Financial Times UK - 02.08.2019

2 ★ FINANCIAL TIMES Friday2 August 2019

hired bankers to find potential buyers. The college had instituted a restructur- ing plan to reducedebt exposure. It was also tackling high drop-out rates.According to2016-17data from the Higher Education Statistics Agency, 53 per cent of students who started full- time undergraduate studies at GSM London had stopped by thenext year, against a national average of 29 per cent. Other higher education providers will be watching GSM London’s fate closely as competition intensifies for students at a time many institutions have expanded investment programmes and increased costs but are suffering a squeeze in applications and revenues. A Department for Education spokes- person said: “We are working closely with the provider and all relevant sector bodies to ensure the students affected are given the support and advice they need to continue their studies.” But as Bintou, studying for a degree in oil and gas management, saidyesterday: “We worked so hard and were close to finishing. That’s what breaks my heart.”

but its students were not from middle- class families. We lose not only diversity of provision but also the make-up of higher education students becomes less diverse.” Worse for these studentsis that GSM London was in the process of registering with the Office for Students, thehigher education regulator formed in 2018. The OFS has so faraccepted 382 education providers, but students of institu- tionsthat are not on the register — like GSM London — are now ineligible for the government’s student loan package, cutting them off from their main source of income. Several students milling outside the GSM London’s Greenwich campus on yesterday said they had already been told earlier this month that they would be unable to renew loans for tuition and maintenance at GSM, which are issued year by year. GSM London’s problems are not new. Itsaccountsshowed that it made losses of nearly £10m in 2017.Sovereign Capi- talhad injected £22m since 2016 and

The firmalso owns the British and Irish Modern Music Institute, and Education Placement Group, which provides supply teachers across UK schools. GSM offered pre-university “founda- tion” courses, bachelorsand masters degrees, some fast-tracked over two years. Earlier this year, it unveiled arange of postgraduate programmes,

signalling continued plans for growth. The college played an important role in encouraging social mobility, with a high proportion of studentsfrom disad- vantaged backgrounds. “This is very sad,” says Nick Hillman, head of the Higher Education Policy Institute, a think-tank. “GSM might have grown too quickly and only really been commercially minded recently,

more. I didn’t sleep well last night.” The plight of GSM London highlights the financial pressuresfacing a number of higher education institutions,and raisesquestions about the regulatory regimefor privately funded “alternative providers” for higher education pro- moted by the Conservatives. A government white paper from May 2016 set out a vision for a more market- based approach to boost “competition and choice” in UK higher education. In the foreword Jo Johnson, who recently resumed his role as universities minis- ter, pointed to the prospect of failure under the new regulatory regime. “There may be some providers who do not rise to the challenge, and who therefore need or choose to close some or all of their courses, or to exit the market completely,” he wrote. Established in 1973 as the Greenwich School of Management, GSM London signed an agreement in 2006 with the University of Plymouth to accredit its degrees. It was bought by Sovereign Capital, a private equity group, in 2011.

ANDREW JACK AND THOMAS HALE

Olaide Olasupo received an unexpected email on Monday evening. He was not to go to his classes at GSM London the fol- lowing morning as the college would be going into administration. The business student had one project left to submit before completing his degree programme when the news came that GSM London, one of England’s larg- est privately owned higher education providers, would cease teaching. Now he is searching for another institution that will recognise his coursework and allow him to complete his studies “This was four years of my life. I gave up my business to study and was really looking forward to finishing,” he said. “It’s so depressing. I don’t know where I’m going. Now I’ll have to pay

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NATIONAL

JIM PICKARD CHIEF POLITICAL CORRESPONDENT Sajid Javid, the chancellor, has announced an eye-catching extra £2.1bn to boost no-deal Brexit planning, taking the totalallocated by the government for Brexit preparations to £6.3bn. With Boris Johnson’s new government vowing to leave the EU by its scheduled exit date of October 31 — with or without a deal — the new spending marks abig shift from the cautious approach taken by Mr Javid’s predecessor in the Treas- ury, Philip Hammond. It is part of a wider push by Mr John- son to get Britain ready for its long- awaited departure from the EU and to convince Brusselshe is serious. But already MPs on parliament’s public accounts committee have said they intend to investigate thespending to ensuretaxpayers’ money is not wasted. So how much of it is new money? And how much will actually be spent by a government which — despite a step-up in no-deal rhetoric — maintains it still wants to get a deal with the EU?

