Volat-oil

26:21And of course, there are correlations and sentiment effect, but it's not sort of an instantaneous correction, anything like that. generally our markets have been somewhat lagging compared to events in the world. Perhaps this will be no exception sitting here in London today because we had a really exceptional fine art sale in London last evening. There's something a little bit different about this, given the way you talk about the growth that you've seen and sales in the Middle East and in states around the Middle East. The fact that some of those countries are more specifically involved in this, that this could be a little bit different and could impact that growth that you've seen through the last couple of years in that region?

27:01Well, from an art and culture perspective, some of the most significant investment agendas are in Middle East countries, whether that is the UAE, Qatar, Saudi Arabia, there are enormous growth plans and stated divisions. The Guggenheim Museum is opening in Abu Dhabi later this year, as an example, The Louvre Abu Dhabi has been open for close to 10 years. We've had an art fair in Doha last month and another one coming up in Abu Dhabi later this year. So there's a lot of activity in the region, and it's an important customer base for us. I think that to the extent that this modifies that or defers it in some way, that's an effect.

27:46But it's not what we've seen so far. And, of course, the visions these countries have are very much long-term visions. And I think they will remain intact, although perhaps a bit disrupted, as many things are at the moment. Another aspect of the culture sector, the art industry as well for many, many, many years has been the anti-money laundering aspect of it, which is something that's been, it seemingly has been a big thing for you. How big a challenge has that been in the world we're in to get those anti-money laundering sort of regulations and reputations for that industry stronger? I wouldn't call it a challenge for us.

28:30I'd call it more of an opportunity. I mean, we're the largest player in this sector. And as such, we are equipped to adopt and put in place the regulations as they evolve and grow. I think it's frankly a bigger challenge for a lot of the smaller players to put in place proper know-your-client and anti-money laundering controls. The UK has really been at the forefront of these types of controls and looking closely at these markets. So we're very much in sync with that and comfortable that we can operate effectively. I think we, our brand and our platform is one that should give buyers and sellers a great deal of confidence.

29:12They know that the objects they're buying are carefully evaluated and correct. They should be able to buy and sell with confidence, knowing that we are in compliance with all the applicable regulations, including anti-money laundering and those such things. I mean, probably one of the most high profile, maybe, occasions of what you describe as not being a frequent part of the business. I just wanted to ask you about what happened in 2020 when Sotheby's was asked by the U.S. Virgin Islands to hand over correspondence and dealings with convicted sex offender Jeffrey Epstein as part of their investigation.

29:48How did the company respond to that at the time? Well, we, anything we were asked for, we provided. I mean, I think that what Geoffrey may have bought or not bought or anyone else named in his files may have bought and not bought is, to my knowledge, not the subject of any investigation or inquiry at the moment. But anything we've been asked, we've supplied. You can hear more of that interview with Charles Stewart, the chief executive of Sotheby's on BBC Sounds. Go and search for the Big Boss interview podcast. There is a much longer conversation that you can have a listen to. 85058. Do keep your messages coming in this morning.

30:29We've had lots more about heating oil, about what it's like working in the forestry and agricultural sector as well. Thank you, we'll go through that in a moment. There's lots of numbers in there. They look very useful. Let me take a second to get through them and we'll get into some of Jake's issues in a moment as well. Keep those messages coming. 85058. It's time your hard-earned money works harder for you. With the Wealthfront Cash account, your uninvested cash can earn up to 3.95 % APY. That's a 0.65 % boost over an already high rate for three months, just for being a new client. Plus free instant withdrawals to eligible accounts.

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32:21Wake Up To Money with Sean Farrington. Good morning to you. It is Wake Up To Money on BBC5 Live. It's Tuesday morning, the 10th of March. You may be prepped for Cheltenham week, always one you've had etched in your diary. Have you decided to make the trip to Benidorm or somewhere further afield, somewhere that's not Cheltenham, to actually consume this on the TV, on the radio, wherever it might be for you? We're going to be talking to somebody who runs a pub in Benidorm, south of Spain a little bit later in the show about the growth of numbers of people travelling there to hopefully watch a bit of the racing on the telly in the sun.

32:5785058, if that's something you're getting involved in, maybe prices, costs are the thing that's top of your agenda today, as it seemed to be for Jake, who's been in touch this morning. Thank you for your message, Jake. Thank you for the detail. It's fascinating this stuff to hear about what it's like at the minute running some businesses. He says, working in the forestry and agricultural sector, running machinery, Red diesel has jumped from 75 pence two weeks ago to£1.24 yesterday. Nearly 50p increase, so way more than we're seeing at the pumps. Has anyone running equipment? How anyone can running equipment can swallow that jump is crazy.

