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Fear of pension crisis grows as workers raid savings

Wednesday, June 10th, 2009

Source: http://www.guardian.co.uk/money/2009/jun/10/hsbc-pensions-survey

International survey suggests more than 20% are dipping into nest-eggs to pay down debt

More than 20% of the world’s workers have dipped into their savings to pay down debt and 13% have stopped saving altogether, according to a study of retirement trends over the past year.

In Britain, China, India and the US, the study suggests, savings have taken a back seat to maintaining living standards threatened by the global downturn.

According to research by HSBC, almost nine out of 10 people feel they are unprepared for retirement, and three-quarters do not know what income they can expect when they stop working.

Even in countries where the population is relatively young, there is a degree of panic among legislators keen to prepare for the day when over-65s outnumber schoolchildren. According to HSBC’s head of insurance, Clive Bannister, China is drafting plans for a nationwide scheme based on an occupational pension model established in Hong Kong. At the moment, most Chinese workers fall outside the limited number of occupational schemes and must rely for a retirement income on younger family members or their own small savings.

Last year, Britain reached the point at which 65-year-olds outnumbered 16-year-olds.

Bannister said the report, which was based on interviews with 15,000 people in 15 countries, showed there was a “downturn deficit” that the state alone could not solve. He said: “the recession means that people are worrying more about surviving from day-to-day than they are concerned about the future”.

He added that the situation in fast-growing economies such as India and China was more difficult. “We can see the state retreating across the globe as the number of older people increases quite dramatically. There simply won’t be enough workers to support a retired population through taxation. In emerging economies, falling state benefits means that, more than elsewhere, individuals must look after themselves.”

The last six months has seen a severe downturn in projections for retirement savings after a torrid two years for world stock markets and steep declines in interest rates. The problem is compounded by increases in life expectancy in most countries that mean pension planning must be extended to cope with a longer retirement.

Several countries, including Britain, have sought to raise the retirement age, but the burden of working longer has, in the main, been shifted by the current generation of over-50s to younger workers.

Previous HSBC studies have shown that workers from China to Britain expect to work beyond the age when they receive state pensions. But while many workers will remain fit enough to keep working into their 70s, others will find that they are unable to carry on and could fall into poverty.

The reluctance to save in the downturn adds to the “unpreparedness gap” being felt in every major economy, the bank said.

Stephen Green, the bank’s chairman, said: “A perfect storm is confronting pensions planning, created by an ageing population, falling pension fund values, a drop in state and employer contributions and an economic downturn which is forcing people to make financial choices.”

Green wants governments to support education schemes and financial advice centres for workers to make informed choices about their retirement planning.

  • Pensions
  • Occupational pensions
  • State pensions
  • Financial crisis
  • Global recession
  • HSBC
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Should we stretch for a mortgage?

Tuesday, June 9th, 2009

Source: http://www.guardian.co.uk/money/2009/jun/10/property-mortgage-renting-self-employed

Q We are renting?a house, having sold our flat in December 2008. We have about £70,000 in the bank and would like to buy again. My partner has a permanent (and, we think, safe) job that he’s been in for 11 years. I have been self-employed on and off since 2006 (but I don’t have any ongoing accounts – I was claiming unemployment benefit for a couple of months in 2007 and have claimed state maternity allowance in the last two years, too) but I’m self-employed until the end of July 2009 (it will have been a job for one year).

I am looking to work again after this job ends (there is a chance it may continue, but nothing is definite). We have a toddler and would like another child relatively soon, but I’d also like to remain working.?

I earn a good income and we have lots of spare cash (I do save a bit), but when I’m not working?we can just about get by on my partner’s wages.?

I’m not sure whether to stick at the freelance work, or if I’d be best getting something permanent that will count towards a mortgage – but I know I’ll earn?less, possibly half my?freelance day.?

