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After an eventful opening day that saw discussions around the impact of Web3 and the growing adoption of the tech, Cointelegraph is all set to bring the key updates from the second day of the Summit at PBW 2023. 9355 Total views 60 Total shares Listen to article 0:00 Event Own this piece of history

Collect this article as an NFT Paris Blockchain Week (PBW) kicked off its fourth year as one of the worlds largest conferences tackling all things blockchain, crypto and Web3. The event hosts over 10,000 attendees and sold out last year.

Following two days packed with hackathons, talent fairs and investor demos, the main event of the week, the summit, continues with its second day on March 23.

The Cointelegraph team is stationed in Paris to bring readers the latest news from the ground, presented below in ascending order (the newest story at the top). Time stamps are in UTC.Paris Blockchain Week Summit 2023: Day 2

Cointelegraph journalist Joseph Hall sat down with 1Inch co-founderSergej Kunz to discuss the present and future of the crypto ecosystem. Kunz shared his thoughts on numerous topics including the limitations of investing for ordinary people, what mass adoption looks like and big companies jumping into the Web3 space.Read more here.

? Our interview with @deacix, Co-Founder of @1inch here at @ParisBlockWeek

He shares his vision on what the future of #crypto has in store. 'As soon as we have people who understand that there's a non-custodial way… then we achieve the mass adoption' #PBW2023 pic.twitter.com/DwCqkeSaIN— Cointelegraph (@Cointelegraph) March 23, 2023

12:00: Thenext panel discussion focused on the impact of Web3 on startups and investors, moderated byMichael Amar – chairman of Paris Blockchain Week. The panel discussion was joined byIgneus Terrenus, partner relations at BitDAO, Laurenz Apiarius, founder of Blockwall Digital, Dan Tapiero, founder of 10T Holdings, Amos Meiri, founding partner at Node Capital, and Eden Shochat, Equal Partner at Aleph VC. The panel discussion revolved around the role of investors amid the emerging importance of governance and decentralized autonomous organizations (DAOs.)

The panel experts shared their views on the ongoing debate around crypto tokens deemed as securities and how the Web3 ecosystem is tackling the financial aspect of the innovation.Apiarius talked about the impact of bad actors in a new economic sector like Web3 and the role of investors. He explained:The movement of Web3 is misused by some bad entrepreneur land its the job of investors to filter that and not pit capital into entrepreneurs that make fun of it.”Dan Tapiero, Igneus Terrenus, Laurenz Apiarius, Eden Shochat,Amos Meiri, and Michael Amar (from left to right).

11:30 am: The new panel discussion titled ‘The Ethics of Web3’ revolved around public policy and was moderated byMoojan Asghari, the co-founder of Thousand Faces. The panel consisted ofOscar Wendel, senior manager at Dubai World Trade Centre, Margaux Frisque, co-founder of d&a Partners, and Dr Loic Brotons, CEO of Galeon.

The industry experts on the panel shed light on the role of ethics in a fast paced evolutionary tech like blockchain and Web3. Asghari in her address noted thatEthical frameworks or standards always lag behind the advancement of the technology and explained:”This is the biggest challenge of ethics – what are the right questions to ask ourselves today, in order to make sure that the technology doesnt harm us in the near or far future.Dr Loic Brotons,Oscar Wendel, Moojan Asghari and Margaux Frisque (from left to right).

11:00 am: The next keynote speech revolved around smart contracts, a key-building tool in the decentralized and blockchain space. The speech delivered by Stellar Development Foundation VP Tomer Weller touched upon the subject of smart contract development and how difficult and complex it is. He said:”Smart contracts are not easy and only as smart as the coders that build them and we need to hold them to a higher standard.”Tomer Weller talking about the state of smart contracts in today’s world

10:30 am: The next keynote speech came fromAlexandre Dreyfus, founder and CEO of Chiliz, on the integration of blockchain and gaming tokens in mainstream sports. He shared how decentralized tech added to mainstream sports is making the experience for fans more immersive.Alexandre Dreyfus talking about the evolution of fan experience with Web3

10:00 am: The first panel of the day, titled ‘The Need for Yield,’ was moderated byCinderella Amar, co-founder ofGlass Slipper Ventures and joined by Maxime Boonen, founder of B2C2 & PV01, Tim Grant, head of EMEA at Galaxy, Yoann Caujolle, co-founder of Rockby, and Charlie Meraud CEO of Woorton.

