Bank of England needs 'more cost-conscious culture' - watchdog

Banking&Finance reporter(wp/reuters):The Bank of England has hundreds of empty desks, spends more than other public bodies on buildings and IT support and wastes money due to staff ignoring procurement rules, a public spending watchdog said on Wednesday.
Calling for “a more cost-conscious culture” among back-office staff, Britain’s National Audit Office (NAO) said BoE spending on buildings and technology was over a third higher than the average for central government.

More than 800 desks typically sat empty at its historic headquarters in central London and human resources spending was also above average, reflecting a structure with more than 700 different job titles, the NAO said.

Staff ignored procurement rules for purchases of over 25,000 pounds, wasting up to 200,000 pounds in 2017.

“The Bank needs to get a grip ... and make sure its systems and practices are fit for both today and the future,” lawmaker Meg Hillier, who chairs parliament’s public accounts committee, said.

Last week, Nicky Morgan, who chairs a parliamentary committee which monitors the BoE, criticised the “staggeringly high” expenses of some BoE policymakers.

In 2017 the BoE, which is operationally independent of government, said it would cap annual spending — excluding staff pensions and printing banknotes — at 476 million pounds, and limit staff numbers to 4,281.

Staff numbers at the BoE increased by 15 percent in the previous three years, as the BoE took on more responsibilities for financial regulation and focused on preparing for Brexit.

“As a result of a great deal of hard work and commitment from colleagues, we have held our budget flat for the current financial year and aim to do so in the medium term,” BoE chief operating officer Joanna Place said in reply to the NAO report.

The NAO report focused on ‘central services’ at the BoE such as human resources, technology support and buildings. Spending on central services was lower than at other central banks, the NAO said.

UK economy to slip to seventh biggest in world in 2019: PwC

Business correspondent(wp/Reuters):

Britain risks slipping from being the world’s fifth-biggest economy to its seventh-largest next year, when it is due to leave the European Union, with France and India on course to overtake it, accountancy firm PwC said.

PwC projected economic growth in 2019 of 1.6 percent for Britain — assuming the country manages to avoid the shock of a no-deal Brexit in March — versus 1.7 percent for France and 7.6 percent for India.

“The UK and France have regularly alternated in having the larger economy, but subdued growth in the UK in 2018 and again in 2019 is likely to tip the balance in France’s favor,” PwC economist Mike Jakeman said.

The ranking is based on the size of national economies in U.S. dollar terms.

Britain’s economy slowed and the value of the pound slumped after the 2016 Brexit referendum decision to leave the EU.

“India is the fastest-growing large economy in the world, with an enormous population, favorable demographics and high catch-up potential due to low initial GDP (gross domestic product) per head,” Jakeman said.

“It is all but certain to continue to rise in the global GDP league table in the coming decades.”

PwC expects India to rise to fifth place next year from seventh, and France to remain at sixth.

Grenfell fraudster who stole £33,000 from victims' fund and claimed fasting drove him insane jailed for five years

Pic:Jailed: Abolaji Onafuye, 54, posed as a victim of the Grenfell Tower fire and has been convicted of a £33,000 fraud(wp/es)



Pic:Victim of grenfell tower fire tragedy(wp)
Crime reporter,London(wp/es):

A Grenfell Tower fraudster who stole £33,000 has been jailed for five years after claiming he posed as a victim of the blaze because fasting drove him insane.

Abolaji Onafuye falsely claimed to have lived on the 11th floor of the block, which was destroyed by fire in June 2017.

The 54-year-old, from Hammersmith, west London, also claimed he had been related to one of the 72 people who died in the blaze, a court heard.

Onafuye claimed for accommodation and financial help worth around £33,000 from Kensington and Chelsea council and the charity Rugby Portobello Trust.

This included a stay at the Grosvenor Hotel at £190 a night from June to October 2017 and the cost of the temporary accommodation at Gorleston Street, the court heard.

Onafuye denied two counts of fraud by false representation but was found guilty earlier this month.

Judge Giles Curtis-Raleigh told Isleworth Crown Court on Tuesday Onafuye had shown no remorse for the scam and had even accused genuine victims of lying.

He said: "It was a disaster which shocked the nation. Most people reacted with horror and dismay and feelings of deep sympathy and profound concern for the survivors.

