Carney Boosts Lloyds Plan For £1.3bn TSB Float

By Mark Kleinman, City Editor

The state-backed Lloyds Banking Group is this weekend considering increasing the price at which it sells shares in TSB, its high street subsidiary, amid strong demand from investors.

Sky News has learnt that Lloyds could announce early next week that it is revising the 220p-290p range for the flotation of TSB by raising the bottom end to approximately 240p.

Investment banking sources said Lloyds would make a decision after consulting its advisers during the next couple of days.

One insider said that the Mansion House address by Mark Carney, Governor of the Bank of England, had bolstered sentiment among City investors for TSB shares, with further interest registered on Friday.

Mr Carney said it was conceivable that interest rates would rise from their historic low of 0.5% sooner than markets expected, implying that a rate hike could come before the end of this year.

That would potentially benefit TSB, the profitability of which is geared to interest rates to a greater degree than most of its high street rivals.

One insider said the City's assumptions about TSB's profitability, outlined in its prospectus last week, might need to be revised given the boost to margins on mortgages and current accounts which could result from an early rate rise.

At the 255p mid-point of the 220p-290p range announced last Monday, TSB would be valued at £1.275bn, roughly 15% below its book value of just over £1.5bn.

The expectation that shares in the UK's seventh-largest lender will be sold for less than its book value disappointed some City analysts.

Yet even at that level, Lloyds would still attract a price for TSB that is significantly higher than the £750m which the Co-operative Group planned to pay for the 631-branch network before a deal collapsed last year.

The prospectus revealed that TSB made an after-tax profit of £172m last year on revenue of £798m, although the earnings figure included a £105m tax gain.

Banking sources also said that approximately 60,000 retail investors had applied for shares, lured by the offer of free bonus stock.

That figure could increase significantly by Tuesday, when the window for retail applications closes.

Lloyds is selling between 25% and 27.5% of TSB in the flotation.

It is required to offload the remainder by the end of next year under a state aid deal agreed with Brussels following the bank's taxpayer bail-out in 2008.

Lloyds, which is being advised by Citi, JP Morgan, UBS, Investec, Royal Bank of Canada and Rothschild, declined to comment.

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Interest Rate Rise 'Signals End Of Crisis'

George Osborne Acts To Curb Housing Bubble

Updated: 1:25am UK, Friday 13 June 2014

By Jon Craig, Chief Political Correspondent

Barely a few minutes into his Mansion House speech, George Osborne said: "So while I know this is my fifth speech to you as Chancellor, I hope it is not my last."

I'll bet he does!

But whether he's back this time next year addressing the bankers and City money men and women, or listening to Ed Balls make it, could depend on the success or not of the measures he announced in this year's speech.

He wouldn't admit it. But the Chancellor now appears to accept that the threat of a "housing bubble" in London and some other parts of the country is a potential problem.

He doesn't want interest rates to rise before next year's general election to curb house price inflation. We know that from no lesser source than Her Majesty the Queen last week.

"To strengthen the economy and provide stability and security, my ministers will continue to reduce the country's deficit, helping to ensure that mortgage and interest rates remain low," she said right at the outset of her speech at the State Opening of Parliament.

So instead, the Chancellor plans to give the Bank of England powers to curb big mortgages being offered to people who can't afford the repayments.

Excuse me, though. Aren't many of the big lenders doing that already? Some lenders are limiting loans to four times salary and scrapping loans of more than £500,000. There has been a clampdown on interest-only mortgages too.

But the price of an average house rose by £223 a day last month and by 16% over the past year. It's not as if Mr Osborne hasn't been warned.

For months, the Liberal Democrat Business Secretary Vince Cable has been warning about a "housing bubble". But until now he has been slapped down by the Tory Chancellor.

Not any more. Mr Osborne told his City audience: "If London prices were to continue growing at these rates that would be too fast for comfort."

In other words, the Chancellor now recognises what critics of his Help to Buy scheme have been telling him: there is a problem in the capital, particularly, and elsewhere.

It doesn't take a genius to work out why: demand massively outstrips supply. So Mr Osborne is proposing to relax planning laws on so-called "brownfield sites", while protecting the green belt in those Tory constituencies in the shires.

