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Inflation: Simple Causes But a Complicated Cure JULY 2022 We face a wave of strikes, intended to restore the purchasing power of wages in face of inflation. But strikes cannot succeed in restoring everyone’s purchasing power. In the near term, inflation’s impact on living standards can be significantly mitigated only by importing more and so increasing our trade deficit, financed by foreign borrowing. Unwillingness to do that means we are likely to prolong the wave of strikes and so suffer a bruising recession created by restrictive monetary policy. This will cause yet more damage to living standards. However, debt-funded importing of consumption items in order to maintain living standards is poor policy longer-term. It can’t stop the harmful redistribution effects of inflation that are already emerging. Most important, it doesn’t address the longstanding source of our lagging living standards – too little economic growth and economic resilience due to our failure to grow productivity. Without increased productivity, debt-funded consumption repair will cumulate to tomorrow’s fiscal crisis. Therefore, we face a very difficult policy challenge. We must act to support living standards over the next year or two, mitigate the social problems that inflation is already causing and, simultaneously, divert our priorities (and our continuing borrowing) to foster much improved productivity growth. Causes This is a simple story. Today’s inflation demonstrates that we are poorer than we were three years ago. The value of what we, collectively, produce and earn, has shrunk, relative to the cost of the things that we seek to consume. Inflation constricts our consumption options to what we can now afford. We are poorer for two reasons. First, because we produce and earn less domestically, and second, because the things that we don’t produce but import have become scarcer, forcing us to pay more to get them. • Brexit caused an immediate and seemingly permanent devaluation of Sterling, raising the costs of everything that we import. It also seemingly permanently reduced our exports to the EU, our largest trading partner. No new trade possibilities are similar in scale, so there is a long-term loss of income. Moreover, increased non-tariff barriers have raised the cost of imports from the EU beyond the exchange rate effect. • The pandemic has reduced the worldwide supply of all sorts of goods, therefore raising their prices. This is due to supply chain problems, the zero-Covid China lockdown, the reduction in UK output because a significant portion of the population is out with Covid at any time. Crops are left rotting in the fields because there aren’t enough domestic agricultural workers and, of course, no more EU farm workers. • The war in Ukraine has escalated the costs of energy and food grains. In the future it will propel redirection of domestic resources to the production of war material, which is not edible. Consequences Inflation not only makes us, collectively, poorer, it differentially distributes the pain. • Everyone in the UK could go on strike to try to raise their wages enough to maintain their real consumption. But as the pie has shrunk, that is impossible. The extra money people get will simply chase the same, smaller amount available and the prices of goods and services will rise further. If the ensuing price rises provoke further wage increases, we chase our tails. This is the wage/price spiral that the Bank of England fears. • Some groups have more wage bargaining power than others. Perhaps the railway unions can indeed hold the country to ransom and regain their purchasing power. But then others, less empowered than railway workers, will become greater losers. • Inflation causes a flight to real assets – houses, commodities – whose values float up with the price level. Because ownership of real assets is very unequally distributed, the asset-rich minority is likely to come out better than before while the asset-poor majority lose even more. The purchasing power of people living on fixed-return assets such as retirement annuities would be devastated by a wage/price spiral. Similarly, as interest rates rise with the price level (or even faster if the Bank of England has its way), debtors on floating rate loans will be hit hard. • Different geographic areas have different mixes of people who would be gainers and losers from a wage/price spiral, exacerbating our substantial regional inequalities. Cure Part 1: Near-Term Mitigation How is it possible to offset the fall in current consumption which is provoking the wage/price spiral? People can consume more than they earn only by borrowing. The key is how that borrowing is undertaken. Households could borrow from private UK lenders, or the state could sell bonds to UK citizens and give the proceeds to other UK citizens to spend. But if all they can spend it on is the total value of UK output, that pie is