Trading Up

Dive into the massive challenges facing the UK economy with Rupert Soames, Chair of the CBI. Known for running difficult and massive companies like Serco and Aggreko, he describes his "horrible habit of walking towards gunfire" when it comes to choosing which jobs to take. He recounts his bold turnaround strategy: telling employees to “bring out your dead” to fix underlying issues and win back trust. His plucky attitude to such challenges may be reflective of his family background, as a grandson of Winston Churchill. But even this distinguished heritage comes without its own issues to navigate.With the discussion examining the big economic picture, he's mindful that the UK’s GDP per capita has effectively flatlined since 2010, lagging far behind the US. He addresses the staggering national debt accrued since COVID, noting that interest payments on government debt have dramatically soared. He suggests that the growing maturity of AI could be the key to unlocking improved quality and reduced costs in public services. He also weighs in on tax burdens on businesses and celebrates the resilience of ambitious small and medium-sized enterprises in Northern Ireland. He emphasises that the UK needs "a bit of bloody ambition" to secure the kind of growth that would transform the economy, public services and the general mood.Brought to you in association with EY.The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice.

In this episode of Trading Up Unpacked, Jim and Richard dig deep into the economy and global politics. Northern Ireland is enjoying record pay increases, with annual earnings up 8.1%. We analyse whether this rise translates to real-term gains after years of wage stagnation (which averaged -0.1% over a decade) and how this impacts public and private sector workers.Locally, we examine Stormont's continued paralysis as the proposed $20 billion gold mine in County Tyrone remains stalled, sending a poor message to international investors about barriers to development. Globally, we discuss China's strategic leveraging of rare earth metals in trade negotiations. Finally, a V-Dem Institute report reveals the alarming decline of democracy worldwide—now back to 1985 levels—and we connect this political disillusionment directly to decades of economic stagnation and the rise of autocracy.Brought to you in association with EY.The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice.

Join Sandra Corkin and her son Scott of Oasis Travel, an independent family business that has defied the odds in the travel industry. They share how they survived intense competition, the rise of the internet, and the devastating impact of the COVID-19 pandemic, maintaining a substantial turnover now touching £40 million. Celebrating 40 years of growth, Oasis Travel shifted its focus from low-margin bookings to high-end travel (cruise and luxury packages) where staff expertise adds maximum value. Learn how the new generation is blending personalised, one-to-one service with the right tech, including a new customer app, to ensure the business's bright future.Brought to you in association with EY.The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice.

In this Unpacked episode Jim Fitzpatrick and Richard Ramsey examine how small business can survive in today's big, bad world. The global order has "changed utterly" to one of disorder, making geopolitics a mainstream boardroom issue for businesses of all sizes. This uncertainty, fuelled by rising protectionism and US policies like the Inflation Reduction Act (IRA), is directly impacting the bottom line: 47% of UK listed companies recently blamed geopolitical shifts for issuing profit warnings. While the EU struggles to define a unified strategy between the US and China, the UK-EU relationship reset remains slow. Critical agreements, such as the SPS deal impacting the Windsor Framework, may not be in place until 2027. Locally, Northern Ireland faces severe skill shortages exacerbated by high economic inactivity, including 117,000 long-term sick. Furthermore, the latest business activity Growth Tracker (PMI) indicates a more contraction.Brought to you in association with EY.The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice.