I guess my question is, how much should we stretch ourselves in terms of the mortgage? If we shop around for mortgage offers, then we will know our situation – I think it’s possible that my income could be taken into account (but it’s so uncertain). We are thinking about moving out of London to get a cheaper property. However, I am more likely to get work in London and I can’t see how we can both logistically commute with our small child (I don’t want to leave him too long). HW

A Being self-employed is not, in itself, a barrier to getting a mortgage but you do need to have at least two years’ evidence of income. This doesn’t necessarily need to be formal accounts, as lenders will happily take tax statements issued by HM Revenue & Customs as evidence. If you don’t have these, I would start to worry.

If you are self-employed and tax is not deducted from what you earn at source (which is unlikely), you are legally required to file a self-assessment tax return each year. If you haven’t been doing this, you face financial penalties and a big bill for unpaid tax.

But, assuming that you have been filing tax returns, you should also have tax statements which will provide the evidence of income that you will need to have your income taken into account when applying for a mortgage. So you don’t need to give up your freelance work just to get a mortgage.

As far as how much you should stretch yourselves, a lot depends on your future income. If you are planning to have another child, you need to take that into account when looking at the cost of mortgage repayments. And you also need to look carefully at the financial implications of moving out of London. Although you may be able to get a cheaper property, you have to factor in the cost of commuting – not to mention child care costs for the time you spend on your way to and from work.

  • Mortgages
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Lloyds to close C&G branches

Tuesday, June 9th, 2009

Source: http://www.guardian.co.uk/business/2009/jun/09/lloyds-cheltenham-gloucester-close

• The latest round of cuts will see the demise of 1,600 jobs
• Unite condemns the move as ‘nothing short of disgraceful’

The entire Cheltenham & Gloucester branch network is to close by November, as Lloyds Banking Group cuts another 1,660 jobs after the merger with HBOS.

The bank, which yesterday began repaying its multibillion-pound loan from the taxpayer, confirmed this lunchtime that all 164 C&G branches will shut within five months. This will mean about 1,000 employees will lose their jobs.

Lloyds is also cutting 265 positions across its personal loans division, which will lead to job losses in Chester and Cardiff, with other jobs also going across its retail, personal finance and mortgage sales operations.

The Unite union attacked the move as “nothing short of disgraceful”. It will mean the end of the C&G name on the high street after more than 150 years, but the brand will continue to exist on mortgages sold through brokers.

News of the closures broke this morning, sending Lloyds scrambling to inform C&G staff of the plan and sparking fierce debate online.

One branch worker said that C&G customers should not panic, as “branches will not close for months”. From November, they will have to use one of Lloyds’ 1,800 remaining branches.

Lloyds said that compulsory redundancy would be “a last resort” if it could not find new roles for those affected.

“It is always difficult to make decisions about our business that affect our colleagues,” said Helen Weir, Lloyds’ group executive director for retail banking. “We will work through these changes carefully and sensitively and continue to consult closely with our unions throughout the process.

“Cheltenham & Gloucester is a very strong brand. The strategic focus for C&G from now on will be to further strengthen its intermediary and direct savings businesses. Another major priority for us is to ensure that we manage the closure of the C&G branch network so that it causes as little disruption as possible to our customers. We have a number of measures in place to achieve this.”

Lloyds has already eliminated about 3,000 positions since finalising the takeover of HBOS. Last week it announced 510 job losses across its retail banking arm. It has also decided to drop the Clerical Medical name, which was part of HBOS, with the loss of 300 jobs.

Lloyds employs 140,000 people, and City experts believe 25,000 jobs could eventually go once HBOS is fully integrated.

Unite had already called on Lloyds to end the uncertainty hanging over its workers. Its general secretary, Derek Simpson, warned this morning that closing the C&G network would “rip the heart out of hundreds of local communities up and down the country”.

“Hundreds of staff who have worked hard for years to make the C&G brand a success will view this news as a kick in the teeth,” he said. “UK taxpayers have not poured billions of pounds into this organisation just to see it sack thousands of hard-working people.

