Drivers aged under 21 who have just passed their tests should be prevented from carrying passengers of a similar age for their first six months as drivers, the AA has said.

It suggested tougher rules that would also see them handed six penalty points for not wearing a seatbelt during the period – meaning they could lose their licence.

The motoring organisation says the proposal for a particular type of licence targeted at new, young drivers has the potential to prevent 934 serious injuries and save 58 lives on UK roads each year.

Similar measures – known as graduated driving licensing (GDL) – are already in place in countries including the US, Canada, Australia and Sweden.

If it was brought in across the UK, it would mean young drivers marking their vehicles with G plates – with a failure to display them punishable with three points on their licence.

GDL already exists in Northern Ireland, and the Department for Transport (DfT) has said it is not currently considering it elsewhere in the UK.

The department’s figures show 290 people were killed and 4,669 were seriously injured in crashes on Britain’s roads last year involving at least one driver aged 17-24.

Speaking to BBC Radio 5Live, Jack Cousens, the AA’s head of road policy, said what was noticable across countries with the policy in place was “a reduction of death and serious injuries to younger drivers and their passengers” by 20% to 40%.

Mr Cousens said that while the government was bringing forward a road safety strategy, at the moment it was “not convinced” of the need for GDL.

“We feel that something has to be done, so we’re going to keep banging this drum,” he said. “Hopefully the government will change tack and see that, actually, we need to make some changes for younger drivers.”

A DfT spokesperson said: “Every death on our roads is a tragedy and our thoughts remain with the families of everyone who has lost a loved one in this way.

“Whilst we are not considering graduated driving licences, we absolutely recognise that young people are disproportionately victims of tragic incidents on our roads, and we are considering other measures to tackle this problem and protect young drivers.”

In today’s changing finance industry, technical skills such as data analysis and financial modelling are no longer the only things you need if you want to advance. Now that we see society changing through advancing technologies and client connections, soft skills are becoming more and more important. While you still need to get all the technical know-how for success through a dedicated course like an accelerated online MBA program, you might need to work on your soft skills in your own time. This article will provide an overview of some of the most important soft skills for someone working in finance to develop. 

Understanding Soft Skills in Finance

What are soft skills? These are qualities that are outside of technical ability and are closely linked to people skills or interpersonal skills. In finance, these attributes complement knowledge by enabling professionals to articulate ideas, collaborate with colleagues efficiently, and adapt to situations. They encompass traits such as communication, teamwork, adaptability, and even resilience.

When we talk about finance, there is a strong need to develop soft skills in different roles, especially when working with customers or clients. If someone is an investment advisor, they are analyzing trends and conveying intricate concepts in simple ways. Additionally, financial analysts would usually work within teams and different departments to leverage teamwork as a skill to complete objectives.

Communication Skills

Communication is a cornerstone for any finance professional, and effective communication influences everything from engaging with clients to collaborating within teams to writing reports. It doesn’t matter what form of communication or what level of communication in the hierarchy is being used; having these skills honed will make all the difference.

If you want to work on your communication skills, the first thing to focus on would be practising listening. This means when other people speak, you must truly listen, grasp their message, and respond thoughtfully. It’s especially important to understand this skill when you work in finance because you’ll usually be communicating with those who don’t have a financial background. Being able to simplify and communicate complex information effectively will ensure that the client is equipped to make the right decisions for them.

You also shouldn’t forget that it is beneficial to refine your written communication abilities as communicating through email and other written formats is also just as important. When working in finance, email and documentation play a role in reports and proposals. Being clear and concise in your writing helps clients and coworkers comprehend information, and should simplify these details so that the reader can easily grasp the important points.

Analytical Thinking

Analytical thinking serves as the foundation for decision-making in all industries but is especially vital in finance because you will need to analyze findings, spot trends, and tackle problems effectively. Analytical individuals carefully consider factors before coming to conclusions that enable them to manage risks and maximize profits. 

If you want to work on your analytical skills, start by working on multiple sets of data during your work day. Use tools or financial software to analyze and come to your own conclusions. This type of consistent practice will help you develop attention to detail and enhance your decision-making skills. When it is time to tackle problems, ensure that you break them into parts, and evaluate their interconnections, and you will likely come to the best conclusions.

