Day: February 8, 2022

World’s first gold platinum sovereigns sell out as royal fans rush to own piece of Jubilee history

The world’s first gold sovereign coins to be minted using a gold and platinum alloy – created to celebrate the Queen’s Platinum Jubilee – have sold out in record time.

Created by leading coin experts Hattons of London to mark Queen Elizabeth II’s incredible 70 year reign, the coins feature celebratory portraits of the Queen at landmark moments throughout her seven-decade reign.

And after selling out despite being launched less than three weeks ago, the collection has gone down as the fastest-ever selling product in Hattons of London’s history.

Minted with an exclusive blend of 22 carat gold enriched with 2 carats of platinum, the sovereigns were a world first.

Hattons of London MD, Simon Mellinger, said: “The Platinum Jubilee is a momentous occasion and by using an exclusive blend of 22 carat gold enriched with 2 carats of platinum, we have created a fitting tribute to the Queen’s 70 years of service to our country, that like Her Majesty, will stand the test of time.

“The demand for the product we’ve had has been phenomenal, and has far outstripped supply.

“We expected a lot of interest in the coins, but the speed at which the collection has sold out has been unbelievable. It seems that collectors have recognised the significance of this year’s Platinum Jubilee and have been keen to add a special piece of memorabilia to their collections.

“What’s been particularly interesting is that demand hasn’t just been from coin collectors – there’s been a much wider appeal from the general public, who also want them as a commemoration of this important, and maybe never-to-be repeated, Royal anniversary.”

The coins feature portraits of Her Majesty which had never before featured on sovereign coins, including images of the Queen’s 1952 Coronation, her Silver and Diamond Jubilees, as well as a portrait of Her Majesty around the time of her becoming our longest reigning monarch in 2015.

The design on the smallest denomination in the range, the one-eighth sovereign, features the royal cypher of Elizabeth II with a celebratory garland of roses, thistles, leeks and shamrocks to represent the nations of the United Kingdom. This garlanded-cypher also features on each of the other coins in the series.

Mr Mellinger said there were plans for an additional Platinum Jubilee collection later this year. 

“We normally only bring out one limited collection to celebrate a milestone event or anniversary, but given the interest and the significance of the occasion, we’re currently considering adding to our Platinum Jubilee range with a new collection this year,” he added.

Hattons of London is a leading expert in rare and exclusive coins with a vast collection which includes the Queen Victoria 200th anniversary range, featuring the first 24 carat gold twenty pound sovereign.

From Manhattan to Edinburgh: new Cocktail Bar and Restaurant to open in Frederick Street

63rd+1st, part of the newly listed Hostmore plc, has announced its next location will be situated on Frederick Street in Edinburgh.

Opening its doors this summer, the venue will be the fifth 63rd+1st to open in a year.

Spanning approximately 3,500 square feet, the cocktail led bar and restaurant will feature an iconic bar and spacious lounge area adjacent to the restaurant space, seating over 100 guests inside, with an additional 26 covers available on a heated outside terrace.

Named after 63rd Street and 1st Avenue in Manhattan, New York, 63rd+1st showcases a unique identity and beautiful club style interior.

Perfectly located amongst some of the city’s finest bars and restaurants, 63rd+1st will be the one of best places in Edinburgh for the business community, locals of all ages and visitors alike to meet and enjoy beautifully handcrafted cocktails, or a tipple from an eclectic wine list, as well as abeer selection from across the globe.

A diverse food menu ensures that 63rd+1st caters for everyone at all times of the day. Inspired by the ‘street food’ scene in Manhattan, the menu is centred on smaller sharing plates, allowing guests the freedom to choose more and try more.

63rd+1st will be the perfect meeting place for the early crowd to grab fresh coffee or an easy brunch at the weekend, and the after-work venue of choice for those who fancy popping in for one or two on their way home after a long day in the office.

Robert B. Cook, CEO of 63rd+1st and proud Scot, said: “We are delighted to be bringing the fifth 63rd+1st to the capital of Scotland, a city we know well, and in doing so continue to share the 63rd+1st experience with guests from across this great city and region.

“Situated a stone’s throw from George Street, and a short walk from most of Edinburgh’s great hospitality venues, we simply love the location of our first Edinburgh venue.

“63rd+1st represents the coming together of people, culture, tastes and styles. Our menu will undoubtedly entertain and excite all our guests courtesy of fantastic cocktails created by a team of expert bartenders and our New York City street food inspired menu, all of which emphasises our brand premise that ‘Life Tastes Better Shared”.