shrinking. More money from borrowing would only raise prices, that is, add to inflation. Total UK consumption can exceed the value of UK output only if the extra is imported. Because the imports are paid for in another currency, borrowing to pay for those imports must be borrowing from foreign sources. The debt (public and private) that the UK owes others must rise by the value of the excess consumption. However, consuming more today by adding to our overseas debt isn’t a miracle cure. • Not everything can be imported. Domestic services of all types are provided, well, domestically. GP visits and houses and hotel rooms and haircuts will cost more as a result of wage inflation, no matter the amount of net foreign borrowing. These price increases will continue to provide some impetus to a wage/price spiral and make it more likely that the Bank of England will end up pushing the economy into recession to stop it. • The problem with debt is that you have to pay it back, and in the meantime, you pay interest on it. More consumption today means surrendering a greater amount of potential consumption in the future. Only if there is strong UK productivity growth will this foreign debt repayment not cause significant future trouble. Sadly, the UK has lagged in productivity growth among advanced economies for many years. Cure Part 2: A More Productive Economy The policy most likely to maintain social cohesion in the near term, and greater prosperity in the longer term, is a tricky two-step. We need to borrow to defend most people’s consumption in the next year or two, but then switch the budget to support growth and productivity-enhancing investment. Unless we do this, our debt repayment obligations will grow to unmanageable levels and meanwhile our level of consumption will continue to shrink relative to that of our peers. Our political system has not been good at tricky two-steps. It can manage short-term stimulus, funded by debt. But for decades the UK has failed to invest sufficiently in physical, technological and human capital to create productivity comparable to our peers. The inflation crisis is a call to action. Not only to mitigate current deterioration in living standards but to build a modern economy that sustains rising living standards into the future.
Expert Sources for Federal Reserve interest rate increase: UCI faculty members available to comment
On June 15, the Federal Reserve announced its largest interest rate hike in 28 years to try to regain control over elevated consumer prices. The Fed raised its benchmark interest rate by three-quarters of a percentage point – the biggest increase since 1994 – following a quarter-point jump in March and a half-point increase in May. “We’re strongly committed to bringing inflation back down and we’re moving expeditiously to do so,” said Federal Reserve Chairman Jerome Powell. Eric Swanson – professor of economics. Swanson’s research focuses on monetary policy, interest rates and the effects on economy, including output, unemployment and inflation. Swanson previously worked at the Federal Reserve Board and Federal Reserve Bank of San Francisco from 1998-2014 as an economist and research advisor. Email: eric.swanson@uci.edu Aaron James – professor of philosophy. James co-authored the book Money from Nothing: Or, Why We Should Stop Worrying About Debt and Learn to Love the Federal Reserve, which explains the nature of money and a number of alternatives the Federal Reserve can legally employ to curb inflation other than increasing interest rates. Email: aaron.james@uci.edu Jack Liebersohn – assistant professor of economics. Liebersohn’s research focuses on banking, banking risk taking, mortgages and the housing market and he can speak to how increasing the Federal Reserve interest rate affects any of those elements of the economy. Email: cjlieber@uci.edu Christopher Schwarz – associate professor of finance and faculty director of the Center for Investment and Wealth Management. Schwarz can discuss how far the Federal Reserve will have to go and its impact on the economy and financial markets moving forward. Email: cschwarz@uci.edu Media Contact: Cara Capuano, Communications Officer, UCI | 949-501-9192 | ccapuano@uci.edu
New LIV Golf series raises plenty of questions and eyebrows