Relaxing planning laws? How many times have we heard that before from senior Conservative politicians? The "Nimbys" in the leafier parts of Britain have other ideas.

To tackle the supply and demand problem in the capital, the Chancellor is promising "new housing zones across London backed by new infrastructure". Thousands of new homes for London families is the promise. We've heard a lot about that before, too.

No wonder Ed Balls MP, Labour's Shadow Chancellor, said: "George Osborne is still failing to tackle the root cause of the housing crisis which is that we are not building enough homes to match rising demand.

"And the danger of the Chancellor's failure to act on housing supply is that we see a premature rise in interest rates to rein in the housing market which ends up hitting millions of families and businesses."

A rise in interest rates before the election? No chance, Mr Balls.

But despite Mr Osborne's attempts to cool the housing market to avoid a rate rise before voters go to the polls in May 2015, I predict the so-called "housing bubble" will lead to interest rates going up after the election.

Whoever it is delivering the Mansion House speech this time next year.

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Retailers Set Goals On World Cup Success

By Emma Birchley, Sky News Correspondent

England fans are not the only ones hoping the players can find the back of the net as their World Cup campaign finally gets under way.

Retailers too are banking on success.

The Centre for Retail Research has estimated that every time England scores - shops, restaurants and pubs will benefit to the tune of almost £200m.

At Sainsbury's, designers started working on the merchandise more than a year ago.

Corporate affairs director Alex Cole said: "The longer England stays in the tournament, the more excuse we have got for parties as a nation.

"But also the sun is really important so the sunnier it is the more likely we are to say, yes, we will have a BBQ and get some people round to watch the match with us."

The further in the competition England progress, the better for retailers

But it is not just sales of sausages and beer that soar. TVs are selling well. So too are souvenirs and sportswear.

Takeaway pizzas are expected to sell in their millions but many people will head straight from work to bars or restaurants to watch the matches.

Phil Collinson, manager at Rileys Sports Bar in central London, is expecting 30,000 fans to come through the doors during the tournament.

"It's our responsibility to make sure everyone from all the different nations has the chance to see the matches," he said. "It will be an incredible atmosphere and great to be part of."

Reaching the final 16 is expected to see the takings by retailers, bars and restaurants rise by more than £1.3bn while a place in the final would be worth almost £2.6bn to the economy.

Michael Jarman says success equals spending

With England taking on Italy in their first game, it can mean split loyalties if you are running an Italian business in the heart of London.

But while there is no surprise who Lorenzo Mariotti, manager of the restaurant Little Italy in Soho, wants to win, he knows the importance of the home nation staying in the competition.

"We really need both teams to play well and go (as) far as they can and hopefully meet in the semi-final or final," he said. "It will be the most great game of the World Cup."

Former footballer and city trader Michael Jarman says success in the tournament will see football fans out spending.

"You find the general morale and momentum of the UK consumer is going to be more upbeat, a bit more optimistic," he said.

"You then have the new football season starting. Naturally there will be a better feel-good factor."

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Apple's Irish Tax Affairs 'Face Europe Probe'

Apple's tax arrangements in Ireland are to form part of a formal investigation by the European Commission, it is due to be confirmed.

News of the probe - reported by Irish state broadcaster RTE - follows a move by the EU's competition authorities last year to gather information on corporate tax arrangements from several member states, including Ireland.

It is understood that while Apple's tax affairs were a catalyst for the probe, the net is likely to be cast wider to include a number of companies and other countries - with the focus firmly on national laws and corporate tax rules rather than the firms themselves - to establish whether state aid regulations have been broken.

Apple's annual report showed how its Irish structures helped it achieve an effective tax rate of just 3.7% on its non-US income last year.

A US Senate subcommittee investigation revealed that the iPhone and iPad maker had cut billions from its tax bill by declaring that companies registered in the Irish city of Cork were not tax residents of any country.

Apple in the United States entered into deals with the Irish subsidiaries whereby the Irish units received the rights to certain intellectual property that were subsequently licensed to other group companies, helping ensure almost no tax was reported in countries such as Britain or France.

Senator Carl Levin, chairman of the subcommittee, said the Apple structure represented "the Holy Grail of tax avoidance".

Apple had claimed its Irish rate was obtained "through negotiations" - a claim flatly denied at the time by the Irish government.

