Browse content similar to 22/06/2017. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Ben Thompson and Sally Bundock. | :00:00. | :00:09. | |
Divided by Brexit - as leaders gather for | :00:10. | :00:11. | |
a summit in Brussels - we look at what the other | :00:12. | :00:13. | |
27 EU members want out of Britain's departure | :00:14. | :00:18. | |
Live from London, that's our top story | :00:19. | :00:19. | |
Immigration, trade, human rights or reform. | :00:20. | :00:40. | |
As Brexit talks continue, we'll assess what's at stake | :00:41. | :00:44. | |
Overseas tech firms say they'll still want to buy | :00:45. | :00:55. | |
the ailing tech firm, despite government efforts to keep | :00:56. | :00:57. | |
And it was a disappointing session in Europe and the US yesterday, | :00:58. | :01:04. | |
with falling oil prices, and inflation denting confidence. | :01:05. | :01:09. | |
Oil prices are now down 17% from the peak in May. | :01:10. | :01:16. | |
Taking the human out of human resources. | :01:17. | :01:18. | |
We meet the woman who's software aims to automate the personnel | :01:19. | :01:20. | |
process in the vibrant Nigerian economy. | :01:21. | :01:24. | |
Today a survey reveals that four in ten millennials have no pensions | :01:25. | :01:27. | |
Who or what will look after you in your old age? | :01:28. | :01:35. | |
Sally, I'll look after you in your old age. It will probably be a | :01:36. | :02:00. | |
robot, he will do a better job of starting the programme than I did. | :02:01. | :02:02. | |
We start in Brussels where as you've been hearing - | :02:03. | :02:04. | |
European Union leaders begin a two day summit. | :02:05. | :02:06. | |
Top of the agenda of course - Brexit - after formal talks | :02:07. | :02:09. | |
on the UK's departure from the EU began this week. | :02:10. | :02:13. | |
But there are different views around Europe | :02:14. | :02:15. | |
on what Brexit should look like - let's take a look. | :02:16. | :02:21. | |
The new French president Emmanuel Macron wants to keep | :02:22. | :02:24. | |
Britain a close partner - saying the "door remains | :02:25. | :02:27. | |
open" to the UK changing its mind about leaving. | :02:28. | :02:32. | |
For Germany's chancellor Angela Merkel it's about maintaining | :02:33. | :02:35. | |
Like the single market and freedom of movement. | :02:36. | :02:41. | |
She has urged other member states to stand firm over these. | :02:42. | :02:46. | |
In Italy, Brexit is very much being seen as a wake up call for Europe. | :02:47. | :02:50. | |
Especially on curbing migration from outside the Union. | :02:51. | :02:55. | |
Then there's Ireland - which will have the EU's only land | :02:56. | :02:58. | |
Checkpoints with Northern Ireland were scrapped at the end | :02:59. | :03:09. | |
of the Troubles almost 20 years ago - it's worried a "hard" | :03:10. | :03:12. | |
Finally - a big issue of course for all the countries - | :03:13. | :03:16. | |
the future of the 3.6 MILLION EU citizens living in the UK | :03:17. | :03:19. | |
If affects some more than others of course - | :03:20. | :03:22. | |
He is here to represent the view of at Henley Business School. | :03:23. | :03:38. | |
He is here to represent the view of Ireland, good to see you. Give us | :03:39. | :03:42. | |
that perspective, we touched on the view of the only land border, tell | :03:43. | :03:47. | |
us more. I think the direct impact will be greatest in Ireland, | :03:48. | :03:51. | |
particularly because it has the only land border but it reflects the | :03:52. | :03:53. | |
relationship between Ireland and the UK, the common travel area has been | :03:54. | :03:59. | |
there since 1923, more formally since 1952, the fact that Ireland is | :04:00. | :04:04. | |
one of the key negotiating priorities identified by the | :04:05. | :04:06. | |
European Union reflects the importance of this and also, even | :04:07. | :04:11. | |
quite in tangible, sorry intangible -- tangible things like trade | :04:12. | :04:18. | |
between Ireland and the UK, the second busiest ever ridden a world | :04:19. | :04:22. | |
between Dublin and London, for the half million passengers each year. | :04:23. | :04:29. | |