When the new LIV Golf series backed by Saudi Arabia came into existence, it raised plenty of questions on who would jump from the PGA Tour to this new league. With guaranteed appearance fees in the millions offered, it wasn’t a huge surprise some of the biggest stars like Phil Mickelson, Dustin Johnson Brooks Koepka and Bryson DeChambeau have decided to join. Some of pushback to the new league comes as a result of the Saudis' track record on human rights issues. The PGA Tour had warned players there would be repercussions of playing in those events and responded by suspending those who are, indefinitely. But can they legally do that? Richard Franza, dean of the Hull College of Business said golfers are independent contractors and the suspensions may end up being challenged in court. “Nothing will be resolved until it goes to court,” said Franza. “I think there are three things that could determine if it goes to court or not. First — if someone is playing LIV Golf wants to play in a PGA Tour event and they are barred. Second — if somehow the stance on majors changes, which I think is very plausible. Third — will these guys be included in the official World Golf Rankings? This is important because the OWGR help determine automatic entry into the majors.” Right now, golf’s four majors, the Masters, U.S. Open, PGA Championship and The Open Championship, are not run by the PGA Tour and have indicated they would not bar those playing in the LIV Golf series. It’s apparent to most this is a money move by the players. With the millions of dollars being guaranteed to Mickelson, Johnson and others, they are securing their future. There are also only eight events in the LIV Golf series with a team component. Each tournament is just three rounds, compared to the four in a PGA Tour event. Franza said they may also be challenging the PGA Tour to change how they do business. “I think in the grand scheme of things the guys would like to stay with the PGA Tour. But for some of them, it’s a way to try to get the PGA Tour to change things. I don’t know if they (LIV players) are looking for guarantees or not, but they’re probably looking for bigger purses, although purses have already gotten pretty big. I think they may want different events that aren’t all stroke play events,” added Franza. In fact, the PGA Tour has recently announced significant purse increases for some of their tournaments as a response to the LIV Golf series. If you're looking to know more about what's next for players and the business side of golf, then let us help. Richard Franza is available to speak with media – simply click on his icon now to arrange an interview today.
Covering SCOTUS? Our experts are ready to help with your stories
It's looking like the next couple weeks could be busy and monumental for any reporter covering the Supreme Court. Important decisions are coming down regarding abortion, environmental protections, gun laws and more. It will be a busy news week; if you are a reporter the time is now to line up your expert sources and key contacts. If you are a journalist covering the Supreme Court and how these decisions are impacting American life and politics, that’s where Augusta University can help. Dr. Martha Ginn, professor of political science at Augusta University, is an expert on the judicial process, constitutional law and the U.S. Supreme Court. Dr. Ginn is available to speak with media about this topic — simply click on her icon to arrange an interview today.
MEDIA RELEASE: CAA survey says gas prices affecting summer travel plans
Rising fuel prices means those heading out on road trips this year are being forced to make adjustments. A recent survey conducted by CAA South Central Ontario has found that rising gas prices are having an impact on road trip plans now that gas is higher than $2 per litre. Seventy-six per cent of those surveyed say they have a road trip planned within the province this year, while 26 per cent are planning an out-of-province road trip, and 23 per cent are planning to drive to the US. Of those who are planning a road trip, 64 per cent of these respondents said gas prices are likely to impact their road trip plans. While some are limiting the number of trips they take overall or driving shorter distances, some travelers are planning around gas prices, and others are adjusting their budget to accommodate fuel prices during their trip. As we transition into summer, there are easy ways to save money on fuel. This includes controlling speed and limiting hard stopping, avoiding unnecessary idling, and being mindful of your vehicle’s temperature. Savings can also start at the pump, as CAA Members save 3 cents per litre when filling up at select Shell gas stations. More summer fuel saving tips: Don’t start your car until you need to – your vehicle will “loosen up” as you drive. Turn off your vehicle if you’re going to be waiting for longer than a stoplight. Avoid “jackrabbit” starts and hard braking. Fuel economy peaks between 80-90km/h. Use cruise control to maintain your speed to get more distance out of your fuel tank. Gradually cool down your vehicle by first rolling down your windows to air out the vehicle, then turn on your air conditioning gradually. Close your windows and sunroof when highway driving, and use a window shade when the car is parked to help keep the vehicle cooler Keep your tires at the manufacturer’s recommended pressure. Set a reminder on your phone to check it monthly. Plan your route to avoid backtracking and unnecessary mileage. Planning is essential to ensure road trip safety. “We recommend you plan routes ahead of time and share them with someone, bring a map as a