“Front-line staff in banks across the country are blameless for the mistakes of management which have brought the important finance industry to the point of collapse. Yet these workers now face an uncertain future as Lloyds abandons C&G’s high street branches. This is truly a dark day for the financial services sector in this country.”

C&G was founded in 1850 in Cheltenham, and was acquired by Lloyds in 1995.

Industry experts had predicted several months ago that Lloyds might drop C&G in favour of Halifax, which is the UK’s biggest mortgage lender and is perceived to be a stronger brand.

Alex Potter, banking analyst at Collins Stewart, believes the closure of the C&G branch network could be an attempt to prevent the European Commission blocking the merger. Shares in Lloyds plunged by a third on 20 May after the bank warned shareholders that it may be forced to slim down its business to win state aid approval from the commission.

“There are still antitrust concerns about the Lloyds-HBOS merger at commission level,” Potter told BBC Radio 4’s Today programme. “Perhaps this is a sop to the regulators.”

Lloyds launched its takeover of HBOS last autumn after the government said it would waive competition rules that would otherwise have made the deal impossible.

Cuts at RBS

Unite also said today that 500 staff at RBS have been told that they are at risk of redundancy.

“The closure of a cash centre in Glasgow impacting around 140 staff and 360 job losses throughout other UK locations will devastate staff. Unite is opposed to compulsory job losses and through continued consultation with the bank will seek to find suitable alternative employment for workers,” said Unite national officer Rob McGregor.

These cutbacks are part of the wide-ranging cutbacks announced in April by RBS, which plans to cut its UK workforce by 4,500.

  • Lloyds Banking Group
  • Banking
  • Job losses
  • Trade unions
  • Financial crisis
  • HBOS
  • Redundancy
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Lloyds to close C&G branches

Tuesday, June 9th, 2009

Source: http://www.guardian.co.uk/business/2009/jun/09/lloyds-cheltenham-gloucester-close

• The latest round of cuts will see the demise of 1,600 jobs
• Unite condemns the move as ‘nothing short of disgraceful’

The entire Cheltenham & Gloucester branch network is to close by November, as Lloyds Banking Group cuts another 1,660 jobs after the merger with HBOS.

The bank, which yesterday began repaying its multibillion-pound loan from the taxpayer, confirmed this lunchtime that all 164 C&G branches will shut within five months. This will mean about 1,000 employees will lose their jobs.

Lloyds is also cutting 265 positions across its personal loans division, which will lead to job losses in Chester and Cardiff, with other jobs also going across its retail, personal finance and mortgage sales operations.

The Unite union attacked the move as “nothing short of disgraceful”. It will mean the end of the C&G name on the high street after more than 150 years, but the brand will continue to exist on mortgages sold through brokers.

News of the closures broke this morning, sending Lloyds scrambling to inform C&G staff of the plan and sparking fierce debate online.

One branch worker said that C&G customers should not panic, as “branches will not close for months”. From November, they will have to use one of Lloyds’ 1,800 remaining branches.

Lloyds said that compulsory redundancy would be “a last resort” if it could not find new roles for those affected.

“It is always difficult to make decisions about our business that affect our colleagues,” said Helen Weir, Lloyds’ group executive director for retail banking. “We will work through these changes carefully and sensitively and continue to consult closely with our unions throughout the process.

“Cheltenham & Gloucester is a very strong brand. The strategic focus for C&G from now on will be to further strengthen its intermediary and direct savings businesses. Another major priority for us is to ensure that we manage the closure of the C&G branch network so that it causes as little disruption as possible to our customers. We have a number of measures in place to achieve this.”

Lloyds has already eliminated about 3,000 positions since finalising the takeover of HBOS. Last week it announced 510 job losses across its retail banking arm. It has also decided to drop the Clerical Medical name, which was part of HBOS, with the loss of 300 jobs.

Lloyds employs 140,000 people, and City experts believe 25,000 jobs could eventually go once HBOS is fully integrated.

Unite had already called on Lloyds to end the uncertainty hanging over its workers. Its general secretary, Derek Simpson, warned this morning that closing the C&G network would “rip the heart out of hundreds of local communities up and down the country”.

