U.K.’s Education Sec Nicky Morgan: Leaving EU ‘Devastating for Young’

Nicky Morgan, MP

The United Kingdom’s Education Secretary Nicky Morgan is urging parents to think about how a potential vote to leave the EU would affect opportunities for the next generation.

Ahead of a speech at the fashion retail Academy London, the secretary said that numerous companies are already suspending hiring decisions while they wait for the outcome of the vote this coming June.

“As we saw from the recession that we’ve just been through, the people who suffer most are the youngest. Those who are trying to get into jobs and careers will suffer if companies and organisations are not hiring,” she said in a statement to the press.

Mrs. Morgan said there had already been a decrease in available jobs because of employers’ fears that the UK might leave the European Union.

“It’s clear, that if Britain leaves Europe it will be young people who suffer the most, left in limbo while we struggle to find and then negotiate an alternative model. In doing so we risk that lost generation becoming a reality,” she said.

“And everyone who casts their vote must understand that. If parents and grandparents vote to leave, they’ll be voting to gamble with their children and grandchildren’s future. At a time when people are rightly concerned about inter-generational fairness, the most unfair decision that the older generation could make would be to take Britain out of Europe and damage the ability of young people to get on in life.”

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British Manufacturers Still Struggling To Increase Their Exports

According to a survey conducted this past June, British manufacturers are still having problems to increase their exports.

448 British manufacturers have been surveyed in the Industrial Trends Survey from the CBI. 26% of those asked said that their order totals have been below normal while 19% said that their order volumes increased. This comes down to 7% less exports amongst British manufacturers as compared to 5% back in April. This is the lowest registered number in two years.

The reasons given for the poor export performance by British manufacturers are lower export orders. While this number improved to -7% back in May, the negative balance fell further back to -17% in June.

CBI’s director of economics Rain Newton-Smith in a public statement:” “Output and overall orders are still doing better than average but hopes that export demand would start to drive forward have not yet been fulfilled.Improving momentum in the eurozone is being offset by the effect of the strengthening pound on UK manufacturers’ overseas sales and margins.”

The director is urging the British government for more support for struggling British exporters.

At the same time, the Cole Commission which had been put in place last year also urges the British government for more supportive measures to stimulate the nation’s export growth. Several priority areas are highlighted by the commission to achieve this goal, among them a cabinet-level committee to drive exports.

What is E Invoicing?

Electronic invoicing, according to the European Commission is “electronic transfer of invoicing information (billing and payment) between business partners (supplier and buyer).

E InvoiceWhat may sound complicated at first is in-fact very straight-forward: The implementation of e invoicing into your business only requires minor changes in your invoicing process.

The main difference with e invoicing is that invoices will transferred digitally as opposed to sending them by postal mail.

The supplier or buyer can continue creating invoices as usual.

In a typical electronic invoicing process, the actual invoice file is sent to an electronic invoicing service provider over the internet, via email. The service provider converts and subsequently dispatches the invoice.

For the supplier and buyer, using electronic invoicing has various benefits:

* Considerable time savings due to being able to cut-out the running times of postal email

* Cost savings since e-invoicing can help to save on postal mailing charges

* Further cost savings due to not needing staff to operate a mail room as is often the case with traditional invoicing

* It helps to avoid problems due to losing invoices in the mail

The switch to electronic invoicing does not require any particular knowledge, new equipment or any other type of investment. This makes it an attractive option for all businesses that want to save more time and costs.

HSBC Plans To Cut 8000 UK Jobs

hsbc-bankIn an attempt to cut costs, Europe’s biggest bank HSBC wants to cut 8,000 jobs in the United Kingdom.

The job cuts will be across the bank’s retail and investment operations.

In a public statement, HSBC’s CEO Stuart Gulliver was quoted saying that the jobs would go by what he calls “natural attrition”.

It is expected that the cuts will affect about 25,000 jobs in total.

It was also announced that the bank plans to rebrand its High Street branches although they are still deciding on a new name.

According to the bank’s CEO they want to make sure that customers can make a distinction between the bank’s retail and investment branches.

UK Consumer Credit and Business Lending Jump up in March

According to recently released numbers, lending to consumers in the United Kingdom increased this past March by its biggest amount before the financial crisis. Borrowing to businesses likewise showed its biggest increase in four years according to the Bank of England.

With less than seven days to go to the British national election, those new numbers may suggest a certain boost in the British economy, despite the less than promising numbers released previously.

The Bank of England likewise sad that the number of mortgage approvals dropped after rising for three straight months.

According to the bank, consumer credit in the nation increased by £1.4 billion in March. This is significantly higher than what was forecast earlier in a different poll by Reuters.

The new numbers show that this is the largest monthly increase in six years. Compared to the same time period in the past year this is the biggest increase in nine years.