Adaptability and Resilience

In the realm of finance, there are constant changes and fluctuations in the market that can range from regulation updates to technological advancements. This means that it is truly an industry where the adaptable survive because it is no simple task to take on multiple fluctuations over time. It is these individuals who can swiftly pivot when needed who will flourish in this environment and rise to the top.

To improve and cultivate adaptability, you could start by analyzing the media landscape, subscribing to news sources or participating in professional communities. This proactive stance equips you for change and enables you to adjust strategies. It’s also important to set up your daily work in a way that is easy to shift or change depending on circumstances.

Another important factor in all industries is resilience, and this entails bouncing back from setbacks so you can keep moving forward. The finance sector can be demanding, with deadlines and high stakes, so developing ways to cope with stress, like practising mindfulness, seeking support or having rest periods can help. 

Teamwork and Leadership

While many industries require teamwork, it can be rather pronounced in the world of finance, where working together is key. This collaboration is crucial for achieving goals, whether you’re involved in a merger, creating budgets, or performing audits in a group. It not only boosts productivity but can also help fuel innovation in the finance sector as many minds work together for better outcomes.

If you want to improve your teamwork skills, you should participate in group projects where you can practice cooperation and communication. Understanding your role in a team and appreciating each member’s input is vital for long-term sustainability. Ensure you’re honest about your weaknesses and work together to fill in the gaps and help one another succeed.

In today’s dynamic finance industry, soft skills are just as crucial as industry expertise. It is skills such as communication and teamwork that are essential for overcoming challenges and making an impact. These skills are beneficial for life, but if you work in finance, or are hoping to, they’ll likely benefit your career too. Find opportunities to learn and develop your soft skills wherever you can, and you’ll be helping set yourself up for success in the long run.

Good morning. My thanks to Georgina, Simeon, Sam, Jen and Jim for minding the shop while I was on holiday. I had a lovely time in my own company pottering around my own city. (My advice: don’t bother with the British Museum’s Silk Roads exhibition. Go to the Sir John Soane Museum instead.)

The biggest event in the life of this young government is next week at the Budget on October 30. Some thoughts on a scoop from my colleagues below.

It’s a drag

The most important policy choice made by any British politician in this parliament was ultimately made in the last one: when the Labour leadership decided that they were better off matching the Conservative party’s commitment to not raise income tax, value added tax or national insurance.

The calculation they made was that it would be harder to get into office with a clear tax policy difference between them and the Conservatives, than it would be to stay in government navigating that constraint.

No one was ever told how things would have turned out: on the one hand, you can look at how large the Labour majority was and go “well, they probably could have got away without that one”. On the other, given that the Labour party did not get all that many votes you can go “well, it was actually an intensely shallowly won majority, so they probably needed every vote they could get”.

As I’ve written before, I think both the Conservatives and Labour would have been better off just fronting up the actual political and policy choices they were going to have to make, but I am beginning to bore myself on that topic so I am going to restrict myself to saying “well, I wouldn’t have started from here” to, ooh, once a fortnight.

In the here and now, the two most important pledges in the minds of the party’s voters, according to Labour’s own focus groups, are to turn around the NHS and that pledge not to increase taxes. Focus groups are not infallible but given they will ultimately shape the Labour’s political choices, they might as well be.

Of course, those two pledges cannot be reconciled. So the government will hope that when Rachel Reeves avoids raising rates of income tax, national insurance and value added tax, but increases tax in all sorts of other ways and uses that revenue to increase public spending, particularly on the NHS, it’ll be thanked for it. One way that Reeves will try to bridge that gap, George Parker and Sam Fleming reveal, is by prolonging the freeze on personal tax thresholds.

It means that between them, the governments of Rishi Sunak and Keir Starmer will have pulled an awful lot of middle earners into the higher rate of tax. As it stands, thanks to Sunak, income above £50,270 is taxed at 40p to the pound: which is very far from the type of earner that the higher rate was designed for.

It seems to me that there are three important reasons to have different rates of income tax, in no particular order: a) raising revenue, b) making your tax system more progressive, and c) encouraging people to earn more.