33:32Also due to panic buying, we struggle to acquire it as easy even far in advance as 7 to 10 days. I can't help but feel some of these fuel companies are really pushing profit margins on fuel that was purchased some time ago. So interesting though, if buying habits are changing, that can influence the price of some things as well. But we're hearing many not happy with the moves in prices. I've seen another saying home heating or sword almost tripled immediately. Unregulated market, pure profiteering. 85058, we'll delve into some of these a bit more in the coming days, no doubt. So please do keep your messages, your experiences coming in wherever you see those price movements.

34:13I want to spend a little moment just reflecting on the latest in Glasgow. Awful, awful scenes in Glasgow in the last couple of days. Rail operators have warned there'll be days of disruption now after that huge fire destroyed a building next to Glasgow Central Station. So flames spreading through that listed Victorian building neighbouring Scotland's busiest station. The fire began at about a quarter to four on Sunday. there are reports that say it started in a vape shop on its ground floor on Sunday. Network Rail says that while Central Station has avoided significant damage it will remain closed today for safety inspection.

34:53So here is an update that Scott Rail gave yesterday. It's entirely dependent upon us getting access. Now we'll work in conjunction with all emergency services but at the moment it's very difficult to say it's quite a fluid situation. It is absolutely devastating. I mean, everyone who loves Glasgow knows that this is a cathedral of the railway. We'll overcome this. We'll get beyond it, but it is a travesty. Part of the difficulty that you can see at the moment is the facade. So that facade that's still standing hustling under takes and checks will probably require to be removed at some point, but that's not within our purview at the moment.

35:27Now, if you've been caught up in this at all, do get in touch with us 85058 about what the last couple of days have been like. It may be that you run a business in that area. It may be that you're one of those business owners or residents who we're hearing described as being heartbroken after dozens of retail units there burnt to the ground. Everything's gone. Absolutely everything. All of our stock, all of our equipment, our furniture, art that we'd collected to decorate the place. We've just lost absolutely everything. Seeing such an important part of Glasgow's history falling apart because of a vape shop fire, It just pains me.

36:06It's such an important part of the city centre. When you come in, you see it immediately, and it's just going to make a massive impact on the whole city centre. You can see online there's a main news piece this morning on the BBC website where Courtney McKinnon details how her hairdressing business, Cece's Salon, was in the building and has been for the past four years. She says, really shocking, the amount of small businesses that are gone. Everybody there works so hard, difficult for everyone. Everything seems to be gone. So 85058, if you're involved at all in that, the consequences afterwards as well, whether it's for you and what you might do with the business or where you work next or what it means for that particular area in Glasgow, the support as well.

36:48We often turn to questions around insurance and local authorities and what is being done to, whether it's help get your business up and running. Is that coming as quickly as you would have hoped? I know it's very early days with this only taking place on Sunday evening. But many, many people will be talking about that. Studios, expensive equipment destroyed in the fire. People have donated more than£20 ,000 to fundraisers to help deal with that financial impact. So please do let us know. 85058. Let's return to the consequences of the war in the Middle East now. Interest rates is another one. I don't know if for you, Simon, Simon Spirell, who's with us this morning, who we were hearing earlier, detailing many aspects of what it's like running the Hartington Creamery in Derbyshire, but you've got other business interests as well, Simon.

37:36Does the prospect for interest rate changes impact you at all in how you run your businesses? I think we're quite fortunate that we don't run on debt. so we are slightly buffered from that there but of course interest rates for other businesses will cause their costs to increase which then is a knock-on effect for everybody else because you have to cover those costs somehow there so there is a domino effect whenever you have an increase in interest in business it has to be absorbed somewhere and that cost is ultimately passed on with higher prices. Jane Sydenham who's with us as well this morning Senior Investment Director at Rathburns.

38:12Jane, how has this changed prospects for interest rates in the last few days? Because in the middle of the day yesterday, when oil prices were at those highs of pushing$1.20 a barrel, people could have been reading things about interest rate decisions taking a completely different direction this year. Is that still the case when we wake up this morning and they're now at$90 a barrel? Yeah, I mean, it's a really good point. I think the really key point here is time. And how long this conflict goes on, because, you know, if it's a few weeks, the likelihood is that things will calm down. The oil price will sort of fall back and stay back lower and therefore that there won't be a need for interest, the path of interest rates to change.