The new money Mr Javid announced £2.1bn of new cash but only £1.1bnwillbe allocated to gov-

ernment departments now. The other £1bn is a more hypothetical sum that is available for government departments to make bids. It is described as money that will “enhance operational prepar- edness this year if needed”. Joe Owen, programme director at the Institute for Government, said the fact that the £1bn was not yet allocated was a sign that departments were not already “screaming out for extra money” for no- deal planning. While the other £1.1bn has been ear- marked for specific projects, there are questions about how much of it can be spent in such a short timeframe.

Medical supplies Mr Javid will allocate £434m “to help ensure continuity of vital medi- cines”, partly through extra freight capacity — including ferries — and the hiring of scarce warehouse space for stockpiling. But officials admit this figure includes a £300m plan, already announced last Friday, to increase freight capacity for medical supplies.

Border and customs A total of £344m will be spent on new border and customs operations. The

money will pay for an extra 500 border force officers, taking the total of new officers up to 1,000 for the year. It remains to be seen whether that train- ing can take place in less than 100 days — rather than the usual year or so. The funding will also pay for a dou- bling in support for customs agents to upgrade their IT systems and to help companies fill in customs declarations. It willfund extra staff to deal with a rise in UK passport applications — citizens going to the EU after a no-deal exitwill need at least six months left on their passport. Some of the money will go towards improving transport infrastructure around ports. There will be additional funding for “Operation Brock” — which is designed to manage traffic disruption in Kent by using Manston airport as a lorry park.

Exporters There is £108m to help exporters prepare for Brexit and to exploit “new opportunities”. The government is increasingly worried about the slow take-up of initiatives designed to get companies ready for a no-deal Brexit. For example, barely 10,000 companies

out of 145,000 approached by officials have signed up to a new “Transitional Simplified Procedures” system for exporters. Martin McTague, policy chair of the Federation of Small Businesses, said the money was not enough. “Many small businesses are desperately underpre- pared for a chaotic no-deal Brexit on 31 October,” he said. “This offer desperately underestimates the support that small businesses need... it does not really cut it.” The FSB has urged ministers to take action, for example by issu- ing Economic Operator Registration and Identification (EORI) numbers to all VAT-registered small companies. The FSB wants “Brexit vouchers” of up to £3,000 to be given to companies for no-deal preparation. Similar systems have been implemented in Ireland and The Netherlands.

Public information Some £138m will be spent on a new information campaign to encourage readiness — of companies and individu- als — for Brexit on October 31. There will be support for specific areas such as Northern Irelandand greater consular support for UK citizens living overseas.

Brexit spendingMPs to check extra no-deal cash will not be wasted

MYLES MCCORMICK AND BETHAN STATON

Manufacturing is “suffocating” as a downturn in the sector continued into July,leaving factory activity stuck at a six-and-a-half year low. Thepurchasing managers’ index, compiled by research group IHS Markit, remained at 48.0 in July, its lowest level since February 2013, marking the third

straight month that the majority of businesses reported a fall in output. A reading below 50 represents a contraction. Companies say they have scaled back output in response to a drop in orders amid continuing Brexit uncertainty and a global manufacturing slump. But the results were marginally better than economists had expected: a poll of Reu- ters economists had forecast the reading would fall further to 47.7. “July saw the UK manufacturing sector suffocating under the chokehold of slower global economic growth, political uncertainty and the unwinding of ear-

lier Brexit stockpiling activity,” said Rob Dobson, director at IHS Markit. The fall in production volumes was the fastest in seven years. Companies reported weakened demand from both domestic and overseas markets, with lower intakes from the EU and China and some clientsmoving supply chains from the UK in anticipation of Brexit. Manufacturing PMI results in the eurozone and the US also fell in July, according to separate figures released yesterday, and although results increased slightly in China and Japan they remained below 50. Despitehealthy employment indica-

torsttthis year the downturn also affectedhis year the downturn also affected staff hiring, with manufacturing employment decreasing for the fourth month in a row and reports of recruit- ment freezing and cost-control initiatives having a negative impact. “Looking through the volatility cre- ated by the October Brexit deadline, manufacturing likely will drag modestly on growth even if a no-deal Brexit is avoided, due to weak global demand,” said Samuel Tombs, chief UK economist at Pantheon Economics. Manufacturers were fairly optimistic about the coming months, however, with only 10 per cent anticipating fur-

ther contraction and 46 per cent expect- ing output to be higher this time next year. Respondents looked forward to new product launches, reduced uncertainty post-Brexit and improved infrastructure, including 5G networks. As the prospect of a no-deal exit from the EU looms, it is expected that demand will increase in the run-up to October’s deadline as customers stock- pile manufactured goods, but the tem- porary boost would probably prompt a fall in future sales. Mr Dobson said any sustained revival was “highly unlikely” but “a shortlived bounce” in the run-up to October should not be ruled out.

