Insights into the post recession business environment - UK.COM

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Insights into the post recession business environment - UK.COM

TRANSITIONSINSIGHTS INTO THE POST RECESSIONBUSINESS ENVIRONMENTFebruary 2010In collaboration withcentreforfuturestudies


FOREWORDMANY BUSINESS LEADERS ARE ASKING WHEN THE ECONOMY WILL RETURN TO SUSTAINABLEGROWTH; BUT PERHAPS THE MOST CRITICAL QUESTION TO ASK IS: HOW WILL THE BUSINESSLANDSCAPE CHANGE AS A RESULT OF THE RECESSION?It is our view that the UK’s business landscape will change significantly.There will not be a return to business as usual. The forces driving changewill continue well beyond the technical end of the recession and theconsequences will be permanent and far reaching.The recession will mark a series of transitions from the industrialstructures and models of the past to the digital, networked age of thefuture. We are living through a dramatic period of creative destruction asa result of which many organisations will either transform or disappear.The processes of change will be demanding and painful but the recession,seen through the rear view mirror, will be viewed as the catalyst tosustainable progress in the future.Our purpose in preparing this study is to provide a body of knowledgeand insight that can inform strategic thinking and inspire the creativityand innovation that will be required to make the transitions successfully.Peter HemingtonPartnerBDOTRANSITIONS: Insights into the post recession business environment 1


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2INSIGHTS FROM THEEXPERT PANELBDO AND CENTRE FOR FUTURE STUDIES BROUGHT SOME OF THE MOST INSPIRATIONALAND INFLUENTIAL MEMBERS OF THE BUSINESS AND ACADEMIC COMMUNITY TOGETHERFOR THE FIRST TIME. THE EXPERT PANEL INCLUDED:“There is going to be a weakand protracted recovery in theUK economy.”RICHARD SNOOK, FORMERLY SENIOR ECONOMIST, CEBR“The landscape is going to bedifferent.”LAI WAH CO, HEAD OF ECONOMIC ANALYSIS, CBI“The companies which are faster tomodify themselves and more willingto grasp new techniques and newbusiness models will thrive and willcome out of the recession muchricher than they went in.”IAN PEARSON, FUTURIST, FUTORIZON“Recessions are good in thatbusinesses and all of us as individualscan re learn the basics again.”DR. ROBERT DAVIES, STRATEGY CONSULTING,IMHOTEP CONSULTANCY4 TRANSITIONS: Insights into the post recession business environment


“We need to think about what issustainable in terms of growthmomentum and which areas of businessand what kind of business models weshould be working towards.”LAI WAH CO, HEAD OF ECONOMIC ANALYSIS, CBI“I think capitalism will change but Ithink it will possibly go throughsome waves of change not just onepattern.”TONY DOLPHIN, SENIOR ECONOMIST, IPPR“I believe it’s less the sector, it’s moreyour business model which enablesyou to succeed whatever part of theeconomic cycle in fact.”NICHOLAS BATE, AUTHOR & CONSULTANT, STRATEGIC EDGE“It seems to me that from atechnological point of view, an awfullot of changes were going to happenin the next 10, 20 years, even beforethe recession. I think that therecession has accelerated an awfullot of that change.”IAN PEARSON, FUTURIST, FUTORIZON“Maturity can be a mental illness foran organisation. It doesn’t know it’s introuble because it loses contact with afast moving environment. It has to goout and track in which direction theexternal environment is changing.”DR. ROBERT DAVIES, STRATEGY CONSULTING,IMHOTEP CONSULTANCY“I think it [the recession] has been quite ahealthy thing to happen. It has enforcedthe necessity to trim an awful lot of deadwood from the economy.”IAN PEARSON, FUTURIST, FUTORIZON“Manufacturing companies will be looking much more like servicecompanies with some manufacturing attached to them.”TONY DOLPHIN, SENIOR ECONOMIST, IPPRTRANSITIONS: Insights into the post recession business environment 5


