To many casual observers, this Summer’s football transfer window appears to have left the realms of reality. Transfer fees for players have broken records and the total spend in the English Premier League alone stands at an incredible £1.17 billion and with deals still being thrashed out in boardrooms around Europe, that figure is likely to increase.

Even the managers are aghast, with Arsene Wenger deriding the £200 million transfer of Brazillian superstar Neymar Jr to French club Paris St. Germain claiming that the club “cannot justify the investment.” But are the transfer fees actually the ‘crazy money’ that Chelsea manager Antonio Conte has claimed?

As the three-month Summer Transfer Window winds down, it’s easy to look at the figures that clubs seem to be casually throwing around in player transfers and agree with Wenger and Conte, but there is a data to suggest that clubs are actually spending responsibly and well within their means compared to revenue. Despite the fact that Premier League clubs have already broken the record £1.16 billion spent in 2016, the league remains the richest in the world. It has recently begun its new TV deal with Sky and BT which earning the clubs £5.19 billion, and, in addition to this domestic arrangement, TV Deals from overseas will also contribute £1.07 billion a year currently, with contracts already signed to increase these payments from 2019 to as much as £3.2 billion. If you consider from the last full published accounts of all Premier League teams that there was also another £1.74 billion in revenue from merchandise, gate receipts and prize money, the pot of money available becomes larger, allowing for greater investment as it would in any business. The fact is that these figures demonstrate that the £1.17 billion spent in this transfer market does not even reach 20% of the businesses’ yearly revenue.

The graphic above shows that Manchester United have invested 22% of their yearly revenue into players this summer, which breaches that 20% threshold clubs like to adhere to, however it’s important to note that the clubs do not view the outlay as a short-term investment.  So a £50 million transfer fee may grab a headline and incite mass hysteria on Twitter, but it will be spread out over the duration of the players contract which in most cases is 4-5 years. In some instances the payments are not just lump sums, but are subject to performance and add-ons dependent on the team’s success, which in turn will bring in increased revenues, sponsorship and ideally prize money meaning that the transfer fee may increase from the outside, but in actuality will constitute a lesser percentage of the clubs revenue for that year.

Many clubs have put in place specific player analysis teams to ensure all transfers are in line with the club’s growth projections and business models. Players are investments, so beyond the obvious on-pitch contribution, clubs have developed models to assist in defining the likelihood of creating a significant return on investment that would make the fee worthwhile.

This is also the case in the world record breaking transfer of Neymar widely derided by press, public and football managers alike. If Paris St. Germain were adhering to the standard and historically accepted 20% of revenue ceiling for player transfers, then Neymar should not have been signed as it exceeds that figure by £50 million. But the analysis predicts that Neymar should add over 6 points to PSG’s season tally, which may be enough to re-capture the league title they ceded to Monaco last year, and increase the chances of further progression in the coveted Champions League. Six points and a good cup run is not all Neymar will be improving. PSG have stated that the signing of Neymar Jr is on a five-year contract with the player spending his peak years both on the pitch and as an advertising and merchandise magnet which is likely to increase the revenue of PSG significantly.  Whether it will be significant to cover the investment over 5 years remains to be seen, but it's certainly not as outlandish as it first appears.

The reality is that despite the hysteria and whingeing from opposing managers, the majority of clubs are investing in a way that would be perfectly acceptable in other sectors. And although in the future we will undoubtedly see the first billion pound transfer splashed across the headlines, it will only be when the revenue allows.

People are paying more for their homes around the world, with average house prices up 6.5% in the last 12 months.

But, where have house prices grown faster than the average income?

Assured Removalists have combined data on average annual salary, income tax and house prices to produce a ratio that shows the measure of housing affordability around the world. The higher the ratio is, the less affordable the houses are.

How does your country compare? You can view the full data set here.

The UK outsourcing market recorded its strongest half year performance since 2012 between January and June as financial services companies ramped up activity, according to the Arvato UK Outsourcing Index.

The research, compiled by outsourcing provider Arvato and industry analyst NelsonHall, revealed outsourcing deals worth £5.2 billion were agreed in the first six months of the year, with financial services accounting for 55 % of the total contract value at £2.9 billion.

The sector’s investment in outsourcing services was behind a steep increase in spending by UK businesses, according to the findings. Companies signed contracts worth £4.5 billion between January and June, representing a 95 % year-on-year rise. The latest figures follow a particularly strong first quarter, which saw firms agree deals worth £2.5 billion - the strongest quarterly private sector spend since the last three months of 2011 (£6.4 billion).