Sorry, adding to this, to complicate things, UK Prime Minister looking to | :04:30. | :04:34. | |
do a deal with the DUP of Northern Ireland, what will that mean in | :04:35. | :04:37. | |
terms of how this plays out, is that good or bad for economics and trade, | :04:38. | :04:42. | |
we leave the politics alone, that's extremely, the catered. There are | :04:43. | :04:47. | |
positives and negatives. The DUP had a meeting with the new Irish Prime | :04:48. | :04:51. | |
Minister last Friday in Dublin, they came out talking about a sensible | :04:52. | :04:54. | |
Brexit which works for Northern Ireland and the Republic and I think | :04:55. | :05:00. | |
we have failed to understand that Northern Ireland particularly is | :05:01. | :05:03. | |
quite dependent on trade with the EU and probably up to 30% of its | :05:04. | :05:09. | |
exports come from that macro or exported to the Republic so it's | :05:10. | :05:13. | |
important for the Northern Ireland economy as well as the Republic. And | :05:14. | :05:17. | |
what we understand we are looking at a deal for it the UK will be outside | :05:18. | :05:21. | |
the customs union and the single market so will that be very damaging | :05:22. | :05:25. | |
for Ireland or is Ireland already given review for that outcome and | :05:26. | :05:31. | |
positioning itself? The fact that the new Cabinet in Ireland last | :05:32. | :05:36. | |
Wednesday week, we have the Minister for foreign affairs is designated to | :05:37. | :05:40. | |
be the Brexit Minister, that reflects a clear recognition of this | :05:41. | :05:44. | |
at the level of government. I think there are going to be impacts, there | :05:45. | :05:49. | |
was a report this morning from the economic and social research | :05:50. | :05:52. | |
Institute in Dublin which suggests a monetary impact might be in the | :05:53. | :05:57. | |
region of over 600 million euros over three years, other important | :05:58. | :06:01. | |
issues relate to the way in which particularly the food industry is | :06:02. | :06:05. | |
dealt with, I think that's furry important but the wider context, a | :06:06. | :06:09. | |
fact that the UK is an important trading partner, other parts of the | :06:10. | :06:13. | |
world have become more important for Ireland over time, exports to the UK | :06:14. | :06:17. | |
since 2010 have only increased by five and a half percent in | :06:18. | :06:23. | |
comparison to Nafta which increased by 44% and others which increased by | :06:24. | :06:28. | |
51%. The balance and composition of trade in the Irish public as trade | :06:29. | :06:32. | |
-- is changing. We appreciate your time and analysis. And just to say, | :06:33. | :06:41. | |
the two de summit kicks off now embrace all is and we keep you | :06:42. | :06:44. | |
across any news coming out of that. We will. -- the summit kicks off in | :06:45. | :06:49. | |
Brussels. Let's take a look at some of | :06:50. | :06:50. | |
the other stories making the news... Shares in the car parts maker | :06:51. | :07:08. | |
Takata Corporation have slumped by more than half following reports | :07:09. | :07:11. | |
it could be preparing It's lost three quarters | :07:12. | :07:13. | |
of its value since last week. Takata is at the centre of the car | :07:14. | :07:16. | |
industry's biggest ever recall - nearly 100 million cars - | :07:17. | :07:19. | |
over faulty airbag inflators. George Clooney's luxury Tequila | :07:20. | :07:28. | |
brand is being bought by drinks giant Diageo - | :07:29. | :07:30. | |
in a deal that values it Casamigos, which means "house | :07:31. | :07:33. | |
of friends," was founded in 2013 by the Hollywood star | :07:34. | :07:39. | |
and his friends - nightlife entrepreneur Rande Gerber, | :07:40. | :07:42. | |
who is married to model Cindy Crawford, and real estate | :07:43. | :07:46. | |
developer Mike Meldman. Iran's Zagros Airlines has signed | :07:47. | :07:55. | |
a deal to buy 28 new Airbus planes It will take 20 new A320 Neo jets, | :07:56. | :07:58. | |
and eight A330 aircraft. Iran has stepped up its order | :07:59. | :08:02. | |