39:00So, you know, certainly if the prices stay high for a long period of time, then it's much more likely that the government will have to put up interest rates to kind of calm down inflation. And that's very, very different from what we were expecting at the beginning of the year when we thought we might get one or two interest rate cuts as inflation was drifting down slowly. So very, very different depending on how long this goes on. Let's speak to a couple of people in the construction industry now. We've got Eleanor Dealey with us, who's the Joint Managing Director at Dealey Group, Construction and Property Development Company, working across the Midlands.

39:37Morning, Eleanor. Good morning. And Rico Wojtyulowicz, who's the Director of Policy and Market Insight at the National Federation of Builders. Hi, Rico. Good morning. Now, Eleanor, Rico, both of you, I want to ask you about the planning policy framework that's going to be coming in, or consultation ended anyway. But just on this topic, so many people get in touch with us about various aspects, the consequences of these major, major price movements that we've seen in the Middle East, never mind sort of shipping blockages and what that means for supply chains. Eleanor, what impact has that had on you as a house builder in the Midlands?

40:12I think it's going to have a threefold impact on us just when we thought we could see light at the end of the tunnel with planning changes coming in. It's likely to mean cost rises with inflation going up. It's more difficult to import the commodities that we need to build. If we have interest rates, as Jane suggested, if interest rates rise, it's going to make it more expensive for us to borrow and to finance our schemes. But more importantly, it's probably also going to impact on consumers in terms of their confidence and their ability to be able to afford to move into a new home. So it's going to have a very significant impact.

40:47And this comes at a time when Zoopla is saying that only 36 % of England is viable to develop for housing. Right. And so does that change? As you see these movements in the last few days, as you see talk about interest rates, the direction that they're heading in, maybe not being down, down, down as it's been so often if oil prices stay so high. Does it change how you think Dealey Group might be this year? Are you considering a potentially different few months? We are starting to consider a different business strategy because we have to. We know that things are going to be more difficult if this continues for more than a few weeks.

41:26So projects that we were thinking of getting finance for and delivering are potentially going to have to go on hold while we work out a viability route forward. And I suspect that that means that the government is going to have to step in in some form or another because otherwise we're simply not going to be delivering the housing that there is this great need for. Just briefly, what form could that be? There could be many different forms. I think that two really helpful ones would be an equity-backed loan to help consumers to be able to afford to buy new homes. But also in terms of actually delivering new homes, we might need some emergency measures to allow planners to be more flexible in what we actually build on site.

42:06So a replacement tile, if we can't get hold of a particular tile or a particular brick, there needs to be some more flexibility in the planning process so that we don't halt development. So Rico, what happens when you multiply, you know, Eleanor's view there running a business in the Midlands right across the country as you represent so many builders around the country? What do you then see in an environment like this? Well, firstly, I mean, Dealey Group are very good at changing their focus in order to deliver the right product for the right place. But every company will have a difficulty doing that, particularly with planning, because let's say you're doing a site of 50 homes.

42:45It might take you 16 months to get planning and 18 months to cross the T's and dot the I's in order to actually start the work and then you've got to build the thing. So yes, you know, companies are and will always try and be flexible and change their business models, but it's hard. I thought forward planning is long-term and the interest rates changes can change the confidence of the consumer. And let's hope, particularly for smaller developers, they are more able to weather some of the storm because people might have fixed rates for the next six months if it's about the consumers. However, the last interest rate increase we saw, one of our members said that their interest rate charges went from£400 ,000 a year to£1 million a year.

43:33So how do you absorb those potential rises as a business? It's so difficult. And quite often it means that you end up getting rid of staff for a period of time because you can't afford them or shrinking as a company. And unfortunately for smaller businesses, because planning is so broken, once you shrink, it's really hard to grow again. And so, Rico, we have this national planning policy framework, you know, the Labour government and planning. You know, we heard about it so much in that first year or so, the government. And the consultation ends tonight for the government getting people's thoughts on this.

44:08And it's been called the biggest reform to planning rules in a decade. Can that move the dial enough to give builders confidence despite what's going on around the world? I don't believe it'll quite move the dial enough. What I think it does is it introduces concepts that are just so important. So as an example, when a local authority's got a plan, say for 2 ,000 homes, they allocate enough homes for that. So they look at loads of sites and they go, well, this site can deliver 50, this one can do 400, this can do 300. And they top them all up and then they come to that 2 ,000 number. What this government's done is they've introduced what's called a medium-sized site, which is sites of between 10 and 49 homes.