3ECONOMICPERSPECTIVESAFTER A DECADE OR MORE OF HIGH GROWTH AND LOW INFLATION, THE WORLD ECONOMYHIT THE ROCKS AT THE END OF 2008. THE DANGER SIGNS HAD BEEN LOOMING FOR SOMETIME. IN PARTICULAR, THE GLOBAL IMBALANCES CAUSED BY THE MERCANTILIST GROWTHSTRATEGIES OF CHINA, GERMANY AND JAPAN REACHED AN UNSUSTAINABLE POINT.ALTHOUGH THE CAROUSEL CARRYING CHEAP GOODS FROM CHINA TO THE WESTERNWORLD CONTINUES TO OPERATE, THESE GOODS HAVE BEEN PAID FOR WITH IOUs.The explosion of liquidity and debt in western economiesassociated with this process led to the crisis in the financialsystem at the end of the 2000s. Banks, corporate organisationsand households in the west have begun to pay back their debts ina process known as deleveraging. However, the massive declinesin consumption and investment associated with this – the GreatRecession of 2008/2009 – have forced governments to step in asborrowers of last resort in order to keep western economiesafloat. So as private debt has reduced, public borrowing hasmushroomed, without yet setting developed economies onto asustained growth track.In 2009, the UK economy shrank by 4.8 per cent, the fastest paceof decline in a single year for 88 years. Recent data from theInternational Monetary Fund reveals the UK’s recession to be sixtimes more severe than the global average. Taking the 2008/09recession into account, the UK economy has grown by an averageof only 1.7 per cent during the ‘noughties’ decade.6 TRANSITIONS: Insights into the post recession business environment


“We have been through an extraordinary financial crisis. One doesn’tneed to ask questions about ‘the worst since when’ since it may be hardto find any period in which it was actually worse. The economy faces a longperiod of healing. The extraordinary degree of monetary and fiscal stimulusadministered by governments represents little more than a massivesticking plaster on the wounds.”MERVYN KING, GOVERNOR OF THE BANK OF ENGLANDn The employment rate for September to November 2009 was72.4 per cent, the lowest since the winter of 1996/97.n There were 1.03 million employees and self employed working parttime, the highest figure since records of this series began in 1992.n In the three months to November 2009, regular pay rose by1.1 per cent on a year earlier, the lowest annual growth rate sincerecords began in 2001.n The number of inactive people of working age increased to8.05 million.n The consensus among forecasters is that unemployment couldapproach 2.9 million in 2011, equivalent to 9 per cent of thelabour force.Government borrowing is likely to total £173 billion in this financial yearand £180 billion in 2010/11. The International Monetary Fund forecaststhat the ratio of debt to GDP will reach 82 per cent in 2010. This wouldmean a fiscal squeeze of between 6 and 8 per cent of GDP over the nextfive years. The process of restrained borrowing and spending could takemost of the decade to have the desired result.The levels of debt will be a drag on the economy and underline the needfor a general rebalancing away from an excessive dependence ondomestic demand fuelled by debt. The domestic market will remaindepressed for some years so the principal source of growth for Britishbusinesses will be in export markets.The notional return to growth has been attributed by some economiststo the exceptional stimulus measures taken by Government in 2009rather than a real growth in the economy. When the impacts of thestimuli are over, it may be difficult to identify where growth can beachieved in the short term.In its recent monthly survey of the economic landscape, the ONS saidthat despite signs the UK was on a path to returned growth, theprospects were muted as consumers, business and government are allstruggling to pay down debts, unemployment is increasing and credit willremain tight.“Even if the UK economy escapes from recession in a technical sense, therecovery may be fragile and is in danger of a double dip recession shouldit be hit by a further shock or loss of confidence.” (ONS Nov 09)TRANSITIONS: Insights into the post recession business environment 7


