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Each Monday, our Money team speaks to someone from a different profession to discover what it’s really like. This week we chat to James Davies, a specialist orthodontist at Quayside Orthodontics in Carmarthenshire and Pembrokeshire…

People think my job is… something they would not want to do. Looking in people’s mouths all day!

What I’d say to them is… it’s better than working with smelly feet.

One thing I’d change about the industry is… the NHS contract. Dentists used to be paid for what they did, now they are paid per course of treatment. In short, if you do one filling or 20 you get paid the same. This discourages the treatment of those in high need unless the dentist becomes a charity. What we have seen over the past 20 years is privatisation by stealth. Make the NHS contract so difficult to undertake profitably that dentists vote with their feet – then the government can blame the “greedy dentist”.

Being able to build a quick rapport is vital… Working in people’s mouths is an intrusive process, so being able to reduce anxieties and tensions over difficult, potentially painful procedures is key. Communication is the most important skill – manual dexterity is a close second to this.

Every dentist will have a small number of patients…who they would gladly pay to go elsewhere.

The biggest mistake I made with a patient was… is miscommunication. A larger lady entered the practice and I asked her “when she was due”. To my embarrassment, she replied “I had the baby 12 weeks ago.” Cringe!

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Watching the complete life transformation of a patient… who has finished their course of treatment is the most rewarding thing. Often within orthodontics, patients walk in unwilling to smile and with low self-esteem. They can walk out beaming and overflowing with positivity into their new lives. I personally find treating teenagers is incredibly rewarding, they have lots of dreams and aspirations, and they help to keep me young.

Read more of this series:
What it’s really like to be a… publican
What it’s really like to be a… novelist
What it’s really like to be a… soldier

Often our hands are tied… by NHS regulation. There is so much dentists can do to improve people’s smiles, but there is an overly complex set of rules of what constitutes NHS and private (cosmetic) treatment.

A practice I worked at was bought out by a multinational… and I was left working for a company that put profits over patient care and treated everybody as a number. On the positive flip, it motivated me to set up my own practice to be everything they were not, and it has been a runaway success. Kindness and the personal touch cost nothing!

Salaries start at… £38,000 in year one, rising to about £100,000 in year five. With a specialism you can earn upwards of £150,000.

There is a huge amount of freedom to pick and choose your work schedule… as most dentists are self-employed and are contracted to a practice. I have always worked four days a week, which gives me a day to pursue other interests, be it DIY, gardening or learning Welsh.

My day begins at… around 8am with a bowl of cornflakes (something I think is grossly underrated). I always buy an i newspaper on my way to work and see my first patient by 9am. I tend to see 25 patients a day and try to fit a 5km run at lunchtime twice a week. My evenings are spent ferrying my children to various activities before retiring at 10pm.

When you’re staring into someone’s mouth… the mind does wonder. I think about things going on in the family, ambitions/dreams and how to strive to be a better person.

A file picture of a dentist examining someone's mouth. Pic: iStock
Image:
Pic: iStock


Dentistry in the UK is a five-year course… to attain a bachelor in dental science degree from one of 16 dental schools. It is usually an undergraduate degree, though graduate entry is available from Aberdeen and Preston. Upon graduation, you enter on a dental foundation programme within the NHS. This currently pays £38,472 a year. Most dentists can expect to earn around £60,000 to £100,000 in subsequent years. There are 13 specialisms within dentistry that dentists can choose to study and attain postgraduate qualifications. I undertook a career in orthodontics, which required a three-year post graduate degree.

I would hope to semi-retire at… 60. I am lucky enough to have a NHS pension – a defined benefit pension scheme underwritten by the government. For a dentist joining today, you will have to be 67. If I am enjoying it, which I hope I still am, I would happily work two days a week for as long as I can or am allowed!

If I had my time again I would have… slowed down and lived my life at a jog rather than a sprint. I would have worried less about the future and enjoyed the journey more rather than the destination.

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Chair candidates battle to check in at Premier Inn-owner Whitbread

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Chair candidates battle to check in at Premier Inn-owner Whitbread

Two chairs of FTSE-100 companies are vying to succeed Adam Crozier at the top of Whitbread, the London-listed group behind the Premier Inn hotel chain.

