Business

Prime Minister Rishi Sunak must discuss a full US-UK free trade deal when he meets President Biden, says the international delivery expert ParcelHero.

One of the key Brexit benefits was supposed to be an agreement with the US but, currently, only trade pacts with Oklahoma, Indiana and North and South Carolina have been signed. Why the continued delay?

One of the main Brexit benefits was always supposed to be the ability of the UK to forge new free trade agreements with non-EU countries. The first fruits are now, finally, in place, with tariffs ending on all UK goods to Australia and New Zealand on 1 June. However, though Prime Minister Rishi Sunak is in the US for talks with President Biden, the international delivery expert ParcelHero says a Free Trade Agreement (FTA) with the US still seems as far away as ever.

ParcelHero’s Head of Consumer Research, David Jinks M.I.L.T., says: ‘So far, the chances of an FTA with President Biden’s administration look bleak. Last month, the UK signed a trade pact with Oklahoma, the fourth such agreement with an individual US State. But it was limited to specific areas, such as carbon capture, utilisation and storage. What we should be negotiating is a full USA-UK deal.

‘Of course, there are various political reasons why that hasn’t happened yet. While former President Donald Trump, a Republican, called himself “Mr Brexit” and promised a “phenomenal” trade deal on his state visit to Britain in June 2019, Biden’s Democrats are a lot less enthusiastic.

‘In fact, Trump’s Democrat predecessor, Barack Obama, once warned the UK that, if it voted for Brexit, Britain would go to the “back of the queue” on trade deals. Biden also prefers the option of negotiating with a united EU when reaching trade agreements.

‘A further hurdle was that President Biden, who is proud of his Irish heritage, consistently voiced concern about the potential impact of Brexit on the Good Friday Agreement. However, PM Sunak’s successful deal with the EU, dubbed “The Windsor Framework”, has been seen in the US as a good compromise.

‘Now, with the chief sticking points on an FTA removed, or at least softened, it’s surely time that a full agreement is back on the table. Memorandum of Understandings with Oklahoma, Indiana, North Carolina and South Carolina are slim pickings compared to a full trade agreement.

‘There’s a lot riding on a potential deal. The US was the UK’s largest trading partner in 2022, accounting for 16.3% of our trade. Total UK exports to the US amounted to £168.3bn last year, an increase of 19%, or £26.9bn, on 2021. It’s a market that flows both ways. Britain’s US imports amounted to £110.8bn. Imagine the potential trade with all tariffs removed.

‘Currently, significant hurdles remain for British businesses selling to the US. Most UK goods exported to the US that are valued at over $800 (the US import tax threshold) are still subject to tariffs of 0% to 37.5%, with the typical rate being 5.63%. ParcelHero’s USA page gives full details on Customs advice, sending food, prohibited items, etc.

‘Whatever Biden’s remaining issues are with UK politics, Britain needs to launch a charm offensive to move the issue of a trade deal back to the top of the agenda. There are rumours a UK-US minerals pact may be discussed, which would allow the UK automotive sector to benefit from some of the tax credits offered to American firms. This could help reduce the impact of the USA’s Inflation Reduction Act, which boosts US green tech at the expense of overseas products. It’s been condemned by the EU as protectionist. The US signed a minerals pact with Japan earlier this year, and a similar UK agreement would certainly help get the ball rolling.

Read more:
Sunak Goes to Washington – but must come back with a free trade agreement

For the first time Uber passengers will be able to personally track the emissions they have avoided when choosing zero-carbon rides, as part of a series of new features announced today which will make it easier for riders to go green across the world.

Rider Emissions Savings is one of several new updates to be launched soon by Uber, as the company doubles down on its zero-emissions goals. Rider Emissions Savings, an in-app feature that tracks the amount of CO2 avoided by riders taking trips through Uber Green and Comfort Electric – incentivizing riders across the world to make green choices.

In a new commitment, also announced today, the company is aiming to eliminate emissions on all Uber Eats deliveries globally by 2040, and end all unnecessary restaurant plastic waste by 2030. This will be supported through partnerships including the World Wildlife Fund to support restaurants and couriers, as well as leaders in e-mobility such as Cooltra and Human Forest to increase car-free deliveries.