“Economists seem to believe there is only a remote possibility that the UK could follow theJapanese 1990s route into stagnation. But with no scope for further fiscal easing, interestrates at 0.5 per cent and £200bn of QE already in place, there is little more that theauthorities can do to prevent such an outcome. So if banks remain reluctant to lend andhouseholds and businesses remain reluctant to borrow, it seems to me the risk of a Japanesestyleoutcome should not be easily dismissed.”TONY DOLPHIN, INSTITUTE FOR PUBLIC POLICY RESEARCH.The consensus view among economists is that the risk of adouble dip recession is uncomfortably high. This could betriggered by a number of factors including a prematuretightening of fiscal and monetary policy, a major retrenchmentof consumer spending as a result of rising unemployment, a sharpand sustained rise in oil prices and the failure of a few largefinancial institutions.A combination of these factors could take global growth backinto negative territory. The United Nations ‘World EconomicSituation and Prospects 2010’ cautions that a premature removalof state support could trigger the second part of a double diprecession. Yet, there is now concern with the increasing sovereigncountry debt and this could become a serious barrier to furtherstate support.The medium term headwinds facing the UK economy areformidable – rising unemployment, steep tax increases andhigher interest rates – a decade of fiscal consolidation, littlegrowth in post tax incomes and a worsening delivery ofpublic services.The three most potent macro economic risks in the short tomedium term are:n An asset price collapse funded by cheap money andquantitative easing programmes worldwide.n The western world closes its doors to international trade.n Fiscal and sovereign debt crises.The major risks to the UK economy are seen to be:n A spike in oil and other commodity prices that causes asqueeze on real incomes, so preventing a rebound in consumerspending.n A further large increase in the household saving ratio, alsostopping consumer spending rebounding.n An aggressive tightening of fiscal policy at a time when theprivate sector is still adjusting its saving/borrowing and whichcannot be offset by monetary policy because QE proveslargely ineffective.“The UK faces a fiscal deficit on a scalewhich has never been experienced before inpeacetime. The bulk of this deficit isstructural in nature, which means that itwon't simply disappear when the recoveryoccurs. The recession may be over, but it willnot feel like it for a long time.”RICHARD LAMBERT, DIRECTOR GENERAL OF THE CBI8 TRANSITIONS: Insights into the post recession business environment


4THE FORCESOF CHANGEWE ARE GRATEFUL TO THE CBI FOR THE INSIGHTS WE GAINED FROM ITS RECENTPUBLICATION ‘THE SHAPE OF BUSINESS, THE NEXT TEN TEARS’. A COPY OF THIS REPORTCAN BE ACCESSED AT: http://www.cbi.org.uk/pdf/20091123-cbi-shape-of-business.pdfThe recession and its aftershocks have accelerated some trendsthat were embryonic in the pre-recession period and have sloweddown or arrested others. In this respect, the recession can be seenas a catalyst to structural transformation and permanent change.The full impacts may not be manifest for five years and thetransformation may take a decade to complete.THE ACCELERATING TRENDSTightening financial conditionsThe banking environment will be such that access to capital willcontinue to be tightened and this will lead to companies havingto seek alternative methods of funding new business ventures.Future developments will no longer be entirely debt funded.Eroding trustThe recession and its root causes have eroded consumer andpublic trust in businesses and political institutions. This will bea driving force behind demands for greater transparency andresponsible corporate behaviour. There will be a greater focus ongovernance and sustainability.A bigger role for governmentGovernments have played a significant role in stimulating therecovery and re-regulating industries. Government will continueto impose greater regulatory disciplines and accountabilities.Shifting consumer values and behavioursConsumption patterns are shifting as UK consumers pullback inthe face of recession and debt. The shift from conspicuous toconscious consumption signals a transition from aspiration to asearch for meaning and value that is inwardly directed.9 TRANSITIONS: Insights into the post recession business environment


Flexible workingThe flexibility that businesses and their workforces have shown in therecession is likely to become a permanent feature. There will be achanging mix of core and permanent staff with a greater proportion ofthe workforce being used on a flexible basis.A new economic world orderThe increasing shift of economic power to the Asian economies will gainmomentum and their importance as both a supplier and consumer willgrow. They will become about a quarter of the world economydominated by India and China.Industries reformingIndustries are changing as a result of the recession. The gap betweenstrong and weak rivals is widening and disaggregation of industrystructures will continue.Creativity and innovationBusinesses are beginning to recognise that their future source ofcompetitive advantage lies in their creative and innovative capabilities,encouraging collaboration, drawing on diverse perspectives, and engagingtheir people in ideation.SustainabilityThe first 10 years of the 21st century will be remembered as thedecade that businesses went ‘green’. The 2010s will be seen as thedecade of sustainability.New corporate culturesCompanies will be increasingly focused on fostering an internal culture ofemployee engagement and common goals. New organisational structureswill facilitate this process.Enterprise risk managementThe recession has brought risk management into sharp focus and themanagement of risk will become even more exacting amid theuncertainties of the coming decade.TechnologyTechnology will be both the driving force and facilitator of change:n IT will be at the forefront of an expanded public sector, either in theform of new systems to support new programmes or additionalregulatory and compliance requirements for business.n IT will be used to build trust by enabling effective communicationwith consumers.n Information and decision support technologies will continue totransform management.n IT will raise business effectiveness enabling companies to achieve theirgoals and reshape the industry.n IT productivity will enable companies to respond innovatively to adiverse set of opportunities at speed and scale.CONSEQUENCES AND IMPLICATIONSTaken together, these forces of change will compel organisations torethink and recreate their business models and customer propositions.This will represent a permanent change in the way they do business.The challenge facing business is twofold: how to counter the threats totheir viability in the short term and how to position themselves forsustainable growth in the longer term. This will require a radical processof reinvention and ingenuity.New organisational structures will be created in forms that areakin to virtual businesses with a greater reliance on outsourcing toportfolio workers.Corporate governance will be the major focus of concern with increasedaccountability becoming a primary part of a company’s agenda.TRANSITIONS: Insights into the post recession business environment 10