Apple has insisted it operates within the law, with chief executive Tim Cook telling the committee during a hearing last year: "We pay all the taxes we owe - every single dollar."

The wider tax avoidance debate, which has included the likes of Starbucks and Google, has focused on amending national laws to  ensure fair payment worldwide.

Ireland has pledged to force 'stateless' groups to declare residency or face full corporation tax rates from next year - a rate which is the lowest in Europe and itself a bone of contention among its European partners.

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Payday Loans: Borrowers 'Paying Too Much'

A lack of price competition means payday loan customers may be paying too much to borrow, according to an investigation.

In preliminary findings, the Competition and Markets Authority (CMA) calculated that consumers were forking out up to £10 over the odds for a typical loan - with the bill seen as a cause of concern given that borrowers take out an average six loans annually.

The CMA said it would now be investigating potential ways to increase price competition in the sector, including setting up a
price comparison website and creating clearer upfront disclosure of borrowing costs if a loan is not paid back in full and on time.

It suggested the market-wide impact of greater competition would result in total savings for UK customers of more than £45m a year, relative to total revenue earned by payday lenders of around £1.1bn.

Payday lenders have already been subjected to tougher rules this year

Simon Polito, Chairman of the Payday Lending investigation group and CMA Deputy Panel Chair, said: "If you need to take out a payday loan because money is tight, you certainly shouldn't have to pay more than is necessary.

"While the average income of payday lending customers is similar to that of the overall population, their access to other credit options is often limited when they are taking out a payday loan and in some cases those borrowers paying the extra costs are the ones who can afford it the least.

"This can particularly apply to late payment fees, which can be difficult to predict and which many customers don't anticipate.

"'It's not surprising that payday lending customers tend to focus more on availability and speed rather than the cost of loans but even for those who do shop around, it can be very difficult to compare prices, given the difference between products, the lack of transparency on additional fees and charges and the shortage of effective comparison tools.

The Financial Conduct Authority may cap payday loan costs

There is a substantial gap between the cheapest and most expensive loans, so borrowers could benefit if we can help them compare prices more effectively, which in turn would stimulate greater price competition and lower costs."

The CMA said its probe was complementing separate action by the Financial Conduct Authority ( FCA) on protecting customers who get into trouble repaying loans.

The FCA is set to launch a consultation this summer which will consider the level at which the overall cost of a payday loan should be capped.

The body, which took over regulation of the payday sector in April, has already required firms to provide financial "health warnings" on emails, online and in texts and to signpost people to free debt help.

From July 1, payday firms will also have to include risk warnings on other forms of advertising, such as print and television.

They will also be banned from rolling over a loan more than twice and they will only be able to make two unsuccessful attempts to claw money back out of a borrower's account by using a type of recurring payment called a continuous payment authority.

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Jobs: Hiring Accelerates As Wages Disappoint

A sharper-than-expected fall in the unemployment rate has been marred by figures showing that wages are not rising in line with the improving economy.

In figures released by the Office for National Statistics (ONS), the jobless total fell 161,000 to 2.16 million in the three months to April  - giving the UK a jobless rate of 6.6%.

Employment growth of 345,000 in the period amounted to another new record while the number of people claiming Jobseeker's Allowance last month fell by 27,400 to 1.09 million.

But the wider figures also charted a decline in wage growth - with the annual figure including bonuses measured just 0.7% above the level seen in April 2013.

It marked, the ONS said, a 1% fall in April alone and was blamed on last year's figure being boosted by delayed bonus payments.

With annual pay growth running at just 0.7%, it means consumers are still far from escaping the squeeze from rising prices as CPI inflation runs at 1.8%.

The decline could be excused as an anomaly but it has also been suggested that firms are continuing to keep wage rises in check as a consequence of hiring more staff to recover growth lost during the financial crisis.

More follows...

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Time Warner In Talks About $2.2bn Vice Deal

By Mark Kleinman, City Editor

Vice Media, the digital group which has mounted an aggressive assault on traditional news providers, is in talks to sell a major stake in itself to Time Warner.

Sky News has learnt that the two companies have been holding detailed negotiations about a deal.

One potential structure under discussion would see Time Warner injecting HLN, a news platform owned by its Cable operations, into Vice in return for roughly half the enlarged company.