“Whether it’s business or pleasure, student or tourist, you will be made to feel at home in our beautiful venue, which has been inspired by over 50 years of unique heritage and is guaranteed to be the place where ‘great things happen’.” 

Briggs hails 2,444 local people helped by warm homes scheme

Lothian MSP Miles Briggs has welcomed the impact in his constituency of a scheme aimed at helping homes become warmer, more comfortable and more affordable to heat.

Warmer Homes Scotland, the Scottish Government’s national fuel poverty scheme, has supported 2,444 people in Lothian since it was launched in 2015, with each of them saving an average of £264 off their energy bills.

The Warmer Homes Scotland scheme provides a step-by-step service to identify where energy improvements can be made in the home and arranges for this work to be carried out. The scheme offers new central heating systems, including renewable heating technologies such as air source heat pumps, in all property types and in all regions of Scotland.

All of the work delivered under the scheme is carried out by registered and accredited local sub-contractors, working to rigorous quality standards across the country, with completed work independently checked to guarantee that these standards are met. In the last year, 99% of Warmer Homes Scotland customers said they were satisfied or very satisfied with the work carried out in their homes.

Warmworks-SROI-Report-2020-21-FinalDownload

A new report also found that the scheme has wider benefits for the health, wellbeing and social lives of those people who received support.

It also identified positive outcomes from the scheme for all levels of society, from householders through to the NHS and the Scottish Government.

Lothian MSP, Miles Briggs, said: “I’m pleased to learn that the Warmer Homes Scotland scheme has supported so many people in my constituency to be warmer and more comfortable in their homes.

“It’s also great to learn about Warmworks Scotland’s new report and the positive benefits from the scheme on householders’ health, wellbeing and day-to-day living.

“I’m delighted to know that the scheme has helped many of my constituents save money on their fuel bills. I’d encourage all of my constituents to check if they are eligible to receive help under the scheme, as the improvements it offers could make a real difference this winter and in the years to come.”

Warmworks Scotland Managing Director, Ross Armstrong, added: “The Warmer Homes Scotland scheme has been helping people right across Scotland feel warmer and more comfortable in their homes for six years.

“But we also now know that the benefits of the scheme go even further, and that it’s making a real difference in terms of supporting people with their health, wellbeing and day-to-day lives.

“I’m delighted that we have been able to help 2,444 people in Miles Briggs MSP’s constituency to be warmer and more comfortable in their homes, and that they have saved £264on their fuel bills thanks to the improvements made under the scheme.

“We look forward to building on this work and helping many more people throughout Lothian and across Scotland in the years to come.”

Who pays the State Pension in an independent Scotland?

An article by the Fraser of Allander Institute

The latest skirmish in the economics of independence wars relates to the state pension. Specifically, which government would pay State Pensions in an independent Scotland. Ian Blackford maintains that the UK government will pay the State Pension to Scottish residents who qualify for a UK state pension through their pre-independence national insurance contributions (NICs).

But state pensions are not paid for from a “pot” that individuals build up during their working lives. Instead they are paid using money from today’s taxes and borrowing – a pay-as-you-go scheme. Since individuals have no ownership rights over their past contributions, the UK Government can change the qualifying rules for state pensions as its sees fit.  

Recent and proposed increases in the qualifying retirement age are examples of it such rule-changes. The State Pension is simply a benefit that UK government could reduce, or even, in principle, eliminate.

This pay-as-you-go aspect might seem to negate any commitment of the UK government to pay the State Pension in an independent Scotland – even to pensioners who contributed NICs and other taxes to the UK government during their working lives.

The UK government could argue that the tax and NICs made by Scottish residents were used to pay for public services that they previously enjoyed. Under this view, the Scottish Government would become responsible for paying the state pensions of qualifying Scottish residents from its own revenues post-independence.

But this is not the whole story. UK government pays State Pensions to those who retire abroad (providing that they have made sufficient qualifying NICs). Therefore if the UK government pays the State Pension to an individual living in, say, France, it would seem inconsistent for it not to pay the State Pension to an individual with a similar NICs record living in an independent Scotland[i].

It is this point that the SNP is now using to argue that the responsibility for paying the State Pension in an independent Scotland – for those who have sufficient NI contributions – would fall to the UK government.