44:52Now, that might sound insignificant, but it's not, because at the moment, a site of 10 homes is treated almost the same as 1 ,000. And so all smaller builders and medium-sized builders basically have been thrown to the back of the pile of any planning applications, because they're really big sites of, you know, 300-odd. They take priority. Every government says they want to help the SME house builder. None have actually put a policy in place to do that. And it will take a few years for this policy, the medium-sized site, and the MPPS to come into play. and then probably a few more years later down the line for it to be really significant.

45:26But that policy is an incredible opportunity. However, there are other elements in the MPPF that maybe still blame the builder and don't understand that the planning process enables development. It's not a market, as people think. The state decides if it's a market or not. Simon, Creamery Boss that we have on the show this morning, as you hear the discussion there, Rico and Eleanor have laid out for the house building industry and the consequence of interest rates and what the ripple of that effect might that be. Is that what you're talking about when you mean across the economy that changes in interest rates can start to have an impact in how others behave, even if you as a business yourself don't have a lot of debt and might not see increased costs directly?

46:09Exactly. That's the knock-on. That's the domino effect. There has to be that cost that is introduced to any business has to be passed on somehow. You can't just absorb it because, as Rico said there, It means if you're going to absorb it, you're going to have to actually cut costs elsewhere, which quite often could be in employment. And, you know, that is the last thing we sort of need at the moment there. And definitely the planning needs a massive overhaul. You know, it's been long overdue. 1938 Greenbelt policy came in. And I would say the national park planning is not fit for purpose there.

46:46They should allow renewables to be easily introduced because it is the green way to go. But it is exceptionally difficult to do that. And again, it means that we're stuck. When you're a rural business, you are stuck in the you need the fossil fuels. You have to have the oil. There's no other way around that. And something as simple as allowing us to actually have used water, wind and solar actually would make a massive difference for many, many farms in Peak District areas. 85058, your thoughts please on this and everything else we're discussing Eleanor, thank you, good to talk to you this morning Eleanor Dealey there, the Joint Managing Director at Dealey Group and Rico Wojtylavic who's the Director of Policy at the National Federation of Builders thank you to Mark in Glasgow who's been in touch really appreciate you sharing this Mark he says, morning, wake up to morning, I'm actually crying thinking of devastation to Union Street as we talk about this fire next to Glasgow's Central Station he says, so much personal and retail history around that corner.

47:46For example, the clock tower shop on the corner in the late 1980s and 1990s was Dixon's. This one specialised in personal stereos and Walkmans. It was where you took equipment on care and repair insurance for services. The future of business on Union Street was struggling for decades. Across the road, the glorious Egyptian halls needed a major campaign to sustain business. The architecture of building and street corner is part of the world. Famous architecture Alexander Greek Thompson, who was as much influence on the world as Rennie McIntosh. Mark, thank you. Really appreciate that. Hopefully we'll sort of talk more about what Union Street is to Glasgow and to the retail business there, how things have changed over the years.

48:27Really interesting insight there from Mark and the prospects for support for those who have fallen for the consequences, as part of the consequences of this fire around the corner, well, on Union Corner next to Central Station in Glasgow. 85058, do keep those messages coming. I've had plenty coming in about price movements as well. Another saying, I've just driven past Toddington Services on the M1. Diesel is£1.90.8 pence. There's Richard from Bedford. I suspect we might be hearing a bit more about service station prices as we often do. Steve says, fuel prices, it's naive to complain about gouging.

49:06Retail prices will always be driven by demand and supply, not cost. If demand remains but supply risks have increased, then the value, hence the price, will rise. The fact that demand continues shows that a given commodity has been underpriced. The retail price will only move down when enough drivers reduce fuel use. He says the BBC constantly misunderstands this. Well, we're reflecting all these thoughts about prices this morning. Thank you very much. Do keep them coming. It's a fascinating conversation to have, and particularly as people might look, to change their habits about driving if the price of petrol and diesel stays higher for longer.