Stephen McKeown grew up in the Glens of Antrim and developed his engineering skills as an "volunteer" mechanic in his Dad's car workshop. He now heads a Digital Centre of Excellence for Fortune 100 company Allstate and this core part of the business just happens to be located in Belfast. The insurance giant came to Northern Ireland in the aftermath of the Good Friday Agreement with the modest ambition of creating 50 jobs. It now employs around 1700 in its European operations and Belfast has transformed from outpost to core hub. Stephen takes us through his early career: which spans a PhD from Queen's; helping build Ireland’s "bad bank" (NAMA) during the financial crisis; and bootstrapping successful tech startups. He discusses the revolutionary shift to a "product mindset" at Allstate with work focused on problem-solving and customer outcomes, a cultural change that led Allstate to win the prestigious Tony Hsieh Award. What's great is that Stephen still manages to balance global leadership with his volunteer role as a mechanic on the local Cushendall lifeboat. This episode is a masterclass in driving change and seizing opportunity in the evolving tech ecosystem; a lesson in how geography is no barrier to being at the centre of global organisations; and a reminder that a good and healthy workplace culture is vital to success.Brought to you in association with EY.The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice.

This week it's Trading Up Unpacked with Jim Fitzpatrick and Professor Richard Ramsey digging deep into the nature of north south business and economics in Ireland. From waves of desperate weight-loss drug hunters flooding into Newry; to the growing number of companies in Northern Ireland that are owned in the Republic; to the increasing trade and tourism figures; Jim and Richard explain and explore the underlying forces at work. They also examine revived plans for Northern Ireland to harmonise its business tax rate with the Republic. Wishful thinking or a good idea? Jim and Richard argue it out.Brought to you in association with EY.The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice.

Running a restaurant business is definitely not for the faint of heart. Jim meets celebrated Belfast chef Niall McKenna and Normandy native Marion Lancial who has made Northern Ireland her home, to explore the highs and lows of running a restaurant. From choosing the financial crisis or the eve of the Covid lockdowns to expand; to managing the accumulated costs of each broken glass (that’s the equivalent of throwing a steak in the bin); to the joys of celebrating the best local produce and making people happy. Niall and Marion offer a unique insight into the trade and offer up some business tips that will make sense to anyone dealing with the kinetic environment we all face today.Brought to you in association with EY.The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice.

Jim Fitzpatrick and Richard Ramsey unpack the latest economic stats for Northern Ireland, revealing a complex picture for the hospitality sector which, despite a busy summer, is struggling with profitability due to soaring labour and food costs. They explore the grim outlook for public finances, where major spending pressures would naturally force deep cuts and unpopular revenue-raising measures, but will the tough choices be made? This leads to a wider discussion on why Northern Ireland struggles to deliver major infrastructure projects, contrasting today’s inaction with ambitious nation-building from a century ago. Finally, the duo consider a provocative question: do we need a government of engineers, like China, instead of lawyers in order to get things done?Brought to you in association with EY.The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice.Instagram - https://www.instagram.com/tradinguppodcast/TikTok - https://www.tiktok.com/@tradinguppodcast

Jim sits down with Martin Tierney who quit school at 17 to develop a family business with his brothers. He was a star pupil but his mother told him that she would back his decision to leave school before he’d completed his A Levels and get to work in the emerging business with his brothers. That faith wasn’t misplaced. Martin has developed Seating Matters into an export powerhouse. The company, based near the village of Limavady in County Derry, makes therapeutical chairs for patients with complex needs. From a small workshop it has grown into a substantial business with a turnover upwards of £26 million across the group. What sets Martin and his company apart isn’t just the product, it’s the philosophy behind it. It was born from a realisation that many infirm patients weren’t being properly served by the equipment on offer. His mother, an occupational therapist and the inspiration for the business, was able to guide Martin on what the patients really needed. But the transformation in the business really accelerated whenever the Tierney brothers developed a friendship with senior directors of the Japanese car giant Toyota. Remarkably, they willingly imparted their philosophy and shared their secrets, even visiting the County Derry factory. It was priceless consultancy and the only demand was that Martin and his brothers pass on the wisdom to anyone who sought it. Hence, their factory has become a Disneyland for business leaders and entrepreneurs keen to learn. In this conversation Martin talks with passion about everything he has learned.Brought to you in association with EY.The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice.Instagram - https://www.instagram.com/tradinguppodcast/TikTok - https://www.tiktok.com/@tradinguppodcast