"Your response was very different. You decided to use the situation to your personal advantage to enrich yourself dishonestly by plundering public funds designed to assist genuine victims of that disaster in their hour of need."

Judge Curtis-Raleigh said that even after his arrest in June this year, Onafuye continued to be dishonest, first accusing residents of lying then claiming during his trial he had been suffering from temporary insanity caused by not eating during Ramadan.

He added: "You denounced the genuine victims, the genuine occupants of 84 Grenfell Tower whose statement had been presented in that interview as liars and you have continued lying.

"You have shown not a shred of remorse throughout these proceedings."

Ben Holt, prosecuting, said Onafuye had planned the scam by spending time in the Grenfell area after the fire and getting to know the names of victims Zaynab Deen and her son Jeremiah.

Zainu Deen, the father of Zaynab and grandfather of Jeremiah, said he was horrified fraudsters had tried to use their names to make a profit.

In a statement read to the court, he said: "I found this horrible and disturbing. I cannot really believe that anyone would use the tragic events of June 2017 to their benefit.

"Surely these people know there are real families who are suffering and whose lives will never be the same again.

"I am angry, cross, confused and incredibly frustrated."

Onafuye, of Gorleston Street, represented himself after sacking his barrister before the sentencing hearing and said he had never meant to cause anyone distress.

He said he had a sick mother, disabled son and three other children who relied on him "morally and financially".

Man dies after being gunned down in north London

Crime reporter(wp/es):

A man has died after being gunned down in a shooting in north London.

Police were called to the scene in St Joseph's Road, Enfield, at about 9.15pm on Tuesday.

The victim, whose age has not yet been released, was pronounced dead at the scene.

Three males were arrested at the scene on suspicion of murder, Scotland Yard said.

A crime scene remained in place into the night. 

A Metropolitan Police spokesman said: “Officers, including firearms officers, attended the scene.

“The victim, age awaits, was pronounced dead at the scene at 10.10pm.”

Royal Family News:::The Duke and Duchess of Cambridge undertook two engagements in support of deployed military personnel and their families

Pic:The Duke and Duchess of Cambridge(wp/royal images)
Royal correspondent(wp):

The Duke and Duchess of Cambridge hosted a Christmas party in London for families and children of deployed personnel, before visiting those personnel in Cyprus.

The party was held for personnel from RAF Coningsby, of which The Duke is Honorary Air Commandant, as well as those serving with RAF Marham in Cyprus.

At the party Their Royal Highnesses delivered a message of support to deployed personnel and to acknowledge and honour the fact that many serving personnel are away from their families at this time of the year.

The following day, on Wednesday 5th December, The Duke and Duchess flew to RAF Akrotiri in Cyprus to meet with Serving personnel, families living on the base, wider station personnel and members of the local community.

RAF Akrotiri is home of the Cyprus Operations Support Unit which provides joint support to British Forces Cyprus and operations in the region to protect the UK's strategic interests.

Royal Family News:::Her Majesty officially opened the new Ashworth Centre and re-opened the recently renovated Great Hall at The Honourable Society of Lincoln’s Inn.

Pic:Her Majesty officially opened the new Ashworth Centre and re-opened the recently renovated Great Hall at The Honourable Society of Lincoln’s Inn.(royal images/wp)
Royal Correspondent(wp):
Her Majesty officially opened the new Ashworth Centre and re-opened the recently renovated Great Hall at The Honourable Society of Lincoln’s Inn.

During the visit Her Majesty was accompanied by The Duke of York – who was introduced as a Royal Bencher in 2012.

The Archives of Lincoln's Inn include the longest-running record series of any of the four Inns of Court: the Black Books, which start in 1422.

There have been several Royal Visits in Lincoln’s Inn 596 year history. Queen Victoriaopened the Great Hall on 30 October 1845 and in celebration of the 100th anniversary, Queen Mary planted a walnut tree in the North Lawn in 1945. Her Majesty last visited the Inn in 1967.

The Queen met people involved in the building’s construction as well as students, scholars and staff from the Education department.

In the Great Hall, Her Majesty and The Duke of York meet tutors, Education Committee members, Past Treasurers, Senior Benchers and key members of the Inn’s staff.

The Queen then unveiled a plaque to re-open the Great Hall.

Her Majesty and The Duke of York also signed the Golden Book, a visitor’s book previously signed by Queen Victoria and Prince Albert.

At the end of the visit, Her Majesty received a posy.