ICE PACC

ICE PACC Software

noreply@blogger.com (ICE PACC) — Thu, 31 Jan 2013 15:12:00 +0000

Recently, we have had an increase in the demand for our ICE PACC computer software and so, due to this influx of interest, we have decided to give an overview of this innovative system which so far has had a 100% success rate.

The International credit enforcement pro-active credit control system, or ICE PACC as it is better known as, has been designed to reduce costs that are associated with the maintenance of a large credit control and recovery department; this is achieved through allowing a single user to maintain hundreds of accounts while having the benefits of external debt recovery through I-Credit Enforcement if they so wish. The ICE PACC is fully automated once a company, invoice and the payment terms have been added to the account.

The features of the ICE PACC are:-

To credit check and monitor the credit file of your client or potential client, to assure that the credit given by the company does not exceed the maximum amount of credit recommended for the client. This reduces the risk of bad debt for the company and it also ensures that the client is able to contain his debt.
To monitor your payment history with the client and affect the credit status on ICE PACC accordingly.
Free pre-legal recovery: This is included in the ICE PACC programme along with the 7 and 14 day late payment reminders on I-Credit Enforcement header paper
To allow you to note your interactions with customers, clients and sales prospects.
To allow you to uphold the integrity of your business whilst helping to recover from bad debt.
To alert you by email when a payment is due or overdue.
To provide access anytime and anywhere as long as you have internet access.
Basic updated terms and conditions that can be customised to your requirements and customer satisfaction forms.
Lists of all open and overdue orders.
Working with a traffic light system that shows both current credit file status and current dealings with the client's status i.e. awaiting satisfaction form, new terms not signed, review date etc.

If the need does arise, I-Credit Enforcement will be able to take over the debt recovery process on an ad-hoc basis. As all of the accounts are loaded onto our online system, passing the account or accounts for recovery to I-Credit Enforcement is quick and simple as we can receive the data straight from the system. You can request individual actions on an account, for example, we can make a single telephone call, visit the debtor in person, take legal action, send out a severe letter or instigate a 28 day recovery.

All of this, including the 100% success rate, makes this service extremely cost effective. Unlike many other credit management and debt recovery packages, the ICE PACC does not require a large capital outlay. Set up, which includes loading the account into ICE PACC is £295 + VAT and £25.00 for any additional credits. These credits are valid for one year once used.

Our subscription based model is designed to ensure that we can tailor the package to suit all of the customers needs and all sizes of budget.

If you require any more information take a look at the following video that takes you through the software system http://www.credit-control-software.com/video.php?product=000. If you have any questions regarding ICE PACC or are interested in using this system in your business please call us on 0118 3240 338 or email us at info@icreditenforcement.com.

ICredit Enforcement services

noreply@blogger.com (ICE PACC) — Tue, 15 Jan 2013 18:45:00 +0000

It is a new year and with it comes wonderful new business prospects for ICredit Enforcement. All will be revealed in good time but until then we thought that we would provide a recap of the many services from ICredit Enforcement that have helped so many businesses solve their debt problems.

First and foremost, ICredit Enforcement is the only debt collection company to offer pre legal, legal and collection services all under one roof. Along with an in-house legal team, this unique service allows each case to be handled quickly and efficiently with advice for each customer just a phone call away.

Commercial Debt Recovery, Consumer Debt Recovery, International Debt Recovery: We cover many areas if debt recovery to ensure that we are able to help everyone who seek our help. We have many clients that have specific requirements to the recovery of the accounts in arrears. We tailor our services and activities to the specific requirements made by our clients to ensure that the accounts are settled quickly and efficiently and that the clients are completely involved at all times.

Bailiff Enforcement: We have certificated bailiffs and High Court Enforcement officers that work tirelessly to ensure that our clients accounts our settled. I Credit Enforcement manages and executes fast and effective methods of recovery on your behalf with The Sheriffs Office, the Authorised High Court Enforcement Officers.

ICEPACC: ICE PACC is pro-active credit control software that supports businesses in maximising their cash flow and reducing the risk of bad debt. An online product, ICE PACC provides credit checks and credit control processes as well as free pre-legal debt recovery. With prices starting from just £50 per month, it is the affordable way to minimise exposure to bad debt and improve credit management with an organisation.

The key features of this software are:-

Instant credit checks on a subscriber’s new or existing customers,
Credit alerts – any changes to a customer’s credit status are automatically notified to the ICPACC subscriber,
Credit control processes and due diligence that limit the risk of bad debt,
Paperwork for your customers including terms and conditions,
Full pre legal debt recovery.

For more information on ICredit Enforcement and the services that we provide, go to http://www.icreditenforcement.com/.

Take a look at our revolutionary ICEPACC software at www.icepacc.com and, for a limited time only, we are offering prospective clients a reduction in the starting price. Just quote BLOGICE to get your software from just £25 per month!

Twitter:@icepacc
Email: info@icreditenforcement.com

Meet Richard Gray - New In-House Counsel

noreply@blogger.com (ICE PACC) — Tue, 04 Dec 2012 15:54:00 +0000

ICredit Enforcement are please to introduce the highly esteemed barrister Richard Grey to the company. As the new In-House Counsel, his strong reputation and hard working ethics will provide all our clients with concise and reliable legal advice.

Here is his profile:-

Richard Gray

Barrister-at-Law

Richard Gray was called to the Bar at the Middle Temple in November 1986. Commencing his Pupillage in 1987 at Chambers in Liverpool, his practice was mainly Crime and Common Law, pursuing actions against the police and personal injury matters in the field of industrial disease.

In 1991, Richard joined Chambers in Manchester where he largely enjoyed success as a Criminal Defence Barrister. It was in this field that his particular strength in robust cross-examination coupled with an ability to critically analyse issues, in particular those which required complex disclosure arguments in the area of public interest immunity, was recognised by a number of solicitors firms with whom he enjoyed long and successful relationships.

Richard’s strong cross-examination skills along with a number of acquittals on behalf of his clients, has enabled him to move successfully to other contentious areas of law. At the end of the 1990s, Richard moved away from his criminal practice although, due to being held in such high regard, he is held on retainer with a high profile Criminal Solicitors in Manchester. Richard developed an interest in expanding other areas of practice such as employment and regulatory work and additionally began to study various areas of taxation and commercial law. These areas of practice have gradually expanded at the Bar and he has appeared for such firms as Mowlem Plc and Coca Cola in the Employment Tribunal.

