in an increasing litigious environment.
“The necessary changes to prepare for the directive, including enhanced IT systems and terms and conditions, and speculation earlier this year that the deadline might be pushed back have raised serious questions on whether travel businesses can meet this deadline. With no mention of a soft launch approach, anyone not adhering to PTD’s conditions from 1 July 2018 will be breaking the law.”
(Source: MHA MacIntyre Hudson)
It’s no secret that studying law can be very stressful. The pressure to get the “right” grades, the competition for jobs in the legal profession and the nature of law itself (murder, GBH and theft anyone?) can all impact on students’ experience of law school. Emma Jones, lecturer in law and member of the Open Justice team at the Open University, has some valuable insight for those facing arduous times to achieve their law degree.
Stress in itself isn’t intrinsically bad. In fact, there is evidence that a certain level of stress is required to motivate people during their studies and help them work effectively. However, when stress levels get too high it can lead to issues such as a lack of concentration and a sense of de-motivation which can be damaging to both studies and personal life.
Here are some top tips for looking after yourself during your law degree:
Students often argue that they work better when there’s a deadline looming. If that means staying up until 2am the night before swigging energy drinks, then it’s just not true. Using a diary, calendar or smart device to schedule your study time, planning in time to work towards deadlines well in advance and building in time for socialising and hobbies will all help you to work in a more methodical and healthy way.
At times it can feel like a law degree consists of trying to memorise long lists of cases and statutes. If you become too focused on cramming in legal knowledge, you won’t be doing the most important thing of all – learning how to learn. If you build in time to work out what study techniques work for you (reading a book? Watching videos? Making models of famous claimants out of clay?!) then you will be able to employ them effectively throughout your degree, and beyond!
As a lawyer in practice, you are constantly managing your client’s expectations to ensure they are realistic and achievable. It is important to do the same for yourself when studying law. It is easy to get carried away making comparisons with others, or to get fixated on a specific study goal or career path. While it’s great to be determined and ambitious, it is also important to be flexible and open to change. If you are exhausted and miserable trying to get the highest possible grades to get a training contract or pupillage, ask yourself, is it really worth it? There are a huge range of different careers and opportunities out there which you could be equally (or even more) well suited for.
Sometimes studying can be so overwhelming, it’s tempting to wrap yourself up in a bit of a cocoon with your books and laptop and shut out the rest of the world. Often, there are people out there who are ready and willing to help you, not to mention plenty of useful resources. Get to know the office hours for your lecturers, look out for additional revision sessions being advertised, post on your university’s study forums, go along to that library session on legal research. All these things are being offered for a reason – to help you succeed in your studies.
If the stress of study is starting to feel too much, or your personal circumstances are beginning to affect your work, don’t hesitate to look for help. Most universities offer some form of counselling service. There are also nationwide helplines such as The Samaritans and Nightline. If you’re not sure where to turn, ask your tutor, they may not be able to give the help you need themselves, but they can signpost you to other places which can.
There is a meme going around social media at present which includes an image of an aeroplane and the words “Lawyers, fit your own oxygen mask first”. This mirrors the instructions during flights to fit your own oxygen mask before that of a child or other companion. It equally applies to law students. If you aren’t looking after yourself, you won’t be able to study effectively. Other aspects of your life will also begin to suffer. So, why not pause, take a deep breath, and be kind to yourself a
Banks may be forced to pay a further £18bn to consumers in payment protection insurance (PPI) claims ahead of the August 2019 deadline, following miscalculations by the Financial Conduct Authority.
As banks begin to issue letters on PPI to consumers, legal precedent could see potential payouts soar, according to research from barristers’ chambers St John’s Buildings.
Following the landmark 2014 Plevin case, the FCA ruled that consumers are eligible for compensation on any PPI claim with commission above 50%, with the average policy comprised of 67%.
The research conducted by St John’s Buildings reveals that this 50% ‘tipping point’ ignores the legal precedent. Appeals from the 2014 Plevin case have resulted in a ruling that banks are obliged to pay claimants the full percentage of their mis-sold PPI policies, including interest.
With the average commission percentage on PPI policies standing at 67%, the legal ruling sees the potential exposure to the banks nearly quadruple. An estimated 50 million PPI policies have been sold since April 2008, with FCA estimates suggesting that 10 million new claims are expected to be brought. The average PPI payout of £2,750 should result in compensation of £1,842 where calculated in line with the court decisions – a monumental rise on the £467 being paid by the banks under the guidance provided by the FCA. Further increases to the figure would also occur once the profit-share element is calculated, which could add a further £400-600 per claim.
This would result in a total exposure of at least £18.42bn – a 300% rise on the £4.6bn estimated by the FCA.