The UK government is likely to argue that succession – and the transfer of a significant share of the UK’s tax base to the Scottish government – constitutes an unprecedented change in circumstances that renders comparisons with the treatment of individuals under current state pension policy irrelevant. It would expect the Scottish government to make a reasonable contribution to the costs of the State Pension in Scotland.

The issue would therefore become a matter for wider negotiations around the division of assets and liabilities in general, and reciprocity agreements for social security more specifically.

The UK has social security agreements with many countries. These stipulate how state pensions will be calculated when individuals have made contributions in more than one country. Similar agreements between the UK and an independent Scotland will be necessary to deal with individuals retiring post-independence who have made NI contributions in both Scotland and the UK.

The UK had such agreements with EU countries before Brexit, and maintained similar arrangements in the Trade and Co-operation Agreement between the UK and EU. The UK also has social security agreements with other countries, including the US and Australia.

There would clearly be pressure on an independent Scotland to make such an agreement with the remaining UK. The absence of an agreement would be an impediment to cross-border trade with potentially harmful economic effects.

In the post-independence long run, as those who have paid NICs to the UK government die off, the cost of supporting the state pension in Scotland will unambiguously fall on the Scottish Government.

In the short run, the Scottish government might refuse to contribute to these costs, but if it did so, there would be implications for the broader settlement. This final agreement is impossible to anticipate though it is worth noting that there is no arbitration procedure for the break-up of a state, in which case the outcome will likely depend on which party has most to lose by a failure to agree.

In summary, the question of which government would be liable for the State Pension in an independent Scotland is both more complex and more uncertain than either ‘side’ might claim.

And it likely cannot be resolved in isolation from other questions.

[i] The question of citizenship in an independent Scotland is immaterial to this analysis. Under current state pension rules, it is NICs rather than citizenship that determines eligibility. Thus whether an individual in an independent Scotland has Scottish, UK or dual citizenship (or any other nationality) would not under current policy influence eligibility for the state pension.

The Fraser of Allander Institute (FAI) is a leading economy research institute based in the Department of Economics at the University of Strathclyde, Glasgow.

This article first appeared in The Herald

East meets West in Super Bowl Sunday Varsity Game

Edinburgh Napier Knights host University of Glasgow

The annual American Football Varsity match returns to Meggetland Stadium on Sunday (February 13) as the Edinburgh Napier Knights host Glasgow Tigers.

The Super Bowl Sunday event is now in its tenth year and is one of the high points of the student sporting calendar, with the game a shop window for domestic American Football. A great family day out, the fixture has seen some memorable matchups and this year’s promises to be the best yet.

Both teams enter the game undefeated, meaning it’s winner takes all for the division title, playoffs, promotion and the prestigious MacKenzies Challenge Trophy.

The Glasgow team features a grind it out, run heavy, offense whilst the Knights have eschewed their traditional running game and taken to the air this year, smashing the previous club scoring record.

There is game day entertainment of a DJ, music, and the Edinburgh Napier Cheer Squad with hot food, barbeque and a licensed bar at the Canalside.

Varsity tickets include entry to the Knights Super Bowl party at the Canalside bar with late 3am licence.

Gates open from 1.30pm, with kick off at 3pm, and the Super Bowl party from 8pm.

Tickets are £5 adults, £3 students and free entry for under 16s, and can be purchased in advance online or on campus, or on the gate.

Number of workers on universal credit up by 1.3 million since the eve of the pandemic

  • 130% rise in working claimants during the pandemic 
  • Low-income workers facing “perfect storm” this spring unless ministers improve “woefully inadequate” levels of support, warns union body 
  • Cost-of-living crisis already depressing value of UC, TUC analysis reveals 
  • *NEW POLL* shows many families already struggling to make ends meet 

The TUC has warned that millions of low-income workers face a “perfect storm” this April with universal credit (UC) falling behind the cost of living as energy bills and taxes rise. 

The warning comes as new TUC analysis reveals that the number of workers on UC has increased by 1.3 million since the eve of the Covid-19 pandemic. 

The analysis of official statistics shows that over 2.3 million workers were in receipt of UC at the end of 2021, compared to just over one million on the eve of the pandemic in February 2020. 

This represents an increase of 130 per cent over the last two years and means 1 in 14 (7.2 per cent) working adults now claim UC. 

The TUC says the huge rise in UC recipients has been driven by working households being pushed into financial hardship during Covid, with millions facing a cost-of-living crunch this year. 

Basic value of universal credit now lower than at start of pandemic 

The TUC says that the basic value of UC is now lower than at the start of the pandemic as a result of UC not keeping up with inflation. 