of planes following the lifting How can Tequila be worth $1 billion? | :08:03. | :08:23. | |
If you have George Clooney involved, his brand alone adds value. You are | :08:24. | :08:29. | |
a bit of a fan, I'm due? Well, you know, I'm not saying it either way, | :08:30. | :08:34. | |
George Clooney, if he wants to be on the programme, we have something to | :08:35. | :08:38. | |
talk about. You are very welcome George. You sound very envious, have | :08:39. | :08:44. | |
you got Clooney envy? It's $1 billion, he is not going to be | :08:45. | :08:46. | |
envious? The boss of Foxconn has said | :08:47. | :08:46. | |
he will still try to buy Toshiba's chip business, | :08:47. | :08:49. | |
despite news that a government consortium has been named | :08:50. | :08:51. | |
the preferred bidder. Nice to see you. We won't ask you | :08:52. | :09:02. | |
about George Clooney but Phil are saying about the latest on Toshiba! | :09:03. | :09:07. | |
I had a perfect answer for you but I'll answer about Toshiba. Tell us, | :09:08. | :09:12. | |
tell us about George Clooney, I want to know. I think we all should start | :09:13. | :09:20. | |
our own tequila brand and try to match that. Anyway... Just yesterday | :09:21. | :09:25. | |
we told you that Toshiba appears to have selected the Japanese remained | :09:26. | :09:31. | |
led group as a preferred but the issue was that the offer was lower | :09:32. | :09:37. | |
come third to the one offered by the Thai Burmese company and its been | :09:38. | :09:42. | |
speculated that Toshiba might be reluctant to take the offer because | :09:43. | :09:45. | |
of that close ties with China. But to be fair, the company which took | :09:46. | :09:53. | |
over at another troubled company Sharp, Sharp is starting to make | :09:54. | :10:01. | |
money and its applying to relist its shares on the Tokyo stock exchange | :10:02. | :10:07. | |
so at the Foxconn AGM, the boss said he is not giving up on buying the | :10:08. | :10:12. | |
crown jewel of Toshiba, the only unit that seems to be still making | :10:13. | :10:18. | |
money. And hopefully we'll find out the Toshiba final decision by next | :10:19. | :10:21. | |
Wednesday when Toshiba holds its shareholder meeting. Good stuff, | :10:22. | :10:30. | |
thank you. We have a little break from George Clooney news and I'll | :10:31. | :10:33. | |
talk about the markets. The story we mentioned in the round-up, to cats | :10:34. | :10:39. | |
and the airbag recall weighing on the Nick Cave. Shares coming down. | :10:40. | :10:46. | |
We then following the roller-coaster rides over the next few months and | :10:47. | :10:51. | |
it could now end up in the bankruptcy court. | :10:52. | :10:55. | |
Weaker oil prices dragged down the US markets too. | :10:56. | :10:57. | |
Oversupply of shale and concern about Saudi Arabia's policy | :10:58. | :10:59. | |
towards oil and OPEC have left markets a little tense. | :11:00. | :11:04. | |
In Europe we get eurozone consumer confidence figures later today - | :11:05. | :11:06. | |
expected to see a slight improvement - but that's ahead of | :11:07. | :11:09. | |
those Brexit talks - and as we've been hearing - | :11:10. | :11:11. | |
what the UK's departure could mean for everyone else. | :11:12. | :11:24. | |
Maybe it will mean nothing, maybe they don't really care that as we | :11:25. | :11:30. | |
have heard already, the repercussions likely all around the | :11:31. | :11:31. | |
world. First let's head to the US | :11:32. | :11:33. | |
and Michelle has the details about what's ahead on Wall Street | :11:34. | :11:36. | |
this Thursday. How healthy are the American | :11:37. | :11:46. | |
financial institutions, can they withstand recession? The Federal | :11:47. | :11:50. | |
Reserve will release results of its round of stress tests, the first | :11:51. | :11:55. | |
round and these were mandated under the Frank reform law. Wall Street | :11:56. | :12:00. | |
will learn how much money hangs can devote to dividends and stock | :12:01. | :12:03. | |
buy-backs over the next year, but was one of those banking stock | :12:04. | :12:10. | |
investors, King attention to accentuate, the consulting firm | :12:11. | :12:14. | |