“Hundreds of staff who have worked hard for years to make the C&G brand a success will view this news as a kick in the teeth,” he said. “UK taxpayers have not poured billions of pounds into this organisation just to see it sack thousands of hard-working people.

“Front-line staff in banks across the country are blameless for the mistakes of management which have brought the important finance industry to the point of collapse. Yet these workers now face an uncertain future as Lloyds abandons C&G’s high street branches. This is truly a dark day for the financial services sector in this country.”

C&G was founded in 1850 in Cheltenham, and was acquired by Lloyds in 1995.

Industry experts had predicted several months ago that Lloyds might drop C&G in favour of Halifax, which is the UK’s biggest mortgage lender and is perceived to be a stronger brand.

Alex Potter, banking analyst at Collins Stewart, believes the closure of the C&G branch network could be an attempt to prevent the European Commission blocking the merger. Shares in Lloyds plunged by a third on 20 May after the bank warned shareholders that it may be forced to slim down its business to win state aid approval from the commission.

“There are still antitrust concerns about the Lloyds-HBOS merger at commission level,” Potter told BBC Radio 4’s Today programme. “Perhaps this is a sop to the regulators.”

Lloyds launched its takeover of HBOS last autumn after the government said it would waive competition rules that would otherwise have made the deal impossible.

Cuts at RBS

Unite also said today that 500 staff at RBS have been told that they are at risk of redundancy.

“The closure of a cash centre in Glasgow impacting around 140 staff and 360 job losses throughout other UK locations will devastate staff. Unite is opposed to compulsory job losses and through continued consultation with the bank will seek to find suitable alternative employment for workers,” said Unite national officer Rob McGregor.

These cutbacks are part of the wide-ranging cutbacks announced in April by RBS, which plans to cut its UK workforce by 4,500.

  • Lloyds Banking Group
  • Banking
  • Job losses
  • Trade unions
  • Financial crisis
  • HBOS
  • Redundancy
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House prices buoyed by property shortage

Tuesday, June 9th, 2009

Source: http://www.guardian.co.uk/money/2009/jun/09/rics-house-prices

A combination of rising buyer inquiries and a shortage of homes for sale is supporting house prices, Rics says

Increasing interest from new buyers plus a shortage of properties for sale is helping to stabilise house prices, according to the latest housing market survey from the Royal Institution of Chartered Surveyors (Rics).

Rics’s members said buyer inquiries increased for the seventh month in a row in May, and at the fastest rate since 1999. Estate agents also saw a rise in sales, albeit from very depressed levels. The average number of properties sold over the past three months rose to 11.8, up from 10.6. Fewer surveyors also reported a fall in house prices.

At the same time new instructions have continued to fall: the average number of properties on estate agents’ books has dropped in the past month to 58.4 from 69.4, and by more than a third over the past year.

Rics said the lack of new supply coupled with the increase in activity is providing some support for house prices, but warned there could be further price falls to come. Spokesman Ian Perry said: “The housing market does appear to be close to bottoming out with activity picking up in a material way and prices at last stabilising.

“However, it is important to remember that the lack of supply has been as important in underpinning prices as the rise in demand. Moreover, with the economic backdrop still quite uncertain, unemployment set to continue increasing sharply and finance for first-time buyers still in short supply, there are a number of significant obstacles for the market to overcome over the coming months.”

The findings from Rics were supported by house price figures published today by the government’s communities department , which showed prices rose by 1.1% month-on-month in April, after dropping 1.3% in March. This means the year-on-year fall in house prices narrowed to 13% in April from 13.6% in March.

In London, the improving market is being driven by first-time buyers who have built up equity over the past two years, or who have been lent deposits by their parents, taking advantage of lower prices, according to estate agent Ludlow Thompson.

Director, Stephen Ludlow, said: “Sentiment has changed considerably – at the end of last year nobody could see a floor for prices. Whilst prices may not have reached the very bottom buyers are no longer worried that the market is still in meltdown mode.