5THE TRANSITIONSTHIS REPORT HAS OUTLINED THE CONTEXT IN WHICH WE BELIEVE A SERIES OFTRANSITIONS WILL PLAY OUT OVER THE NEXT FIVE YEARS. INDIVIDUAL REPORTS ON THEFOLLOWING TOPICS WILL BE RELEASED OVER THE COMING MONTHS, AND BELOW IS JUSTA FLAVOUR OF WHAT TO EXPECT:TRANSITION TO A NEW ECONOMICWORLD ORDERThe world economic landscape is changing and a very differentworld is emerging. By 2020, China and India will be economicpowerhouses, vying with the United States for global supremacy.The ‘Next 11’ – including Indonesia, Iran, Nigeria, Turkey andMexico – all have the potential to become much bigger too.How prepared is your organisation to meet the challengesand opportunities this new world order will present?TRANSITION TO NEW FORMS OF CAPITALISMIn the aftermath of the recession there will not be a return to theAnglo Saxon market capitalism. More emphasis will be put onsocial stability, responsibility and shared capacities to take risks.That could lead to a capitalism that is more civic, collaborative,creative and sustainable.What impacts will this transition have on your notions ofprofitability?11 TRANSITIONS: Insights into the post recession business environment


TRANSITION TO A NEW REGULATORY ENVIRONMENTThe causes and consequences of the recession will drive future regulatoryreforms. With the demise of the laissez-faire attitude toward corporateactivity, scrutiny will increase, from government, shareholders and themedia. Increased accountability must be a central part of a company’sagenda.How will your organisation respond to and benefit from thisnew environment?TRANSITION TO SUSTAINABLE DEVELOPMENTOrganisations will seek new methods to link the twin pressures offinancial performance and commitment to sustainability in clear cutways. The winners in the economic upturn will be those corporations thatembrace sustainability as a framework to drive financial success duringthe downturn.Does your organisation have the right strategies and structures inplace to achieve sustainability?TRANSITION TO THE NEW CONSUMERIn the aftermath of the recession, how consumers evaluate value willlikely be qualitatively different from before. There is a shift fromconspicuous to conscious consumption. Saving money by cutting outwaste of all kinds will be the priority. This isn’t a short-term response tothe recession but a fundamental shift that will see the emergence of anew breed of customer.Does your organisation have the capabilities of meeting thedemands of the new consumer?TRANSITION TO A NEW CORPORATE CULTUREThe culture of the ‘industrial’ paradigm which is structured, opaque,incremental, hierarchical, monolithic, homogenous and bounded will bereplaced by the network paradigm which is: flexible, transparent, creative,cellular, distributed, diverse, authentic and inspiring.Is your organisation ingenious and committed to innovation?TRANSITIONS: Insights into the post recession business environment 12


