Is the UK economy out of recession Essay Example | Topics and Well Written Essays - 2000 words - 2

Is the UK economy out of recession - Essay Example But this hope was to prove a mirage as the trend reversed in subsequent months. Though the UK took a little while to catch up with the crisis in the United States, at the beginning of the second quarter of 2008, the region’s economy was in acute recession. It has been close to two years since the onset of recession in the UK and the economic condition of the region remains weak and vulnerable. While some economists assert that the turnaround is already underway, others take a more pessimistic view. This essay will try to answer this important question, by way of perusing scholarly and news media resources. (Lynch, 2009) The recession that began in early 2008 gave no signs of recovery even after one full year. As the industry data for third quarter 2009 revealed, the economy shrank a further 0.4 % in during this period, which completed the sixth consecutive quarter in decline. As per the Office for National Statistics, by this time â€Å"output has slumped 5.9% since the onset of recession - almost as bad as the 6% slump seen in the early 1980s. The lingering decline came despite interest rates at a record low of 0.5% since March, additional Government spending and an unprecedented pounds 175 billion boost to the money supply through quantitative easing† (Lynch, 2009). But even as the UK was enduring this economic decline, neighbouring countries such as France and Germany have already shown early signs of recovery. While neighbouring countries in Europe were already into recovery, it was only during the heralding of year 2010 that the UK economy showed clear signs of recovery. Financial experts have declared that technically the UK economy has emerged from recession, but concerns still remain about the stability and strength of the pound against the dollar and the euro. Due to the internal economic turmoil, there is a strong possibility for deflation of currency during

Dilemmas of Leadership in Business Assignment Example | Topics and Well Written Essays - 750 words

Dilemmas of Leadership in Business - Assignment Example J. et al. 2004:15) declares that leadership is the capability of any individual to marshal an organization’s members towards effectiveness and success by motivation and influence. It marks an influence relationship with the intention of attaining real outcomes and changes of mutual interest. In contemporary times, influential cross-border leadership is imperative, and this is measurable in terms of cultural adaptability, emotional and cultural intelligence as a factor of self-development in a leader, which impacts success through leadership at an extensive scale in the highly globalized world of modern times. Emotional intelligence (EI) pertains to the notion that the proficiency of leaders to comprehend their individual emotions, and the emotions of people in their working environment is an expedient tool to achieve better business performance. It is claimed that the core competencies of modern and historical leaders is not just a function of EI, but it also incorporates Cult ural Intelligence (CQ) into the equation. CQ is an individual’s ability to adapt to new cultural environment and forego any cultural shock attributable to unfamiliar settings in a cultural context. With regards to assessing the EI and CQ on the developmental scale, many tests have been developed: Cross-cultural adaptability inventory (Kelley C., and Meyers J., 1995), paper-and-pencil inventory, behavioral investment centres, intercultural communication inventory tests (Earley and Peterson 2004) etc. Goleman (2002) claims that four aspects of EI: self-awareness, self-management, social awareness and relationship management, add to the critical set of skills required for profound leadership. He further asserts that self-awareness facilitates empathy and enables self-management. These two combined are a gateway to emotionally intelligent leadership built up on the foundation of self-awareness. The EI in itself is not a distinctive form of intelligence, but the application of int elligence to a certain domain of life- the emotions. The concept has an extensively wide base and therefore its measurement is not scientifically reliable, however its paramount significance can not be doubted with regards to leadership in the current era. Cultural Intelligence comprises of three rudimentary components: cognitive, motivational and behavioral. In light of these, authors of the subject suggest a CQ learning and educational model based on three subjects: meta-cognitive (learning different strategies to enable cultural sense making), motivation (cultural empathy and self efficacy, which is directly proportional to self-esteem of an individual), and behavior (approved behavior in a cultural setting and mimicry). The current issue of contemporary times is an ever increasing demand for global effective leaders, who when measured on the scale of effectiveness must possess the required combination of knowledge measured in terms of EI and CQ for it is necessary for any achiev ement oriented leader in the sphere of local or international relations. However, the supply of global leaders and managers today having adequate EI and CQ is critically very low. Globalization is regarded as the master concept of the modern times, because we live in an era which is marked by dramatic industrialization and interaction between nation states. Extensive globalization indicates that the success of Multinational Corporations (MNCs) and Small and Medium