“The pickup in demand in May was so sudden that it has been the lack of supply of properties actually on the market that caused the bounce in prices. We’ve had to move lettings staff on to sales to deal with the surge in activity.”

However, Howard Archer, chief UK and European economist for IHS Global Insight, said he remained sceptical that house prices had bottomed out.

“It is not uncommon for there to be months of rising prices when house prices are still trending down. Most recently, the Halifax reported that house prices rose by 2% month-on-month in January but then fell sharply during February-April before rising again in May.

“Housing market activity is still very low by past norms and at a level consistent with falling house prices, and despite markedly rising buyer interest we believe that the pickup in actual house purchases is likely to be gradual and fitful for some time to come.”

  • House prices
  • Property
  • First-time buyers
  • Housing market
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House prices buoyed by property shortage

Tuesday, June 9th, 2009

Source: http://www.guardian.co.uk/money/2009/jun/09/rics-house-prices

A combination of rising buyer inquiries and a shortage of homes for sale is supporting house prices, Rics says

Increasing interest from new buyers plus a shortage of properties for sale is helping to stabilise house prices, according to the latest housing market survey from the Royal Institution of Chartered Surveyors (Rics).

Rics’s members said buyer inquiries increased for the seventh month in a row in May, and at the fastest rate since 1999. Estate agents also saw a rise in sales, albeit from very depressed levels. The average number of properties sold over the past three months rose to 11.8, up from 10.6. Fewer surveyors also reported a fall in house prices.

At the same time new instructions have continued to fall: the average number of properties on estate agents’ books has dropped in the past month to 58.4 from 69.4, and by more than a third over the past year.

Rics said the lack of new supply coupled with the increase in activity is providing some support for house prices, but warned there could be further price falls to come. Spokesman Ian Perry said: “The housing market does appear to be close to bottoming out with activity picking up in a material way and prices at last stabilising.

“However, it is important to remember that the lack of supply has been as important in underpinning prices as the rise in demand. Moreover, with the economic backdrop still quite uncertain, unemployment set to continue increasing sharply and finance for first-time buyers still in short supply, there are a number of significant obstacles for the market to overcome over the coming months.”

The findings from Rics were supported by house price figures published today by the government’s communities department , which showed prices rose by 1.1% month-on-month in April, after dropping 1.3% in March. This means the year-on-year fall in house prices narrowed to 13% in April from 13.6% in March.

In London, the improving market is being driven by first-time buyers who have built up equity over the past two years, or who have been lent deposits by their parents, taking advantage of lower prices, according to estate agent Ludlow Thompson.

Director, Stephen Ludlow, said: “Sentiment has changed considerably – at the end of last year nobody could see a floor for prices. Whilst prices may not have reached the very bottom buyers are no longer worried that the market is still in meltdown mode.

“The pickup in demand in May was so sudden that it has been the lack of supply of properties actually on the market that caused the bounce in prices. We’ve had to move lettings staff on to sales to deal with the surge in activity.”

However, Howard Archer, chief UK and European economist for IHS Global Insight, said he remained sceptical that house prices had bottomed out.

“It is not uncommon for there to be months of rising prices when house prices are still trending down. Most recently, the Halifax reported that house prices rose by 2% month-on-month in January but then fell sharply during February-April before rising again in May.

“Housing market activity is still very low by past norms and at a level consistent with falling house prices, and despite markedly rising buyer interest we believe that the pickup in actual house purchases is likely to be gradual and fitful for some time to come.”

  • House prices
  • Property
  • First-time buyers
  • Housing market
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Unpaid taxes rise to over £17bn

Monday, June 8th, 2009

Source: http://www.guardian.co.uk/business/2009/jun/09/unpaid-tax-debt-rises

• Almost a third of all taxes are paid late
• Report criticises HMRC for failing to manage debt

Nearly a third of all taxes are paid late and the amount of unpaid tax has shot up by a fifth to over £17bn, a key parliamentary committee says today as it urges Revenue & Customs to get tougher with people who deliberately pay late.