The panel discussion revolved around the concept of yield farming in crypto and how it has evolved over time. The panelists shed light on the legality and regulatory aspect of yield farming in today’s time and how viable of a business model it is.Tim Grant,Maxime Boonen,Yoann Caujolle,Charlie Meraud, and Cinderella Amar (from left to right).

9:30 am: The first keynote speech of the day came fromJeff Hasselman, the head of Web3 at Amazon Web Services (AWS).Hasselman, while talking about the interest of enterprises like Amazon in the Web3 ecosystem, said that he was highly influenced by the Bitcoin white paper. He explained:”I read the Bitcoin whitepaper in 2013 and I was like if this works, then this would really be amazing because it would redefine what the internet is all about.”

Hasselman went on to list how AWS is actively involved in helping builders of Web3 and offering the infrastructure to companies and blockchain developers alike.Jeff Hasselman, Global Head Web3, Amazon Web Services talking about Web3

8:30 am: Welcome to day 2 of the Paris Blockchain Week Summit, a day that will be focused on the culture, adoption and importance of decentralized tech. Some of the notable panel discussions to look forward to will cover the ethics in Web3, the evolution of crypto payments, how to protect users from crypto scams. The Cointelegraph team is on the ground to bring the latest updates, exclusive interviews and behind the scenes throughout the day.Paris Blockchain Week venue shot. Source: CointelegraphCointelegraphs Joe Hall looks for perspective amid Paris riots

Reporter Joe Hall spoke to Animoca Brands CEO Robby Yung to hear his thoughts on Paris hosting a major crypto and blockchain conference as many have taken to the streets in protest of a bill raising Frances retirement age from 62 to 64 years old. According to Yung, the local government had provided a warm embrace for participants of the event and saw the representation of major brands including Gucci as a positive sign for adoption. Read more here.Animoca Brands CEO Robby Yung speaking with Cointelegraphs Joe Hall at Paris Blockchain Week. Source: CointelegraphParis Blockchain Week Summit2023: Day 1

4:40 pm: Ledger CEO Pascal Gauthier delivered a keynote speech during which he discussed Bitcoin:You can try to explain why you think it has flaws, but you should always have reasonable doubts. Its just like if you dont believe in God, thats OK. But you should always have reasonable doubt because the day you die, you will find out.”Ledger CEO Pascal Gauthier delivered a keynote speech on the Master Stage at PBW. Source: Cointelegraph

13:40 pm: 2022 was the year of epic crypto collapses, with the collective failures of Terra, Celsius, Three Arrows Capital and FTX leaving a stain on the industry. A panel as a part of the Open Finance stream discussed how the crypto industry can recover from these events in light of the recent banking failures in the United States. Read more here.A panel discussion titled FTX, Luna, Celsius, 3AC: From Hero to Zero at Paris Blockchain Week. Source: Livestream

12:40 pm: Metaverse regulation was on the agenda during an industry panel that included representatives from IBM Consulting France, Jacob Avocats, France Meta, Crypto Circle, Metacircle and Fenwick. The general takeaway from thepanel was that businesses need to take calculated, strategic risks to grow their Web3 ambitions. Get comfortable with discomfort, one panelist said. Read more here.Paris Blockchain Week venue. Source: Cointelegraph

12:00 pm: Tether chief technology officer Paolo Ardoino talked about the recent USDC saga and stated that Bitcoin is the ultimate way to hold wealth in an exclusive conversation with Cointelegraphs Joseph Hall.

While discussing the USDC depeg, Ardoino said that stablecoin issuers should always make sure that their reserves remain protected.Read more here.Cointelegraph journalist Joseph Hall with Tether CTO Paolo Ardoino at Paris Blockchain Week.

11:00 am: Bitcoin proponent Tim Draper was the next keynote speaker, discussing The Decentralization of Everything. Draper talked about the need for decentralization in todays time amid lessening confidence in the banking system. He advised people to use Bitcoin to hedge against bad governance and banking.Tim Draper advocated for Bitcoin against bad governance and banking failures.

Draper also sang a poem about Bitcoin and how the asset has outperformed traditional financial tools amid the growing banking crisis.Read more here.