Soviet Union Essay Example for Free

Soviet Union Essay Name_____________________________________________ Unit Four: Ethnicity 1. Define ethnicity:_____________________________________________________________________ ___________________________________________________________________________________ 3. List the four ethnicities mentioned in your text and list their regional location and percentage of the U.S. population: Ethnicity Region % in U.S. 4. List two cities where African Americans are concentrated and give the percentage of population they make up in these cities: 4.a._________________________________________________________________________________ 4.b.__________________________________________________________________________________ 5. List three cities where Hispanics are concentrated and give the percentage of population they make up in these cities: 5.a._________________________________________________________________________________ 5.b.__________________________________________________________________________________ 5.c._________________________________________________________________________________ 6. Name and describe three major migration patterns of African-Americans that have shaped their current distribution in the U. S: 6.a._________________________________________________________________________________ 6.b.__________________________________________________________________________________ 6.c._________________________________________________________________________________ 7. Contrast ethnicity and

Response to Article about the Capsaicin Receptor Essay -- Biology Caps

The Summary of "The capsaicin receptor: a heat-activated ion channel in the pain pathway" Capsaicin is a natural product of capsicum peppers, that is an active ingredient in many hot foods. When nociceptors- neurons that transmit information regarding tissue damage to pain-processing centers in the spinal cord and brain- come in contact with capsaicin, the neuron gets excited, and there is a perception of pain, and the a local release of inflammatory mediators. These nociceptors get excited by increasing permeability of plasma membrane to cations, but the molecular mechanism explaining this phenomenon is unclear. Capsaicin is being used in an analgesic agent in the treatment of painful disorders, causing long-term loss of responsiveness because it kills off the nociceptor, or it destroys the peripheral terminals. It was decide that the existence of a receptor site represents the most likely mechanism, because the capsaicin derivative showed structure-function relationships and evoked responses in a dose-dependent manner. A competitive capsaicin antagonist called capsazepi ne strengthened this model, along with discovering resiniferatoxin, an extremely potent capsaicin analogue for Euphorbia plants that mimics the cellular action of capsaicin. The cloning of a gene encoding a capsaicin receptor was decided to help develop more understanding of the molecular nature of capsaicin action and its relationship to endogenous pain signaling mechanisms. A cDNA clone that reconstitutes capsaicin responsiveness in non-neuronal cells was isolated. It was discovered that capsaicin gives off burning sensations through the activation of a heat-gated ion channel that is likely to contribute to the detection of painful thermal stimuli in vivo. ... ...as well as help cure strains and sprains. Capsaicin may even regrow your hair! Capsaicin Prescription Information Generic Name: Capsaicin Chemical Name: trans-8-methyl-N-vanilly-6-nonenamide Common Uses: This medicine is used to relieve pain caused by inflammation and surgery and other conditions as determined by your doctor. Type of Medicine: non-habit forming, analgesic drug, for topical use only. Dosage: Apply three to four times daily. Possible Side Effects: This medicine may cause temporary stinging or burning sensations. If sensation persists, discontinue use and consult your physician. There are no known harmful interactions with other drugs. Cautions: Do not use this medicine is under the age of 2. Do not apply around eyes, nasal passages, or genitals. May cause burning or inflammation. The FDA has approved levels of 0.025% to 0.25%, topical.