An unnoticed achievement/demerit (delete according to your preference) of the Conservative governments since 2010 is that the UK tax system is far more “progressive”: the highest earners pay for a lot more of it and many more low earners pay less. But it has scored less well on a) and in my view on c), though some of the changes Hunt made in his last Budget did helpfully remove some of the disincentives his predecessors had erected.

One reason for that is although making your tax system more “progressive” is always popular, in different ways a) and c) are politically difficult. A continuing freeze on thresholds does, at least, broaden the tax base by increasing the proportion of people who actually pay income tax.

This is a wheeze with a happy recent history for Labour, in that fiscal drag occurred under Tony Blair and Gordon Brown when Labour came into office, after the party similarly promised not to increase income tax and Labour was re-elected in a landslide. But it is also a wheeze with an unhappy recent political history, in that it is one of the main revenue-raising levers pulled by Rishi Sunak and Jeremy Hunt during Sunak’s premiership, and the Tories . . . weren’t.

Now try this

I also very much enjoyed my usual morning with the FT Weekend, particularly as I was in it this weekend: I did the lunch with the FT, with the historian David Olusoga.

There’s still time to receive our “The Best of Lunch with the FT” newsletter, a one-off series that pulls together highlights from the archive. Sign up to get it free every Sunday until November 17 here. Inside Politics is also still running a special offer for non-FT subscribers, who can receive our newsletter free for 30 days.

Top stories today

MILLIONS of households face a £218 a year bill rise as part of a huge TV shake-up.

A new report has revealed that households currently reliant on terrestrial TV could face additional costs of £18.17 per month if forced to switch to internet-only TV.

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Free-to-air, terrestrial broadcast TV, which millions watch daily using an aerial, is only secure until the early 2030s, when current licences expire, according to consultancy firm EY.

Some industry experts believe the government should actively phase out terrestrial TV to encourage a broader shift to online viewing which is provided solely via a broadband connection.

They argue that this approach is warranted, given that the share of total TV viewing via linear platforms (aerial and cable) has fallen below 50% for the first time.

And in a report released in May, regulator Ofcom said that broadcasters had “voiced concerns” about the commercial viability of maintaining the current terrestrial infrastructure beyond the mid-2030s.

However, EY said internet connections are generally less reliable than terrestrial TV, and millions remain disconnected.

The consultancy firm’s report estimates that in 2040, there will be 4.3million households without high-speed broadband.

A full switchover to internet-only TV viewing would cost £888million in additional annual fixed broadband subscription costs for these households who otherwise would not take it, equivalent to £18.17 per month per household, or £218 per year.

As well as the ongoing costs of a fixed broadband connection, millions of households could also face the upfront costs of new TV equipment and installation support.

David Coulson, partner, economic advisory at EY, said: “If a switch were made to distribute TV exclusively over the internet, even by 2040 approximately four million homes would still need broadband and set-top-box upgrades.

“This is forecast to cost government and consumers over £2billion to set-up, plus a further £900million each year to cover ongoing broadband fees and to support vulnerable users.”

Broadcast 2040+, a coalition of 35 organisations, is urging the UK government to publicly commit to safeguarding terrestrial TV and radio services until 2040 and beyond.

A spokesperson for the campaign said: “This report lays bare the hidden cost of any proposed switch-off of terrestrial TV.

“It would mean vulnerable people being asked to pay more, risk disconnecting millions from universal access to TV.

“The report also makes clear that this costly disruption is not necessary.

“The UK’s current hybrid model of TV, with terrestrial operating alongside online streaming as complementary services, works well and gives us the best of both worlds.”

CHECK FOR A FREE TV LICENCE

Watching live TV without a licence can land you in hot water, but you could be entitled to a discounted – or even free – licence.

The price of a TV licence rose from £159 to £169.50 a year in April.

This fee can be paid in one sum or in quarterly or monthly instalments.

You must have a TV licence if you watch TV as it is broadcast – live TV – on any channel, or watch programmes on catch-up on the BBC iPlayer.

You don’t need a TV licence to use streaming services or to watch any other channel’s catch-up service.

You can claim a free TV licence if you’re 75 or older and either receive pension credit yourself or live with a partner who gets the benefit.

You can apply for a free licence when you’re 74, but will still have to pay until the end of the month before your 75^th birthday.

You can apply for your free licence online or by calling 0300 790 6071.