10:00 am: The first round of panel discussions kicked off, with Cointelegraph editor-in-chiefKristina Lucrezia Cornr moderating a discussion on the evolving role of Web3 technology in the traditional financial ecosystem.Cointelegraph editor-in-chiefKristina Lucrezia Cornrmoderating a panel on Web3.

The panel, titled State of the Chain 2023, was joined byPatrick McGregor, head of product at Coinbase; Matthew Savarese, vice president at Nasdaq Digital Assets; Richard Widmann, global head of Web3 strategy at Google; Dante Disparte, head of global policy at Circle; and Denelle Dixon, CEO of Stellar Development Foundation.

Live from the State of the Chain 2023 panel at @ParisBlockWeek : @RichJWidmann, Global Head of Web3 Strategy at @googlecloud, emphasizes the importance of building value for users in the next evolution of the internet. #PBW2023 pic.twitter.com/8x1hAgJTZG— Cointelegraph (@Cointelegraph) March 22, 2023

The discussion focused on the state of traditional finance, the recent banking crisis and how Web3-based solutions are becoming a norm during times of financial crisis something envisioned by Satoshi Nakamoto themselves when they created Bitcoin.

In addition to reflecting on the current state of Web3, the experts gave their insights and predictions on how things could pan out in 2023.Read more here.Patrick McGregor, Matthew Savarese, Richard Widmann, Dante Disparte, Denelle Dixon and Kristina Lucrezia Cornr (from left to right).

Another panel discussion around the European Unions Markets in Crypto-Assets regulation, set to come into effect by 2024, saw industry experts weigh in on its impact. The panel was moderated bySabine Van Haecke-Lepic, a lecturer and researcher at Sciences Po, and joined by the likes of Gundars Ostrovskis, team leader of digital finance at the European Commission; Nadia Filali, director of blockchain programs at Caisse des Dpts; Hubert de Vauplane, partner at Kramer Levin Naftalis & Frankel LLP; Janet Ho, head of EU policy at Chainalysis; and Vytautas Karalevicius, co-founder of Bankera.Gundars Ostrovskis, Sabine Van Haecke-Lepic, Vytautas Karalevicius,Nadia Filali, Hubert de Vauplane and Janet Ho (from left to right).

The industry experts and regulators opined on the implications and potential impacts of the proposed regulation.Read more here.

9:30 am: The following keynote speech was delivered by the CEO of Stellar Development Foundation, Denelle Dixon. She talked about the real-world use cases of blockchain technology, focusing on humanitarian aid. Dixon stressed that blockchain tech can bring efficiency to aid distribution, especially when those who need it the most are unbanked.Stellar Development Foundation CEO Denelle Dixon talking about role of blockchain in humanitarianaid.

9:00 am: The opening keynote of the event came from Ethereum co-founder Joseph Lubin, who talked about the importance of decentralized networks in traditional finance. Lubin highlighted the diversity in the Web3 space and how it has helped the ecosystem grow stronger with a broad spectrum of talent.Ethereum co-founder Joseph Lubin during his opening keynote speech.

8:30 am: The next keynote speech came from Henri Arslanian, co-founder of the investment banking company Nine Blocks Capital Management, and revolved around the latest global crypto trends including Bitcoin, central bank digital currencies and nonfungible tokens.

Arslanian shed light on some of the past years key events in the crypto world, from the growth of Bitcoin to the numerous crypto contagions and recent bank runs. He stressed that there will be more stress on regulations and transparency moving forward.Henri Arslanian talking about global crypto trends.

8:00 am: The first day of the summit kicked off with a keynote from Zahreddine Touag, co-founder of Paris Blockchain Week. During his keynote, he stressed the need for events like PBW and its role in building business relationships and connecting to new people.Paris Blockchain Week Summit started with a keynote by Zahreddine Touag.Investor panel: What are the best investment opportunities in Web3?

In the next panel discussion, which focused on investment opportunities in Web3, investor Marguerite de Tavernost said that the bear market is the best time to build in the crypto market. She added that they offer more time for investors and innovators to build their reputations.Ivan de Lastours de Bernarde, Katelin Holloway, Marguerite de Tavernost, Michael Amar, Andrei Brasoveanu and Richard Muirhead(from left to right)Fabric Ventures co-founder talks Bitcoin, bank crisis

Richard Muirhead, the co-founder of Fabric Ventures, talked about Bitcoin price, inflation, the bank crisis and the emerging role of Web3 amid it all. He said that with its deflationary properties, Bitcoin is the first use case of Web3 and can become a safe haven during times of crisis. He added that Web3 is actively working on resolving traditional financial problems, but new use cases can take time to emerge, as they represent much more than simple software development.In-depth discussion on metaverse gaming

Neal Stephenson, an American author and founder of metaverse project Lamina1, joined Paris Blockchain Week chairman Michael Amar to discuss the concept of interoperability in metaverse gaming.