IT outsourcing (ITO) contracts accounted for the majority of private sector procurement in H1, with deals agreed worth £3.8 billion, up from £1.2 billion in the first six months of 2016. Application management and hosting were the most popular service lines procured by the private sector, as businesses focused on digital transformation.

The overall value of UK outsourcing contracts signed in the first six months of 2017 represents the largest half year spend since H1 2012 (£5.6 billion), and a 23 % year-on-year rise.

Debra Maxwell, CEO, CRM Solutions UK & Ireland, Arvato, said: “It’s clear from the research findings that we are yet to see any impact of Brexit on the sector as businesses continue to invest in new technology and transforming their services.”

Security concerns drive outsourcing spend in financial services

Financial services businesses signed outsourcing contracts worth £2.9 billion in the first half of the year, a steep rise from the £428 million agreed in the first six months of 2016.

An increased demand for outsourcing IT services, specifically network infrastructure, security architecture and cloud computing, was behind the rise, according to the findings. The sector accounted for 62 % of total ITO spend in H1 2017, compared to just five % over the same period last year.

Patrick Quinn, CEO of Arvato Financial Solutions UK & Ireland, said: “Strengthening security and data protection are top of the agenda for the sector and businesses are increasingly turning to partners to deliver resilient infrastructure and architecture in the wake of high profile cyber-attacks and to prepare for the new data privacy legislation.”

Improving customer service drives growth in energy and utilities sector

The number of deals agreed by energy and utilities businesses over the first six months of 2017 rose by 20 cent year-on-year, according to the latest Index findings.

Companies signed outsourcing contracts worth £268 million over the period, up 10 % on the value of deals agreed between January and June 2016.

The research reveals an increase in BPO spend is behind the rise, specifically investment in customer services and collections. Energy and utilities firms spent £164 million improving customer experience in H1 2017, compared to the £4 million invested by the sector on BPO during the same period in 2016.

The Arvato UK Outsourcing Index is compiled by leading BPO and IT outsourcing research and analysis firm Nelson Hall, in partnership with Arvato UK. The research is based on an analysis of all outsourcing contracts procured in the UK market during H1 2017.

Other headlines from the H1 2017 Index include:

Overall, 87 % of spend came from the private sector, with government bodies accounting for the remaining 13 %.

A total of £882 million was spent on business process outsourcing (BPO) deals, representing 17 % of the overall UK outsourcing spend.

The value of ITO contracts accounted for 83 % of the UK market, with contracts signed worth £4.2 billion.

(Source: Arvato UK & Ireland)

Big technology brands are proving irresistible to today’s investors, data from award-winning investment game app Invstr has shown.

Experts from the innovative fintech company extracted investment game data from their users in more than 170 countries, and found that, in the six months up to July 31^st, outside of silver and gold, familiar consumer-facing brands such as Amazon, Apple, Facebook and Samsung were the most traded instruments.

Looking further into the data, Invstr found that keeping hold of those big brands could prove a lucrative exercise; the top 10 instruments from the last six months have gone up in value by almost 15% on average.

Plus, the tech companies have been core to that group success. Facebook (27.04% increase), Samsung (23.21%), Amazon (18.67%) and Apple (15.52%) have all experienced hefty growth since February 1, 2017.

Invstr also looked at statistics for the last month (July 3-31) and three months (May 1-July 31), and found that Invstr users were still going strong on the markets with group growth of 8.72% and 4.17% across the top 10 instruments respectively. Tech stocks continued to feature strongly.

Kerim Derhalli, founder and CEO of Invstr, said: “It’s evident from the Invstr data that investors find comfort with the big brands they know and love. Whether it’s the last month, three months or six months, they’ve tended to dominate our top 10 most traded instruments – and it seems to be paying off over longer periods.

“However, everything can change and investors should make sure they are up to speed on the latest price changes and news. Even with growth over the last six months going well, the likes of Apple and Facebook dropped heavily in June before bouncing back in July.

“What we know for sure is that, by gaining more knowledge and understanding of the financial markets, investors can make much more informed decisions which will see their chances of investment success increase.”

Invstr’s top traded instruments

(Source: Investr)

Below Sam Bennett, COO at Frontierpay, provides Finance Monthly with a brief overview on UK inflation over the past few weeks, looking at the current state of play, the evolution of optimism and the overall position of the pound among global currencies.