Experience in Dubai and the UAE

In 2009, Richard was approached to assist an expat who was detained in Dubai due to a series of dishonoured cheques and he was asked to look into areas of negligence by his client's previous legal advisers. This meant that Richard had to visit the UAE a number of times to liaise with Emirate Lawyers and the Dubai authorities, in particular the Attorney General's office and the office of the Chief Prosecutor. He persuaded them that pursuing his client, who had been acquitted on one charge, was both duplicitous and an abuse of the process of the court and four similar charges based upon the same evidence should not be proceeded with.

Richard’s concise arguments have recently been used in the Court of Cassation by the office of His Excellency The Attorney General of Dubai. Richard has also sought to persuade the authorities in Dubai that numerous charges based upon a single course of conduct should result in both concurrent sentences and consideration of the principle of totality.

Negligence in the Emirate

Whilst negotiating contracts in the Emirate, Richard has had cause to extensively consider the law in relation to negligence to limited liability and its effect upon the company official.

This research and the principle of ‘Service Out of the Jurisdiction’ of the courts

of England and Wales, has resulted in Richard recently lecturing in October 2012 to

the Solicitors Group in Manchester on precisely the same subject.

ICE

In May 2012, Richard was introduced to the Directors and Associates of ICE to provide privilege legal advice to their clients which Richard enjoys as a practising barrister. This has resulted in a successful relationship between Richard and the company whereby the company clients, who’s legal issues are both complex and various, have sought advice from Richard and have largely been successful in the issues they pursue.

At present, ICE has asked Richard to act as ‘In-House Counsel’ presenting Richard with a variety of issues in relation to the field of debt recovery, bankruptcy and winding up petitions. Later this year, both he and the directors and associates plan to visit the Emirate of Dubai, where they hope to assist the various clients in the complex field of debt recovery and enforcement of international credit agreements.

Richard has strong ties with various agencies in the UAE and will be a considerable asset to the clients of ICE in the resolution of various legal disputes.

Hobbies:

In spite of his busy schedule, Richard has several hobbies to help him relax. He enjoys running, skiing and free fall parachuting as he is an ex member of the Parachute Regiment. In the quieter moments, he enjoys getting lost in his favourite book, which is Gorky Park by Martin Cruz Smith.

If you would like to contact Richard for legal advice or with any questions you may have please call ICE on 0118 3240 335 or email info@icreditenforcement.com.

The Beginning of ICE PACC

noreply@blogger.com (ICE PACC) — Wed, 24 Oct 2012 15:37:00 +0000

Every business is created from a single idea and Gareth Thomas’s evolved from the growing need to find a way to recover owed monies from slow paying or non-paying clients. Due to recurring factors such as pre-pack administrations, lack of due diligence by creditors, disputes and absconding debtors, some businesses were struggling with their bad debt and Gareth felt that this problem needed to be addressed urgently.

Gareth’s first venture was setting up Financial Solutions South in 2007 which specialised in commercial debt recovery and, even though this business really took off, he wanted to develop a system which gave business owners access to the very best in credit control software without having to employ a debt management firm. By working side by side with CCS LTD, who had developed the collection software Colsys, the innovative International Credit Enforcement Pro-Active Credit Control, or ICE PACC, was born in 2009 and, soon after its launch, it won the backing of Institute of Credit Management (ICM).

ICE PACC is an online credit management tool which has revolutionised the way businesses are able to manage cash flow and minimise bad debt. It's a simple but powerful online tool which gives businesses, from sole traders to corporate businesses, the power to manage each stage of the credit control process, from assessing a client or supplier's risk profile to successfully recovering bad debts. It also offers free pre-legal debt recovery which includes professional written reminders, legal documentation and agreement plans along with door-step collections (adhering to strict codes of conduct) recorded on video, for transparency where necessary, to ensure that the integrity of all businesses are upheld whilst helping with the recovery of bad debt.

The success rate of ICE PACC has rocketed in the last 3 years with 90% of debts being collected before legal action was pursued. This excellent performance, along with a fantastic working relationship, has seen ICE PACC become global with businesses as far as Dubai integrating ICE PACC as part of their standard operating procedure for credit control.

If you would like more information on the ICE PACC software system, contact 0118 324 0335 or visit http://www.credit-control-software.com/

Your Debt Recovery Questions Answered

noreply@blogger.com (ICE PACC) — Thu, 09 Aug 2012 22:11:00 +0000

Firstly, we would like to thank you for all of your questions regarding credit management and debt. Your response has been overwhelming and so we will continue to post questions and answers for the next few weeks. If there are any questions that we have not answered on debt recovery or credit management then please don't hesitate to tweet, facebook or email us.

Q. What are the different stages of the debt recovery?

A. There are three stages of the debt recovery process which are pre-legal, legal and enforcement.

Q. What do each of these stages involve?

A. The first stage is pre-legal which takes 28 days to complete. If the creditor is owed money and the payment is overdue, a first letter is issued stating payment is required within the next 7 days. After those 7 days, if no payment has been received, a second letter is sent giving a further 7 days to make payment. After this 14 day period, if the debtor still has not made payment, a letter before action is issued giving the debtor 14 days to pay before legal action is pursued.

The second stage of this process is legal action. This is where a judgement is sort against the debtor through the courts. If it is successful and judgement is granted, then enforcement can occur. However, if it is disputed by the debtor, the case is passed to a legal team for appraisal and assistance in gaining the judgement.

The final stage is enforcement which occurs if judgement from the legal process is granted. This consists of a number of options such as enforcement through the courts via attachment of earnings or third party debt orders to name a few. The most favourable option is for the judgment to be transferred up to high court for enforcement by High Court Enforcement Officers.

Q. Why is your company different to all the others in regards to debt recovery?

A. By having our own sheriff and in house legal team, we can pride ourselves on being the only company who complete the pre-legal, legal and enforcement stages all under one roof. By offering this service, it allows the client feel confident and secure in the notion that from initial take on to enforcement, one company will be involved in the recovery of their debt.

If you have anymore questions or any experiences that you would like to share with us, contact us on any of the addresses below:-

Twitter: @icepacc
Facebook: http://facebook.com/ICreditEnforcement
Email: info@icreditenforcement.com

Your Credit Questions Answered

noreply@blogger.com (ICE PACC) — Sat, 21 Jul 2012 11:46:00 +0000

Over the past few months, we have had a number of enquiries from prospective clients about credit and how to manage it. Below are just a few of the questions we have had and our answers to them:-

Q. What is credit?

A. Credit comes from the latin word 'credere' which means to trust. It is the ability to obtain goods or services before payment and trusting that payment will be given in the future which allows the person granting the credit to sell more goods.