backup to your GPS, and check the weather ahead of time,” says Kaitlynn Furse, Director of Corporate Communications, CAA South Central Ontario. “We recommend a daily driving maximum of 800km per day with 15-minute breaks every two hours to ensure you are well rested before you get behind the wheel.” Be sure to pack your CAA membership or download the CAA app for peace of mind on the road. As a part of planning a trip, it’s important to ensure your vehicle is safe and reliable. Here are some ways to get your car road trip ready: Check your tires. Ensure the tire pressure meets the manufacturer's recommendations to improve your vehicle's handling and extend the life cycle of your tires. Top up your fluids. Consider packing extra summer washer fluid and change your oil if you are close to your regularly scheduled appointment. Clean your windshield. Clean any debris inside and out and replace worn wiper blades. Check your lights. Make sure your headlights, brake lights and turn signals are working properly. If you have kids, teach them about road safety by involving them in the process. Test the battery. Intense heat can cause just as much havoc on your car battery as the frigid cold. If your battery is older than three years, have a professional test your car battery and replace it. CAA Battery Service will test, boost or replace your battery. Pack an emergency roadside kit. Whether you buy a pre-assembled kit or create your own, it should include a few essentials like a flashlight, jumper cables, working jack cellphone battery charger, water and non-perishable food. Double check your licence plates are renewed. Doing a quick spot-check online is easy and will help you avoid the risk of getting a ticket. Renewing your licence plate is free. For CAA Members, when you run out of gas, a limited supply of gasoline will be delivered to your disabled vehicle to enable you to reach the nearest open service station, or in accordance with towing service provisions, a tow will be provided to a facility where fuel is available. Specific brands or octane ratings cannot be promised. CAA surveyed 1,697 respondents via a CAA Member Matters Panel in South Central Ontario from May 27 to June 5, 2022.
Has your cell phone data ever inexplicably slowed down? Worse still, perhaps you’ve had a mobile bill come in way higher than you expected. Keeping track of your data usage can be tough, especially when the billing mechanisms routinely deployed by digital service providers are often more complex than they seem. Things like three-part tariffs bundle a certain amount of “free” data or services into a fixed monthly fee, with an excess charge payable whenever you go over your allocation. These packages are usually marketed to consumers as being simple as well as attractive (who after all doesn’t love the sound of “free data?”) but in reality, they can be hard for people to manage—and failing to do so, punitive. Exceed your allotted data and you end up with subpar services or unwanted costs. Underutilize your allocation and you’re leaving money on the table. Meanwhile, in a world where we use digital services to do any number of things—from scrolling to streaming to storing and beyond—how can we accurately track just how much of our allowance we’re getting through? To address this, service providers are increasingly sending usage notifications to customers at different points of the billing cycle. These nudges are designed to help us to act in our own best interest: to take stock and modify our usage accordingly. But do they work? It depends, says Anandhi Bharadwaj, Vice-Dean for Faculty and Research at Goizueta. She and her colleagues have published a study that looks at the impact of these nudges, and they’ve found that they do help all customers adjust their behavior to stay within their allowance, irrespective of how attentive or inattentive they might be to their consumption speed in general. But there are provisos. First off, these consumption nudges seem to be significantly more effective with customers who have purchased higher data allowance than those who opt for low-capped packages. Then, the timing of nudges matters. When notifications arrive later in the billing cycle—right before a bill is due, say—they have significantly more impact across the board, says Bharadwaj. Companies should take note. “Ours is the first study to really unpack the efficacy of nudges in the digital services space, and it shows that who and when are important factors that service providers will need to take into account if they want to improve customer experiences.” Interested in knowing more - let us help. Anandhi Bharadwaj is an information systems expert bringing a wide range of development and executive training experience to the classroom. Her research examines the adoption, use, and impact patterns associated with technological change. Anandhi is available to speak with reporters - simply click on her icon now to arrange an interview today.