expected to report a rise in its third 40 revenue and a drugmaker my | :12:15. | :12:19. | |
long faces a key test from shareholders, hitting the headlines | :12:20. | :12:22. | |
after hiking the price of heavy pins, several large US pension funds | :12:23. | :12:26. | |
are pushing for key executives to be ousted. That was Michelle and the | :12:27. | :12:33. | |
United States, looking ahead to the day in Wall Street. Good morning to | :12:34. | :12:43. | |
Trevor who is a representative of the pound has been on the weak side, | :12:44. | :12:59. | |
I don't think today will be that critical for the pound, it's more | :13:00. | :13:05. | |
about the reciprocal rights for the UK and EU citizens and that should | :13:06. | :13:08. | |
be relatively uncontentious but there's loads of contentious stuff | :13:09. | :13:12. | |
coming along. We would expect to see moments where it feels like the two | :13:13. | :13:18. | |
sides aren't talking to each other, maybe we start to worry we will | :13:19. | :13:21. | |
leave without a deal and the pound could weaken, there is lots of | :13:22. | :13:24. | |
possibilities, at the moment with a hung parliament you have rebels | :13:25. | :13:29. | |
within the main parties pushing for a much softer Brexit, maybe staying | :13:30. | :13:33. | |
in the single market, if the markets said that, they could go up. For | :13:34. | :13:39. | |
currency speculators this is a gift, to what extent do they exaggerate | :13:40. | :13:43. | |
the move in Stirling, do you think? I don't know, I would say the | :13:44. | :13:48. | |
speculators, the markets, dry to work out what the sensible level for | :13:49. | :13:51. | |
the pound is based on the economic fundamentals and the key thing is, | :13:52. | :13:56. | |
when the Brexit boat happened, the pound fell about 15%. Because | :13:57. | :14:01. | |
markets took the view that the UK economy will be weaker and this is | :14:02. | :14:05. | |
what the markets are focused on, is the UK going to come through | :14:06. | :14:09. | |
absolutely plain sailing, leaving the EU, fine? Maybe the pound has to | :14:10. | :14:13. | |
go for that reason, more difficulties, I think it will go | :14:14. | :14:17. | |
down. The old price was on a moment ago, if we were God since the start | :14:18. | :14:24. | |
of the peak, it is down 17%, too much supply, not enough demand, and | :14:25. | :14:30. | |
now this concern over what Saudi Arabia is going to do, where are we? | :14:31. | :14:36. | |
The energy markets seasonally is usually strong in the summer, it's | :14:37. | :14:40. | |
the summer driving season in America but supply coming out of the | :14:41. | :14:45. | |
woodwork, US showers they've managed to do that cheaply, it was at what | :14:46. | :14:49. | |
one could they not afford to get it out of the ground, normally it's | :14:50. | :14:53. | |
more expensive. The root account has risen quite rapidly, coming back on | :14:54. | :14:58. | |
stream, but personal western over the dollar, the Chinese economy | :14:59. | :15:03. | |
suggestions that it's slowing down. We may be getting a forewarning of | :15:04. | :15:06. | |
bonds ahead for the stock market, people focusing on the weaker data | :15:07. | :15:12. | |
in China. People buying equities, interest rates low, which is not | :15:13. | :15:16. | |
rising, the central bank will keep things moving. Trevor, thank you. | :15:17. | :15:20. | |
Trevor will be back later and we will be grilling him about pensions. | :15:21. | :15:24. | |
That kind of what he does for a living. And lots of you have been in | :15:25. | :15:29. | |
touch about what you think will happen when you retire or get older. | :15:30. | :15:31. | |
Keep your comments coming in. This is all to do with the number of | :15:32. | :15:39. | |
young people who don't have any sort of savings for old age. It is not | :15:40. | :15:42. | |
just young people either. Middle-aged. | :15:43. | :15:43. | |
We'll meet the woman whose software firm | :15:44. | :15:46. | |
is aiming to automate Human Resources in Nigeria. | :15:47. | :15:48. | |
But is it a good idea to take the personal out of personnel? | :15:49. | :15:51. | |