A deal is expected to value Vice at roughly $2.2bn, about 50% more than last year's sale of a stake in the mini-conglomerate.

Sources said on Monday that talks between Time Warner and Vice were at an advanced stage but that some final details had yet to be agreed.

A deal could still fall apart, however, or assume a radically different structure, they added.

Founded in 1994 as a "punk zine" for music enthusiasts in Montreal, Vice has attracted huge attention from the global media industry with its provocative mix of content and rapid diversification: it now houses an advertising agency, a record label and a television show.

The company has built a significant presence in Shoreditch in London, one of 35 offices it now has around the world.

Among the "news events" for which it has become known was a TV show in which Vice's crew took the US basketball star Dennis Rodman to North Korea.

Shane Smith, the company's Canadian co-founder and chief executive, has repeatedly referred to Vice as "the Time Warner of the street" but has denied any intention of surrendering outright control of the group.

Vice operates some of Youtube's most popular channels and has content partnerships with a broad range of digital media providers, including Facebook and Twitter.

Its digital channels now include The Creators' Project, Motherboard and Noisey, a music discovery platform.

"I want us to be the next MTV, ESPN and CNN rolled into one - and everyone always rolls their eyes," Mr Smith told a newspaper last year.

"The reality is that MTV was bought by Viacom and CNN went to Time Warner. We have set ourselves up to build a global platform but we have maintained control."

Vice's management, led by Mr Smith, are expected to retain operational control of the business as part of a deal with Time Warner.

It was unclear on Monday how Vice's existing minority shareholders, which include WPP, the FTSE-100 marketing services group, would respond to a transaction.

Vice's other investors also include 21st Century Fox, which acquired a 5% stake last year in a deal valuing the company at $1.4bn, and Raine, a New York-based merchant bank.

The increase in Vice's purported value since then underlines the extent to which major media groups are keen to forge an alliance with the company.

The original Vice magazine now accounts for less than 5% of the company's revenues, which reached $175m in 2012, with video content dominating its business model.

A deal with Time Warner would provide Vice with the ability to expand its international operations more quickly.

Mr Smith has signalled his desire for Vice to make a significant impact in fast-growing markets such as China, India and South Korea, where multinational consumer brands are keen to align themselves with youth-focused content platforms.

Time Warner and Vice both declined to comment on their talks.

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Tesco Bank Challenges High Street Rivals

Tesco Bank has launched its first current account, claiming it will bring competition back to a market offering "ridiculously poor value" to consumers.

The bank's chief executive Benny Higgins said its first foray into the current account market would challenge the dominance of the major players on the high street despite having only a minimal branch presence.

Tesco said it was launching an account without the "smoke and mirrors" offerings, such as charges and introductory deals, used by others.

It would give 3% interest on balances but would charge a £5 fee unless holders paid in £750 a month.

Benny Higgins is Tesco Bank's boss

The account, which Tesco said could only be opened and managed online but with telephone support, would also allow deposits to be paid at 300 Tesco stores.

It aims to capture business from the six million existing customers who already use its savings, insurance and loans but also has its parent supermarket's 16 million Clubcard holders also in its sights.

Debit card spending on the current accounts will offer Clubcard points, both at Tesco and elsewhere.

Mr Higgins said it would bring a "fiercely competitive" customer focus from the retail sector which did not exist in banking.

He saw Tesco's offering as a rival to the so-called 'big four' of RBS, Lloyds, HSBC and Barclays - brands which have endured a public backlash for mis-selling in the wake of the financial crisis.

Another challenger bank will be TSB, which is being spun off from Lloyds in a flotation.

Mr Higgins said: "It is a market dominated by smoke and mirrors and we have tried to be as transparent as possible.

"The vast majority of current accounts are languishing with ridiculously poor value.

"There is still very little switching taking place in the UK and it's because people think that all the banks are the same."

Tesco chief executive Philip Clarke added: "Customers have told us that in banking they want us to deliver in the same way we do for millions of customers across the UK every day."

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Firms Paid To Prevent Electricity Blackouts

National Grid starts offering to pay firms to manage their electricity use from this winter if a risk of the 'lights going out' emerges.