TUC estimates show that the value of UC has fallen by £12 a month in real terms when measured against CPI inflation and £21 a month when measured against RPI inflation compared to just before the pandemic (February 2020).  

The TUC says this trend will only get worse in the months ahead with inflation forecast to rise further. 

Struggling to cover the basics 

The TUC warns that millions of low-paid families face a crunch point in April when energy bills and national insurance contributions go up – at the same time as UC continues to fall in value. 

New polling – carried out for the union body before last week’s energy cap announcement and Bank of England forecasts – shows that many are already struggling to make ends meet: 

  • One in eight workers (12 per cent) say they will struggle to afford the basics in the next six months. And a fifth of working people (22 per cent) say they’ll struggle to afford more than the basics. 
  • Low-paid workers are more likely to be struggling. One in six (17 per cent) low-paid workers (those earning less than £15,000 a year) say they will struggle to afford basics in the next six months, and three in 10 (29 per cent) say they’ll struggle to afford more than the basics. 

Parents of young children, disabled workers, key workers and BME workers are more likely to be struggling: 

  • Nearly one in five families (18 per cent) with kids under 11 will struggle to afford the basics 
  • Over one in five (21 per cent) disabled workers will struggle to afford the basics, compared to 10 per cent of non-disabled workers 
  • 14 per cent of key workers say they’ll struggle to afford the basics in the next six months, compared to 10 per cent of non-key workers 
  • 14 per cent of BME workers say they’ll struggle to afford the basics in the next six months, compared to 11 per cent of white workers 

The poll also reveals that a fifth of workers (21 per cent) say they have Christmas debts to pay off this year – a number that rises to over a quarter (28 per cent) for workers with children of school age. 

Better support needed 

The TUC says the government must do far more to help struggling households to get through the months ahead. 

The union body says the cost-of-living support announced by the Chancellor on Thursday is “woefully inadequate” and will provide families with just £7 extra a week – most of which will have to be repaid. 

The TUC is also calling for UK Government to use the upcoming spring budget to: 

  • Increase to UC to 80 per cent of the real Living Wage. 
  • Introduce a windfall tax on energy companies, using the money to reduce household energy bills 
  • Boost the minimum wage to least £10 an hour now 
  • Work with unions to get pay rising across the economy 

TUC General Secretary Frances O’Grady said: “Millions of low-paid workers face a perfect storm this April.  

“At the same time as energy prices and national insurance contributions shoot up, universal credit is falling in value. 

“The government must do far more to help struggling families get through the tough times ahead. The support package announced by the Chancellor last week is woefully inadequate. 

“Universal credit urgently needs boosting and we need further action to reduce fuel costs for those battling to make ends meet. 

“Oil and energy companies shouldn’t be making bumper profits, while many struggle to heat their homes. 

“If ministers fail to do what is necessary, more households will be pushed below the breadline.” 

On the need to boost pay, Frances added: “The best way to give working families long-term financial security is to get pay rising across the economy. 

“That means increasing the minimum wage to at least £10 an hour now, and ministers requiring employers to negotiate sector-wide fair pay agreements with unions.” 

‘A vital role’: Scotland’s communities and businesses increasingly supported by Post Offices amid bank closures

  • Use of Post Offices to deposit and withdraw cash has soared in Scotland over the past two years, up 11% year on year
  • The Post Office believes demand has been driven by bank branch closures and rising awareness of Post Offices’ availability to bank customers, opening hours and other benefits
  • Cash plays a vital role in local economies and communities, and especially for small businesses and vulnerable members of society, meaning Post Offices play a ‘lifeline’ role
  • Figures come as Post Office Banking Director gives evidence today to Scottish Affairs Committee about Access to Cash in Scotland and role Post Office plays in guaranteeing that.

The Post Office has published figures for Scotland showing the organisation’s fast-growing and vital role supporting local communities and economies with cash handling services – amid sharp falls in the number of bank branches.

Post Offices can be used by personal and business customers of 30 banks, building societies and credit unions to deposit and withdraw cash, deposit cheques and check balances.

In 2021, total cash deposits and withdrawals by business and personal customers at Scotland’s 1300 Post Office branches rose to a total of £2.41bn, up 11% per cent compared with £2.18bn in 2020. A fuller breakdown is included in the table below.