You're with Business Live from BBC News. | :15:52. | :16:07. | |
When I was little, I used to go strawberry picking. It was great | :16:08. | :16:12. | |
fun. We ate more than we brought home but it was great. | :16:13. | :16:15. | |
Think of summer - maybe you think of strawberries, | :16:16. | :16:17. | |
raspberries or salad tomatoes and lettuce. | :16:18. | :16:21. | |
All that fresh stuff that is in season in the UK. | :16:22. | :16:24. | |
But there's a warning today that British farms can't hire enough | :16:25. | :16:27. | |
workers to pick the fruit and salad, with more than half of farmers | :16:28. | :16:30. | |
saying they don't know if they will have enough migrant | :16:31. | :16:33. | |
Many growers blame the weak pound, which has | :16:34. | :16:36. | |
reduced their workers' earning power, as well as uncertainty over | :16:37. | :16:38. | |
Sean Farrington is on a soft fruits farm in Surrey. | :16:39. | :16:47. | |
Good morning, we are actually farm in Surrey, mainly strawberries, they | :16:48. | :16:53. | |
do lots of other food here, where we are talking about this BBC survey | :16:54. | :16:57. | |
where more than half of growers of fruit and salad across the country | :16:58. | :17:00. | |
are a bit worried that this summer they won't have enough migrant | :17:01. | :17:04. | |
workers coming from overseas to be a will to pick all the fruit needed | :17:05. | :17:07. | |
over the summer. We can talk to Lawrence, who represents the British | :17:08. | :17:12. | |
summer fruit industry. Lawrence, how important our overseas workers to | :17:13. | :17:17. | |
the British fruit industry? Absolutely vital, 95% of our workers | :17:18. | :17:21. | |
are from Europe, and if we didn't have them, we wouldn't have an | :17:22. | :17:25. | |
industry. And so what are the key thing is, is it Brexit negotiations, | :17:26. | :17:29. | |
the strength of the pound or the weakness of the pound making these | :17:30. | :17:32. | |
workers think I might want to work elsewhere, what other things that | :17:33. | :17:35. | |
would change that would help you out? We are losing workers because | :17:36. | :17:42. | |
of the devaluation of the pound, 50% reduction, remittances will be | :17:43. | :17:47. | |
lower, but also there is a xenophobic feeling that they are not | :17:48. | :17:52. | |
welcome in this country. It is a global market. We have growers in | :17:53. | :17:55. | |
Portugal who are employing Romanians and Bulgarians. They can go | :17:56. | :18:00. | |
anywhere, they don't have to come to this country. What difference does | :18:01. | :18:03. | |
it make us if the workers are going elsewhere around Europe, so we may | :18:04. | :18:07. | |
have to get our food from elsewhere around Europe, does it make much | :18:08. | :18:11. | |
difference to consumers around here? We import 140,000 tonnes or so, if | :18:12. | :18:16. | |
we had to import half of that from Holland, Belgium and America, our | :18:17. | :18:23. | |
prices would go up by 50% at least, because they are not waiting for us | :18:24. | :18:27. | |
to to say we want their fruit. The businesses here have that | :18:28. | :18:33. | |
uncertainty. The price of fruit in the UK couldn't up going up if those | :18:34. | :18:36. | |
rules don't go in the way the industry wants them to. | :18:37. | :18:44. | |
Our top story, European Union leaders are beginning a two | :18:45. | :18:48. | |
Brexit is of course top of the agenda, after formal talks | :18:49. | :18:55. | |
on the UK's departure from the EU began this week. | :18:56. | :19:02. | |
Today is the first time the UK Prime Minister Theresa May | :19:03. | :19:04. | |
will face European leaders after she lost her | :19:05. | :19:07. | |
An interesting day ahead in Brussels. | :19:08. | :19:13. | |
When you apply for a job - these days, chances are that it's | :19:14. | :19:16. | |
Paperwork, interviews and short lists. | :19:17. | :19:19. | |
But in Nigeria things are a little different. | :19:20. | :19:23. | |
HR in the country is informal at best, but the market is growing. | :19:24. | :19:28. | |
Our next guest is starting an industry from scratch. | :19:29. | :19:32. | |