The latest miscalculation calls into question the ability of financial bodies to regulate in the consumer interest. Last month, a Channel 4Dispatches undercover investigation at the Financial Ombudsman Service revealed that staff with inadequate training or understanding of financial products were incorrectly judging cases in favour of the banking industry – calling into question hundreds of thousands of previous decisions.
Elis Gomer, barrister at St John’s Buildings, said: “Consumers could be forgiven for asking whose side the FCA is on. These figures reveal that the UK public are being misled by the banks, with potential compensation on average four times the amount suggested by the body supposedly looking after consumers.
“The question must be asked: what is the FCA’s objective in providing its Plevin guidance, and is it consistent with its strategic objective to ‘secure an appropriate degree of protection for consumers’? On first glance it appears not, and following similar failings by other financial organisations, a wider investigation into advisory services may be warranted.
“For any consumer that has received a letter from their bank offering them a PPI settlement, it is important that you seek immediate legal advice, as they will be able to help you better understand what you may be entitled to. As we have seen, the figures show that the true value of a claim is significantly higher.”
(Source: St John’s Buildings)
As Artificial Intelligence continues to rapidly merge with the legal sector, is it plausible to suggest that Human Rights can really be issued by a lifeless machine? Below Portia Vincent-Kirby, on behalf of Hudson McKenzie, discusses the development of algorithms in the US legal sphere.
Algorithms are a hot topic in law. For instance, new algorithm systems in technology have recently been released, specifically in the US, which allows for the law enforcement sector to determine exactly where and when a crime might happen before it does, based upon ‘predictive policing’ coding.
Furthermore, new algorithm processes are also set to enter the court scene using “algorithmic dispute-resolution mechanisms”, which could see the eventual decline of the use of human judges and lawyers altogether.
One benefit of the use of algorithms in the legal sector is that costs can be reduced dramatically, as well as the distribution of justice being enhanced through a clear-cut decision-making process.
However, exactly how far does the use of algorithms impact upon Human Rights generally? Can an algorithm machine really be a justified means of implementing and maintaining Human Rights law?
For instance, it was recently also unveiled that computer algorithms can also be susceptible to error, in which could frame an innocent person. This means that the person in question would have their Human Rights dramatically infringed upon, without use of defense against a computer operated law system.
This is predominately because, when suing a computer algorithm for a crime against a human, a judge (if a human one is still to exist) would have to look at who is responsible for the crime – the programmer, operator or implementor?
Therefore, so to avoid such circumstances, the continual development of algorithm-based technology must be made to adhere with Human Rights law.
This also means that as the merging with Artificial Intelligence develops, nation states may also be expected to enhance their own implementation with the global understanding of Human Rights law, so to adjust with the worldwide algorithm development accordingly.
Thus, could the merging of algorithm technology also see the decline of the nation state, through the enhancing of the implementation of Human Rights Law?
The foreign exchange industry is a multi-billion-dollar industry, one which sees currencies change hands every second of every day. Given the involvement of currencies from all four corners of the globe, governments have attempted to implement rules and legislation to regulate each forex trading platform that offers retail trading via desktop, smartphone or tablet devices. Subsequently, there are many international bodies that attempt to ensure forex brokers adhere to recognized industry protocol and provide a legitimate, transparent place for retail traders to invest in the forex markets. If you want to make sure you choose a legal broker, make sure you avail yourself of the leading regulatory bodies below, whom your preferred broker should be associated with, as well as the typical rules and regulations.
The Financial Conduct Authority (FCA)
The British independent regulatory body of the FCA has statutory powers given to it by the Financial Services and Markets Act (2000) and oversees the forex industry within the United Kingdom. It seeks to help weed out unauthorised forex trading and brokerage firms, helping retail traders to avoid online scams. The FCA operates an up-to-date register on all authorized UK firms capable of trading forex or providing trading platforms for retail traders to buy and sell forex or contracts for difference (CFDs), binary options and other commodities.
The Commodity Futures Trading Commission (CTFC)
For the American forex industry, the CTFC independently governs the commodity futures and options markets available to retail traders. It was established in 1974 to ensure a competitive and efficient futures market, protecting traders against illegal manipulation, trading practices and fraudulent activity. The CTFC is also playing an active role in the emergence of new markets such as the Bitcoin futures contracts, helping to maintain the integrity of the industry amid the face of innovation.
The National Futures Association (NFA)
All operating forex brokers in the United States must become members of the NFA in order to work on behalf of American retail traders. This self-regulatory body works hard to protect the integrity of the forex market and implements new forex regulations where necessary.
Common laws and regulations
Image: Pixabay.com
Forex trading can be a hugely profitable and enjoyable pastime or investment opportunity. However, if you are a retail trader and looking to invest some of your personal wealth, it’s vital that you seek fully regulated and licensed brokers to work dutifully on your behalf.