Q. What is the role of credit in the financial system?

A. There are several different types of credit used within the economy such as trade credit, export credit and consumer credit:

Trade credit is the largest use of credit for a majority of businesses. This is where the customer purchases goods or services from the supplier on account to pay them back at a later date. When the goods are delivered, a set amount of time is given for payment such as 30,60 or 90 days. Without trade credit, the supplier would have a limited access to market their products which would lead to a lack of commercial viability.

Export credit allows UK businesses to reach similar markets overseas. Without this form of credit, overseas businesses would choose local suppliers over international ones which will cause a lack of demand for goods from the UK.

Consumer credit is mainly used to encourage a long term demand for houses, cars, consumer goods and services to the public. Without this, there would be a drastic reduction in demand for these items which would affect the house market and several industries which would result in job losses.

Q. What is meant by bad debt?

A. Bad debt is the amount written off by the business as a loss and is deemed as an expense to the company. This occurs when the business has exhausted all avenues of collection and has been unable to recover the debt.

Q. Is there a difference between credit control and credit management?

A. No, they are one and the same. Credit control and credit management is when companies increase their sales revenue by extending credit to customers who are deemed a good credit risk and denying credit to consumers who aren't a good credit risk as this reduces the company's exposure to bad debt.

These are just a few questions that were asked. If you would like any of your credit questions answered just comment on this page, email us at info@icreditenforcement.com, tweet us at @ICEPACC or facebook us. We are happy to help!

England's Law Courts Rule

noreply@blogger.com (ICE PACC) — Tue, 10 Jul 2012 15:51:00 +0000

England’s law courts are being inundated with disputes involving the super-rich from across the globe. The high-profile battle of billionaires Boris Berezovsky and Roman Abramovich is just one of dozens of overseas cases filling the High Court, which appear to have little to do with this country. Nine out of 10 commercial cases handled by London law firms now have an international link, according to government statistics. Ministers say London’s concentration of “legal and financial” expertise is unrivalled, while the Ministry of Justice said the Rolls Building, the new High Court extension, is the largest “specialist centre” in the world for the resolution of commercial disputes. Home-based lawyers believe it is all down to the quality of English justice in comparison with foreign legal systems. David Allen, head of litigation in London for the Mayer Brown law firm, said the High Court attracts such cases because English justice is the envy of the world. “We have extremely high calibre judges here so commercial parties can rely on a rational decision. They are not corruptible, which is more than can be said about the jurisdictions from which some of these parties hail,” he said. “The English courts are quick and efficient and deliver judgments which are rational, fair and swiftly delivered.” The judgment in the Berezovsky v Abramovich case — in which the rivals are haggling over shares in a Russian company — is expected to be handed down by Mrs Justice Gloster before the Easter break. It will be followed next month, also in the Commercial Court division of the High Court, by another showdown between eastern European oligarchs Michael Cherney and Oleg Deripaska. This also is a dispute over shares. The biggest winners from the surge in overseas cases are the barristers and law firms. But courtroom translators and interpreters are also benefiting. An interpreter providing simultaneous translation of proceedings can charge £300 a day. An oligarch would often use their own translator, who would be on a far greater salary. The Ministry of Justice has an annual budget of £60 million for interpreter services for courts, including criminal courts. Oligarchs at war in the capital Boris Berezovsky v Roman Abramovich Judgment awaited in claim for £3.2 billion damages. Berezovsky alleges that his rival intimidated him into selling shares in oil company Sibneft for a fraction of their true worth. Abramovich says there was no formal agreement and denies that he threatened Berezovsky. Michael Cherney v Oleg Deripaska Trial due to start in May over a £2.3 billion claim; Cherney alleges an unpaid debt and is demanding the equivalent of one fifth of Deripaska’s company, Rusal. Deripaska rejects the claim, making counter allegations against his opponent. JSC BTA bank v Mukhtar Ablyazov Litigation running for two years between the Kazakhstan state-owned bank and its former boss. It claims he stole more than $5 billion. Ablyazov was sentenced to prison for contempt of court last month. He is believed to have fled to France. Commentary: Roubles and dollars roll in Never have the corridors of the High Court echoed so much to Russian voices. Court benches are piled high with files packed with documents in Cyrillic script pinned to English translations. In the Cold War days Russians were depicted as hatchet-faced men in greatcoats with snow on their boots. Now they come in Savile Row suits and polished leather shoes and with a trophy wife on their arm. Highly-paid lawyers are loving it but is the expansion in overseas cases with little apparent link to Britain in danger of turning the commercial courts into a version of libel tourism? Equally, are our courts being filled with these cases at the expense of justice for English cases? The answer to both questions is probably no. English Contract law is recognised as being fair and reasonable and not weighted in favour of the litigant. And its cases are coming to court far faster now that judges have been put in no doubt that they are responsible for time-keeping. But the efficiencies brought in at the High Court — where cases mostly operate without a jury — are attracting untold millions in euros, dollars and roubles. At a time of recession that is not to be dismissed lightly.

Debt Recovery Letter for £1

noreply@blogger.com (ICE PACC) — Tue, 10 Jul 2012 12:52:00 +0000

Summer Offer: Need to send a 7 day final reminder? Then visit http://www.icreditenforcement.com/debt-collection-letter/ It will only cost you £1 in advance, just £1!!!!!!!!!

