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CHANCELLOR: FEWER TW*TS, MORE M-FERS
(THAT’S MONDAY TO FRIDAY, BY THE WAY...) CITY A.M. REPORTERS THE CHANCELLOR has said that the office should be the “default” location for work, even after the rise of hybrid working in the pandemic. Vast swathes of workers in white collar jobs have switched out of the office for at least two or three days a week, with the term ‘TW*T’ now used to describe somebody in on a Tuesday, Wednesday and Thursday. But the Chancellor yesterday said he worried about the “loss of creativity” when people are working from home permanently, adding it was something for “businesses to find their own way through”. Many managers have given up on getting staff in on a Friday, but some City bigwigs have called for more staff to come in on Monday. John Neal, the Lloyd’s of London boss, has called for staff to come into the office at least four days a week, believing it
is particularly important for younger staff. The insurance marketplace’s chief has argued working in the office helps to “develop… the next generation” in claiming more experienced staff owe a “responsibility” to less experienced colleagues within the historic business. A host of major firms have begun to call workers – and managers – back into the office more often. The global investment operation M&G this week told their top brass that they needed to be in more often, as younger more junior staff were already coming in regularly. “We’ve all seen the advantages working remotely can offer us — and it’s important we continue to benefit from these and work flexibly to balance the demands of office
and home life,” the email from CEO Andrea Rossi and seen by the Sunday Times said. “Equally, we must succeed as a business — and for that to happen, it’s essential to make the most of the talent and experience we have at M&G by supporting career development and maximising the value of spending time together.” Blackrock also called on staff to come back into work at least four days a week in a widely reported missive on Tuesday. Hunt was speaking at a British Chambers of Commerce event, and did acknowledge that working from home could create “exciting opportunities”. Not all were convinced by the idea of more regular office working. Marcus Beaver at Alight Solutions, a tech and HR firm, said: “Employers that force staff back to offices full-time face an uprising” after the Chancellor’s comments. “Staff will not easily surrender the benefits they are now used to.”
GLASS HALF FULL Biden says he is ‘confident’ US will avoid default CHRIS DORRELL PRESIDENT Joe Biden yesterday said he was “confident” of reaching a deal to raise the federal government’s $31.4 trillion debt ceiling in order to avoid an unprecedented default on US debt. Over the past few days, House speaker Kevin McCarthy, a Republican, and the White House have been locked in talks to reach an agreement on a new limit. “I’m confident we’ll get the
agreement on the budget and America will not default,” Biden said, according to reports. “We’re going to come together because there’s no alternative way to do the right thing for the country. We have to move on.” Biden is set to return to Washington on Sunday after travelling to Japan for the G7 leaders summit. Treasury Secretary Janet Yellen has warned that without more borrowing the government could run out of funds to meet all of its financial obligations as soon as 1 June.
Ex-LC&F boss sentenced after splashing hidden funds on holiday and hot tub BEN LUCAS THE FORMER CEO of now collapsed London Capital & Finance (LC&F) was handed a suspended sentence yesterday after he was found to have breached an asset freezing order, splashing hidden funds on a holiday, hotel stay and a hot tub.
The Serious Fraud Office (SFO) froze Michael Thomson’s assets as part of its ongoing investigation into suspected fraud and money laundering linked to the 2019 collapse, which saw 11,000 investors lose £237m in a mini bond-scheme. The SFO found that Thomson hid £95,000 after the order was
imposed, partly made up of a £55,000 fraudulent insurance claim for repair works on a barn that wasn’t completed. He then spent some of the hidden cash on a £5,000 holiday in Italy, a £3,900 horse saddle, a £1,170 hotel and spa stay in Torquay, and £5,495 on a hot tub, the SFO said.
As a consequence, he was handed a 10 month sentence, suspended for two years, at Southwark Crown Court yesterday. Lisa Osofsky, director of the SFO, said the sentence made it clear that “company executives are not above the law”. The collapse of London Capital &
Finance spawned a range of criticism across the City, particularly of the Financial Conduct Authority’s (FCA) oversight of the outfit. The FCA was at that time run by now Bank of England governor Andrew Bailey, who later apologised for the regulator’s failings.
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