Covering the music beat? Then tune in and get in touch with our resident hip-hop expert
Augusta University Professor Adam Diehl is an expert in hip-hop culture, lyrical analysis, rap as a form of literature and specifically, the works of Kendrick Lamar. Diehl gives an update on what's new in hip-hop and of course, answers questions about Lamar and his highly anticipated new album. How has the hip-hop music scene changed over the last 5 years? The hip-hop music scene has changed faster than any other genre the last five years. Whereas country still uses radio play and music videos to gauge success (along with album sales and streaming numbers) and rock uses touring to supplement and offset recording costs, pop and hip-hop have a great advantage in that they can raise people to stardom almost overnight. In fact, several of the biggest pop stars like Billie Eilish and Post Malone made their rapid ascents through the same channel many of the top hip-hop stars did: Soundcloud. Because this platform allowed new artists the chance to put their music alongside heavyweights, it democratized the listening process. What sent Soundcloud soaring? To put it succinctly, Soundcloud was the great reset of the hip-hop world. But when COVID hit and musicians couldn't tour for upwards of two years, the hip-hop community soared past country and rock (which they were already outselling pre-pandemic) because they didn't base their profit model on touring. Even pop stars were at a disadvantage, because the TV appearances and interviews they used to promote their new releases were few and far between for at least a year, and virtual events just couldn't replicate award show appearances and performances. Hip-hop, meanwhile, continued to be "Black America's CNN" and reported on the protests and outrage following the high-profile deaths of George Floyd and Breonna Taylor. The resurgence of Black Lives Matter brought mainstream media and cultural attention to the Black community, and as such the importance of hip-hop grew, just as it did in the wake of the Rodney King verdict and the deaths of Trayvon Martin, Michael Brown and Eric Garner. How has the economy of music changed? Most people under 20 don't own any CDs. What money these kids don't spend on music can now go to a modern cultural institution: the music festival. Increasingly, cities are hosting these previously camping-required concerts, which has been a particular advantage for hip-hop artists, who don't need roadies or sometimes even other people on stage. All they need is a setlist with six to 10 catchy songs, an entrancing light show, a DJ/engineer and a strong stage presence, and they can captivate the audience as easily as some of the all-time greats of any genre. Going forward, the music industry is going to be about return on investment. Instead of developing artists over a five-year period and then letting them blossom for two to three decades, they are looking for someone to explode in popularity instantly, stay in the spotlight and public consciousness consistently for three to five years, and then maybe stick around. TikTok is, in many ways, analogous to this career arc: the videos are short, the makers are -- to some extent -- largely forgettable, and the popularity relies heavily on a "hook." It's no surprise that hip-hop has been the most adopted genre by TikTokers: the genre has been more effective than any other in terms of codifying "catch phrases." And that's what TikTok is going for: something to hook viewers into watching more. Did the Super Bowl appearance by hip-hop artists take the genre to a whole new level as far as mainstream music? If the Super Bowl halftime show in 2022 did anything, it showed that rap and hip-hop are now as household friendly as rock, country and pop. Perhaps because so many best-selling rock acts had already played the halftime show, and perhaps because the pop acts of recent years had failed to maintain the public's attention, the 2022 halftime show featured one of hip-hop's founding fathers: Dr. Dre. His menagerie of artists' careers stretched over 30 years, and the time constraints of the show made hip-hop the ideal soundtrack. In a 13-minute set, six performers all got their moment in the California sun, and the mega-mix model so often used in clubs was perfect to segue from artist to artist. What 30 to 35 years