Free Credit Control Software

noreply@blogger.com (ICE PACC) — Mon, 09 Jul 2012 14:31:00 +0000

Interested in free credit control software? Contact us directly on 01183 240 335 and quote promo code OLYMPICS. Alternatively email info@icepacc.com and submit your contact details along with the promo code OLYMPICS

7 Day Letter (Final Demand) for only £1

noreply@blogger.com (ICE PACC) — Mon, 09 Jul 2012 14:26:00 +0000

I Credit Enforcement are offering a online service for prospective clients to download a 7 day letter citing a final demand for payment at a cost of only £1 Interested go to the following link;

Blow for George Osborne as recession is deeper than first feared

noreply@blogger.com (ICE PACC) — Mon, 02 Jul 2012 10:30:00 +0000

The double-dip recession is deeper than originally feared as revised figures today showed a sharper decline in the economy in the final quarter of last year. Gross domestic product (GDP) shrank by 0.4% between October and December, compared with a previous estimate of 0.3%, while the economy contracted by an unchanged 0.3% in the first quarter of this year, the Office for National Statistics (ONS) said. The figures mean the current recession - defined as two or more quarters of declining GDP in a row - is more severe than first thought. The impact of the weak economy was underlined by household spending figures, which showed expenditure falling by 0.1% compared with a previous estimate of 0.1% growth. The downward revision will heap more pressure on the Government and fuel criticism that Chancellor George Osborne's austerity measures are choking off the recovery. And in a further sign that the Chancellor's deficit-busting plans are struggling, Government spending grew at its fastest rate in nearly seven years between January and March, the ONS said. The 1.9% surge in Government expenditure was driven by higher spending on public administration, health and defence. Meanwhile, the decline in household expenditure in the first quarter was driven by a fall in spending on financial services and social protection. The decreases were partially offset by spending on food and drink and recreation and culture. The construction sector declined by a larger than previously estimated 4.9%, its worst performance since the first quarter of 2009. Industrial production sector output, which includes manufacturing, was also revised downwards to a fall of 0.5% from a 0.4% decline. Despite the overall decline in GDP, growth in the powerhouse service sector, which makes up 75% of the economy, was revised upwards from 0.1% to 0.2% in the first quarter. Economists and business leaders have warned that a technical recession will hit confidence and could cause businesses to rein in spending at a time when they are being encouraged to invest to stimulate growth. But the current downturn is expected to be nothing like as severe as the previous recession of 2008/09, which spanned more than a year. Vicky Redwood, chief UK economist at Capital Economics, said the economy is likely to remain in recession in the second quarter, shrinking 0.5% across the whole of 2012. She said: "Given the negative impact of June's extra bank holiday, GDP is likely to have contracted again in the second quarter. "Indeed, there are still numerous factors likely to constrain the recovery going forward, not least tight credit conditions." Courtesy of London Evening Standard

Late payments left UK manufacturing firms £10.3bn out of pocket in 2011

noreply@blogger.com (ICE PACC) — Fri, 29 Jun 2012 13:42:00 +0000

Late payments left UK manufacturing firms £10.3bn out of pocket in 2011 according to direct debit organisation Bacs. The 2011 sum owing to manufacturers represents a significant rise on 2010 when £8.9bn was recorded as outstanding due to late payment. On average Bacs calculates that across manufacturers in expectation of late payments around £43,000 is outstanding for each company. In 2010 this figure was £38,00. According to a sector survey by Bacs, more than half of the UK’s manufacturing base experience late payments and 15% admit to being “very worried” about the consequences. An average of 29 days, in addition to the commonly expected 30 day payment period, are commonly added to payment periods according to Bacs. This leaves many firms waiting for two months before receiving payment for goods and services. Bacs says that the most frequent excuse businesses in the manufacturing sector give for late payment say they hear is that the hold-up is due to internal systems – 54% of those awaiting payment are told their invoice is waiting for authorisation. According to global trading organization GXS e-invoicing could solve many late payment woes. Nigel Taylor, head of e-invoicing at GXS explains: “Electronic invoicing is a key initiative to ensure invoices are paid on time. Automating the process allows for transparency and simplification, and the financial rewards of e-invoicing help to reduce processing costs from Eu17.60 to Eu6.70 – a 62% saving per invoice processed.” Mr Taylor continued: “Manufacturing companies may have work to do to remove a reputation of poor payers, in the UK at least. However, there is significant interest in the opportunity of electronic invoicing within industry groups like Odette and EDIFICE, which demonstrates that manufacturers are beginning to embrace the benefits of e-invoicing.” Mike Hutchinson, head of marketing at Bacs, says the issue of late payments is damaging to manufacturing firms which are relying on good cash flow to keep going through the fragile post-recession recovery period. “The problem of late payment is clearly getting worse for SMEs in the manufacturing sector,” he says. “We urge SMEs working in the manufacturing sector to look at what payments can be automated to help them assert more control over their cash flow, and hopefully alleviate some of that stress on the business and its owner,” Mr Hutchinson concluded. Published : 23 Feb 2012 9:36 am by Jane Gray Care of The Manufacturer

Mervyn: interest rates could go to 0% if crisis worsen

noreply@blogger.com (ICE PACC) — Tue, 26 Jun 2012 15:00:00 +0000

Bank of England Governor Sir Mervyn King has raised the prospect that the UK’s record-low 0.5 per cent interest rates could be cut yet further to support the ailing economy. “There is nothing in principle against cutting bank rate further if that turns out to be necessary” King told the Commons Treasury Committee. Such a move would cause further pain for savers and pensioners who are already being buffeted by low rates. The Governor also said he was “pessimistic” about the outlook for the eurozone. His economic warning came as official figures showed the Government’s deficit reduction strategy is being knocked badly off course by the double-dip recession. According to the Office for National Statistics, public sector net borrowing, excluding the costs of bailing out the banks, was £17.9bn in May, £3.9bn more than in the same month last year. The rise in borrowing was driven by a 7.3% slump in income tax receipts on the year, reflecting a rapidly weakening economy, and a 7.9% rise in government spending. The sharp deterioration came as an unpleasant surprise to City analysts who had expected public borrowing to fall to £14.8bn. Chancellor George Osborne has staked his political reputation on making deep cuts to Britain’s deficit by the end of the Parliament and has fiercely resisted calls for a “Plan B”, slowing the pace of cuts to support growth. But the Government’s target of reducing the total deficit to £92bn in the 2012-13 year is now in growing jeopardy. “Only two months into the fiscal year, it is evident that Mr Osborne is facing a major battle to meet his fiscal targets for 2012-13 and is in grave danger of losing it,” said Howard Archer of IHS Global Insight. Olann Kerrison, of foreign exchange specialists Moneycorp said: “Plan A, it would appear, is kaput. The spike in public sector borrowing is a body blow to the Chancellor and the Coalition’s handling of the economy.” City forecasters have already begun to raise their estimates of net borrowing over the present financial year. In a further blow for the Chancellor’s deficit reduction plan, the ONS revised its estimate of total public sector net borrowing in the 2011-12 financial year up from £124.4bn to £127.6bn. The ONS figures showed that Britain’s total public sector net debt rose to £1.013 trillion, equivalent to 65% of GDP. On Thursday the ONS is due to release its third estimate of GDP in the first quarter of the year and is expected to confirm that output fell by 0.3% over the three months, pushing Britain into its first double dip recession since the 1970s. Courtesy of London Evening Standard