This builds on an existing commitment to become a zero-emissions mobility platform in London by 2025, in Europe and North America by 2030, and globally by 2040.

Uber operates in more than 10,000 cities with roughly 1 million trips every hour. Enabling the 130 million people who use Uber around the globe to go green faster will have a positive impact on cities around the world.

Dara Khosrowshahi, Uber CEO, said: “Driving down emissions is the defining challenge of our generation, and every day we make dozens of choices that impact the planet, from the food we eat to the transportation we choose. While our personal values guide these decisions, convenience does too, which is why Uber is making it easier for millions to make greener choices, one ride and delivery at a time. The small changes we’re announcing today add up to something big: building sustainability into the core user experience across our global platform to reach our zero-emissions goals together.”

Uber has more than 60,000 EVs active on the platform, the largest number of any platform in North America and Europe. Over 10,000 EVs are on the road in London now driving over 18% of miles, making the city Uber’s capital of electrification.

Uber is building ‘Smart Charging’ features for EV drivers that will use machine learning to recommend when and where drivers should charge, so they can maximize their earnings. Drivers will also be able to filter trip requests based on a driver’s battery level and make the at-charger experience seamless.

In 2020 Uber announced a £5m investment to build 700 new EV charging points in areas close to where drivers live, growing London’s EV Charge Point Network by more than 7%.

Read more:
Uber announces new updates to make it easier to go green

Industry-first study from Evident shows leading European banks are doubling down on AI recruitment, but UK banks are struggling to compete with US rivals

JPMorgan Chase & Co. is looking to assert its AI dominance within the global banking industry, according to a new study of AI talent and hiring trends from AI benchmarking & intelligence platform Evident.

JPMorgan Chase & Co. hired twice as many AI-related jobs as any of its rivals between February to April 2023, advertising for 3,651 roles, compared to 1,754 roles advertised by Citigroup, 1,374 by Barclays and 1,268 by Deutsche Bank.

According to Evident’s AI Talent Report for Banks, the market for AI banking talent grew by 4% between October 2022 to April 2023, a period in which many banks were making layoffs in other divisions.

The 60 largest North American and European banks now employ around 46,000 people in AI development, data engineering and governance & ethics roles, with as many as 100,000 global banking roles involved in bringing AI to market. Interestingly, 40% of AI staff within these banks have started their current roles since January 2022.

Evident’s research shows that a number of European banks, including ING Groep, Barclays and NatWest Group, are stepping up their AI recruitment. In each case, AI-related hires represent over 30% of their open job descriptions, demonstrating the strategic significance of AI to each bank at a time when European banks are experiencing a growing AI gap with their North American rivals – as reported in the inaugural Evident AI Index back in January 2023.

Alexandra Mousavizadeh, Evident Co-Founder and CEO, said: “JPMorgan Chase is making huge investments in AI, but it’s not the only big bank stepping up its hiring efforts. There’s been a flurry of recruitment activity across the industry. AI is the one area of banking where people are being brought on in growing numbers, and our data shows that banks are competing ferociously to secure the best talent.”

Poaching is rife amongst the world’s biggest banks

According to Evident, banks are recruiting from a variety of sources to build their AI talent pipelines, with rival banks providing more than 22,000 of all employees recruited into AI-related roles, followed by IT consulting/tech firms (18,000) and universities (8,500).

Wells Fargo is the most active player when it comes to poaching AI talent, having sourced 5% of its AI staff from Bank of America alone. US banks have marginal net inflows of AI talent, partially at the expense of UK banks. However, most poaching is within markets rather than between them. Wells Fargo, RBC, BNP Paribas, and HSBC lead net inflows in their respective markets.

Is AI reinforcing existing banking power dynamics?

The Evident report identifies New York as the global centre for AI talent, as measured by overall employee numbers, followed by London, Toronto, Bengaluru and Paris. India has three cities in the top 10, as does the US, with India’s presence reflective of historic offshoring decisions that are now leading the banks to double down and recruit heavily into their existing locations.