Mark Carney must have breathed a sigh of relief from his office in the Bank of England when the news reached him just a few short weeks ago that UK inflation had fallen to 2.6%; contradicting market expectations that it would remain at, or even rise above May’s figure of 2.9%

The rate at which inflation rose over the last year had been better than predicted, after hitting what was already a 20-month high in June 2016, when the UK voted to leave the European Union. The CPI’s unexpected drop in July, which came largely as a result of lower oil prices reducing the cost of petrol and diesel, was therefore very welcome.

While the fall in inflation was quickly hailed as good news by many businesses and everyday consumers, sterling’s position in the currency market was hit hard, with a slowdown of the domestic economy creating significant downward pressure.

The 0.3% fall led to an immediate drop in the value of the pound, which landed at €1.12 against the single currency and shed more than a cent against the dollar. As sterling continued to feel investor pressure in the following days, the pound fell another 1% against the euro and found itself sitting below $1.30.

Today, a little over three weeks since the fall in inflation was first announced, the state of play for the pound isn’t looking any more encouraging than it was in those first few troublesome days.

Despite German industrial production falling unexpectedly, an event which we might have expected to provide some relief, sterling has not only remained under pressure, but has actually slipped further against the euro and dollar. Even with the most recent data from the Eurozone being weaker than many analysts predicted, potential investors are still wrestling with the uncertainty of the UK’s weak UK inflation data.

It should be pointed out that there is still some relative positivity in the investor community, thanks largely to robust global growth rates. Equity markets are sitting at fresh highs, with global indices rising, on average by 23% this year so far. Cause, therefore, for some optimism.

For the time being, however, the UK continues to look like the perceived weaker cousin, in comparison to the other major global currencies. We’ve seen several attempts to gain ground against the euro and the dollar pushed back, and live prices have settled at levels of around €1.10 and $1.30. As lower inflation numbers continue to weigh heavily on the pound, a rapid turnaround isn’t looking very likely.

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Below, Dave Polton, Director of Innovation at NTT Security, writes about the recent Cyber Week conference in Israel between June 25th and 29th.

Cyber Week Israel 2017 concluded with the main theme touting that 2017 is the year of the state sponsored attack. But what does this mean for the future of cybersecurity? This seemed to be split into three main themes that most, if not all, of the presenters touched upon:

United Cybersecurity – a premise that the only way we, as cyber defenders, are ever going to stand a chance at protecting our assets, is to join forces against our adversaries. The idea is that partnerships needs to be drawn not just within each industry vertical but across the entire industry with both public and private organisations.

Whilst this is not a new idea, the cyber week presenters challenged the industry to build solutions to overcome the objections many have to these partnerships. Just what we will see in this area is yet to be seen, but perhaps we will see some innovation in this space in the not too distant future.

A particular focus was given to the unification of government and industry where critical infrastructure was concerned which led to the second main theme.

IoT / OT / ICS – depending on where you get your statistics, the projected number of connected devices is expected to roughly be 50 billion. However, as we try to understand just how huge the problem may be, my main frustration is how the industry seems to keep interchanging the acronyms IoT, ICS and OT as though they all mean the same thing. I will try to simplify my view. An IoT is something that’s primary function does not require an internet connection.  An OT requires a network connection in order to deliver its primary function. Arguably there are some grey areas but loosely this definition works.

Whilst we are starting to see some new innovative technologies to help protect OT, the messaging from an IoT perspective, is that IoT requires security by design, not an aftermarket technology solution. Just how much an organisation will invest in security by design will of course depend on the potential impact of a compromise. For example, one would hope that in the case of the autonomous cars the investment be high.

Cognitive Computing – a number of presenters referenced machine based learning, artificial intelligence, orchestration, automation and expert systems. I have grouped them under the term ‘cognitive computing’. Irrespective of the term that was used, the message was clear. In order to bridge the skills gap within the cybersecurity industry we need to leverage cognitive computing. I have blogged about this previously here.

Technology is often remarked as evolutionary ammo, and the statement stands just the same for the growth of businesses. Finance Monthly below hears from Frédéric Dupont-Aldiolan, VP Professional Services at Sidetrade on the latest and upcoming innovations that have hit 2017 hard.

Artificial intelligence, robotics, machine learning and the Internet of Things: 2016 stood out as a year marked by technological development and significant advances in several fields, not least that of connected, driverless cars. Against this backdrop, a clear trend is appearing: the growing influence of robotic technology in daily life.