Stephenson, who coined the term metaverse in the 1990s, also talked with Cointelegraph editor-in-chief Kristina Lucrezia Cornr on the evolution of the word. Read more here. Neal Stephenson and Michael Amar (from left to right).

Stephenson said the idea of interoperability is irritating for some game developers, as many have been focused on building their own ecosystems for years, such as Fortnite and Minecraft. He explained that the idea of interoperability seems like an abomination because, at this point, all it offers is dragging and dropping assets from one game to another.Cointelegraph behind-the-scenes on day two

The Cointelegraph team kicked off the second day of Paris Blockchain Week 2023 with a reflection on the cultural and historical depth of the venue:

Things at @ParisBlockWeek that just make sense #PBW2023 pic.twitter.com/Sd8P6TxHJs— Cointelegraph (@Cointelegraph) March 21, 2023 Web3 headlines the agenda on day one of the summit

The main agenda for March 21 revolves around the scope of Web3 in todays world. The one-day Web3XP event focuses on how brands and creators can generate value in the metaverse and how Web2 companies can transition to Web3.The event will see professionals representing consumer brands, gaming, collectibles, art and fashion in one place.March 20 saw a relatively crowded talent fair tailored for the crypto and blockchain industry. Source: CointelegraphCointelegraph reporter Joe Hall attends pre-summit events

The pre-summit events at the PBW 2023 included a talent fair.The Cointelegraph team making sure you get the best angle.Th Cointelegraph team arrives in Paris

Cointelegraph editor-in-chief Kristina Lucrezia Cornr, head of video Jackson DuMont and reporter Joseph Hall are deployed on the ground in Paris all week to deliver the most recent developments from the conference.Jackson DuMont, Kristina Lucrezia Cornr and Joseph Hall(from left to right). Source: CointelegraphInvestors Day

Investors Day kicked the week off on March 20, bringing together investors interested in Web3, nonfungible tokens (NFTs), the metaverse and blockchain applications.

Stay tuned for continuous updates from PWB, including key takeaways, highlights and behind-the-scenes footage.Paris Blockchain Week kicks off

The 2023 edition of PBW features speakers from some of the industrys biggest players, such as ConsenSys, Ledger, Animoca Brands, Algorand, Reddit and more. It consists of the main summit and the Web3-focused Web3XP, and its main themes include public policy, enterprise blockchain, open finance, Web3 art, and investing in Web3 culture and entertainment, among others.

PBW also has a dedicated event for investors, a competition for startups, a hackathon and additional side events.

Last years event saw around 3,000 summit-goers and featured keynotes and fireside chats from some of the most prominent figures in the industry, such as Binances Changpeng Zhao and Tethers Paolo Ardoino, among many others. #Blockchain #France #Event #Paris #Metaverse #Web3 #NFT

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‘We will see closures’: The industries hit hardest by national insurance hike

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'We will see closures': The industries hit hardest by national insurance hike

The cost of having staff is going up this Sunday as the increase in employers’ national insurance kicks in.

Chancellor Rachel Reeves announced in the October budget employers will have to pay a 15% rate of national insurance contributions (NIC) on their employees from 6 April – up from 13.8%.

She also lowered the threshold at which employers pay NIC from £9,100 a year to £5,000 a year, meaning they start paying at an earlier point on staff salaries.

This is on top of the national minimum wage rising, the business relief rate for hospitality, retail and leisure reducing from 75% to 40% and the rising cost of ingredients and services.

Sky News spoke to people working in some of the industries that will be hardest hit by the rise in NIC: Nurseries, hospitality, retail, small businesses and care.

NURSERIES

Nearly all (96% of 728) nurseries surveyed by the National Day Nurseries Association (NDNA) said they will have no choice but to put up fees because of the NIC rise, leaving parents to pick up the shortfall.

More on Cost Of Living

The NDNA has warned nurseries could close due to the rise, with 14% saying their business is at risk, 69% reducing spending on resources and 39% considering offering fewer places with government-funded hours as 92% said they do not cover their costs.