However, different models of AI talent deployment are emerging, with a marked contrast between the US banks, which are recruiting globally in all of their key locations, and markets like Canada, France and the Netherlands, where AI talent is predominantly being recruited domestically.

Europe’s AI talent pool remains particularly fragmented, with Germany struggling to develop domestic AI centres. Neither Frankfurt nor Berlin features in the top 30 cities for AI talent, while Deutsche Bank, one of the leading AI recruiters, employs the majority of its AI staff outside of Germany, and is concentrating its AI recruitment efforts in other markets, particularly India.

According to Evident, these hiring trends suggest that AI is replicating traditional banking power structures. For example, the strong presence of US, European and Asian banks in London has historically made it difficult for UK banks to compete for talent. Whilst Barclays is currently hiring AI talent in similar numbers to its US counterparts, alumni from the UK’s foremost universities are more likely to end up working in AI-related fields at JPMorgan Chase & Co, Bank of America or Citigroup than any of the domestic banks.

Mousavizadeh added: “The UK’s strength as a global financial services powerhouse remains its weakness when it comes to supporting domestic banks’ AI hiring efforts. History is repeating itself, with AI reinforcing the global power dynamics we’ve seen in banking over the past few decades.”

Generative AI is not being referenced in banks’ recruitment efforts… nor is responsible AI…yet

Evident’s research shows that, despite the explosion of interest in generative AI triggered by the release of ChatGPT in November 2022, fewer than 2% of recent AI Development job descriptions advertised by the world’s biggest banks explicitly referenced Generative AI, Large Language Models (LLMs) or ChatGPT.

Evident Co-founder and COO Annabel Ayles said: “It’s encouraging to see the banks proceeding with caution around Generative AI rather than getting caught up in the ChatGPT noise. As they identify and test different use cases across their divisions, banks need people who truly understand the technology behind Generative AI models and how to embed it in products. It could take months or even years before these tools are put into production, so we don’t expect to see major hiring for related roles, but we do eventually expect an uptick in jobs such as prompt engineers, ML engineers and product developers.”

Evident also found little evidence that banks are increasing investment in responsible AI talent in light of the increased scrutiny being given to the risks of rolling out powerful AI systems. Between February 2022 and April 2023, just two banks explicitly recruited for responsible AI roles.

Ayles added: “Less encouraging is the apparent lack of focus on recruiting talent dedicated to ensuring the safe and responsible use of these powerful new technologies. With all industries likely to face more external scrutiny from policymakers and regulators around AI adoption, banks may be missing an opportunity to get ahead of the curve.”

Read more:
JPMorgan Chase & Co. surges ahead in AI hiring as banking battle for AI talent intensifies

Crypto firms must warn customers they should not expect protection if their investment goes wrong and introduce a “cooling off” period for first-time investors, under new rules imposed by the UK financial watchdog.

The Financial Conduct Authority said that from 8 October firms promoting crypto products or services would need to carry a clear risk warning in their adverts.

The FCA said an example of such a notification would include telling customers they should not expect protection “if something goes wrong” and ought to be “prepared to lose all the money you invest”. Customers should be urged to “take two mins to learn more”, the FCA added.

Companies advertising crypto assets, including cryptocurrencies such as bitcoin, will need to offer a pause to new investors requesting to invest in their products. Bonuses for introducing friends to a crypto firm’s products will also be prohibited.

Sheldon Mills, executive director of consumers and competition at the FCA, said consumers should understand that the crypto industry remains largely unregulated, with the lack of a safety net putting investors at risk of losing all their money.

“It is up to people to decide whether they buy crypto. But research shows many regret making a hasty decision. Our rules give people the time and the right risk warnings to make an informed choice,” he said.

“Consumers should still be aware that crypto remains largely unregulated and high risk. Those who invest should be prepared to lose all their money.”

The FCA said research showed that estimated crypto ownership in the UK more than doubled between 2021 and 2022. According to an FCA-commissioned survey, 10% of respondents said they owned crypto assets.

The watchdog has also warned that cryptoasset fraud is on the rise, with reports of crypto scams climbing from 1,619 in 2019 to 6,372 in 2021.