The company, which runs the power network in England and Wales, is asking the largest energy users to agree to cut their usage at peak times over the next four winters to help prevent possible blackouts.

National Grid said any requests to reduce power consumption, if made, would apply between 4pm and 8pm on winter weekdays.

The Demand Side Balancing Reserve service (DSBR), as the scheme is being called, would only be enacted on a voluntary basis, the company insisted.

National Grid was also looking, from winter 2015/16,  to boost capacity from electricity generators that would otherwise be closed or mothballed between the hours of 6am and 8pm on winter weekdays.

Worries about power shortfalls have grown in recent years following the closure of many old generators under European emissions rules.

Fierce debate among politicians, industry figures, communities and environmentalists on replacing them and extending capacity has delayed addressing the issue.

It was anticipated, the power operator said, that both initiatives would not be required in 2018/19 because the Government was introducing reforms to ensure sufficient capacity was available to meet future demand.

National Grid's Peter Bingham said: "It's our job as electricity system operator to make sure we've got all the right tools at our disposal to balance supply and demand on the electricity network, 24 hours a day, 365 days a year.

"For winter 2014/15 we are inviting providers of demand side response services to offer a small volume of demand reduction capability to pilot the new DSBR service.

"For winter 2015/16, we will tender for both services. This offers generators an incentive to make their power stations available in winter where they might otherwise be unavailable."

Dermot Nolan, Ofgem Chief Executive, said: "Ofgem has taken decisive action by giving National Grid additional tools to manage lower electricity margins from this winter, when Britain will have less generation available. We welcome their announcement on tenders for using these tools.

"An early indication of our analysis shows that the risks to security of electricity supplies for next winter are going to be very similar to last winter. And while no electricity system anywhere in the world can give a 100 per cent guarantee we are confident that National Grid has the right levers to keep the lights on for households this winter. However, there can never be any room for complacency: National Grid and the industry must be vigilant at all times."

More follows...

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Brown 'Embarrassed' By Salmond Saltire Stunt

By Jon Craig, Chief Political Correspondent

Gordon Brown has told Sky News how he felt embarrassed when Alex Salmond staged his controversial Saltire stunt when Andy Murray won Wimbledon.

In an exclusive interview with Sky's Eamonn Holmes, he said the Scottish First Minister's gesture was a terrible mistake, cheap and made Scotland look small.

But the former Prime Minister also hit out at the Coalition Government's tactics in the battle over Scottish independence in the run-up to the referendum in September.

He said the tone of claims by the Liberal Democrat Treasury Chief Secretary Danny Alexander that Scots would be £1,400 a year better off by staying in the UK was patronising.

Mr Brown was speaking to Sky News in an interview to mark the start of the 100-day countdown to the Scottish independence referendum in September.

The former Premier was asked by Eamonn Holmes: "Say you're down at Wimbledon then, Andy Murray's playing. Do you wish you had have pulled out the Saltire and waved it behind his head, and said 'He's our boy!'?"

Andy Murray defeated Novak Djokovic to take the Wimbledon title in 2013

Mr Brown replied: "That was a terrible mistake. Take politics out of this. I personally felt very embarrassed.

"The reason I felt embarrassed was it made Scotland look small. We're not a country in the end that goes for these gestures.

"We're not a country in the end that wants to dwell on grievance or gripes, or scoring a cheap point against England or against Britain. I think that was a very bad mistake."

But he said the Coalition was also guilty of mistakes, adding: "Just as, by the way, last week when the Scottish Office and the UK Government put out that statement that Scotland would be £1,400 better off without independence - and they gave the example of fish and chips you could buy, or holidays in Torremolinos.

"I thought that was patronising. So people can make mistakes and I think Mr Salmond ought to recognise that that made Scotland - because these pictures were shown all over the world - and I would never have done that.

"I think it made Scotland seem small, when I actually think Scotland should be big."

The Sky News interview marks a move by Mr Brown, still highly regarded by Scottish voters despite his humiliating general election defeat in 2010, to step up his efforts on behalf of the Better Together "No" campaign in Scotland.

On Monday he is due to make a speech on the Scottish referendum campaign to political journalists at Westminster.

:: With 100 days to go until the Scottish referendum, on Monday Sky News will have a day of special coverage on TV, online and mobile. This will include interviews with leading figures from both sides of the debate.