Sarah has two children, with her youngest starting later this month, but they were just informed fees will now be £92 a day – compared with £59 at the same nursery when her eldest started five years ago.

“I’m not sure how we will afford this. Our salaries haven’t increased by 50% during this time,” she said.

“We’re stuck as there aren’t enough nursery spaces in our area, so we will have to struggle.”

Karen Richards, director of the Wolds Childcare group in Nottinghamshire, has started a petition to get the government to exempt private nurseries – the majority of providers – from the NIC changes as she said it is unfair nurseries in schools do not have to pay the NIC.

She told Sky News she will have to find about £183,000 next year to cover the increase across her five nurseries and reducing staff numbers is “not off the table” but it is more likely they will reduce the number of children they have.

Joeli Brearley, founder of Pregnant Then Screwed, said parents are yet again having to pay for the price for the government's actions. Pic: Pregnant Then Screwed
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Joeli Brearley, founder of Pregnant Then Screwed, said parents are yet again having to pay the price for the government’s actions. Pic: Pregnant Then Screwed

Joeli Brearley, founder of the Pregnant Then Screwed campaign group, told Sky News: “Parents are already drowning in childcare costs, and now, thanks to the national insurance hike, nurseries are passing even more fees on to families who simply can’t afford it.

“It’s the same story every time – parents pay the price while the government looks the other way. How exactly are we meant to ‘boost the economy’ when we can’t even afford to go to work?”

Purnima Tanuku, executive chair of the NDNA, said staffing costs make up about 75% of nurseries’ costs and they will have to find £2,600 more per employee to pay for the NIC rise – £47,000 for an average nursery.

“The government says it wants to offer ‘cheaper childcare’ for parents on the one hand but then with the other expects nurseries to absorb the costs of National Insurance Contributions themselves,” she told Sky News.

“High-quality early education and care gives children the best start in life and enables parents to work. The government must invest in this vital infrastructure to make sure nurseries can continue to deliver this social and economic good.”

HOSPITALITY

The hospitality industry has warned of closures, price rises, lack of growth and shorter opening hours.

Dan Brod, co-owner of The Beckford Group, a small southwest England restaurant and country pub/hotel group, said the economic situation now is “much worse” than during COVID.

The group has put plans for two more projects on hold and Mr Brod said the only option is to put up prices, but with the rising supplier costs, wages, business rates and NIC hike they will “stay still” financially.

Read more:
Reeves admits it won’t be easy for businesses to absorb NI hike
UK businesses issue warning over ‘deeply troubling’ Trump tariffs

Dan Brod, co-owner of The Beckford Group, said the government does not value hospitality as an industry. Pic: The Beckford Group
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Dan Brod, co-owner of The Beckford Group, said the government does not value hospitality as an industry. Pic: The Beckford Group

He told Sky News: “What we’re nervous about is we’re still in the cost of living crisis and even though our places are in very wealthy areas of the country, Wiltshire, Somerset and Bath, people are feeling the situation in their pockets, people are going out less.”

Mr Brod said they are not getting rid of any staff as their business strongly depends on the quality of their hospitality so they are having to make savings elsewhere.

“I’m still optimistic, I still feel that humans need hospitality but we’re not valued as an industry and the social benefit is never taken into account by government.”

Chef/owner Aktar Islam, who runs two Michelin starred Opheem in Birmingham, said the rise will cost him up to £120,000 more this year. Pic: Opheem
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Chef/owner Aktar Islam, who runs Opheem in Birmingham, said the rise will cost him up to £120,000 more this year. Pic: Opheem

Aktar Islam, owner/chef at two Michelin-starred Opheem in Birmingham, said the NIC rise will cost him up to £120,000 more in staff costs a year and to maintain the financial position he is in now they would have to make “another million pounds”.

He got emails from eight suppliers on Thursday saying they were raising their costs, and said he will have to raise prices but is concerned about the impact on diners.

The restaurateur hires four commis chefs to train each year but will not be able to this year, or the next few.

“It’s very short-sighted of the government, you’re not going to grow the economy by taxing hospitality out of existence, these sort of businesses are the lifeblood of our economy,” he said.

“They think if a hospitality business closes another will open but people know it’s tough, why would they want to do that? It’s not going to happen.”