The FCA said some crypto promotions had already been censured by the Advertising Standards Authority including an advert by Luno, a cryptocurrency exchange, that appeared on the London Underground and London bus networks that said: “If you’re seeing Bitcoin on the Underground, it’s time to buy.”

The ASA also ruled in 2021 that a Facebook advert for a fan token issued by Arsenal football club trivialised investing in crypto.

The FCA said the new rules brought crypto in line with a regime introduced last year for misleading adverts related to high-risk investments.

Further regulation is on the way for crypto firms in the UK. In February, the Treasury published a consultation document on bringing crypto regulation in line with traditional assets such as stocks and bonds.

Read more:
Crypto ads will need to carry risk warnings under new UK rules

UK technology companies raised $7.4bn (£5.9bn) during the first half of 2023 in the sharpest funding decline across Europe, according to a new report.

Data shows that UK tech investment fell by 57% year-over-year, while France decreased by 55% and Germany by 44%, according to analysis from investment firm Atomico.

The research showed that last year UK tech companies raised the most across Europe in 2022, securing $17.3bn in the first half of the year. This also meant that the UK had the most ground to lose.

Tech funding for French companies fell from $10.1bn to $4.6bn over the period, while German tech companies dropped from $8.1bn to $4.5bn.

Rising interest rates, surging inflation and macroeconomic uncertainty stemming from Russia’s invasion of Ukraine have significantly slowed down investment levels from record levels in 2021.

Meanwhile one in five global venture rounds during the first quarter of 2023 were downrounds, the Atomico report found – nearly four times higher than the same period in 2022.

Responding to the report, Steven Mooney, Founder and CEO of FundMyPitch said: “Getting access to funding is critical to enable ambitious businesses to hire fresh talent, expand, develop their product offering and grow. Entrepreneurs are already feeling the heat from stubborn interest rates and the cost-of-living crisis, all of which ultimately hits UK GDP. With forecasts suggesting a decrease in technology investment, the time has come to look again at how we support the next generation of business owners to achieve their full potential.

“Far too many new companies aren’t being taken seriously by the big investment houses and we need to create a level playing field where those with bright ideas get the support they need to thrive,” said Mooney.

Tech expert James Campanini, CEO, VeUP said: “Falling investment will put huge pressure on the next generation of technology entrepreneurs, forcing many businesses to cut costs and do more with less. Against the backdrop of sluggish economic growth, getting a grip on IT spending and infrastructure efficiency should be a top priority for companies looking to grow. Far too many businesses have moved to the cloud but have failed to optimise costs and get the most out of the benefits on offer, which ultimately hits the bottom line.

“Having a clear strategy in place to drive growth through the strategic IT investment should be a top priority for companies looking to move forward,” concluded Campanini.

“We should think about this period as a return to first principles,” said Tom Wehmeier, partner and head of insights at Atomico. “2021 was a clear outlier, with investment volumes and valuations now returning to long-term averages.” The report added that the “new market reality” first identified in the second half of 2022 is “here to stay”.

Global tech exits – through both IPOs and M&A – remain stagnant, with $21bn in value so far this year compared to a peak of $177bn in 2020 and $166bn in 2021.

In the UK, it is a continuation of a downward trend for tech IPOs, with volumes falling to their lowest level last year in a decade.

Generative AI – the latest technology buzzword – accounts for 35% of all artificial intelligence and machine learning funding so far this year, the highest share ever.

Read more:
UK tech investment falls 57% according to new report

Energy companies are under growing pressure to allow thousands of struggling businesses to change their gas and electricity contracts after two major suppliers agreed to cut rates that had been fixed at the height of the energy crisis.

EDF has agreed to offer new deals to 15,000 small and medium businesses that are trapped in long-term contracts fixed when energy market prices reached a historical peak last year.

Eligible companies such as independent shops, hairdressers and small factories will be offered contracts set at lower rates for longer periods to make their bills more affordable, EDF said.

The French energy company bowed to growing calls from business groups for energy suppliers to reopen their contracts two weeks after British Gas broke ranks to cut costs for its customers.