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PS4 Helps Sony Overtake Flagging Rival Nintendo

Sony has sold more consoles than its flagging Japanese rival Nintendo for the first time in eight years.

Due to the launch of Sony's PlayStation 4, the company sold a total of 18.7 million video game consoles in the financial year ending in March.

Meanwhile Nintendo's sales fell by 31%, shifting 16.3 million units.

The old rivals have had contrasting fortunes in recent months.

Demand for Nintendo's latest console - the Wii U - has lagged behind the original Wii, the most popular console of the last generation.

And in May the company confirmed an annual loss of $229m (£135m) - blaming weak sales of the Wii U and its handheld 3DS device.

Nintendo blamed weak sales of the Wii U for recent losses

Meanwhile PlayStation 4 has emerged victorious in the console war with Microsoft's Xbox One.

Sales figures released in April showed it had sold at least two million more consoles than the US firm.

Nintendo, best-known for its Super Mario and Pokemon games, has promised to return to profit in its current year thanks to new game releases.

It has also cut the Wii U's retail cost in an attempt to boost sales.

On Friday the company announced the closure of its European headquarters in Germany, with the loss of 130 jobs.

All three console firms will announce new titles this week to coincide with the E3 video games conference in Los Angeles.

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Scottish Independence: Business Pros And Cons

Scots Independence: BAE Systems Boss' Fears

Updated: 1:50pm UK, Wednesday 04 June 2014

The boss of Britain's biggest defence company has become the latest business leader to warn against Scottish independence.

BAE Systems chief executive Ian King said that a "yes" vote would damage the "certainty and stability" necessary for investment.

Mr King's comments were made on a company blog, as the official campaign over independence was launched.

The defence giant currently employs 3,600 people in Scotland.

He said the company was pinning its hopes on an official decision for naval procurement, as it overhauls shipbuilding operations in Glasgow.

Mr King said the company was "investing in facilities for the future" in Scotland "based on an expectation that the Government will make their major production decision for the next generation Type 26 frigate by the end of this year".

He said: "If Scotland became independent, we would no longer have that certainty and stability.

"We would then have to talk to our major UK customer, the Ministry of Defence, and jointly work out a plan for the future."

Supporters of the "yes" vote in the forthcoming referendum insist Scotland will be better off as an independent state within the EU.

First Minister Alex Salmond said independence will make Scottish homes £2,000 richer, while the Treasury says Scots will be £1,400 richer if they stay in the union.

But Mr King also voiced concerns about staff pensions post-independence.

He said: "If Scotland became independent and subsequently joined the European Union, our pension schemes, along with many other UK company schemes, may be caught up in EU regulations relating to cross-border pensions.

"The reality today is we can't say how our pension schemes would be affected.

"There would be a number of possible outcomes and we would use our consultation processes to discuss the options."

His comments come amid a growing business chorus questioning Scottish independence.

On Friday Kingfisher chief executive Sir Ian Cheshire, the boss of B&Q's parent firm, said there were too many uncertainties around tax, currency and Scottish EU membership.

Last month, the British Chambers of Commerce, which itself remains impartial in the debate, surveyed close to 2,500 of its members, and whilst 11% said Scotland should vote yes, some 85% preferred the union to remain.

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White Van Woman 'Held Back By Sexism'

By Clare Fallon, Sky News Reporter

Campaigners are calling for more help to encourage women to enter traditionally male professions, including plumbing, building and plastering.

Despite headlines about the rise of the so-called white van woman and claims a record number of females are working in the trades, industry experts say the proportion is still worryingly low. 

According to Women and Manual Trades, a national organisation which offers support to women, only around 1% of people in skilled trade occupations are female. 

Campaigners say part of the problem is sexist abuse still suffered by some women working in male-dominated professions. 

Hattie Hasan set up Stopcocks, an all-woman plumbing company, after working in the profession for more than two decades. 

She says sexist attitudes are still a problem.

"Unfortunately even after my own 25 years in plumbing things haven't changed much ... girls are still not encouraged to get into the trades.

"Firstly they're not encouraged at school. When I was at school, I just wanted the boys to fancy me, I didn't want to be a plumber and I think that's the pressure for most girls.