The Public Accounts Committee says tax debt rose 22% in the 2007-08 financial year and stood at £17.3bn in unpaid taxes, penalties and interest as at 31 March 2008 – the latest date for which figures are available.

“[HMRC] must try every means it can to tackle what is likely to become a growing problem of tax debt, while making allowance for people and businesses in temporary financial difficulties,” said Edward Leigh, chairman of the committee.

The report acknowledges that paying taxes on time can be more problematic during a recession, but says HMRC has been slow to take advantage of the key techniques used by other organisations to manage debt owed to them.

“It has started to make more methods of payment available to taxpayers – such as credit cards and direct debits – but it could take advantage of the latest developments in payment technology. Its debt collection activities also tend to be conducted on a 9 to 5 basis, which is not always the best way of contacting tax debtors,” said Mr Leigh.

The committee notes that HMRC has decided it cannot afford a new IT system to link all the tax records of an individual taxpayer, meaning it cannot automatically link debts owed on different taxes by the same taxpayer.

Linking debts is crucial to effective debt management and HMRC should introduce a staged programme towards that end, the committee says.

The report is critical of the fact that HMRC does not “risk score” its debtors. “Risk scoring would allow it to tailor the help it gives to those who do not understand their obligations or are in financial crisis, while dealing promptly with debtors who deliberately pay late. Other organisations and tax authorities have significantly improved their performance by using risk profiling,” it says.

In 2007-08, HMRC collected around £450bn in tax and national insurance contributions from 35 million taxpayers. The report recognises, though, that HMRC must balance the need to maximise revenue for the exchequer with that of offering support to individuals and businesses in temporary financial difficulty.

“Balancing these objectives becomes more difficult in a recession,” it says.

Since launching the Business Payment Support Service in November 2008, HMRC had by February this year agreed over 60,000 “time to pay” arrangements with individual businesses, worth ££1bn in deferred tax.

  • Tax
  • Recession
  • Income tax
  • Family finances
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Snooping around

Friday, June 5th, 2009

From a Chelsea wreck to a dream home in Cornwall

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Insurance: Cover up those excesses

Friday, June 5th, 2009

Now you can ‘insure’ all the initial charges payable when claiming on a policy. But do the sums add up?

UK householders can insure all their policy excesses with one low-cost annual payment. Insure4excess, which made its name offering car hire users cheap excess insurance, will now cover all the excesses payable on the five main policies: home, car, health, travel and pet insurance. It is also offering standalone car excess cover for the UK, and claims that it can pay for itself immediately.

What is it?

The basic cover – bronze – costs £49 a year. Householders can get back the excesses on any claims during the year up to £250. So, if your dog required surgery and you had to pay the first £50 of the pet insurance, it would refund that. If you were burgled and forked out a £100 excess it would return that too.

Can you insure more?

The silver policy costs £75, covering all excesses paid on claims made in one year up to £500. Gold costs £99 and covers up to £750. Payouts are triggered when a claim is made to the principle insurer. Policyholders have to be 25 or older.

How do the savings work?

The company says the policies will pay for themselves in reduced premiums, achieved by increasing the excesses on their main policies. Insure4excess says travel cover typically carries a £50 excess, while home and motor policies feature excesses (the first portion of a claim, paid by the customer) of up to £250. Generally, the higher the excess, the lower the premium.

These policies make particular sense if you have made a claim and are facing increased premiums as a result.

Insure4excess.com managing director Simon Vella, says: “People purchasing standard motor, home and pet policies will collectively save between £48 and £120 by tweaking their excess liabilities – and this is just for basic policies, before other cover amendments are made to further cut premiums. Our annual policy is much cheaper than the savings that can be made, so consumers will be quids in even if they don’t have to claim back excesses.”

Any downsides?