UPDATE: Greece exit could cost $1 TRILLION - Cameron warns it's make or break for euro

noreply@blogger.com (ICE PACC) — Thu, 17 May 2012 10:55:00 +0000

PM says UK not immune if euro was to collapse

17 May 2012

David Cameron said today there would be no u-turn on Britain's austerity measures as the economic storm in Europe continued. In a major speech on Britain's economy, the Prime Minister issued a call for action from eurozone states and institutions to support weaker economies like Greece or see the single European currency break up. The Prime Minister said he would do "whatever it takes to keep Britain safe from the storm", but made clear that the UK could not be immune from the consequences of a collapse of the euro. He insisted he would not ditch the coalition Government's deficit-reduction strategy in the face of demands from Labour - echoed by new French president Francois Hollande - for a shift in focus from austerity to growth. Britain should be "resolute" as it faces the potential storms from the eurozone, but also "confident" that it can get through to a brighter future if it stands firm and resists the "dangerous voices calling on us to retreat", he said. In his starkest warning yet of the dangers created by the debt crisis in Greece, the Prime Minister used a high-profile speech on the economy to say that Britain is going through "perilous economic times". Citing Bank of England governor Sir Mervyn King, who yesterday warned that the eurozone seemed to be "tearing itself apart", Mr Cameron told an audience of business leaders in Manchester: "Turn on the TV news and you see the return of a crisis that never really went away. Greece on the brink; the survival of the euro in question. "Faced with this, I have a clear task: to keep Britain safe. Not to take the easy course, but the right course. Not to dodge responsibility for dealing with a debt crisis, but to lead our country through this to better times. "My message today is that it can be done. We are well on the way in this journey." In a message directed at Germany - which yesterday registered strong growth while other eurozone countries saw their economies shrink - Mr Cameron said the "remorseless logic" of monetary union meant that successful economies must be prepared to do more to shore up weaker states on the periphery. While high-deficit countries like Greece need to take steps to get their budgets in order, "it is becoming increasingly clear that they are less likely to be able to sustain that necessary adjustment economically or politically unless the core of the eurozone, including through the European Central Bank, does more to support demand and share the burden of adjustment", he said. The eurozone needs to put in place long-term governance arrangements - such as eurobonds - which will deliver collective support and put an end to speculation about the future of the single currency. And Europe needs to implement structural reforms to address its overall low productivity and lack of economic dynamism, he said. "The eurozone is at a crossroads," said Mr Cameron. "It either has to make-up or it is looking at a potential break-up. "Either Europe has a committed, stable, successful eurozone with an effective firewall, well capitalised and regulated banks, a system of fiscal burden sharing, and supportive monetary policy across the eurozone, or we are in uncharted territory which carries huge risks for everybody. "As I have consistently said, it is in Britain's interest for the eurozone to sort out its problems. "But be in no doubt: whichever path is chosen, I am prepared to do whatever is necessary to protect this country and secure our economy and financial system." Despite the market turmoil across Europe sparked by the failure to agree a new government in Greece, Mr Cameron insisted there was reason for optimism that the UK is on the path of recovery. He hailed today's announcement of a £125 million investment by General Motors in its Vauxhall plant in Ellesmere Port, which he said was part of a wider revival in the British car industry which had seen the balance of trade in cars turn positive for the first time since 1976. "Despite headwinds from the eurozone, we are on track," said Mr Cameron. "It is a long-term project. It is painstaking work. But the tough decisions we have taken on deficit reduction really are beginning to yield real results. And there can be no deviation from this." He dismissed Labour's call for a relaxation in the Government's austerity programme in order to stimulate growth as "a cop-out", which would drive up interest rates and put recovery at risk. "Deficit reduction and growth are not alternatives. Delivering the first is vital in securing the second," he said. And he insisted: "We are moving in the right direction - not rushing the task, but judging it carefully. And that is why we must resist dangerous voices calling on us to retreat. "Yes, we are doing everything we can to return this country to strong, stable economic growth. But no, we will not do that by returning to the something-for-nothing economics that got us into this mess. "We cannot blow the budget on more spending and more debt. It would squander all the progress we've made in these last two, tough years. "It would mean tough decisions lasting even longer. It would risk our future. It's not an alternative policy, it's a cop-out." Britain's "responsible fiscal policy" of cutting spending and increasing taxes allowed the Bank of England to pursue an active monetary policy to support the wider economy, said Mr Cameron. And he said the Government was also pursuing a "radical programme of micro-economic reform" to boost competitiveness, including low corporate taxes, loan guarantees, streamlined planning rules, enterprise zones, labour market reforms and support for apprenticeships, as well as long-term action to invest in infrastructure, reform welfare and improve schools. "As we get through crisis, I believe we can look ahead with confidence," said the Prime Minister. "I cannot predict how this crisis will end for others. And I cannot pretend that Britain will be immune from the consequences, either. But this I can promise: that we know what needs to be done and we are doing it. "Get the deficit under control, get the foundations for recovery in place, defend the long-term interests of our country and hold our course. "As Prime Minister, I will do whatever it takes to keep Britain safe from the storm." Courtesy of London Evening Standard

'Climate of uncertainty' stops firms investing

noreply@blogger.com (ICE PACC) — Mon, 27 Feb 2012 18:47:00 +0000

Businesses are still unwilling to bet on recovery after a worrying plunge in investment spending during the final quarter of last year, official figures showed today.

The Office for National Statistics' initial estimates of a 0.2% slide for the wider economy during the period were left unchanged but experts blamed debt turmoil in Europe for the 5.6% fall in business spending to £28.7 billion over the quarter.

Andrew Goodwin, senior economic adviser to the Ernst & Young ITEM Club, said: "The climate of uncertainty has caused firms to sit on their cash and, even after this week's deal for Greece, it's difficult to envisage this situation changing significantly in the short-term."

There were some positives, however, as desperate price-cutting by retailers to open shoppers' wallets during the autumn helped household spending rise 0.5% - the first growth since early 2010. Rising exports combined with weakening imports - attributed to slower manufacturing growth in the second half of last year by the ONS - also saw a positive trade contribution adding 0.6 percentage points to growth. Despite gloom over the plunge in business spending, firms built up stockpiles at a far slower rate than in the previous quarter, dragging on overall growth. This is welcome because it raises the chances of avoiding a double-dip with higher production in the current quarter.