ago was "Parental Advisory" is now the music that parents listen to. The target demo of the Super Bowl would've thought someone like Simon & Garfunkel or The Eagles much more risky picks than Dr. Dre & Co., even if their music was more family-friendly. Many casual music fans thought Kendrick Lamar was the head-scratcher because of his shorter tenure in the spotlight, but the younger generations watching were much more interested in what Kendrick did than "old heads" like Snoop Dogg and Mary J. Blige. Was this new album by Kendrick Lamar overdue? The new Kendrick Lamar album comes right on time: it is the definitive COVID album. If he had released in spring/summer 2020 when he originally intended (i.e. if the early March 2020 pgLang rollout was foreshadowing his record release), this would be a substantially different work of art. Instead, the project voices what so many people have endured in the pandemic: domestic turmoil. The tracks cover a vast array of topics -- from vaccinations to transgenderism to cancel culture -- but the unifying theme is therapy. As much emphasis as physical health got over the past two years, the pandemic was arguably just as bad if not worse for people's mental health. Accordingly, this album goes into dark valleys in Kendrick's and his family's trials and traumas: child abuse, sex addiction, separation/divorce, deaths, etc. In the two years that society has been persevering through the pandemic, countless marriages and millions of lives have been shaken to their cores. Listening to this double-album adds another tremor to our already-jostled souls. Tracks like "We Cry Together" capture the rapid-fire romantic arguments that can quickly escalate from disappointment to suicidal ideation, and "United in Grief" recreates the sense of a panic attack with its intensifying lyric delivery and drumbeats. Anxiety and depression are the recurring moods of this album, and the track list ranges in sonic textures -- from Lamar's tried-and-true vintage gangsta rap beats to the utterly unpredictable piano flourishes that come straight from a spoken word poetry reading -- to reflect the all-too-familiar combination of monotony and chaos that the world has undergone for the last two years. It is unforgettable -- just like COVID-19 -- but also, perhaps, something we'd rather not relive. Why do some consider Lamar the most influential rapper of our generation? Kendrick Lamar only has two real rivals for most influential rapper of the generation: Kanye West and Drake. Although Kanye is 10 years older, his career overlaps to a large degree with Kendrick's. Kanye's influence certainly comes more in the production of songs than in lyrical delivery, but his subject matter has been very contagious. Kendrick's mentioning of a Birkin bag in "N95" would never have happened if not for Kanye's lyrical (and career) forays into high fashion. Drake, on the other hand, is probably the rapper most influenced by Kanye...who went on to influence the most artists. Without Drake, many rappers wouldn't have had the blueprint for being singers as well as MCs. What Kendrick brings to the conversation is, in a way, more elusive; however, he without a doubt has raised the bar for lyrical delivery and flow, such that rappers have a better chance at success if they are comically basic than if they are merely competent. It's as if Kendrick took Eminem's velocity and used it to speak on bigger picture issues. Kendrick has also proven to be a fashion-forward rapper, collaborating with Reebok, Nike and Converse over the last few years. His influence might be most prominent in the "realness" of his lyrics: without Kendrick's "everyday life music," the emergence and popularization of "Soundcloud rap" might have been significantly limited. Instead, he uses Kodak Black -- one of the most successful of all Soundcloud-era rappers -- on Mr. Morale & the Big Steppers. If Kendrick isn't the most influential rapper of his generation, it's because his ambition and execution have placed him with the all-time greats, and oftentimes that puts artists at odds with their contemporaries. In 100 years, people won't remember some big acts because popularity wears off, but they will still celebrate Kendrick because his work is excellent. Looking to know more? Hit up Adam Diehl today -- simply click on his icon now to arrange an interview.