Its parent company, Centrica, said British Gas would extend contracts by 12 months at lower rates for an unspecified number of eligible businesses including pubs, cafes, restaurants, hairdressers, shopkeepers, and charities, alongside grants worth £15m to help businesses cover their bills.

Almost 100,000 businesses are at risk of going under after fixing their long-term energy contracts last year when market prices reached record highs in the third quarter of last year, according to the Federation of Small Businesses (FSB).

These companies are still locked into long-term contracts that will force them to pay inflated prices based on last year’s peak for months or even years to come.

EDF said its fixed price contracts rose in line with rocketing energy markets last year because it bought the volumes of energy it needed to supply its customers when prices were at their peak.

Philippe Commaret, EDF’s managing director of customers, said: “Whilst we aren’t able to rewrite all contracts, we recognise that some businesses were especially impacted, and we are doing what we can to help.”

The Guardian understands many major energy companies have resisted calls to cut or renegotiate their energy deals despite growing concerns among government ministers and senior officials at the energy regulator, Ofgem.

Craig Beaumont, the FSB’s external affairs chief, said: “The devil will be in the detail to make sure that [EDF’s] promised 15,000 contracts do indeed match a reasonable fixed price for the forthcoming year, so we will be checking on the first contracts to make sure.”

“Other big energy companies must now follow suit so other small firms aren’t left behind by their energy company,” he said.

Read more:
EDF & British Gas puts pressure on other UK energy suppliers to cut market-peak tariffs for small firms

HM Revenue and Customs (HMRC) has spent over £90m on remote working technologies in the last three financial years, according to official figures.

The data, obtained using Freedom of Information (FOI) legislation by the Parliament Street think tank, revealed that the taxman spent a total of £90,566,908 purchasing 187,427 devices, which include laptops, mobiles, tablet computers and desktops.

The data revealed that during the three-year period HMRC purchased 67,362 laptops outright and 22,400 under a lease-buy scheme. Overall, the total cost of laptops came to £64,919,643.

Meanwhile HMRC spent a further £11,224,100 on tablet computers. 54,000 tablets were bought under a lease-buy arrangement, with 4,180 purchased outright.

Mobile phones were also in demand at HMRC with 38,813 acquired for the cost of £14,011,745. Additionally, 672 desktop computers were obtained for the cost of £411,420.

Responding to the findings, security expert Suid Adeyanju, CEO, RiverSafe, said, “As one of the largest employers in the UK, it’s encouraging to see HMRC equipping staff members with critical remote working technologies. However, as an organisation tasked with managing the personal details of millions of individuals and businesses, it’s vital that all staff are trained in the latest cyber awareness programmes and have the right technology in place to protect data in the event of loss or theft of a device.

Adeyanju continued, “Remote working will continue to play a crucial role in driving economic growth, but with it comes increased risk of a data breach or ransomware attack, so upskilling and reskilling existing employees should be a top priority for all government departments.”

Security specialist Andy Ward, VP, Absolute Software said, “Remote working plays a crucial role in allowing employees to operate efficiently, but the reality is that every new device purchase is a potential access point for cyber criminals.  Organisations tasked with managing large volumes of highly confidential data should have the systems in place to track, block and wipe all information in the event of loss or theft.

“Additionally, having the ability to securely access corporate data across all mobile devices whatever network you’re on is crucial to remaining productive whilst ensuring the highest standards of security continue to be met. Taking a zero trust approach to making sure the right information is being accessed, by the right people, at the right time across all devices whatever network they’re using will help keep hackers and insider threats at bay.”

Tech expert Sridhar Iyengar, Managing Director of Europe, Zoho said: “Forward thinking organisations will continue to invest in remote working technologies like laptops and tablets, but this is the initial step in empowering employees with the devices they need to thrive in the workplace. This must be coupled with a long-term strategy to  grant workers access to the latest software, enabling seamless collaboration on projects and facilitating their professional development.

“Only by having a holistic approach to remote work and employee empowerment will organisations fully leverage the advantages offered by digital technologies and unlock their true potential.”

Read more:
HMRC spends over £90m on remote working technology

Jim Wilkes received his Bachelor of Arts from the University of South Florida and his Juris Doctor from Stetson University College of Law.