Samuel Tombs, UK economist at Capital Economics, warned that the difficult economic backdrop remained: "Households are unlikely to be able to keep increasing their spending as unemployment rises, credit constraints tighten and inflation continues to erode their real spending power."

Courtesy of Russell Lynch / 24th Feb 2012 / London Evening Standard

OFT launches probe into payday-loans industry

noreply@blogger.com (ICE PACC) — Mon, 27 Feb 2012 18:42:00 +0000

The payday-loans industry - which makes short-term loans to those unable to get credit from banks - is being investigated by the Office of Fair Trading.

It will examine 50 major payday lenders and accusations that these high-cost, short-term lenders are irresponsible, handing out loans without checking whether borrowers can afford to repay them.

It will also look into evidence that suggests payday loan firms target the vulnerable, such as the unemployed or those on benefits.

Finally it will focus on the practice of rolling over loans, so that those who don't repay on time quickly end up with unaffordable rising debt.

David Fisher, OFT director of consumer credit, said: "We are concerned that some payday lenders are taking advantage of people in financial difficulty."

Joanna Elson, chief executive of debt charity the Money Advice Trust, said: "Payday lenders are aggressive in how they collect debts, often refusing to listen to proposed repayment plans and demanding full and final settlements that represent huge profits for the payday lender based on the money originally given out."

Courtesy of:Simon Reid / 24th Feb 2012 / London Evening Standard

"£10bn 'credit easing' plan on way"

noreply@blogger.com (ICE PACC) — Mon, 28 Nov 2011 11:30:00 +0000

The Government is to underwrite billions of pounds of bank lending to business in an attempt to get credit flowing to Britain's cash-strapped small firms.

Chancellor George Osborne will set out details of his much-heralded "credit easing" scheme - described as a "game changer" by Treasury sources - when he delivers his autumn statement on the economy on Tuesday.

Under Mr Osborne's plan the Government will underwrite the banks' borrowing on the commercial money markets, enabling them to borrow more cheaply.

The banks will then pass on the savings to the firms they lend to in the form of lower interest rates.

The scheme - said to be similar to the former Labour government's credit guarantee scheme launched in the wake of the 2008 credit crunch - is aimed at helping small and medium enterprises (SMEs).

For a firm currently taking out a £5 million loan at a typical interest rate of 5%, it would mean they would instead be able to borrow at 4%, saving £50,000 a year in interest payments.

Ministers hope to get the scheme up and running by the beginning of next year, with the intention that it will run for the next two years.

Because the loans are not being made directly by the Government they will not appear on the national balance sheet and taxpayer will only become liable if the banks fail to pay their debts.

A Treasury source said: "We all know that the cost of finance for smaller businesses has risen following the financial crisis. It's a problem people have been trying to solve since 2008, which is why these new schemes are much more radical than anything that has gone before. They should be a game changer for credit for small companies by cutting the cost of finance and over time opening up new options for how it is raised."

In a further move, Mr Osborne will announce that regulated rail fares - such as peak fares and season tickets - will rise by 6.2% next year (RPI inflation of 5.2% +1%) rather than the planned 8.2% (RPI +1%) increase.

Courtesy of London Evening Standard

"Billions more likely in QE as Mervyn King sounds new alert"

noreply@blogger.com (ICE PACC) — Thu, 17 Nov 2011 13:18:00 +0000

The Bank of England is gearing up to pump billions more into Britain's economy amid further dire warnings from Governor Sir Mervyn King over the health of the recovery.

Today's quarterly forecasts underlined worsening gloom for the UK as a result of Europe's debt crisis, paving the way for more quantitative easing to kick-start a stalling economy, possibly as soon as next month.

The Bank is already pumping an extra £75 billion into the economy after its latest round of QE last month. But it now reckons prospects are so poor inflation will still come in below its 2% target in two years' time. The latest forecasts signal growth of just 1% next year, with inflation falling rapidly from the current 5% to about 1.2% by 2013.

Interest rates have been at their current 0.5% record low since March 2009, when the Bank launched its first £200 billion round of QE.

Capital Economics economist Samuel Tombs said: "The report both endorses market expectations that rates will stay on hold for the foreseeable future and suggests that more policy loosening will yet be needed.

"What's more, even the MPC's [Bank of England monetary policy committee's] downgraded growth forecasts still look optimistic to us - we expect zero growth next year. We had pencilled in another £75 billion of QE in February, but if the economic news over the next couple of weeks remains weak, the MPC might feel compelled to announce extra support as soon as next month."

The Governor again underlined that Europe remains the UK's biggest threat as the woes of the nation's biggest export market hamper efforts at recovery. He stressed today that the Bank's forecasts do not fully factor in any substantial escalation of the crisis, implying that there could be even worse pain ahead for the UK economy

"The uncertainty that has been created in the European and world economy by recent events must have, or is likely to have, some potential impact on the pace at which businesses will make investment projects - will they postpone projects - and on the pace of household spending. That is almost impossible to forecast, but it is something that we shall watch very carefully," King warned.

The eurozone managed growth of just 0.2% between July and September, but is set to fall back into recession in the final quarter with a knock-on impact on the UK.

Markit economist Chris Williamson warned: "There is clearly a significant risk of a contraction in the final quarter of this year and early next year, with a steep downturn possible if the problems in the euro area worsen."

Courtesy of London Evening Post

"Greece fears and UK data put markets into tailspin"

noreply@blogger.com (ICE PACC) — Wed, 02 Nov 2011 14:45:00 +0000

Panic over a nightmare Greek default gripped global stock markets today as dire news from Britain's manufacturers threatened to derail the recovery.

Premier George Panpandreou's shock decision to put Greece's latest bailout to a referendum triggered fears that the beleaguered nation could default and crash out of the euro if the deal is rejected by the people.

The potential collapse of the rescue sent markets into a tailspin with London's FTSE 100 benchmark falling 2.8%, and France's CAC 40 and Germany's Dax both tumbling by 4%. The news came as data showed the UK achieved growth of 0.5% between July and September. However, the figures also revealed the biggest slump in manufacturing for more than two years, stoking fears that the UK's fragile recovery could crash again in the final quarter of the year.