Battleground Georgia: All eyes on the Peach State with midterms in sight
The US midterm elections are quickly approaching, and with key Senate seats and the governor's mansion up for grabs in Georgia, the Peach State will be low hanging fruit for anyone looking to see where the balance of power rests in the country. With reporters across America covering the latest developments, we asked Augusta University's Mary-Kate Lizotte to answer a few questions that are top of mind for reporters and political junkies alike. The strength of endorsements? Q: What kind of an impact could Mike Pence backing Gov. Brian Kemp have going forward? It could have an influence on the willingness of Republicans who are not former President Trump supporters to contribute to the Kemp campaign and be sure to show up to vote for Kemp. But, it will likely not have much of an influence. Research does not find a huge, lasting impact of endorsements. Ultimately, Trump supporters are unlikely to stay home and not vote for Kemp given that they likely are very against Stacey Abrams becoming governor. For Abrams supporters, she has already begun to use Indiana as a comparison with Georgia to say that Indiana under Pence was more moderate, including Medicaid expansion in comparison with Georgia under Kemp. I doubt this will influence Republican voters who like Pence to vote for Abrams, but it could influence some Independents/moderates to vote for Abrams. It is important to note, however, that most Independents/moderates tend to consistently vote for one party's candidates and thus may not be influenced by this either. A fractured right? Q: Could Pence's support also divide the Republican party somewhat after former President Trump backed David Perdue? Yes, but will likely not have a substantial impact on the election. It is unlikely that Trump supporters and/or Perdue voters will stay home on election day. They will likely vote for Kemp as their most preferred candidate who is running. Goal line stand? Q: Herschel Walker won the Republican primary by a large margin. How does he stack up against Sen. Raphael Warnock in the general election? Polling is currently showing a close race within the margin of error. Warnock has not been running against Walker up until now because Walker had not won the primary, but Walker and conservative groups have been able to run against Warnock because there was no reason to believe that he would not win his primary. In terms of experience, Warnock is the incumbent and thus has more experience. Walker is a complicated and controversial public figure but also is loved among University of Georgia football fans. Warnock has focused on putting out positive campaign advertisements up to this point. But, since there are already attack ads against Warnock, the Warnock campaign or groups supporting the Warnock campaign need to begin airing attack ads against Walker to improve the Warnock standing in the polls. The research indicates that it is best to go negative once you have been attacked. Follow the money? Q: Are we likely to see a record amount of cash flow for candidates in Georgia over the next several months knowing it will be a key swing state? Definitely. People from out of state who will be watching these elections closely will likely contribute. We saw that when Abrams and Kemp ran against one another in 2018 and in the special election that elected Warnock in 2020. If you are a journalist covering this topic, then let our experts help. Dr. Mary-Kate Lizotte is an expert in political and voter behavior. She is available to talk about the upcoming midterm and gubernatorial elections in Georgia. Click on her name to schedule an interview.
Aston University cyber expert to appear at FinTech event in Birmingham
'FinTech Secured – Next Generation' will showcase the work of leading stakeholders in the research and development of financial technology (FinTech) and security Professor Vladlena Benson will offer insight on illicit money flows and trends in Financial Security Registrations are now open for the event on 7 June 2022 at The Compound, Birmingham. The director of the Cyber Security Innovation (CSI) Centre at Aston University is set to appear at a networking event around financial technology (FinTech). Following the success of their first flagship event of 2022 ‘Secure by Design, Advanced Manufacturing’, Midlands Cyber will launch 'FinTech Secured – Next Generation' on the 7 June 2022. The event will be the first face to face event after the pandemic in Birmingham, bringing together thought leaders and service applications specialists for an evening of industry networking. Professor Vladlena Benson, who also serves on the EU’s Agency for Cybersecurity (ENISA) task force defining the Cybersecurity Skills Framework at the European level, will be joined by contacts from within the cryptocurrency sector and offer insight on illicit money flows and trends in financial security. The event will also showcase the work of leading stakeholders in the research and development of FinTech and financial security. FinTech’s academic innovators, CEOs and company founders, entrepreneurs, contractors, investors and policymakers are encouraged to register now to discuss, participate, network and put their questions to our panel of industry experts. Professor Vladlena Benson, an industry-recognised expert in cybersecurity risk management and director of CSI Centre at Aston Business School, said: “Financial services are core to the UK economy and continue to be a common target for cyber criminals. Challenges to the insurance sector and cyber crime prosecution when crypto assets are involved are emerging and at the CSI we are working to provide forensic and data integrity solutions which help secure the FinTech sector.” User of contactless Europay, Mastercard, and Visa (EMV) may be interested in the insights of Tom Chothia, reader in cyber security at the University of Birmingham, on how the vulnerabilities of Apple Pay and Visa could enable hackers to ’Take £1000 from a locked iPhone’. Registrations are now open to join the cluster at 18:00 hrs on the 7 June 2022 at The Compound, Birmingham.
