Benedict Carter’s Post

It’s crunch-time for Chancellor Rt Hon Rachel Reeves. And the UK’s digital future may hang in the balance. In our Executive Dinner the Financial Services Businesses were keenly awaiting the Autumn Budget tomorrow to determine the key decisions around Technology investments. As the Autumn Budget looms large, what does the Chancellor’s little red box hold for stakeholders in UK cyber-security and AI advancement? With the commitment to make London the AI capital of the world, and continued investment in the national infrastructure and the data centres at its core all part of Labour’s plans, the stakes are high. Will the £22 billion deficit in public finances force a U-turn on these plans, or will common sense prevail, securing the nation’s digital future? In the face of recent, high-profile cyber-attacks on UK business and infrastructure, it is vital the Autumn Budget prioritise spending to reinforce cyber-resilience and utilise new AI technology to further boost the economy. The moment is ripe for Labour to deliver the ‘Change’ promised in their election campaign, to reassure businesses worldwide that the UK is a cyber-security stronghold, a safe home for further investment, and a burgeoning hub of advanced AI innovation. We have the tools, we have the talent, and with continued Government investment and support the world stage awaits… #AutumnBudget #LabourBudget #AutumnStatement

On November 6, 2024, German Chancellor Olaf Scholz dismissed Finance Minister Christian Lindner, leading to the collapse of the coalition government. This upheaval in Germany’s political landscape highlights a challenging moment for businesses and stakeholders across Europe. With Germany navigating a complex interplay of fiscal policy, defense commitments, and social spending, the potential impacts on business confidence and economic stability are real. In these turbulent times, it's essential to offer steadfast support to German businesses facing uncertainty. Our German unit, Origami Innovation, remains fully committed to providing that support, helping companies navigate through these complexities and maintain their growth trajectories despite the challenges ahead. #GermanEconomy #BusinessSupport #EconomicStability #BusinessDevelopment #OrigamiGroup #OrigamiInnovation #OrigamiMindset

https://lnkd.in/e2t-788q Later this month the Chancellor will announce the autumn budget. By all accounts, it appears there are going to be some severe cutbacks to government spending. But is this the right way to go about things? All commentators agree we have to improve productivity, but is this the way to do it? Doing work like a hamster running on a tread wheel is not productivity. The UK needs to think smarter and we need to invent better products, systems and services. Just trying to repair an old, outdated engine is not going to help industries forge ahead in the future. Clearly, we have to cut out waste in government, but just cutting things back will not improve productivity; it simply creates a depressive atmosphere for workers, investors and innovators. To get increased productivity, we need both people who want to go to work and innovators who know that there is a good chance their hard work will turn into well-financed projects.

📢 What are the Key Highlights for UK Tech from the Latest Budget? The new Budget shows the UK government’s intent to position technology at the heart of public service reform and economic growth: 🌈𝐍𝐇𝐒 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭: £2bn committed to modernising NHS digital infrastructure.⁣ 💰𝐑&𝐃 𝐅𝐮𝐧𝐝𝐢𝐧𝐠: £20bn protected for science-led R&D, with targeted support for aerospace (£975m), creative industries (£15bn in tax relief), and automotive (£2bn) R&D. Many tech businesses are looking for further commitments in these areas.⁣ 📈𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐆𝐚𝐢𝐧𝐬 & 𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐄𝐪𝐮𝐢𝐭𝐲: Capital gains tax rates will see modest increases, while private equity tax on profits rises to 32%. Hopefully, these will not deter innovation and investment in the tech landscape.⁣ 🏦𝐈𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 & 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐑𝐚𝐭𝐞𝐬: With higher government borrowing, inflation could hover around 2.6% next year, potentially impacting investment. RSM UK notes that interest rates may fall more slowly than expected.⁣ 💼𝐄𝐦𝐩𝐥𝐨𝐲𝐦𝐞𝐧𝐭 𝐂𝐨𝐬𝐭𝐬: Employers’ National Insurance will increase to 15% on salaries above £5,000, but smaller tech companies can benefit from an increased Employment Allowance, now at £10,500.⁣ 💻𝐅𝐨𝐬𝐭𝐞𝐫𝐢𝐧𝐠 𝐓𝐞𝐜𝐡 𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧: A review, led by Professor Dame Angela McLean and Dr. Dave Smith, will explore ways to boost transformative tech adoption, with an AI Action Plan on the horizon. With a promising commitment to tech-enabled reform, it’s an exciting, if cautious, time for UK tech companies and investors. Let’s keep our eyes on the opportunities ahead!👀 #TheBudget #UKBudget #Labour #Tech