He founded Wilkes & McHugh with Tim McHugh in 1985, and when Mr. McHugh retired in 2019, the firm was renamed Wilkes & Associates. Under Mr. Wilke’s and Mr. McHugh’s leadership, the firm has earned more than $1.5 billion in courtroom verdicts and hundreds of millions in out-of-court settlements. Wilkes & McHugh is recognized by The National Law Journal as one of the top performing firms nationwide. Mr. Wilkes is a frequent lecturer on personal injury issues and is renowned for his vocal advocacy on behalf of victims of fraud and abuse. He has repeatedly gained national and local media attention for the effective representation of clients.

Jim Wilkes and his former partner were among the only attorneys willing to fight for neglected and abused elderly victims at a time when most law firms saw little value in nursing home cases. Passionate about protecting society’s most vulnerable members, Wilkes & McHugh spent the last 30 years in pursuit of justice and improved care through litigation and legislation. Mr. Wilkes brings dedication to his practice areas and had the courage to navigate uncharted legal territories.

Jim Wilkes has represented over 10,000 clients across all 50 states. Since 1985, Jim Wilkes has helped to recover an excess of $3 billion dollars for his clients, winning nearly 100 jury trials, and, since 2010, over 3,000 successful out-of-court settlements.

Mr. Wilkes is a member of the State Bar of Alabama, the Arkansas Bar Association, the State Bar of California, the Florida Bar, the Florida Justice Association, the Hillsborough County Bar Association, the Kentucky Bar Association, the Mississippi Bar Association, the Tennessee Bar Association, the State Bar of Texas, the American Bar Association, and the American Association for Justice. He has a five-star AV Preeminent rating from Martindale-Hubbell for high ethical standing. He has been named one of The Best Lawyers in America by Best Lawyers since 2001 and a Super Lawyer by Super Lawyers Magazine since 2006. He was inducted into the Litigation Counsel of America and the International Academy of Trial Lawyers.

His other awards and nominations have included the 2006 Resident’s Rights Award from the National Citizens Coalition for Nursing Home Reform for his exceptional commitment to improving the lives of nursing home residents, the Florida Justice Association’s Jon E. Krupnick Award for Perseverance in 2005, the Florida Justice Association’s President’s Award in 1997, and a nomination for the prestigious National Aging and Law Award by the AARP.

What do you currently do at your company?

I am the president and CEO of Wilkes & Associates. I’m a well-regarded civil plaintiffs trial lawyer, and I work predominantly in the area of suing nursing homes and nursing home companies when they injure or kill people.

What was the inspiration behind your business?

In the 1990s, a man named Mongobi came into my office and told me how horrifically his wife was treated in a nursing home and how she died of mistreatment. At the time, nursing home lawsuits had no value because they were  expensive to prosecute. You didn’t have things like lost wages or survivors, and the law made it almost impossible to take these cases to court. Mongobi kept persisting and showed me documents about how this company rounded up low-profit residents, put them in a wing, then illegally discharged them so they could get rid of them. This information led to a multi-billion-dollar settlement with the federal government and simultaneous to this, I found an area of the law that allowed me to collect attorney’s fees on top of any settlement or verdict. I started taking these cases, and other law firms would offer theirs because these incidents of abuse and neglect were rampant, but I was the only one focused on these types of cases at the time. Once Tim McHugh and I started diving deep, things really took off.

What defines your way of doing business?

I am aggressive, but knowledgeable. I never approach a case in a predictable manner because I want to keep my opposition on the defensive.

Tell us one long-term goal in your career.

I want to keep the firm at a high level of service and elevation and to remain at the forefront of nursing home-centric litigation.

What’s the most valuable lesson you’ve learned through the course of your career?

In the nursing home industry, the further ownership is from the bedside, the worse it is for residents. For example, if you take a small, church-operated, nonprofit nursing home, they’re in it because they genuinely care. They see the people and their families. On the other hand, you have corporate owners that don’t even know they own nursing homes and they set up systems designed to just funnel money out.

What advice would you give to others aspiring to succeed in your field?