Sky News has learnt that Christine Hodgson, who chairs water company Severn Trent, and Andrew Martin, chair of the testing and inspection group Intertek, are the leading contenders for the Whitbread job.

Mr Crozier, who has chaired the leisure group since 2018, is expected to step down later this year.

The search, which has been taking place for several months, is expected to conclude in the coming weeks, according to one City source.

Ms Hodgson has some experience of the leisure industry, having served on the board of Ladbrokes Coral Group until 2017, while Mr Martin was a senior executive at the contract caterer Compass Group and finance chief at the travel agent First Choice Holidays.

Under Mr Crozier’s stewardship, Whitbread has been radically reshaped, selling its Costa Coffee subsidiary to The Coca-Cola Company in 2019 for nearly £4bn.

The company has also seen off an activist campaign spearheaded by Elliott Advisers, while Mr Crozier orchestrated the appointment of Dominic Paul, its chief executive, following Alison Brittain’s retirement.

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It said last year that it sees potential to grow the network from 86,000 UK bedrooms to 125,000 over the next decade or so.

Mr Crozier is one of Britain’s most seasoned boardroom figures, and now chairs BT Group and Kantar, the market research and data business backed by Bain Capital and WPP Group.

He previously ran the Football Association, ITV and – in between – Royal Mail Group.

On Friday, shares in Whitbread closed at £25.41, giving the company a market capitalisation of about £4.5bn.

Whitbread declined to comment this weekend.

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Bank chiefs to Reeves: Ditch ring-fencing to boost UK economy

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Bank chiefs to Reeves: Ditch ring-fencing to boost UK economy

The bosses of four of Britain’s biggest banks are secretly urging the chancellor to ditch the most significant regulatory change imposed after the 2008 financial crisis, warning her its continued imposition is inhibiting UK economic growth.

Sky News has obtained an explosive letter sent this week by the chief executives of HSBC Holdings, Lloyds Banking Group, NatWest Group and Santander UK in which they argue that bank ring-fencing “is not only a drag on banks’ ability to support business and the economy, but is now redundant”.

The CEOs’ letter represents an unprecedented intervention by most of the UK’s major lenders to abolish a reform which cost them billions of pounds to implement and which was designed to make the banking system safer by separating groups’ high street retail operations from their riskier wholesale and investment banking activities.

Their request to Rachel Reeves, the chancellor, to abandon ring-fencing 15 years after it was conceived will be seen as a direct challenge to the government to take drastic action to support the economy during a period when it is forcing economic regulators to scrap red tape.

It will, however, ignite controversy among those who believe that ditching the UK’s most radical post-crisis reform risks exacerbating the consequences of any future banking industry meltdown.

In their letter to the chancellor, the quartet of bank chiefs told Ms Reeves that: “With global economic headwinds, it is crucial that, in support of its Industrial Strategy, the government’s Financial Services Growth and Competitiveness Strategy removes unnecessary constraints on the ability of UK banks to support businesses across the economy and sends the clearest possible signal to investors in the UK of your commitment to reform.

“While we welcomed the recent technical adjustments to the ring-fencing regime, we believe it is now imperative to go further.

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“Removing the ring-fencing regime is, we believe, among the most significant steps the government could take to ensure the prudential framework maximises the banking sector’s ability to support UK businesses and promote economic growth.”

Work on the letter is said to have been led by HSBC, whose new chief executive, Georges Elhedery, is among the signatories.

His counterparts at Lloyds, Charlie Nunn; NatWest’s Paul Thwaite; and Mike Regnier, who runs Santander UK, also signed it.

While Mr Thwaite in particular has been public in questioning the continued need for ring-fencing, the letter – sent on Tuesday – is the first time that such a collective argument has been put so forcefully.

The only notable absentee from the signatories is CS Venkatakrishnan, the Barclays chief executive, although he has publicly said in the past that ring-fencing is not a major financial headache for his bank.

Other industry executives have expressed scepticism about that stance given that ring-fencing’s origination was largely viewed as being an attempt to solve the conundrum posed by Barclays’ vast investment banking operations.

The introduction of ring-fencing forced UK-based lenders with a deposit base of at least £25bn to segregate their retail and investment banking arms, supposedly making them easier to manage in the event that one part of the business faced insolvency.