European leaders agreed a second €130 billion (£112 billion) bailout for Greece ¬- including a 50% hit for private bond investors - last week. But the bailout also spells more pain for the hard-pressed population and a recent poll signalled some 60% of Greeks could spurn the deal in what will effectively become a referendum on their membership of the single currency.Greece is already dependent on funds from the 'troika' of the European Central Bank, IMF and European Union to prevent a catastrophic default.

If the nation votes no, Citigroup analyst Jurgen Michels warned: "Greece is likely to run out of funding quickly and would probably move into a disorderly default procedure.

"As Greek banks would run out of collateral, they would also lose the funding of the ECB. As a consequence, Greece would probably be forced to leave the Monetary Union."

The fresh eurozone chaos sent the borrowing costs of debt-laden Italy soaring to fresh records today, triggering more bond-buying from the ECB.
The impact of the crisis was felt again by British manufacturers in October, according to the Chartered Institute for Purchasing and Supply's latest survey. The index, where a score over 50 indicates growth, plunged to 47.4 as new orders shrank at their fastest pace since March 2009 and export orders shrank for the third month in a row.

Markit chief economist Chris Williamson warned of aggressive job cutting from manufacturers to come as fears over Italy and a Greek referendum intensify Europe's woes. He said: "The UK economy faces a significant risk of contracting in the final quarter of the year."

Courtesy of London Evening Standard

"UK recovery weak, warns think-tank"

noreply@blogger.com (ICE PACC) — Wed, 12 Oct 2011 11:37:00 +0000

A leading think-tank has warned the economic recovery in the UK is the weakest of any since the end of the First World War.

The warning came as the National Institute of Economic and Social Research (NIESR) said its monthly estimates suggest gross domestic product (GDP) grew at 0.5% in the three months to September, compared to a revised 0.4% in the quarter to August.

NIESR said the level of GDP in the period is still 4% below the pre-recession peak - suggesting the recovery is the weakest since 1918.

The figures for the third quarter may surprise some economists who have forecast near stagnant growth between July and September.

The figures come amid deepening fears over the health of the country's recovery and after the Bank of England announced plans to pump an extra £75 billion in to the economy to stimulate growth.

If NIESR's estimate is correct, the third quarter growth of 0.5% would represent a solid bounceback from the 0.1% recorded between April and June. The third-quarter GDP figure will be confirmed by the Office for National Statistics on November 1.

The think-tank still warned growth had been "anaemic" in the UK over the last year.

A Treasury spokesman said the figures supported the Government's case for its deficit-busting austerity measures.

He said: "These figures show that, while the UK cannot isolate itself from what is happening to our major trading partners, the action being taken by the Government to tackle the deficit and rebalance the economy is helping the UK economy to continue to grow.

"Other data published today similarly shows that the economy is recovering but that the financial turbulence in the Eurozone and the weaker outlook for global growth will mean that the recovery will be choppy."

Courtesy of The Evening Standard

"Banks and building societies hit by Moody's downgrades"

noreply@blogger.com (ICE PACC) — Fri, 07 Oct 2011 13:41:00 +0000

Britain's beleaguered banks and building societies were dealt another blow today after a debt agency said the decreased likelihood of Government backing made them less credit-worthy.

Lloyds Banking Group, Santander UK, Royal Bank of Scotland, Co-operative Bank, Nationwide and seven smaller building societies saw their credit ratings slashed by Moody's Investor Service.

The move - which triggered a fall in banking shares on the London Stock Exchange - means the cost of borrowing for the affected financial institutions is likely to increase.

RBS, which saw its shares drop more than 3%, also came under pressure after a report in the Financial Times suggested it could require a further bailout from the Government.

The bank said it was "disappointed" that Moody's had not acknowledged its progress in strengthening its finances since 2008.

Moody's stressed its review did not reflect a deterioration in the financial strength of the banking system or the Government.

The move reflects a shift in Government policy to transfer risk from taxpayers to creditors, rather than deepening problems within the banks.

Elisabeth Rudman, senior vice president of the financial institutions group at Moody's, said: "Moody's has lowered the amount of support it incorporates into the institutions' ratings to reflect the overall weakening support environment."

Moody's said the downgrade comes after Government support was removed for the seven small institutions, which include the Norwich & Peterborough, Principality and Yorkshire building societies.

Elsewhere, support was reduced for the larger "more systemically important" institutions including Lloyds and RBS.

While the Government is "likely to continue to provide some level of support" to those banks, it is also "more likely now to allow smaller institutions to fail" if they become financially troubled.

Lloyds, Santander and Co-op Bank have had their ratings downgraded one notch, RBS and Nationwide a two-notch revision, while the seven building societies saw ratings cut by between one and five places.

However, Moody's said on the basis of stand-alone financial strength, five institutions - Co-op, Nationwide, Santander and Yorkshire and Principality building societies - have had their ratings increased.

Taxpayer-backed Lloyds, which is 40.2% state-owned, stressed that its stand-alone rating had not changed.

A Lloyds spokesman said: "It is important to note that both the stand-alone rating and short-term ratings remain unchanged. We believe this change will have minimal impact on our funding costs."

Meanwhile, it is understood RBS, which is 83% owned by the taxpayer, could be liable for another bailout if it fails a rerun of European banking stress tests.

RBS, which received the biggest bailout of the 2008 financial crisis, could see its protective cash buffers fall below regulators' requirements after exposure to eurozone debt is taken into account.

RBS has reduced its exposure to debt-laden nations including Greece and Italy, but it is feared that once so-called "haircuts" - effectively write-offs - are given, the bank will fail to keep up.

Courtesy of London Evening Standard

Asset Seizure

noreply@blogger.com (ICE PACC) — Thu, 22 Sep 2011 14:13:00 +0000

Asset Seizure - Seizing an aircraft.
High Court Enforcement Officers (HCEOs) are entitled to seize aircraft using a writ of Fi Fa (fieri facias) to enforce a judgment.
A client had a judgment against a private jet charter company operating from Airport in the UK and instructed for it to be enforced via a writ of Fi Fa. A officer attended and seized one of the aircraft belonging to the debtor in the hangar.