Reasons behind the split - The government was divided over budgetary, financial, and economic policy. Der Spiegel reported, citing sources, that coalition partners convened a meeting on Wednesday evening to attempt to resolve their differences. - On November 1, Lindner presented a plan to steer the German economy out of the crisis. Many in the government, Reuters reported, viewed Lindner’s proposals as conflicting with a multi-billion-euro investment plan endorsed by Economic Affairs Minister Habeck of The Greens. While Habeck proposed setting up a fund to encourage investment and bypassing Germany’s strict rules on budget spending, Lindner advocated for lower taxes to spur the economy and the immediate end of the latest solidarity surcharge. (Part Two, The End) #business #finance #financialservices

🌊🌊🌊 Now this is some cool weekend read: The Leaked Reform Paper from Germany’s Finance Ministry: A Call for Change and a Recipe for Turmoil. Germany is facing critical decisions. The recently leaked #reform paper from Finance Minister Christian Lindner outlines starkly ambitious proposals targeting Germany’s economic resilience and competitiveness. It’s a strategy focused on #structural reform, #fiscal discipline, and invigorating #private #investment, but it challenges the status quo—particularly on climate policy, corporate taxation, and welfare spending. What’s in the paper? 1. Economic Competitiveness: Recognizing the declining productivity and investment trends, the paper calls for aggressive measures to slash red tape, rethink corporate taxation, and unleash capital for tech-driven growth. 2. Climate Policy Realignment: Suggests prioritizing European climate goals over unilateral German ambitions, aiming to reduce domestic costs associated with early decarbonization—raising questions about Germany’s commitment to its own 2045 climate-neutrality goal. 3. Labor Market Flexibility: Proposes measures to boost labor productivity and encourage higher workforce participation by eliminating disincentives and advocating for a flexible retirement age. This leak has intensified debates within the government and raised concerns about prioritizing economic revival over social and environmental responsibility. A critical moment for Germany’s policy path forward—one that could redefine its role as an economic leader in Europe. #Germany #EconomicReform #ClimatePolicy #FiscalResponsibility #ChristianLindner

German sourced English language article on the end of the German coalition. It still confuses me that the FDP, being centre right and economics focused, and 'Free Market' supporters (aka not fans of government regulation of business/economy) have been so fixated on maintaining an anti-competitive government debt limit on one of the least debt ridden top-10 economies in the world (possible top-3). Especially at a time of rapidly declining inflation and low economic growth. The conclusion I land on is that it is politically driven and they have been trying to sabotage the coalition with the aim of aligning with likely conservative successors CDU/CSU. Hopefully German voters will see the root cause and give Lindner and Co. a good thrashing in the impending election. Its a shame, because at the start of this coalition there was real hope that the Greens and FDP would bring the required diverse perspectives into reforms needed to boost Germany's 'Green Economy'. In the end, the FDP have got the flick because they were not willing to invest in the German economy and people, which is simply absurd. https://lnkd.in/dsEcAmgt

The Chancellor’s spring budget yesterday was full of plans to boost and stabilise the economy after host of factors has affected the UK in recent years.   One point that drew my attention though was plans to invest in public service delivery through better tech. Obviously as a business leader in at tech company, my interest was piqued.   But conversely to what you might believe, I don’t think technology is solely the answer here! It’s important to remember that a robust strategy is the essential part of any plan, with technology just being a tool to execute it.    Processes have to first be audited; is this an essential operation? If not – cut it. If it is – can it be automated? And can a team members expertise be applied to more human or intricate tasks?   Despite investment in public services being great thing for society, it’s imperative that the it’s done in the correct way so that, as it says in the budget, “taxpayers’ money is spent as efficiently as possible”.   Did you have any thoughts on the budget? Let’s discuss below!   #Springbudget #ROI #publicsector #Investment #Technology