49:42Now, a quarter of a million people are expected to head to Cheltenham Festival this week. Some Brits, though, are going to Spain. Instead, bars in Benidorm are hosting race day events in what's been called the Costa del Cheltenham. No surprise there. Just listen to this. Cheltenham week in Benidorm. Now, that is how to watch the racing. Most bars have big screens, so you won't miss any of the racing while still soaking up that Spanish sun. This year, I can feel it. The streets are already rammed. The bars are starting to fill up really nice. The atmosphere is the best in Benidorm. Why would you go to Cheltenham when you can have it in the sun here?

50:19Well, why would you? Paige Dawson owns the Yorkshire Pride Bars in Benidorm. Joins us now. Paige, thank you for your time. Good morning. Thank you. Is it a big week for you? It is. It definitely is. It's a huge week and it also marks the start of the season out here. Oh, interesting. Yeah, it's something we always look forward to. So anyway, this period in March might be busy, but has something changed in recent years when it comes to Cheltenham and the festival and it being this intense few days that people throw themselves into? I think it's become more and more popular, so more and more people are looking into it.

50:57It's something that people enjoy to do anyway. so if you can do it whilst you're on holiday and in the sun then why not and do you have to change your approach for this week if if people all of a sudden are just wanting to watch the horse racing all day what kind of setup do you have at your bars so for us we've got Yorkshire Prides and the Why Not Bar which is like the main tourist area in Benidorm and we focus around the sports anyway so we're known for being sports bars um any sports whether it be football rugby darts so this kind of just falls into what we already do so and has that changed the the people willing to travel outside of the uk to actually very deliberately consume the sport that they would love and you know historically would have gone to a pub over the road or or maybe even got in a coach themselves and headed to Cheltenham.

51:55I think this is like us Brits, like all of us, we live for us next holiday, don't we? So if it's something that you enjoy and it's probably cheaper to come to Benidorm overall and enjoy the experience in the sun, then it probably is to do a staycation or travel to Cheltenham and spend a day in Cheltenham. Do you hear that from your customers, given that you're based in Benidorm yourself, the price difference in living in the UK compared to what they get in Benidorm? Yeah, constantly, constantly. People come, they're always looking for the best deal or the best prices, and especially these days where every day everything's more expensive.

52:42So people are looking to get bargains where they can, and if you can do Cheltenham, like I say, and you're enjoying it in the sun, drink prices out here are like half of what they are in the UK you're getting a bargain, you're getting a holiday at the same time as actually watching something that you enjoy watching anyway When you mentioned other sports, rugby as well I mean this isn't just on your TV screens is it and I sort of detect if you're called the Yorkshire Pride Bar and detect from your accent as well we're based in the north-west of England here on Wake Up To Money where we have this show Rugby League has had quite a lot of fun an interesting growth story in Benidorm lately.

53:22Yeah, I mean, we're known for rugby, like you say. We're northerners. We've been here more than 30 years now. And my dad's always been into rugby. He used to play rugby himself when he was younger. And yeah, rugby's big. People know to come to us for the rugby league because we'll always prioritise the rugby over other sports. But not just on your tellies. it's been hosted in the area as well, isn't it? The teams are travelling there at times. Yeah, yeah, yeah. There's been a couple of years now where they're travelling out, they're doing like training in the sun kind of thing, in the heat. We also sponsor Castleford Tigers.

54:04So we're proud sponsors of that. We're actually from Castleford. So yeah, rugby's important to us, but it does seem to be getting bigger and more known, especially over here where it's never been as big of a sport as it is in England. But it's horse racing this week, Paige, so we'll let you focus on that for the next few days. Thanks for that. It sounds like it'll be a busy one. Paige Dawson there, who owns the Yorkshire Pride Bars in Benidorm. Simon Spirell, thank you for being with us this morning. Boss of the Creamery, Jane Sydenham, thank you. That's it from us. Wake Up To Money from BBC Five Live.

54:39That's it from Wake Up To Money. You can download the podcast every Monday to Friday, so please make sure you subscribe. We'd also love it if you left us a review when you do. Get in touch, keep the conversation going anytime as well on social media. Use the hashtag WakeUpToMoney. A new era of Formula One is about to dawn. I think the biggest step the sport has ever seen. There are new rules, new cars and a brand new team. In Formula One it's just absolute, brutal, pure competition. And the next generation of star drivers are taking us along for the ride too. I'm going to go like a madman. If you want to make it, first of all, you have to believe that you have what it takes.

55:19The biggest shake-up of F1's rulebook has been years in the making. Somebody's going to get it right and somebody's going to get it wrong. I'm Rosamund Pike and this is F1 Back at Base. A new era. Listen on BBC Sounds.

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