Aston University helps celebrate Apprenticeship Levy Transfer scheme success
• Celebration to recognise 2,500 apprentices who started work across the region • Aston University worked with the WMCA to increase the number of apprenticeships that SMEs can offer by using levy transfer to help fund apprentices • Levy scheme benefitted nearly 800 local SMEs who have been able to take on apprentices thanks to the funding. Staff from the Aston University degree apprenticeship team attended a celebratory event hosted by West Midlands Combined Authority on 11 May to recognise how a pioneering funding scheme has helped nearly 2,500 apprentices start work within businesses across the region. The Apprenticeship Levy Transfer Scheme, which was set up by the WMCA three years ago, covers small and medium-sized enterprises’ (SMEs) training and assessment costs of taking on an apprentice. It uses money pledged by big business from their own unspent Apprenticeship Levy – a Government charge on all employers with a payroll of over £3 million to pay for apprenticeship training. This unspent money would normally go back to Government but under the initiative it is transferred via partnership with the WMCA to fund apprenticeships at smaller local firms. At the event, which was hosted at The Eastside Rooms in Birmingham and attended by levy transfer employer partners, apprentices and businesses from across the West Midlands, attendees had the chance to hear from SME employers and apprentices about how they have benefited from levy transfer. Over the past three years, the levy scheme has funded apprenticeship training for close to 800 local SMEs and nearly 2500 learners, keeping levy money within the region to help local businesses grow and upskill their staff. Degree apprenticeship development manager, Sheila Rattu, from Aston University, said: “Aston University has always supported its SME community and this has been another great way for us to celebrate our non-levy employers and champion a more diverse set of learners whether through Aston University pledging its own surplus funds or utilising the scheme for our own apprentices.” Aston University has worked with the WMCA to increase the number of apprenticeships that SMEs can offer by using levy transfer to help fund apprentices. This has resulted in securing £381,355 for local businesses. The impact from Aston University’s £200,000 levy pledge has also led to: • 23 apprentices having their training and assessments costs covered • 11 local businesses benefitting from our apprenticeship levy donation • increased job opportunities and a boost in skills and productivity across the region. The WMCA set up the Apprenticeship Levy Transfer Scheme to cover 100% of the training and assessment costs of apprentices at SMEs in the West Midlands, using the unspent levy pledged by big employers. During the celebration event David Gaughan, head of employer services at WMCA, shared the current economic situation in the West Midlands highlighting that employment rates are up to a record high, and unemployment rates have returned to pre-pandemic levels. Mayor of West Midlands, Andy Street, also attended the event to celebrate and highlight the commitment for Levy Transfer investment within the West Midlands. Qualification level in West Midlands remains below national average, however apprenticeships actively act as a bridge to support residents with skills and generate a skilled workforce ready for growth. Andy Street, Mayor of the West Midlands and chair of the WMCA, said: “The Apprenticeship Levy Transfer Scheme has been a resounding success for our region – improving skills, providing jobs, and changing lives. I’m pleased therefore we have been able to take a moment to celebrate what we have achieved around apprenticeships in the West Midlands. “Linking up our local talent with the plentiful opportunities on offer in industry is central to my 100k jobs plan as we bounce back from Covid. We must provide routes into high-quality well-paid employment so that the young people in our region have prospects ahead to excite them and keep them and their families here in the years ahead.” The transfer deal agreed with the Government in 2018 was the first of its kind in the country helping to boost skills, job opportunities and productivity by supporting more young people and adults of all ages into work. For more information about degree apprenticeships at Aston University please visit our webpages. For media inquiries, contact Rebecca Hume, Press and Communications Manager: r.hume@aston.ac.uk