In 2017, we have seen more promising innovations, here is my review of the top five things we are seeing:

5. IoT, the Internet of Things

Star of the Consumer Electronic Show (CES), which took place in Las Vegas in January, and Viva Technology, which took place in Paris, the Internet of Things was thrust into the spotlight in 2016 and continues to bring increasingly intelligent connectivity to our daily lives. Smart devices, equipped with bar codes, RFID chips, beacons or sensors, are taking the lead and enabling companies to gain greater visibility over their transactions, staff and assets.

In 2016, information and technology research and advisory company Gartner estimated that there were 6.4 billion connected devices globally, an increase of 30% on 2015. By 2020, this figure is likely to have grown to 20.8 billion.

4. The explosion of Big Data

Network multiplication brings with it a proliferation of data generation, whose analysis, use and governance have become a burning issue. According to estimates by IDC, an international provider of market intelligence for information technology, by 2020, every connected person will generate 1.7MB of new data per second.

The concept of ‘perishable data’ has lost validity. In 2017, companies now have the capability to use data before it becomes obsolete. Devices connected via the Internet of Things will rapidly speed up data decoding and processing for actionable insight.

3. The ramp up of artificial intelligence and automatisation

Artificial intelligence has been one of the main talking points in technology over the last year. Encompassing areas such as machine learning, robotic intelligence, neural networks and cognitive computing, it’s now in daily use in numerous forms including facial and voice recognition, endowing velocity, variety and volume.

This year, artificial intelligence has taken on an increasing number of repetitive and automatable tasks, beginning with wider use of ‘chatbots’ with the capacity to give coherent, easily formulated responses. IDC pinpoints robotics driven by artificial intelligence as one of the six innovation accelerators destined to play a major role in the digitalisation of society and the opening up of new income streams. Indeed, Amazon and DHL are already making use of warehouse handling robots.

2. Location technology, the Holy Grail of customer satisfaction

Location technology has taken great strides over the last year or so, to the marked benefit of customer satisfaction in the hotel, health and manufacturing sectors. Customers can now receive geo-targeted offers on their smartphones, for example for promotions or reductions, depending on their physical location.

In 2017, RFID chips enable yet more accurate tracking of customers and enhancement of their buying experiences.

1. Virtual reality makes way for augmented reality

One of the biggest innovations recently has been virtual reality, and with it came much media coverage too. From Facebook to Sony, Google to Microsoft, big brands grasped this new technology to offer an outstanding user experience, through the merging of virtual and real imagery.

In 2017, these virtual devices have acquired an awareness of their environment and give users a real sense of immersion of the digital environment from within their own homes. The potential of augmented reality for business will be harnessed too in the coming months. Some companies, among them BMQ and Boeing, are already employing it to increase their retention and productivity rates, or to provide training to their workforces across worldwide subsidiaries.

Over the next few months, as we gear up for another round of product launches, we should expect to see advancements in these key areas of technological innovation. Within business, this technology should help to improve customer service by streamlining production and processes, saving time and money, as well as providing new and exciting ways to reach and engage with customers, helping to retain existing clients as well as bring in many new ones.

Latest research from the Association of Investment Companies (AIC) using Matrix Financial Clarity has revealed purchases of investment companies by advisers and wealth managers on adviser platforms hit a record level over the 12 months to end of March 2017 at £777m. This is 11% higher than in the year to December 2015 (£698m), which was the previous record for a 12-month period.

In Q1 2017 adviser and wealth manager purchases reached £246m, the second highest quarterly figure on record. This is 85% higher than the same quarter last year (£133m) and an increase of 25% on Q4 2016 (£196m). The figure for Q1 2017 fell just 10% below the highest ever level of purchases in Q2 2015 (£273.9m), which was boosted by the launch of Woodford Patient Capital Trust.

For the first time, Sector Specialist: Debt was the most popular investment company sector, accounting for 14% of all purchases in Q1 2017. Property Direct – UK, the top sector for the past two quarters, was the second most popular sector with 13% of purchases.

Commenting on the results, Ian Sayers, Chief Executive of the Association of Investment Companies (AIC) said: “It is very positive to see adviser purchases of investment companies at a record level over the last 12 months and demand for training is stronger than ever.