When seizing an aircraft, the officer will do the following:
• Fix a copy of the writ on the inside of the aircraft (in the cockpit) and on the outside, to let the pilot and anyone entering the plane know that it has been seized
• Tell airport security that the plane has been seized
• Tell the airport authorities not to accept any flight plans for that aircraft
• Immobilise the plane with chocks

The officer will also need to secure all the documentation for the plane, including full service and maintenance records. These service records are normally kept where the plane is serviced; without them, the plane will merely sell at scrap value. A copy of the insurance certificate, registration details and airworthiness certificate should all be kept in the cockpit.
In this particular case the debtor paid in full the same day by bank draft, so once funds were received, the private jet was released from seizure

Local Office Contact Telephone Numbers

noreply@blogger.com (ICE PACC) — Wed, 21 Sep 2011 13:26:00 +0000

London 0207 1835 192
Reading 0118 3240 335
Birmingham 0121 2850 737
Liverpool 0151 3292 254
Nottingham 0115 8240 289

"Recession fears amid IMF downgrade

noreply@blogger.com (ICE PACC) — Wed, 21 Sep 2011 09:22:00 +0000

Fears of a double-dip recession have been fuelled after the International Monetary Fund slashed the UK's growth forecast and warned the global economy is in a "dangerous new phase".

The UK will see gross domestic product grow 1.1% in 2011, compared with the IMF's latest World Economic Outlook report in April of 1.7%, and by 1.6% in 2012, compared with 2.3%.

The forecasts for the UK in 2011 fall behind projections for Germany, France, the eurozone, US and Canada.

The IMF said the US economy could be weak for years to come and warned that policymakers in the country must balance support for the economy with fiscal tightening.

The organisation, now led by former French finance minister Christine Lagarde, also said the forecasts were dependent on the eurozone debt crisis being contained.

The downgrade is the latest blow to the UK's recovery prospects after the influential think-tank OECD cut its estimate for growth amid a raft of a disappointing economic data.

The Treasury said the Government remains committed to its tough programme of spending cuts and tax reform while the unions and opposition called on Chancellor George Osborne to rethink his plans.

The gloomy outlook is unlikely to deter Mr Osborne from his deficit-busting fiscal measures as the IMF has previously given full backing to his austerity measures.

A report that ministers were contemplating channelling £5 billion extra towards infrastructure projects such as roads, railways and superfast broadband networks was denied by the Treasury.

The BBC said that the Government believed the boost could be implemented within its current strategy as fiscal targets were based around current not capital spending. A Treasury spokesman said: "The Government has set out its spending plans."

Courtesy of London Evening Standard http://www.thisislondon.co.uk/standard/

"Britain could face decade of stagnation, says Vince Cable"

noreply@blogger.com (ICE PACC) — Tue, 20 Sep 2011 12:27:00 +0000

Business Secretary Vince Cable has refused to rule out a second financial crash and issued a stark warning that Britain could face a Japan-style lost decade of stagnant growth.

The euro-zone crisis, combined with the stalling of major economies, means the world is in "very dangerous terrain", he told a fringe event at the Liberal Democrat conference in Birmingham.

The comments followed the Cabinet minister's keynote speech, in which he insisted the Government needed to wage the "economic equivalent of war" on the downturn.

Invoking the example of Winston Churchill's coalition against the Nazis, he said: "You could say: that was war, that's different.

"Yes, it is different. But we now face a crisis that is the economic equivalent of war. This is not a time for business as usual, or politics as usual."

Mr Cable went further last night, raising concerns that the UK could suffer a spell in the economic doldrums like Japan in the 1990s.

The prospect of a second financial crash could not be ruled out, although he stressed that was not a "mainstream probability".

"What could happen? The optimistic view is we get our public finances in order, we do what is beginning to become apparent, which is we rebalance towards manufacturing, exports, investment, green technology... and (there is) quite a lot of evidence that some of those things are happening."

But he went on: "There is, increasingly, a kind of middle-level scenario which says 'well, actually it's much more difficult than that and this problem is going to linger for some years' - kind of the Japan story, possibly.

"It's possible. I'm not saying it's likely but it could happen. And of course the people who really want to frighten themselves think that there could be another financial crisis as well.

"We hope not, but it could happen if something goes badly wrong with the whole of the euro-zone and not just Greece - Greece is a very small country - but with Italy and Spain, and this affects the banks' assets in those countries and goes through our system, particularly in Ireland.

"All kind of things could happen but I think that's a tail risk, I don't think that's a mainstream probability."

Mr Cable said Europe was in an "existential crisis" and "as the European party, it's down to us as much as anybody to say 'well, how the hell do we get out of this? How do we relate to this thing?'. We can't just sit as bystanders."

He insisted there should be no "backward movement" by Britain from ties with the EU. Despite spelling out such disastrous scenarios and stressing the need for the coalition to work together "in the national interest", Mr Cable delivered a series of stinging jibes against Tory colleagues.

Those targeted in his speech included Communities Secretary Eric Pickles and David Cameron's policy guru Steve Hilton.

Conservative calls for the 50p top rate tax to be axed were "childish fantasy" that would fail to attract back British billionaires from their Caribbean bolt-holes, he said.

He also blamed his coalition partners for a failure to rein in bankers' bonuses. Party leader Nick Clegg put in a tetchy performance at a question and answer session with members.

Attempting to quell lingering hostility to the power-sharing deal, he urged activists to stop "beating themselves up" over it.

He dismissed critics who accused him of being a traitor or betraying Lib Dem principles as "ridiculous". Instead they should applaud him for putting national interest ahead of narrow political advantage.

He insisted that working together in coalition did not mean Lib Dems had to avoid being "rude" about the Tories at conference.

Today Chris Huhne will take to the conference platform to announce a crackdown on the biggest energy companies and pledge to help customers save cash.

In a keynote speech to Liberal Democrat activists, he will say ministers are poised to order energy suppliers to pay customers unlimited refunds to compensate for "bad behaviour".

He will also unveil tough new powers for energy watchdog Ofgem that will allow it to stop companies blocking reforms.

"We are determined to get tough with the big six energy companies to ensure that the consumer gets the best possible deal," he will say.

"We want simpler tariffs. Requiring energy companies to tell you whether you could buy more cheaply on another tariff. And you could save real money.

"I want to help households save money, simpler charging, clearer bills, quicker switching and more consumer-friendly firms - co-ops, partnerships, consumer charities - dedicated to doing the shopping around for consumers to make sure that you are always on the best deal, even if you do not have time to check yourself.

"I believe Ofgem should have new powers to secure redress for consumers - money back for bad behaviour - and we will stop the energy companies from blocking action by Ofgem, which can delay matters by a year."

Courtesy of London Evening Standard http://www.thisislondon.co.uk/standard/