Other individuals could also be eligible for a discounted TV licence if they live in residential care or sheltered accommodation or if they’re registered blind.

If you live in sheltered accommodation or residential care and are over 60 or disabled, you can get a licence for just £7.50.

If you’re registered blind or live with someone who is, you’re in line for a 50% discount.

The licence must be in the name if the person registered blind, but if your existing licence is not in their name you can make an application to transfer it.

You can apply for the discount online by visiting tvlicensing.co.uk/reducedfee.

THE London Underground is essential when you want to travel around the capital.

Some who aren’t experienced in taking the tube may struggle with reading the maps but the drivers know exactly what they’re doing.

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How much do Tube drivers earn?

During the initial 12-16 weeks training, trainee drivers can earn up to £32,375.

They can also obtain free travel around London for themselves and a partner as well as having overtime rates of around £36 an hour.

As of October 2024, drivers earn £67,500 but rejected a proposed pay increase to £70,000 in August.

A night train operator earns around £55,000 to £59,999 per year according to the Transport for London’s (TfL) Copy of Job Titles and Responsibilities of Senior Staff.

Inspectors and operators earn from £60,000 to £64,999 a year.

There is another role, known as a trainer, and this person is in charge of not only offering training to newcomers, but also the whole driving team, to always keep them up-to-date with the latest updates.

They earn the same salary as an inspector.

They can retire on a reduced pension at the age of 50 or a full pension at 60 years old.

What hours do they work and how much holiday do they get?

Drivers tend to work 36-hour weeks and have 43 days of annual leave, including bank holidays.

Shifts can start as early as 4.45am and end as late as 1.30am.

The drivers cannot drink alcohol for eight hours before a shift starts.

They are sometimes asked to work as many as 17 weekends in a row.

What are conditions like on the Underground?

Tube drivers are expected to maintain a high level of concentration in a dark cabin with nobody for company.

The work is repetitive, with the amount of driving varying between lines.

They also have to maintain a good level of focus and not be feared by the fact that they are responsible for many passengers aboard on the train.

How do you become a Tube driver?

Unless you already work for TfL, applying for a job can be difficult as they don’t tend to be advertised to the public.

Publicly advertised TfL roles include applying to become a customer service assistant.

You can look for TfL vacancies on their website.

Boeing has offered striking machinists a 35% pay rise over four years in a new contract proposal they hope will end a month-long strike.

About 33,000 unionised workers, mostly in Seattle, will vote on Wednesday whether to accept the offer from the aviation giant.

They have been on strike since 14 September, halting production of the firm’s 737 MAX and its 767 and 777 planes.

The company’s bottom line has been so hurt that it announced earlier this week it was seeking an addition $35bn in funding. It also said it would need to lay off 17,000 workers – about 10% of its work force – in November.

“The future of this contract is in your hands,” the union told workers on Saturday.

Union membership had previously rejected an offer that included a 30% salary bonus, saying it was not enough to cover cost-of-living increases.

The union was seeking a 40% salary bump and the reinstatement of a defined-benefits pension, which guarantees an income in retirement.

Although the latest offer is closer to the desired salary increase than the previous offer, it does not include a defined-benefits pension, which would guarantee specific monthly benefits upon retirement.

It does include a $7,000 (£5,365) bonus if they accept the deal, reinstated incentive plan and enhanced contributions to workers’ retirement plans, including a one-time $5,000 contribution plus up to 12% in employer contributions, International Association of Machinists and Aerospace Workers Local 751 said.

The strike has dismayed the Biden administration.

Acting US Labour Secretary Julie Su met union representatives and Boeing executives in Seattle this week to encourage a resolution. The company plays an important role in the US economy.

It has also been under scrutiny since an incident in January when a defect caused a panel to blow out on a new Alaska Airlines Boeing 737-MAX jet shortly after takeoff.

The Federal Aviation Administration has barred the planemaker from increasing production, and the agency opened a new safety inquiry into Boeing on Friday.

In July, Boeing agreed to plead guilty to a criminal fraud conspiracy charge and to pay at least $243.6m (£187m) after breaching a 2021 deferred prosecution agreement, in relation to two 737-MAX planes that were lost in nearly-identical accidents that cost 346 lives over five years ago.