Hattie Hassan, who set up her own plumbing firm, calls for more role models

"The second thing is that there are not enough role models. The more female plumbers there are the more there will be because the more people see us the more they'll realise it is a possibility for them.

"There are a lot of things that people say women can't do such as carrying heavy things but health and safety rules mean even if you're a bloke you still can't carry over a certain amount of weight.

"Also I think people seem to forget that women carry babies ... and women do that on a regular basis so I don't think there are barriers where heavy things are concerned."

She added: "The barriers for women are that once women have trained where do they go? The opportunities for getting employment in plumbing are not as widespread as they used to be. It's difficult for lads coming out, but it's even more difficult for girls.

"So really the only route for them is self-employment."

However, there are signs things may improve in the future.

Training centres where construction skills are taught report an increase in the number of women enrolling. 

At Access Training in South Wales, women account for one in 10 of those signing up for courses including plastering, plumbing and electrics.

Mary Henderson swapped her admin job for plumbing

Mary Henderson quit her office job to retrain as a plumber, saying she was fed up being patronised by workmen she had hired. 

"I feel like it's a useful thing to have a trade in this competitive, career-driven industry - it just made sense.

"I used to work in admin, from when I left school, and basically I had a lot of trouble with my own bathroom ... I wanted to do something more practical so plumbing just seemed to pop out at me."

She believes there should be more encouragement for women to get into the trades.

"I don't think practical things are pushed at children leaving education  It's not gender specific, it's just something that boys tend to fall into whereas girls are pushed into the first job that comes and then it just rolls into admin.

"I think there should be more focus on school leavers. I think it's a really good thing to have a trade and it should be suggested to students because exams are forced on them and teachers can't afford to have an interest in what they do after that."

Although she is in a minority, Ms Henderson says she is content being a woman in a man's world.

"There is slight banter and it's a little less PC than what you find in an office, but to be honest I find that refreshing rather than threatening."

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Oil Giant Shell Kicks Off Hunt For New Chair

By Mark Kleinman, City Editor

Royal Dutch Shell, the biggest company on London's stock market, has kicked off the hunt for a new chairman.

Sky News has learnt that the oil giant has asked Egon Zehnder International, the executive search firm, to identify a successor to Jorma Ollila, who is expected to step down next year.

Mr Ollila will have served as Shell's chairman for nine years by next year's annual meeting, marking a natural departure point for the Finnish former Nokia boss.

It was unclear this weekend whether a successor could be drawn from Shell's existing ranks of non-executive directors, who include Guy Elliott, the former finance director of Rio Tinto; Sir Nigel Sheinwald, a former British ambassador to the US; and Linda Stuntz, a top American lawyer.

Some leading investors in Shell are likely to be keen for the company to appoint an outsider as its new chairman as the oil group continues to refine its strategy under its recently-appointed chief executive.

Ben van Beurden took over at the helm of Shell at the beginning of the year, having previously run its downstream operations.

Mr van Beurden was a surprise appointment to replace Peter Voser, another veteran Shell executive who was well-regarded in the City but who quit to spend more time with his family.

The process of finding Mr Ollila's successor is not thought to be especially well-advanced although an announcement about an appointment is likely to be made this year.

The leadership transition will represent another important moment for Shell, with Mr Ollila having taken over as chairman in 2006 in the wake of a scandal which involved the company dramatically overstating its reserves.

With a market capitalisation of more than £153bn, Shell's value outstrips that of every other British company, beating HSBC into second place. It is more than 50% larger than BP, its rival energy group.

Shell attracted some disquiet over its executive pay policies at its annual meeting last month, although it averted the scale of revolt witnessed at a large number of public companies in recent weeks.

The oil giant has also faced searching questions about its strategy since Mr van Beurden took over, after being forced into a profit warning in January which it blamed on weaker refining margins and higher exploration costs.

Like BP, it is engaged in a process of offloading non-core assets, which is expected to generate tens of billions of pounds in proceeds in the coming years.

A number of US shale assets are among those that Shell is likely to divest.

Shares in Shell have risen roughly 12% during the last year, a performance which has trailed that of the FTSE-100.

In his AGM speech, Mr Ollila acknowledged concerns about the company's progress.