APPENDIXA. CONTRIBUTORS AND KEY SOURCES:The BDO Expert PanelWe are particularly indebted to the members of the BDO ExpertPanel. Their insights and devil’s advocacy were invaluable:Nicholas Bate, Author & Consultant, Strategic EdgeIan Brinkley, Programme Director, The Work FoundationDr. Robert Davies, Strategy Consultant, Imhotep ConsultancyTony Dolphin, Senior Economist, IPPRRupert Merson, Former Partner, BDO LLPPeter Hemington, Partner, BDO LLPGraeme Leach, Chief Economist, IODIan Pearson, Futurist, FutorizonStephen Radley, Chief Economist, EEFRichard Snook, formerly Senior Economist, cebrLai Wah Co, Head of Economic Analysis, CBIKey sourcesAndy Bond, ASDA Chief ExecutiveAnthony Holmes International Corporate Turnaround SpecialistArena BLMAssociation of Chartered Certified AccountantsBank of EnglandBank of England Statistical Interactive DatabaseBusiness Growth PartnershipCambridge EconometricsCapital EconomicsCentre for Economics and Business Research (CEBR)Charlotte Hogg, Managing Director, Experian UK & IrelandChartered Institute of Purchasing & SupplyConfederation of British IndustryDavid Kern, Chief Economist, British Chambers of Commerce (BCC)Dennis Turner, Chief Economist at HSBCDmitry Orlov, Author of Reinventing CollapseDoug Strachan, Head of Consumer Insight,Post Office Financial ServicesDr Susan Rose, Henley Business SchoolEconomic and Social Data Service (ESDS)Economic and Social Research Council (ESRC)Economist Intelligence UnitEEFEuropean Central BankEuropean CommissionFederation of Small Businesses (FSB)Financial Reporting CouncilFinancial Services AuthorityGill Waters, Oxford College of Marketing13 TRANSITIONS: Insights into the post recession business environment


Global InsightGoldman SachsGraham Hutchings, Managing Editor, Oxford AnalyticaHM TreasuryHoward Archer, Chief UK and European Economist IHS Global InsightHSBC Future of Business ReportInstitute for Fiscal StudiesInstitute of DirectorsInternational Monetary Fund (IMF)Irwin Stelzer, Director of Economic Policy Studies Hudson InstituteJohn Sloman, Director, Economics NetworkJonathan Loynes, Capital EconomicsKPMGLondon School of Economics (LSE)Martin Gahbauer, Chief Economist NationwideMick Riordan, Senior Economist World BankNational Institute of Economic and Social Research (NIESR)Neil Lightbown, UK Underwriting and Strategic Claims Director, RSANeil Woodford, Invesco PerpetualNew Economics FoundationNielsenOECD Economic OutlookOffice for National StatisticsOxford EconomicsRichard Scase, Professor of Sociology and Organisational BehaviourUniversity of KentRobert Peston BBC Business EditorRobert Shiller, Professor of Economics, Yale UniversityRoss Walker, RBS EconomicsRoy Ayliffe, Director of Professional Practice at CIPSRoyal Bank of Scotland (RBS)ShoppercentricStandard & Poor'sStephanie Flanders, BBC economics editorSteve McGill, Chairman and CEO Aon Risk ServicesTomorrow’s CompanyVince Cable, the Liberal Democrat Treasury spokesmanB. LINKS TO KEY DATA SOURCEShttp://www.statistics.gov.uk/statbase/TSDIntro.asphttp://www.statistics.gov.uk/OnlineProducts/default.asphttp://www.statistics.gov.uk/instantfigures.asphttp://www.bankofengland.co.uk/mfsd/iadb/BankStats.asp?Travel=NIxhttp://www.bankofengland.co.uk/mfsd/iadb/AtoZ.asp?Travel=NIxhttp://www.hm-treasury.gov.uk/http://www.hm-treasury.gov.uk/data_index.htmhttp://www.ecb.int/stats/html/index.en.htmlhttp://www.ecb.int/pub/mb/html/index.en.htmlhttp://www.ecb.int/pub/annual/html/index.en.htmlhttp://ec.europa.eu/economy_finance/index_en.htmhttp://ec.europa.eu/economy_finance/db_indicators/db_indicators8650_en.htmhttp://www.oecd.org/statsportal/0,2639,en_2825_293564_1_1_1_1_1,00.htmlhttp://www.oecd.org/std/mei#statisticshttp://www.worldbank.org/data/http://www.imf.org/external/country/http://www.economist.com/countries/http://www.esds.ac.uk/aandp/access/login.aspFor more information, visit www.freedomtothink.bizC. ABOUT THE CENTRE FOR FUTURE STUDIESThe Centre for Future Studies (CFS) is an independent forecasting thinktankconcerned with understanding the dynamics of the present and theforces of change that will transform the present into future realities.We have a unique combination of skills and expertise which translateraw information into insightful knowledge and concise understanding.We are proud of the international reputation we have gained over thepast thirteen years for our innovative thinking and incisive analysis.We are affiliated with Kent University and have access to multidisciplinaryspecialists throughout the UK academic community.In addition, we have formed a network of experts who work acrossa wide range of industry sectors who bring specific commercialknowledge to particular projects.It is our people, their experience, expertise and creativity, who are ourdistinguishing hallmark. Skilful thinking is a combination of science –quantitative data and analysis – and art – qualitative insights andperceptions. Our people have uniquely mastered this combination.We take pride in our culture of inquisitive minds and creativedetermination and are committed to helping our clients succeed.We work with some of the world's leading businesses, governments andinstitutions.Centre for Future StudiesStelling MinnisCanterburyKent CT4 6AQT: +44 (0) 1227 709575F: +44 (0) 1227 709420E: insights@futurestudies.co.ukW: www.futurestudies.co.ukTRANSITIONS: Insights into the post recession business environment 14