Nigerian female entrepreneur, Chika Uwazie, has launched TalentBase - | :19:33. | :19:34. | |
which is available to small and medium-sized | :19:35. | :19:36. | |
The software enables users to manage the records of their employees, | :19:37. | :19:44. | |
create employee roles, as well as being able to track | :19:45. | :19:46. | |
development of their staff with performance reports. | :19:47. | :19:50. | |
And she's hoping TalentBase will help African firms move | :19:51. | :19:52. | |
away from paper systems to a more automated one. | :19:53. | :19:58. | |
Chika Uwazie, the Chief Executive of TalentBase, is with us now. | :19:59. | :20:03. | |
Really nice to see you, thanks for coming in. So do tell us in a bit | :20:04. | :20:10. | |
more detail the problem that your software sort of resolved to a | :20:11. | :20:15. | |
degree in Nigeria. Yes, so, in Nigeria, and across Africa, 90% of | :20:16. | :20:20. | |
small to medium enterprises still use very manual processes, and when | :20:21. | :20:24. | |
I say manual, it is paper. They are still going to the bank physically | :20:25. | :20:30. | |
to pay their employees, they still use XL to do very complicated tax | :20:31. | :20:42. | |
sums. One statistic that surprise me was the number of adults in Nigeria | :20:43. | :20:46. | |
that don't have bank accounts. Something like 56% of Nigerian | :20:47. | :20:50. | |
adults who don't have access to an account, how does your system help? | :20:51. | :20:55. | |
Yes, and so we did was we took it a step further. So primarily, HR | :20:56. | :20:58. | |
systems across the world can pay into a bank account, that because so | :20:59. | :21:05. | |
many Nigerian adults and across Africa don't have a bank account, we | :21:06. | :21:09. | |
partnered with an organisation so you could also pay into a mobile | :21:10. | :21:13. | |
wallet, so then you also get access to a credit card, so now you are | :21:14. | :21:17. | |
added to the financial system, you can do normal payments and you can | :21:18. | :21:21. | |
card. The government are rubbing card. The government are rubbing | :21:22. | :21:24. | |
their hands with glee, because it means they will get more tax | :21:25. | :21:29. | |
revenues in, presumably, if this system is so easy to follow through. | :21:30. | :21:32. | |
Whereas if you had to go to the bank to collect your wages and pay your | :21:33. | :21:38. | |
taxes, you are less likely to do that. Yes, and so currently across | :21:39. | :21:40. | |
Nigeria only tempered scent of people are remitting their what we | :21:41. | :21:46. | |
call pay or employee taxes, so we are partnering with the government | :21:47. | :21:49. | |
to actually automate that process, so that employers can pay on behalf | :21:50. | :21:54. | |
of their employees their taxes. You have made it all sound very simple | :21:55. | :21:59. | |
for us, so we are grateful for that, I imagine when you have | :22:00. | :22:02. | |
conversations with banks or financiers trying to get funding to | :22:03. | :22:05. | |
set up this organisation, as we said, you are sort of doing it from | :22:06. | :22:09. | |
scratch, might have been a little bit more difficult? Yes, very | :22:10. | :22:14. | |
difficult! Because when I started this business I thought I would plug | :22:15. | :22:17. | |
in with a regular system and start a new payroll and I didn't realise how | :22:18. | :22:20. | |
broken the system was. We took it upon ourselves to go to the banks | :22:21. | :22:23. | |
and integrate into the banks is dumb. The first few banks we went to | :22:24. | :22:28. | |
was like, no, I don't understand this, I don't see the need for this, | :22:29. | :22:32. | |
so it definitely did this about a year to get the first bank on board. | :22:33. | :22:36. | |
Now we have four banks on board and gives us access to 80 African | :22:37. | :22:40. | |
countries. I was just about ask you that. You are operating in Nigeria, | :22:41. | :22:45. | |
but this could be something used anywhere in Africa presumably? Yes, | :22:46. | :22:52. | |
definitely. I2 other bank partnerships have access to 18 | :22:53. | :22:55. | |