 20202021% Change
Personal withdrawals£545,846,828£593,082,9998.65%
Personal deposits£779,185,023£965,059,24823.86%
Business withdrawals£17,077,346£17,202,4600.73%
Business deposits£835,949,801£837,624,4260.20%
Total£2,178,058,998£2,412,969,13310.79%

In addition, the total number of transactions (deposits and withdrawals) hit 11 million in 2021, compared with 10.7 million in 2020.

Today’s figures coincide with the next Scottish Affairs Committee evidence session on Access to Cash in Scotland, at which the Post Office’s Banking Director, Martin Kearsley, will give evidence.

The Post Office believes the sharp increase reflects closures of bank branches across Scotland. Which?, the consumer advocacy group, earlier this month told the Scottish Affairs Committee in Westminster that the number of bank branches in Scotland had fallen by 53% over the past seven years – with 1,040 branches having been closed.

There is also growing awareness of the other benefits of using Post Offices to do everyday banking. Because many are located in convenience stores, they often have longer opening hours than traditional bank branches and customers can pick up groceries and pay bills at the same time.

In addition, communities appreciate the crucial role that Post Offices play in local economies, where cash transactions can be critical for small businesses, and where many individuals, and especially more vulnerable members of society, rely on cash. Postmasters frequently handle deposits and withdrawals to the penny, reflecting customers’ careful budgeting.

In Scotland, the data also shows that average personal deposit in 2021 was £324.83, and the average withdrawal was £85.34. For business customers, the average deposit was £1063.02, and the average withdrawal was £226.05.

Last week the Post Office announced it had secured a new agreement to continue to handle cash deposits and withdrawals across the UK on behalf of the banks, building societies and credit unions for a further three years – ensuring a continued ‘lifeline’ for the millions of people and small businesses nationwide that rely on cash.

The new agreement, Banking Framework 3, will run from 1 January 2023 to 31 December 2025.

Martin Kearsley, the Post Office’s Banking Director, said: “Post Offices increasingly provide a lifeline for individuals and small businesses across Scotland, especially amid ongoing bank branch closures. Although many people use cash less, it remains crucial for large numbers of people and local economies.

“When we see customers making withdrawals, we are often seeing people whose budgeting is so tight they need to withdraw cash to the nearest penny. You also have to consider businesses that rely on cash, and just what the impact would be if they had to turn such custom away – they need a convenient and secure place to pay that cash in speedily without having to close to visit a distant bank branch. It can make a critical difference to a local economy.

“The good news is that Post Offices continue to provide cash services across Scotland. What’s more, they very often have longer opening hours as most are located in convenience stores. This also means you can pick up groceries or pay bills at the same time.”

Post Office is also trialling new Banking Hubs whereby five major banks (RBS, Santander, Virgin Money, Bank of Scotland, TSB) take it in turns to provide services on weekdays as part of a landmark industry commitment to protect cash and banking services across the UK.

One of the two established hubs is located in Cambuslang, South Lanarkshire, providing access to face-to-face banking services for its community of 25,000.

As a result of the overwhelmingly positive response, it was announced both pilots would continue to run until spring 2023, at least.

In addition, a Bank Hub will be opened this year in Carnoustie (Angus).

Police statement: Antisocial use of vehicles at South Queensferry

Following complaints from residents and businesses in the Hawes Promenade area, local community officers and officers from Road Policing have been targeting the area to combat the antisocial use of vehicles and associated behaviour.

Sergeant Sandra Watt from the Community Policing Team at Corstorphine Police Station said: “Dealing with disorder and antisocial behaviour is a priority for us in Edinburgh. We’ve been made aware by the local community of antisocial behaviour issues in the Hawes Promenade area involving vehicles, and we’ve responded with a dedicated initiative.

“We are focussing on engagement, deterrence, disruption and where necessary enforcement by conducting both high visibility and plain clothe patrols in marked and unmarked vehicles. During the weekend of 29th and 30th January we engaged with over 50 drivers and issued an antisocial behaviour warning.

“On Friday 4th February 2022, our Road Policing colleagues implemented a road check at the Hawkes Pier car park. Twenty two cars were stopped, checked for defects and advice was given to drivers with regards to driving and parking in a considerate manner. One driver was charged with careless driving.

“Our Community Policing Teams will continue to work with our Road Policing colleagues and our partners at the City of Edinburgh Council to deal with the antisocial use of vehicles in the area”

Anyone with information regarding criminal or antisocial behaviour in their area can contact Police Scotland through 101, our website scotland.police.uk/contact-us or the charity Crimestoppers anonymously on 0800 555 111.