“The Property Direct – UK sector was the most popular investment company sector for the previous two quarters – no doubt due largely to the problems of open-ended property funds last year but it’s interesting to see that the specialist debt sector, which focuses on illiquid debt, has taken the top spot for Q1 2017. It seems that buyers on adviser platforms are becoming increasingly aware of the strength of the closed-ended structure for accessing illiquid assets.”

Additional findings

Following Sector Specialist: Debt and Property Direct – UK as the most popular investment company sectors for adviser purchases were: Global (12%), UK Equity Income (10%), Sector Specialist – Infrastructure (5%) and Private Equity (5%).

Total adviser purchases of investment companies on platforms were £219m in 2012, £400m in 2013, £481m in 2014, £698m in 2015 and £663m in 2016. This equates to growth in total purchases of 202% between 2012 (pre-RDR) and 2016. The slight fall in purchases between 2015 and 2016 is accounted for by the spike in purchases in Q2 2015, when Woodford Patient Capital was launched.

For Q1 2017, Transact remains the most used platform for adviser purchases of investment companies, with a 34% market share, followed by Alliance Trust Savings (23%), which has had a strong quarter, Raymond James (11%), Ascentric (11%) and FundsNetwork (9%).

(Source: The Association of Investment Companies)

For all the stability that this latest General Election was due to bring, the Great British Public awoke on Friday morning with more questions than answers. With a weakened Government and a reinvigorated opposition, what does the world now look like for the fintech industry? Here, Kerim Derhalli, Founder and CEO of fintech app invstr, discusses the results’ impact on the fintech sector.

Traditionally, politics and technology has had an uneasy relationship. On the one hand, tech innovators strive to upset the status quo and find new ways of doing things; on the other, governments tend to be comfortable once they have exerted control over the unknowns of new technology.

The great challenges

In the aftermath of two horrific terrorist attacks in London and Manchester, Theresa May moved quickly to criticise technology companies for providing “safe spaces” for extremist ideology, reinforcing the Conservative pledge for greater regulation of the internet.

Labour, conversely, support greater rights on the internet specifically, backing a ‘Digital Bill of Rights’ within their digital manifesto – released in August last year.

How will these two opposing ideologies play out in a fintech world brimming with optimism and entrepreneurship? There are pros and cons, and it may be that a hung parliament works in the favour of the tech glitterati.

The criticism of the Tories has been that they protect the big boys. Low corporate tax and a reduction in business red-tape will have the big banks rubbing their hands, but there’s also plenty for startups, disruptors and SMEs to be excited about.

But the Conservative’s manifesto declaration that “for the sake of our economy and our society, we need to harness the power of fast-changing technology” should be treated with caution.

Harness or heel?

The phraseology is fascinating. What does ‘harness’ really mean? If it means a managed level of regulation, which keeps consumers safe from the more sinister aspects of technology, while maintaining the capacity for innovators to try new things, then fintech entrepreneurs will be cheering.

If the real result is Big Brother laying down the law and attempting to bring the disruptors to heel, then the outlook isn’t so positive and, in reality, this approach is liable to backfire. As we’ve seen with Trump, the social revolution and today’s unprecedented access to shared information, the masses will soon make themselves known if they feel the palm of oppression settling on any of their concerns.

In January, Mrs May and Co. announced their modern industrial strategy, which promises investment and support for science, technology and innovation. On the surface, this is great news for the fintech set. University R&D funds, similar to that of the United States, could really accelerate advancement for innovative startups.

In the red corner

And what of their prime competitors? We’re now a decade on from the financial crisis, and Labour has said that it is time to reawaken the finance industry.

Their headline campaign announcement was a National Investment Fund that will bring in a £250 billion boost in lending for small business across the country. The manifesto cited private banks, small businesses and promised “patient, long-term finance to R&D intensive investments”. With fintech firms by-and-large falling into this category, this mantra could prove to be a firm positive for the sector, if the opposition flexes its muscles over the next term, as it can now do.

Back to the language of the document; Labour’s manifesto called out ‘big City of London firms’ as those which don’t support growth in communities. With tens of thousands of fintech roles sitting in the Square Mile currently, there may have been a few CEOs shifting uncomfortably in their seats.

Just last week, new figures from Europe’s prestigious Fintech50 list, which picks out the hottest fintech organisations, shows London providing half of the overall list.