🚀 Growth is the buzzword of this General Election, but how do we achieve it? 🇬🇧💡 Dissecting the manifestos, each party offers a vision to drive the UK economy forward. But visions aren't solutions. So, what's the plan? #Labour offers 'securonomics' - stability, investment, reform. 💷 They're cautious with taxes, opting to keep them low, yet ambitious in raising billions through targeted measures and borrowing within set fiscal rules. #Conservatives tout their 'strong economy' strategy, hinting at tax cuts when viable. Their formula relies on cutting public expenditure and tackling tax avoidance to fund their plans, all while keeping the deficit in check. #LiberalDemocrats aim for a 'fair economy', avoiding tax hikes and channelling funds into vital public services. They propose sourcing revenue from higher taxes on banks and tech giants. It's a multi-faceted approach, but one sector can't be ignored - #Tech 🖥️📲 UK's technology sector is ripe for investment, promising significant returns. From AI to quantum computing, tech is pivotal for future growth. Key moves? 👉 Reform the Apprenticeship Levy, accelerate digital skills, encourage rapid digital infrastructure development, and cement a mid-2020s AI strategy. 🤖✨ Digital tech alone could propel the economy by £413 billion by 2040! Investing smartly in tech is not just about industry growth - it bridges public service delivery too. #EconomicGrowth #TechInvestment #GeneralElection #UKTechSector 🚀🇬🇧

What a week for the new government – economic growth up, England into the Euro finals – you couldn’t hope for better headlines…   This much longed for moment, transitioning from Opposition into Government is incredible and yet not without its challenges, as I remember from my own time entering the Coalition Government with George Osborne in May 2010.    New Ministers and their freshly appointed Special Advisers will be totally and utterly exhausted. Having spent weeks on the road, visiting every butcher, baker and microchip maker up and down the country, they will have been looking forward to celebrations and sleep. But they won’t have had much time for either. The early hours post poll for me were spent in Macclesfield Leisure Centre, before heading back to London and, eventually, into No11 Downing Street and HM Treasury.   Many of us Special Advisers had never entered a government department before, let alone Downing Street. As you enter the grand offices of state, the private secretaries are welcoming, but you are aware of the shadow of former friends and colleagues who they have just bidden farewell to, packing boxes still on the stairs. Our speechwriter had written the Budget speeches for Labour Chancellors Alistair Darling and Gordon Brown. Our diary secretary had been across every detail of their lives.    Your tight work family of Shadow Cabinet, press officers, policy advisers, with whom you had worked cheek by jowl every day, are sent to far corners of Whitehall. Our tiny team had run media, policy, protocol, campaigns, correspondence and logistics. Fixed the travel and collected the lunch. Now we entered a department of thousands. We had to get to know our new Lib Dem partners. It takes a while to work out how to pull those levers to make anything work, let alone use your pass or new computer.    Transition is daunting yet full of opportunity. Working alongside the brilliant brains of the civil service, within weeks we had published an emergency budget, hosted global Finance Ministers at No11 and packed a plane full of CEOs to India on a major trade mission.    The switch from Opposition to Government isn't easy. Reflecting on it now, my advice? -             Be PROACTIVE and INTENTIONAL about how you use the time. -             Focus on your absolute priority areas and rigorously plan your policy, your speeches and your media moments around them.  -             There are so many distractions, so much firefighting and so many incoming requests that trying to keep everyone happy will suck up every hour in the day. -             Instead, remember why you are there and what you need to get done. And don’t forget to get out of the bubble from time to time.   Expectations are high for this newly minted government. The hurdles are high too, but they have a formidable team in place to get things done. Good luck to them.    (Nostalgic pic outside Cabinet Office as Coalition negotiations were resolved) #government #politics #communications