Banks spent billions of pounds designing and setting up their ring-fenced entities, with separate boards of directors appointed to each division.

More recently, the Treasury has moved to increase the deposit threshold from £25bn to £35bn, amid pressure from a number of faster-growing banks.

Sam Woods, the current chief executive of the main banking regulator, the Prudential Regulation Authority, was involved in formulating proposals published by the Sir John Vickers-led Independent Commission on Banking in 2011.

Legislation to establish ring-fencing was passed in the Financial Services Reform (Banking) Act 2013, and the regime came into effect in 2019.

In addition to ring-fencing, banks were forced to substantially increase the amount and quality of capital they held as a risk buffer, while they were also instructed to create so-called ‘living wills’ in the event that they ran into financial trouble.

The chancellor has repeatedly spoken of the need to regulate for growth rather than risk – a phrase the four banks hope will now persuade her to abandon ring-fencing.

Britain is the only major economy to have adopted such an approach to regulating its banking industry – a fact which the four bank chiefs say is now undermining UK competitiveness.

“Ring-fencing imposes significant and often overlooked costs on businesses, including SMEs, by exposing them to banking constraints not experienced by their international competitors, making it harder for them to scale and compete,” the letter said.

“Lending decisions and pricing are distorted as the considerable liquidity trapped inside the ring-fence can only be used for limited purposes.

“Corporate customers whose financial needs become more complex as they grow larger, more sophisticated, or engage in international trade, are adversely affected given the limits on services ring-fenced banks can provide.

“Removing ring-fencing would eliminate these cliff-edge effects and allow firms to obtain the full suite of products and services from a single bank, reducing administrative costs”.

In recent months, doubts have resurfaced about the commitment of Spanish banking giant Santander to its UK operations amid complaints about the costs of regulation and supervision.

The UK’s fifth-largest high street lender held tentative conversations about a sale to either Barclays or NatWest, although they did not progress to a formal stage.

HSBC, meanwhile, is particularly restless about the impact of ring-fencing on its business, given its sprawling international footprint.

“There has been a material decline in UK wholesale banking since ring-fencing was introduced, to the detriment of British businesses and the perception of the UK as an internationally orientated economy with a global financial centre,” the letter said.

“The regime causes capital inefficiencies and traps liquidity, preventing it from being deployed efficiently across Group entities.”

The four bosses called on Ms Reeves to use this summer’s Mansion House dinner – the City’s annual set-piece event – to deliver “a clear statement of intent…to abolish ring-fencing during this Parliament”.

Doing so, they argued, would “demonstrate the government’s determination to do what it takes to promote growth and send the strongest possible signal to investors of your commitment to the City and to strengthen the UK’s position as a leading international financial centre”.

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Post Office to unveil £1.75bn banking deal with big British lenders

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Post Office to unveil £1.75bn banking deal with big British lenders

The Post Office will next week unveil a £1.75bn deal with dozens of banks which will allow their customers to continue using Britain’s biggest retail network.

Sky News has learnt the next Post Office banking framework will be launched next Wednesday, with an agreement that will deliver an additional £500m to the government-owned company.

Banking industry sources said on Friday the deal would be worth roughly £350m annually to the Post Office – an uplift from the existing £250m-a-year deal, which expires at the end of the year.

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The sources added that in return for the additional payments, the Post Office would make a range of commitments to improving the service it provides to banks’ customers who use its branches.

Banks which participate in the arrangements include Barclays, HSBC, Lloyds Banking Group, NatWest Group and Santander UK.

Under the Banking Framework Agreement, the 30 banks and mutuals’ customers can access the Post Office’s 11,500 branches for a range of services, including depositing and withdrawing cash.

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The service is particularly valuable to those who still rely on physical cash after a decade in which well over 6,000 bank branches have been closed across Britain.

In 2023, more than £10bn worth of cash was withdrawn over the counter and £29bn in cash was deposited over the counter, the Post Office said last year.

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A new, longer-term deal with the banks comes at a critical time for the Post Office, which is trying to secure government funding to bolster the pay of thousands of sub-postmasters.

Reliant on an annual government subsidy, the reputation of the network’s previous management team was left in tatters by the Horizon IT scandal and the wrongful conviction of hundreds of sub-postmasters.

A Post Office spokesperson declined to comment ahead of next week’s announcement.

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