The chef sent hundreds of his “at home” kits to fellow chefs this week for their staff as an acknowledgement of how much of a “s*** show” the situation is – “a little hug from us”.

RETAIL

Some of the UK’s biggest retailers, including Tesco, Boots, Marks & Spencer and Next, wrote to Rachel Reeves after the budget to say the NIC hike would lead to higher consumer prices, smaller pay rises, job cuts and store closures.

The British Retail Consortium (BRC), representing more than 200 major retailers and brands, said the costs are so significant neither small or large retailers will be able to absorb them.

Andrew Bailey, the governor of the Bank of England, told the Treasury committee in November that job losses due to the NIC changes were likely to be higher than the 50,000 forecast by the Office for Budget Responsibility (OBR).

Big retailers have warned the NIC rise will lead to higher prices, job cuts and store closures. File pic: PA
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Big retailers have warned the NIC rise will lead to higher prices, job cuts and store closures. File pic: PA

Nick Stowe, chief executive of Monsoon and Accessorize, said retailers had the choice of protecting staff numbers or cancelling investment plans.

He said they were trying to protect staff numbers and would be increasing prices but they would likely have to halt plans to increase store numbers.

Helen Dickinson, head of the BRC, told Sky News the national living wage rise and NIC increase will cost businesses £5bn, adding more than 10% to the cost of hiring someone in an entry-level role.

A further tax on packaging coming in October means retailers will face £7bn in extra costs this year, she said.

“This huge cost burden will undoubtedly reduce investment in stores and jobs and is likely to lead to higher prices,” she added.

SMALL BUSINESSES

A massive 85% of 1,400 small business owners surveyed by the Federation of Small Businesses (FSB) in March reported rising costs compared with the same time last year, with 47% citing tax as the main barrier to growth – the highest level in more than a decade.

Just 8% of those businesses saw an increase in staff numbers over the last quarter, while 21% had to reduce their workforce.

Kate Rumsey, whose family has run Rumsey’s Chocolates in Wendover, Buckinghamshire and Thame, Oxfordshire, for 21 years, said the NIC rise, minimum wage increase and business relief rate reduction will push her staff costs up by 15 to 17% – £70,000 to £80,000 annually.

To offset those costs, she has had to reduce opening hours, including closing on Sundays and bank holidays in one shop for the first time ever, make one person redundant, not replace short-term staff and introduce a hiring freeze.

The soaring price of cocoa has added to her woes and she has had to increase prices by about 10% and will raise them further.

Kate Rumsey, who runs Rumsey's Chocolates in Buckinghamshire and Oxfordshire, said they are being forced to take a short-term view to survive. Pic: Rumsey's Chocolates
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Kate Rumsey, who runs Rumsey’s Chocolates in Buckinghamshire and Oxfordshire, said they are being forced to take a short-term view to survive. Pic: Rumsey’s Chocolates

She told Sky News: “We’re very much taking more of a short-term view at the moment, it’s so seasonal in this business so I said to the team we’ll just get through Q1 then re-evaluate.

“I feel this is a bit about the survival of the fittest and many businesses won’t survive.”

Tina McKenzie, policy chair of the FSB, said the NIC rise “holds back growth” and has seen small business confidence drop to its lowest point since the first year of the pandemic.

With the “highest tax burden for 70 years”, she called on the chancellor to introduce a “raft of pro-small business measures” in the autumn budget so it can deliver on its pledge for growth.

She reminded employers they can claim the Employment Allowance, which has doubled after an FSB campaign to take the first £10,500 off an employer’s annual bill.

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National Insurance rise impacts carers

CARE

The care sector has been warning the government since the October that budget care homes will be forced to close due to the financial pressures the employers’ national insurance rise will place on them.

Care homes receive funding from councils as well as from private fees, but as local authorities feel the squeeze more and more their contributions are not keeping up with rising costs.

The industry has argued without it the NHS would be crippled.

Raj Sehgal, founding director of ArmsCare, a family-run group of six care homes in Norfolk, said the NIC increase means a £360,000 annual impact on the group’s £3.6m payroll.

In an attempt to offset those costs, the group is scrapping staff bonuses and freezing management salaries.

It is also considering reducing day hours, where there are more staff on, so the fewer numbers of night staff work longer hours and with no paid break.