Labour also pledged to appoint a Digital Ambassador to liaise with technology companies to “promote Britain as an attractive place for investment and provide support for start-ups to scale up to become world-class digital businesses”. Can one person change the face of tech investment in the UK? Fintech disruptors would be pleased to have an advocate in Whitehall, but similarly, the country is already showing that it is a leader in the world of tech and long may that continue.

The continuing turmoil is Westminster isn’t good for business on the whole. According to the Institute of Directors, confidence has plummeted since Thursday’s result – leaders want, believe it or not, ‘strong and stable’ leadership.

But the balance which the hung parliament gives us – a weakening of heavy-handed regulation policies on one side, and a firm dose of realism on the other as to what cash is available – may well work in the fintech industry’s favour.

Fintech is up to the challenge and will thrive. The arm-wrestle between governance and technology, politics and finance, regulation and disruption, between the established and the new, will continue. We’re opportunistic creatures, and we’ll continue to adapt and make the most of the breaks whatever government is there is provide them.

The first poll of business leaders since Thursday’s General Election reveals a dramatic drop in business confidence and huge concern over political uncertainty, and its impact on the UK economy. Company directors see no clear way to quickly resolve the political situation, feeling that a further election this year would have a negative impact on the UK economy.

The nearly 700 members of the Institute of Directors who took the survey are looking for any political certainty that can be found and are keen to see quick agreement with the European Union on transitional arrangements surrounding the UK’s withdrawal, and clarity on the status of EU workers in the United Kingdom.

The overall priority for the new Government, according to IoD members who have taken the survey since noon on Friday, must be reaching a new trade deal with the European Union. On the domestic front, work to deliver a higher skilled workforce and better quality infrastructure is considered vitally important.

A summary of the key findings and the full results of the survey can be found below.

Stephen Martin, Director General of the Institute of Directors, said: “It is hard to overstate what a dramatic impact the current political uncertainty is having on business leaders, and the consequences could – if not addressed immediately – be disastrous for the UK economy. The needs of business and discussion of the economy were largely absent from the campaign, but this crash in confidence shows how urgently that must change in the new Government.

“It was disheartening that the only reference the Prime Minister made to prosperity in her Downing Street statement was to emphasise the need to share it, rather than create it in the first place. With global headwinds and political uncertainty at the front of business leaders’ minds, it would be wise for this administration to re-emphasise its commitment to a pro-business environment here at home.

“Business leaders will be acutely aware that Parliaments without majorities are more prone to politicking and point-scoring than most. If we do indeed see a minority Government, both sides of the aisle must swallow their pride and work on a cross-party basis on the most important issues. The last thing business leaders need is a Parliament in paralysis, and the consequences for British businesses and for the UK as an investment destination would be severe.

“Saying this, there is also little appetite for a further election this year, and indeed business leaders are keener to see the new Government get to work in Brussels and on the domestic front. Ensuring negotiations start well, and delivering higher quality skills and infrastructure across the country, must be the priority.”

Markus Kuger, Senior Economist at Dun & Bradstreet said: “After the surprising election result, political and economic uncertainty in the UK has risen considerably. The election outcome looks set to further complicate the process of negotiating the UK’s departure from the EU, as the government only has a narrow majority in parliament – and even this looks vulnerable in the context of Conservative MPs’ widely differing views on post-Brexit UK-EU relations. Given the backdrop of an already slowing economy (the UK posted the lowest real GDP growth of all 28 EU economies in Q1 2017), it is not surprising that businesses are beginning to express a lack of confidence. We believe it’s highly unlikely that the first round of Brexit talks between the British government and the EU (scheduled for 19/20 June) will deliver more clarity or significant results. This means that companies will have to wait even longer to assess the impact of these negotiations on their business.

“Our analysis indicates that uncertainty will remain high in the next 18 months, regardless of what happens in the wake of the election, and we are maintaining our risk rating of DB2d and our ‘deteriorating’ risk outlook for the UK economy. We predict that, in the long run, the election result could make a ‘hard’ Brexit - which we believe would be harmful for the British economy - impossible. The best advice for businesses is to monitor the progress of negotiations, and use the latest data and analytics to assess risk and identify potential opportunities. Once a government is firmly in place and negotiations progress, organisations may have a clearer picture of the business partnerships between the UK and the rest of the world. Until then, a careful and measured approach to managing relationships with suppliers, customers, prospects and partners will be key to navigating through these uncertain times.”

GTR spoke to insurers and brokers at the annual conference of the Association of Trade Finance in the Americas (ATFA) on how the insurance market has evolved in the US since the financial crisis.