Our work has benefitted from the wisdom of the many commentators and businesses with whom we consulted. We are particularlyindebted to the members of the BDO Expert Panel. Their insights and devil’s advocacy were invaluable in shaping our thinking:Nicholas Bate, Author & Consultant, Strategic EdgeGraeme Leach, Chief Economist, IODIan Brinkley, Programme Director, The Work FoundationIan Pearson, Futurist, FutorizonDr. Robert Davies, Strategy Consultant, Imhotep Consultancy Stephen Radley, Chief Economist, EEFTony Dolphin, Senior Economist, IPPRRichard Snook, formerly Senior Economist, cebrRupert Merson, Former Partner, BDOLai Wah Co, Head of Economic Analysis, CBIPeter Hemington, Partner, BDOFor more information, visit www.freedomtothink.bizCONTACT USIf you would like further information about the series of Transitions reports, or the services BDO can offer, please contact your localbusiness centre:BIRMINGHAMmark.anslow@bdo.co.uk0121 352 6200BRISTOLsimon.watson@bdo.co.uk0117 930 1500CAMBRIDGEmartin.kaye@bdo.co.uk01223 535 000CHELMSFORDmartin.kaye@bdo.co.uk01245 264 644GLASGOWneil.craig@bdo.co.uk0141 249 5234HATFIELDmartin.kaye@bdo.co.uk01707 255 888LEEDSian.beaumont@bdo.co.uk0113 244 3839LONDONsimon.michaels@bdo.co.uk020 7486 5888MANCHESTERjeff.jones@bdo.co.uk0161 817 7528NORTHERN IRELANDfrancis.martin@bdo.co.uk02890 439 009READINGsimon.watson@bdo.co.uk0118 925 4408SOUTHAMPTONkim.hayward@bdo.co.uk023 8088 1897SOUTHERN REGION:EPSON, GATWICKsophie.hill@bdo.co.uk01372 734 300www.bdo.co.uk'Tax Team of the Year' 2009 and 2008'Audit Team of the Year' 2008'Corporate Finance Deal of the Year' 2008This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specificsituations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO LLP to discuss thesematters in the context of your particular circumstances. BDO LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any actiontaken or not taken by anyone in reliance on the information in this publication or for any decision based on it.BDO LLP, a UK limited liability partnership registered in England and Wales under number OC305127, is a member of BDO International Limited, a UK company limited by guarantee,and forms part of the international BDO network of independent member firms. A list of members' names is open to inspection at our registered office, 55 Baker Street, London W1U 7EU.BDO LLP is authorised and regulated by the Financial Services Authority to conduct investment business.BDO is the brand name of the BDO network and for each of the BDO Member Firms.BDO Northern Ireland, a partnership formed in and under the laws of Northern Ireland, is licensed to operate within the international BDO network of independent member firms.BDO LLP is the Data Controller for any personal data that it holds about you. We may disclose your information, under a confidentiality agreement, to a Data Processor (ShamrockMarketing Ltd). To correct your personal details or if you do not wish us to provide you with information that we believe may be of interest to you, please contact Steve Nelson on0113 204 1279 or email stephen.nelson@bdo.co.ukCopyright © February 2010. BDO. All rights reserved.This document is printed on 9lives 80, a paper containing 80 per cent recycled fibre and 20 per cent virgin Totally Chlorine Free (TCF) fibre sourced from sustainable forests. 9lives 80is produced by an ISO 14001 accredited supplier.

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