Raj Sehgal said his family-owned group of care homes will need £360,000 extra this year for the NIC hike
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Raj Sehgal said his family-owned group of care homes will need £360,000 extra this year for the NIC hike

Mr Sehgal said: “But what that does do unfortunately, is impact the quality you’re going to be able to provide, at a time when we need to be improving quality, but something has to give.

“The government just doesn’t seem to understand that the funding needs to be there. You cannot keep enforcing higher costs on businesses and not be able to fund those without actually finding the money from somewhere.”

He said the issue is exacerbated by the fact local authority funding, despite increasing to 5%, will not cover the 10% rise.

“It’s going to be a really, really tough ride. And we are going to see a number of providers close their doors,” he warned.

Nadra Ahmed, executive co-chair of the National Care Association, said those who receive, or are waiting to access, care as well as staff will feel the impact the hardest.

“As providers see further shortfalls in the commissioning of care services, they will start to limit what they can do to ensure their viability or, as a last resort exit the market,” she said.

“This is very short-sighted, with serious consequences, which alludes to the understanding of this government.”

Government decided to ‘wipe the slate clean’

A Treasury spokesperson told Sky News the government is “pro-business” but has “taken the difficult but necessary decisions to wipe the slate clean and properly fund our public services after years of declines”.

“Our budget choices have already delivered an NHS with falling waiting lists, a £3.7bn rescue package for social care, and vital protection for Britain’s small businesses,” they said.

“We’re making tough choices today to secure a better tomorrow through our Plan for Change. By investing in economic growth and early years education while capping corporation tax, we’re putting more money in working people’s pockets and giving every child the best start in life.”

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Russell Brand charged with rape and sexual assault

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Russell Brand charged with rape and sexual assault

Russell Brand has been charged with rape and two counts of sexual assault between 1999 and 2005.

The Metropolitan Police say the 50-year-old comedian, actor and author has also been charged with one count of oral rape and one count of indecent assault.

The charges relate to four women.

He is due to appear at Westminster Magistrates’ Court on Friday 2 May.

Police have said Brand is accused of raping a woman in the Bournemouth area in 1999 and indecently assaulting a woman in the Westminster area of London in 2001.

He is also accused of orally raping and sexually assaulting a woman in Westminster in 2004.

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Ashna Hurynag discusses Russell Brand’s charges

The fourth charge alleges that a woman was sexually assaulted in Westminster between 2004 and 2005.

Police began investigating Brand, from Oxfordshire, in September 2023 after receiving a number of allegations.

Read more from Sky News:
Mum spared prison after son’s death
Last UK blast furnaces days from closure
Ship owner files legal claim after North Sea crash

The comedian has denied the accusations and said he has “never engaged in non-consensual activity”.

He added in a video on X: “Of course, I am now going to have the opportunity to defend these charges in court, and I’m incredibly grateful for that.”

Metropolitan Police Detective Superintendent Andy Furphy, who is leading the investigation, said: “The women who have made reports continue to receive support from specially trained officers.

“The Met’s investigation remains open and detectives ask anyone who has been affected by this case, or anyone who has any information, to come forward and speak with police.”

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Teenage boy missing after ‘getting into difficulty’ in lake in southeast London, police say

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Teenage boy missing after 'getting into difficulty' in lake in southeast London, police say

Search teams are looking for a 16-year-old boy who went missing after “getting into difficulty” in a lake in southeast London.

Officers and paramedics were called shortly after 3pm on Friday to Beckenham Place Park in Lewisham.

The Metropolitan Police said the boy’s family has been told and are being supported by specialist officers.

In a statement, officers added that emergency services are “co-ordinating a search” and “the park has been evacuated”.

Beckenham Place Park, which borders the London borough of Bromley, covers around 240 acres, according to the park’s website.

google street view inside Beckenham Place park, Lewisham where a 16 y/o boy is missing after getting into difficulty in a lake
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Emergency teams were called to Beckenham Place Park on Friday afternoon

The lake is described as 285 metres long, reaching depths of up to 3.5 metres. It is designed as a swimming lake for open-water swimming and paddle boarding.

A London Ambulance Service spokesperson said: “We were called at 3.02pm this afternoon to reports of a person in the water.

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“We sent resources to the scene, including an ambulance crew, an incident response officer and members of our hazardous area response team.

“We are still at the scene working alongside our emergency services partners.”

Emergency teams have not explained how the boy entered the water, or whether he was accompanied by others.

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