The problem of high excesses is that you effectively end up paying any small claims yourself, as Insure4excess only pays out once you make a claim to your main insurer. If you raised the car policy excess to £750, and bought its gold policy, you would only be able to make a claim costing more than £750. This can work for car drivers who would always pay any small claims themselves because the cost of claiming would be more than outweighed by the following year’s rise in premium.

Can I insure only my car excess?

Yes, and it will appeal to newly qualified car drivers who are aged over 25.

The company’s gold annual excess cover is £79 – many new drivers will save more than this by increasing the excess on their car insurance to £750.

Insure4excess would meet the first £750 of a claim with the insurer picking up the rest. Again, to buy the policy, you have to be 25 or over, making it a no-brainer for newly qualified drivers facing a huge first car insurance premium. Insure4excess allows two claims a year up to £750 each.

It also offers bronze cover for £39 which solely covers motor excesses of up to £250 while the silver policy costs £59 and covers excess of up to £500 – both will offer some older drivers savings, particularly if they have made , but it looks as though 25-year-olds will save the most.

Can it work for me?

Go to the insurance comparison websites (the likes of Confused.com or Moneysupermarket.com) or ask your existing insurers how much you will save if you increase the excesses. Car insurers will typically cut premiums by £20-£40 a year if you lift the excess from £100 to £300 – more for younger drivers. Home insurers will do the same. Make a £10-£20 saving on each of the five main policies and you’ll be in the money – and better insured.

  • Insurance
  • Home insurance
  • Motor insurance
  • Consumer affairs
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‘Your CV is exceptional … exceptionally bad, that is’

Thursday, June 4th, 2009

Last night’s Apprentice interviews were cringeworthy for many reasons, not least the interviewers’ performances. Have you ever endured a grilling from hell, asks Huma Qureshi

Oh dear, where on earth do we start when it comes to last night’s interview-round Apprentice? The penultimate episode of the series showed the candidates facing a grilling from Surallun’s cronies: Claude Littner (the bald cruel one), Bordan Tkachuk (the one with the spiky beard), Karren “nobody-calls-me-a-bitch” Brady, and Alan Watts (some lawyer we know nothing about).

It had it all: lies, profanities, bitchiness, tears and, well, just plain silliness (poor James. Still, he sort of had it coming, what with his Willy Wonka comment and all that).

Yet, despite their blips and blunders, you still had to feel sorry for this year’s lot. Lets face it, who would want to be interviewed by someone like cruel Claude? And who wouldn’t be rattled by an interviewer waving your finances in front of your face telling you your accounts are wrong?

Granted, an interview is not meant to be easy and you’re not there to make friends, but Claude is still one tough man to impress. “Your CV is exceptional,” he told James, who was so visibly relieved he actually closed his mouth. “Exceptionally bad, that is.” (James’s jaw promptly dropped again). Talk about leading you up the garden path.

Ditto with Karren. There she is one minute amiably chatting away with each of the girls, luring them in with her smiles, and then bang! The killer question disguised as a nicety. She caught out Lorraine’s CV lie and even managed to fluster head girl-material Kate.

But never mind the candidates, how did The Apprentice interviewers do in assessing the candidates? Not very well according to our in-house HR team:

“Interviews should be conducted to give people the best chance to showcase their skills and experience. Starting an interview [Lorraine's] by saying ‘you are clearly delusional’ is not only an assumption but it is offensive – the interviewer started the candidate off completely on the wrong foot.

“The best interviewers do not make assumptions, they collect evidence. And last night’s interviews were riddled with people making assumptions based on very little information.?

“As for ‘catching out candidates’, yes an interviewer has a responsibility to check the facts but there is no excuse to do this by interrogation and rudeness.?Any company who wants to attract talent should ensure their interviewers are professional, precise and also represent the company (would anyone want to work for a company who values Claude’s interpersonal skills?).”

What do you think? Have you ever thought an interview was going well only for the interviewer to turn around and tell you otherwise? Or have you been let down by an interviewer who didn’t give you a chance to explain yourself?

  • Work & careers
  • The Apprentice
  • Reality TV
  • Television
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