Manufacturing

Factory activity sticks at 6-year low

Companies reduce output

after fall in orders linked to Brexit and global slump

GEORGE PARKER AND JIM PICKARD

Sajid Javid, the chancellor, has ordered HM Revenue & Customs to make preparations for a no-deal Brexit on Octo- ber 31 its “absolute top priority”, amid fears that foot-dragging by officials could leave exporters facing chaos.

Mr Javid is worried that HMRC, which has been criticised over its preparations for Brexit, is a weak link in no-deal preparations, and raises the prospect of severe problems at the border. In a letter to Jon Thompson, the soon- to-depart permanent secretary at HMRC, Mr Javid says he will expect weekly “delivery focused updates”to ensure exports are not held up at the border after October 31. There are particular concerns in the Treasury that tens of thousands of small and medium-sized enterprises are unprepared fortariffs and otherchecks if the EU imposes new controls. Trade with the EU is currently free of tariffs, quotas and associated paperwork. Last October Meg Hillier, chair of the Commons public accounts committee, wrote to Sir Jon to say she was “both concerned and disappointed” about the progresson Brexit planning. “You gave us no assurance that HMRC has a plan to ensure that businesses are aware of what they will need to do,” she wrote. “We are particularly concerned about the 100,000 small traders that HMRC cannot engage directly with, as you do not know who they are.” The number of traders and suppliers declaring customs to HMRC at the border in a no-deal scenario is expected to rise from 150,000 to 295,000, and declarations from 55m to 255m. Although HMRC insists it is making progress, Mr Javid’s demand for updates is a sign of anxiety among ministers that there could be trouble ahead. In his letter Mr Javid tells Sir Jon to put in place technology and transit infrastructure to cope with a new regime and to recruit 5,000 or more extra staff to deal with the increased number of declarations. However, HMRC officials point to ini- tiativesin recent months, including upgrades to the “Chief” IT system, the introduction of postponed accounting for import value added tax and letters urging 145,000 EU-only traders to apply for an Economic Operator Registration and Identification (EORI) number. The HMRC said it had “been preparing for Brexit every day since the refer- endum. The department has led hun- dreds of meetings with industry repre- sentatives, hired over 5,000 staff specif- ically to support Brexit, communicated with thousands of businesses and stake- holders as well as publishing clear guid- ance on how to prepare.” “We’ve updated parliament on our progress regularly and continue to pri- oritise preparing the UK for leaving the EU on 31 October.” Mr Javid, who is providing an extra £2.1bnfor no-deal plans, tells Sir Jon to seek outcompanies that may be facing customs formalities for the first time. Sir Jon has said he is stepping down “in the autumn” to head the Financial Reporting Council. His departure will create further instability at the top of a department on the frontline of Brexit. Last year he revealed he had received death threatsafter warning about the likely costs of a hard Brexit. Philip Stephenspage 11

No-deal preparations

Javid instructs

Revenue to

ensure order

at the border

Higher education.Alternative providers

Students learn bitter lessons from GSM London failure

Closure leaves unanswered

questions over stability of

privately funded colleges

The media regulator hasgiven permissionfffor the BBC to transformor the BBC to transform its iPlayer from a catch-up service into aNetflix-style streaming platform, despite concerns about the potentially “adverse impact” of the move on other broadcasters. Ofcomyesterday said the BBC could go ahead with plans to make its programmes available on iPlayer for one year or more, scrapping the previous limit of 30 days. The decision comes as the BBC has been squeezed by an aggressive push for market share by rival services and by the government, which recently shifted the burden of a £250m bill for television licences for the elderlyto the public service broadcaster. It has also seen audiences dwindle despite the popularity of shows such as BodyguardandKilling Eve. Younger viewers have been especially hard to reach.Patricia Nilsson

BBC boost

Ofcom scraps

iPlayer limits

Jodie Comer plays Villanelle in the BBC drama ‘Killing Eve’ Sid Gentle/BBC

GSM student Olaide Olasupo had only one more project to hand in before finishing his course

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