countries, we are looking to go to Francophone next year and then East | :22:56. | :23:02. | |
Africa, starting with Kenya. Exciting, Chika, thank you for | :23:03. | :23:03. | |
coming in. In a moment, we'll take a look | :23:04. | :23:05. | |
through the Business Pages but first here's a quick reminder of how | :23:06. | :23:09. | |
to get in touch with us. The Business Live pages where you | :23:10. | :23:15. | |
can stay ahead of all the day's breaking business news. We will keep | :23:16. | :23:19. | |
you up-to-date with all the latest details, within sight and analysis | :23:20. | :23:23. | |
from the BBC's team of editors, right around the world, and we want | :23:24. | :23:27. | |
to hear from you, too. Get involved on the BBC Business Live web page. | :23:28. | :23:35. | |
On Twitter. And you can find us on Facebook. Business Live, on TV and | :23:36. | :23:42. | |
online, whenever you need to know. Joining us is Trevor Greetham, | :23:43. | :23:45. | |
head of multi asset Loads to talk about but I'm | :23:46. | :23:53. | |
interested, as we discussed earlier, this story in the paper, four in ten | :23:54. | :23:56. | |
millennials have no pension provision. We all know that we | :23:57. | :24:00. | |
should be saving, but it is one thing, knowing we shared, very | :24:01. | :24:03. | |
different to actually doing it. Yes, it is. But you can turn that around, | :24:04. | :24:09. | |
six in ten millennials do have pension provision, and that is | :24:10. | :24:13. | |
because Oporto in Roman. If you ask the same question in 2012 you would | :24:14. | :24:16. | |
have had a much lower figure, so it is not where everyone wants it to be | :24:17. | :24:20. | |
but it is getting better. That auto in Roman, the point is you actually | :24:21. | :24:24. | |
have to physically, consciously opt out, so you are kind of nudged into | :24:25. | :24:27. | |
putting a small amount of money into a pension early on, and if you want | :24:28. | :24:32. | |
to opt out you can but most people actually don't. We were asking at | :24:33. | :24:35. | |
the start of the programme for viewers to say who will fund your | :24:36. | :24:40. | |
retirement. Allison says doesn't national insurance play a part? Yes, | :24:41. | :24:45. | |
but those who have saved sensibly all their lives shouldn't have to | :24:46. | :24:48. | |
pay for them. Sean says I am in a good position with a private pension | :24:49. | :24:51. | |
but could not say the same when it worked in retail. That is a really | :24:52. | :24:56. | |
patchy picture. Colin says, in terms of millennials not putting aside the | :24:57. | :25:00. | |
pensions, he says good on them. The government local authority would | :25:01. | :25:03. | |
only take all their savings anyway once they become ill. This is very | :25:04. | :25:06. | |
controversial right now because of what was not in the Queen's Speech | :25:07. | :25:10. | |
yesterday with regards to pensions, things like the dementia tax and | :25:11. | :25:11. | |
these kind of things, it is a really tricky problem to | :25:12. | :25:26. | |
solve. It is, but the earlier you start trying to do something better. | :25:27. | :25:29. | |
In that same survey, a lot of millennials are quite sceptical as | :25:30. | :25:32. | |
to whether they will ever get a state pension. Is it a case of | :25:33. | :25:34. | |
burying your head in the sand, I could get on housing ladder, can't | :25:35. | :25:37. | |
get a pension, so it is just going to enjoy now. As you get older you | :25:38. | :25:41. | |
start to think I was sure started earlier, that is what the auto | :25:42. | :25:43. | |
enrolment can do. But increasingly people will find themselves saving | :25:44. | :25:45. | |
for other reasons, and perhaps some of that saving becomes long-term | :25:46. | :25:49. | |
saving, so people might use and I account for example. The thing we | :25:50. | :25:52. | |
say is don't save for the long-running cash, cash rates are | :25:53. | :25:56. | |
way below inflation, you are giving money to the government if you do | :25:57. | :26:02. | |
that. Multi-asset. An old tin under the bed. Thank you very much. | :26:03. | :26:05. |