"Our cashflow growth has been competitive in the last few years, and our cash flow, $40bn in 2013, was strong in our peer group.

"However, that's not the whole picture, since we have also had weak financial performance from some of our more mature businesses, from Downstream and North America upstream.

"The remuneration policies in the company reflect this performance, with total compensation for the executives reduced by some 50% from 2012 levels, including the use of downwards discretion on bonuses by the remuneration committee."

A Shell spokesman declined to comment on the search for Mr Ollila's successor.

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Minimum Wage Dodgers 'Named And Shamed'

Twenty-five employers who failed to pay their staff the national minimum wage have been "named and shamed" by the Government.

It is the biggest number of employers publicly named since a new crackdown was announced last year.

Between them, they owe workers more than £43,000 in arrears, and face fines of over £21,000.

The minimum wage is currently set at £6.31 an hour.

Business Minister Jenny Willott said: "Paying less than the minimum wage is not only wrong, it's illegal. If employers break the law they need to know that they will face tough consequences.

"Any worker who is entitled to the minimum wage should receive it. If anyone suspects they are not being paid the wage they are legally entitled to they should call the Pay and Work Rights helpline on 0800 917 2368."

The Government also plans to increase fines, so that an employer underpaying 10 workers could face fines of up to £200,000.

TUC general secretary Frances O'Grady said: "Under-paying your lowest paid staff is immoral and illegal. Employers caught in the act deserve to be fined and have their reputation ruined.

"This should send a clear message that dodging the minimum wage does not pay. All minimum wage cheats should be named and shamed, and HMRC need greater resources to catch even more crooks."

The 25 employers are as follows:

:: Christine Cadden and Nicola Banks of Renaissance, Wirral, neglected to pay £7,310.65 to three workers.

:: Alan King and John King of Arthur Simpson & Co, Bradford, neglected to pay £6,426.12 to a worker.

:: Central Heating Services Ltd, Hampshire, neglected to pay £6,200.28 to four workers.

:: Cargilfield School Ltd, Edinburgh, neglected to pay £3,739.58 to a worker.

:: A2ZEE Construction Ltd, Cramlington, neglected to pay £3,375.51 to 14 workers.

:: Mr and Mrs Balasco of Eugenio, Bristol, neglected to pay £3,037.53 to two workers.

:: Mr and Mrs Hampton of The Wheatsheaf Inn, Cheshire, neglected to pay £2,057.88 to five workers.

:: Steven Stainton of Steven Stainton Joinery, Cumbria, neglected to pay £1,415.82 to a worker.

:: Runbaro Ltd, Swindon, neglected to pay £1,413.88 to a worker.

:: Satwinder Singh Khatter and Tejinder Singh Khatter of The Bath Hotel, Reading, neglected to pay £1,237.79 to two workers.

:: Richard Last of Classic Carpentry, Godalming, neglected to pay £1,236.72 to a worker.

:: We are Mop! Ltd, London, neglected to pay £1,018.05 to two workers. 

:: Mrs Sue English of Legends Hairdressers, Colchester, neglected to pay £823.40 to a worker. 

:: Saftdwin Ltd, Hampshire, neglected to pay £806.37 to two workers.

:: Master Distribution Ltd, Essex, neglected to pay £718.62 to a worker.

:: Perth Hotels Ltd, Perth, neglected to pay £556.80 to a worker.

:: Bryants Nurseries Ltd, Hertfordshire, neglected to pay £494.07 to a worker.

:: Dove Mill Retail Outlet Ltd, Bolton, neglected to pay £461.84 to a worker.

:: Luigi's Little Italy Ltd, Yorkshire, neglected to pay £281.04 to five workers.

:: CPS SW Ltd, Exmouth, neglected to pay £261.29 to a worker.

:: Mr Gary Calder, Mr Richard Calder and Mr Neil Calder of Avenue Agricultural, Northamptonshire, neglected to pay £256.55 to a worker.

:: Dakal Ltd, Northampton, neglected to pay £252.00 to two workers.

:: Zoom Ltd, Havant, neglected to pay £242.28 to three workers.

:: HSS Hire Service Group Ltd, Manchester, neglected to pay £149.00 to 15 workers.

:: Sun Shack Ltd, Hamilton, neglected to pay £134.35 to eight workers.

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