Following the release of the Q1 2018 Insolvency Service insolvency statistics, Richard Haymes, Head of Financial Difficulties at TDX Group, calls for stricter rules when promoting insolvency services online.
The figures released by the Insolvency Service, showing an increase in both company and personal insolvencies, support our expectation that the number of individual voluntary arrangements (IVAs) and Trust Deeds will grow by around 17% in 2018. Our latest research reveals a similar trend; with the number of cases continuing to rise. March saw a record volume of IVAs and Trust Deeds issued (around 6,500), up by 20% on the same period last year.
One of the main drivers of this growth, along with increases in consumer borrowing, is the contraction of the debt management sector due to some large providers entering administration, and tighter Financial Conduct Authority (FCA) regulation. As providers of debt management services exit the industry, insolvency service providers are stepping in to fill the void. Some of these companies use persuasive online marketing via Facebook and other social media platforms to target those suffering from financial stress.
Insolvency solutions can generate good outcomes for consumers and creditors as a last resort but early identification of problems can help to avoid personal insolvency, which has serious and long-lasting consequences for people’s ability to access credit in the future. Enacting an IVA or Trust Deed can have a detrimental effect on; an individual’s credit rating, the cost and access to rental accommodation, the affordability and cost of mortgages.
More needs to be done to regulate and keep pace with changing ways insolvency solutions are marketed. At present, the regulation of the debt and insolvency industry is fractured. The FCA is responsible for debt management and debt collection while the Insolvency Service oversees personal insolvency. We are calling for a single body to provide end-to-end regulation covering quality of consumer advice, obligation of creditors, as well as ongoing oversight and auditing.
(Source: TDX Group)
As the business world navigates the political uncertainty of Brexit, Charlotte Allery, Solicitor at Coffin Mew, comments on the skills shortage issues facing employers.
Even before the UK leaves the European Union and potential restrictions on EU migrants are imposed, research reveals that the on-going skills shortage is hitting employers. The results of a study by City and Guilds Group released recently show that nine in ten employers struggle to recruit the skilled staff they need. Also, two thirds of the senior executives at over 1,000 employers think that the skills gaps in their businesses are likely to get worse or remain the same in the next three to five years.
This is not the only research that gives the UK economy cause for concern. Earlier research from recruiting platforms, Totaljobs and Jobsite, highlighted that two thirds of UK businesses expect to struggle to find the candidates they need throughout 2018, with half of UK employers anticipating this will only get worse after Brexit.
Coupled with recent falls in net migration, a post-Brexit skills crisis is a very real concern. It is no surprise that companies and EU workers alike feel uncertain about the future, when the Government have unhelpfully provided little clarity on the rights of EU citizens, and business access to skills from overseas, after the Brexit transition period. The Immigration White Paper expected to provide some much-needed transparency on this grey area has been delayed until autumn this year, but it certainly cannot come soon enough.
So, what are employers doing about it now? Unsurprisingly, the lack of skills has created a candidate led market. Reportedly, the skills gap is being plugged by a reliance on temporary or contract workers, says the Totaljobs and Jobsite research, with eight in ten businesses believing that gig economy workers are more productive than permanent staff, while offering the employer flexibility and the option to scale operations up and down.
It is also unsurprising that the pervasive skills shortage has forced employers to raise wages in an attempt to attract the best permanent talent and retain the best workers, hopefully enticing the top individuals from the ever growing and flexible gig market.
But what steps should employers be taking to tackle this problem moving forward? Whilst automation and AI are the current buzzwords, Brexit could accelerate their wide implementation. In low to medium skilled jobs, typically the most reliant on EU workers, employers should consider whether automation is feasible, not just to replace roles, as some scaremongers would have us believe, but to support jobs to increase efficiency and reduce staff overheads.
Apprenticeships could also play an integral role in tackling the skills gap problem, to drive the growth of a young, skilled workforce, where on-the-job experience affords employers the ability to instil the skills greatly needed.
At a grass roots level, companies will need to invest more in training to close the skills gap from the inside and to attract the potential star employees of the future, by giving individuals the confidence in their own careers and the growth of their employer. Businesses would be wise to look at different sectors to find transferrable skills that could be harnessed to tackle relevant ability shortages. And, with the growth of the gig economy, employers will also need to consider whether a change in working model is needed to attract those employees who crave a new, flexible way of working.
Whatever the answer to the skills shortage is, the Government needs to react to quell the distress signals from UK employers, with businesses calling on the Government to implement an immigration system based on national or regional skills shortages. Whether the Government listens to the UK economy on this point remains to be seen, but the skills gap issue together with the rise in atypical working certainly means that the structure of the UK workforce is changing shape.