Understand corporate structure, first and foremost. You have to know how these corporations are set up, how they hide their assets, and how they direct, manage, and control the labyrinth of corporate shells that they set up as a way to funnel out money.

What has been the hardest obstacle you’ve overcome?

The biggest obstacle has been twofold. The first part is the game of cat and mouse where I figure out who owns what in the nursing home world and they immediately change ownership and payment structure, so I have to chase down the owners and the people who control and direct the homes. The second part is that these people tend to be very politically wealthy, and they pass laws that make it even harder to represent victims of nursing home abuse.

What does success look like to you?

I’ve worked hard to redefine the industry of nursing home litigation, so success for me would be continuing to build that career.

What is one piece of advice you would like to leave our readers with?

I would recommend always thinking long-term. It’s easy to come up with temporary solutions, but what’s more, is devising a comprehensive plan of action for the future growth of one’s business.

Read more:
How Jim Wilkes Made a Name for Himself In The Legal Field

Female entrepreneurs could add £250 billion to the UK economy with equal access to funding and right support, according to the Business and Trade Secretary and Minister for Women and Equalities, Kemi Badenoch.

This comes following the Government’s publishing of the third annual Investing in Women Code (IWC) report, revealing that the significant progress made in breaking down the finance gap between female and male entrepreneurs.

The IWC now covers a large proportion of the SME lending market, accounting for 39 per cent of UK venture and growth equity deals, an increase from 24 per cent in 2020.

The report also showed that 35 per cent of all venture capital deals made by IWC signatories were in female-founded companies in 2022, compared to the market average of 27 per cent.

The IWC was founded four years prior as a landmark government-lead initiative as a result of the Rose Review’s findings that a lack of funding support acts as one of the most significant barriers to women seeking to effectively scale a business.

Commenting on the findings, Sheila Flavell CBE, Chief Operating Officer for FDM Group, added: “The report demonstrates how important progress has been made, but further work must be conducted in order to close funding gaps. Providing equal access to finance will be the necessary boost to unlock the potential of female founded businesses and will help bolster the Government’s commitments on growing the economy further – even amongst the challenging economic backdrop, the issue should not be dropped.”

“The actions of signatories implementing various measures to improve their support for female entrepreneurs is crucial in boosting confidence. Implementing policies, female-focused networking, the recruitment from a more diverse pool of candidates and the offering of mentoring from other female founders to name a few are some of the key efforts necessary to achieving gender equity in the start-up system.”

200 plus organisations have signed up to the IWC, depicting the growing number of people committed to increasing the levels of financial support toward women-led businesses, and highlighting how the code is the leading way in addressing the pervading finance gap.

Business and Trade Secretary and Minister for Women and Equalities Kemi Badenoch said: “It’s excellent that members of the Investing in Women Code are leading the way in addressing the finance gap between male and female entrepreneurs, ensuring that the UK is the best place in the world to start a business, regardless of gender.”

The findings also showed how female investors remain underrepresented on investment committees. Signatories report an average of 32 per cent female representation in their investment teams, and less than a quarter (24 per cent) on their investment committees.

The report additionally highlighted a relationship between more diverse investment committees, and successful pitches from all-female and mixed gender leadership teams, becoming a crucial area to address.

Read more:
Female entrepreneurs to add £250b to the economy with equal access to funding and support 

Starting a dental practice in the UK is an exciting endeavour. It’s a professional step that promises rewarding interaction with patients and an opportunity to improve people’s lives through quality dental care.

As dental professionals, one of the critical steps in establishing a practice is equipping it with the right set of instruments and machinery. This article will guide you through the essential dental equipment needed to establish your dental practice.

Handpieces: The Heart of Dental Operations

Handpiece is an indispensable instrument in any dental practice. A quality set of handpieces is crucial to perform a variety of procedures from routine cleanings to advanced restorative work.

High-speed handpieces are required for procedures like cutting tooth structures or removing old or damaged restorations. They provide the necessary power for these demanding tasks while minimising discomfort for patients. Low-speed handpieces, on the other hand, are utilised for polishing, removing decay and adjusting prostheses.

Choosing reliable, high-quality handpieces is essential. Brands like KaVo, Dentsply Sirona, and Bien Air are renowned for their quality, durability, and ergonomic design, making them favourites among many dental professionals.

Dental Chair: The Centre Stage

The dental chair serves as the stage where all the dental magic happens. Ergonomics, patient comfort, and flexibility are the vital features to look for in a dental chair. A good dental chair should also come with adjustable lights, a spittoon, and a holder for your handpieces. Brands like A-dec, Belmont, and Sirona offer reliable, comfortable and feature-packed chairs that are a great addition to any dental practice.

Radiography Equipment: Illuminating the Unseen

Dental radiography equipment is essential for comprehensive patient care. It allows you to diagnose issues that may not be apparent during a visual inspection. Modern options include digital X-ray machines that offer quicker, safer and clearer images compared to traditional film X-rays.

To comply with UK regulations, it’s essential to ensure your practice is appropriately licensed to use and store radiography equipment and that you and your staff have received the necessary training to operate them safely.

The Tooth Slooth: A Troubleshooting Star

The tooth slooth is one of the less-known, yet invaluable instruments in dentistry. This simple device can be a lifesaver when it comes to diagnosing cracked teeth or pinpointing the cause of dental pain. The patient bites down on the tooth slooth, which helps isolate each cusp of the tooth, making it easier to identify the exact source of discomfort. No dental practice should be without a tooth slooth in its diagnostic arsenal.

Autoclave: Ensuring Sterility

An autoclave sterilises your instruments, protecting your patients and staff from potential infection. This machine uses pressurised steam to kill bacteria, viruses, and spores on your instruments. Ensure you pick an autoclave that has a large enough capacity for your needs and is compliant with UK healthcare standards.

Dental Consumables: The Everyday Heroes

From dental composites for fillings to surgical gloves, masks, gauzes and bibs – these consumables are daily necessities in your practice. Ensure a steady supply of high-quality consumables that meet UK standards to guarantee patient safety and comfort.

Dental Management Software: Organising Your Practice

While not a physical instrument, dental management software is a must-have. It helps streamline your bookings, manage patient records, process payments, and more. Software like Dentally, Exact, and Systems for Dentists are widely used in the UK and come with excellent support and regular updates.

Dental Cabinetry: Efficient Storage Solutions

Never underestimate the importance of good storage solutions in your dental practice. Dental cabinetry, specifically designed for the needs of dental surgery, can make the difference in ensuring your instruments, handpieces, and dental consumables are easy to access, adequately stored, and systematically arranged. Dental cabinetry isn’t merely about storage. It’s about creating an efficient working environment where every instrument has its place, reducing the time wasted on searching for what you need. Additionally, sleek and neat cabinetry can contribute to your practice’s overall aesthetic, promoting a professional and clean environment to your patients.

Dental Loupes: Enhancing Precision

Last but not least, let’s not forget about the significance of dental loupes. These magnifying glasses used by dentists are indispensable for increasing visual accuracy. In a field where precision matters, dental loupes can help detect cavities, evaluate gingival health, and enhance the accuracy of restorative and cosmetic work. Different magnifications are available depending on the task at hand, so be sure to select a variety that suits your practice’s needs. Dental loupes not only improve the quality of your work but also help reduce eye strain and encourage a better working posture, thus contributing to your overall well-being at work. Brands such as Orascoptic, Zeiss, and Designs for Vision offer an array of choices that balance quality, comfort, and style.

With the addition of dental cabinetry and dental loupes, you will be even more equipped to take on the rewarding challenge of starting a dental practice. It may seem like a lot to handle, but remember, the investment in quality dental equipment and instruments is also an investment in your patients’ health and the overall success of your practice. Be sure to continuously keep abreast of the latest developments in dental equipment technology to provide the best possible care for your patients. Your diligence and dedication will surely pay off in the long run.

In conclusion, equipping a dental practice is not a small task, but with careful consideration and a focus on quality and compliance, it’s entirely achievable. While this list provides an overview of the essential equipment, remember, every practice is unique. Tailor your choices to your skills, specialities, and the needs of the community you will be serving. Best of luck on your journey to setting up your dental practice.

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Dental equipment you need to start a dental practice