Mattel’s Toy Recall And Supply Chain Management Essay

Why do firms contract overseas for production of products they sell? Answer: The firms contract overseas for production of the products they sell to gain certain advantages from the different countries. One of the biggest advantages is cheap labor that cut down the cost of the products. To get the advantage of the cheap fuel prices and raw materials to make the products at effective cost. The companies can get the tax benefits and other government policy advantages by producing their products at overseas. The companies can also get the lower cost suppliers from different countries. The company can get the advantage of currency fluctuation to produce the products at lower currency rate. What were the primary causes of Mattel’s recall problems? Answer: There were several causes for Mattel’s toy recall. But the primary causes are problems in manufacturing, design and usage. Manufacturing Problems: One primary problem is the use of excessive lead paint in toys. Lead was commonly used in paint. However, it is a neurotoxin and is harmful to developing brains in children. Repeated exposure can cause serious brain damage. Design problems: A second cause for recall was defect in product design. That was the result of increasing use of small powerful magnets in children’s toys. If the designs of these toys were deficient and did not adequately encase the magnets, they could become dislodged and swallowed by the children. When a child ingested more than one magnet, the ingested magnet could be bind together across intestinal folds, eventually perforating the intestine and causing serious injury or death. Product misuse: Some recalls were due to the potential for misuse. Some features of the toys generally were not a ca use for concern if children used the toy in intended way, but children often found creative ways to play that were not anticipated by designers. So, if potential danger was brought to the  company’s attention, the toy might be subject to recall. What actions taken by whom to deal with the recall problems? Do you think these actions were the right one? Why or why not? Answer: In early July 2007, one of the Mattel’s European retailer discovered excessive lead on some of the company’s toys. Mattel stopped production and launched investigation of the problem. The company received data that convinced that recall is necessary. In August Mattel announced voluntary recall of 83 Fisher-Price products sold from May 1 to August 1, 2007. The recall involved about 1.5 million toys worldwide. Two-third of the toys were pulled from inventory before they reached retail customers. After first recall Mattel announced second voluntary recall for toys with excessive lead content. The recall involved 436,000 toys worldwide. After the second recall Mattel announced to recall the Sarge toy cars, an expansion of earlier recall due to small magnets. It recalled 18.2 million toys worldwide. All of the toys recalled had been manufactured in China. Two weeks after the August 2nd recall, the owner of the Chinese factory that used the lead paint committed suicide. According to my opinion, the actions taken by Mattel were absolutely right. Mattel has been criticized heavily for having to recall not once but twice in as many weeks 20 million toys manufactured in China with lead paint and/or loose, potentially dangerous magnets. Clearly Mattel did not have sufficiently tight quality control procedures in its supply chain to compensate for the extra risks of outsourcing to relatively new Chinese subcontractors. Clearly there were design flaws in the toys with the magnets that could come loose. Though the recall of the products had created serious problems for Mattel and for manufacturers of China, the products were highly dangerous for the children which needed serious concern. But the positive point was both the Governments of China and U.S. tightened the rules regarding product safety. They also raised the product quality standards and product testing. The CEO of the Mattel had taken personal charge of the situation. He has apologized publicly and taken immediate steps to tighten quality assurance requirements on Mattel’s suppliers. What should Mattel do now? What should China do now? Answer: Mattel has faced a series of difficult and potentially crippling challenges, including the lawsuits. Mattel should attempt to rectify its mistakes and to prevent future mistakes as well. Mattel should work hard for  restoring goodwill and faith in its brands, even as it continues to be plagued with residual distrust over the lead paint scandal. Mattel should upgrade its safety standards and quality control. Mattel should be careful for approaching international supply chain management strategies. Mattel should make sure its Chinese suppliers operate ethically, including treating their workers fairly. Whereas Mattel can do randomly test finished toys, as it should now test every single batch of toys produced. Safety checks should also get beefed up at the supplier and subcontractor level prior to the finishing of the product. Reputations are hard won and easily lost, but Mattel should appear to be steadfast in its commitment to restoring its reputation. After the recall by M attel, China’s export manufacturing sector, an important factor driving country’s economic growth, had been stung by suffering highly visible problems. The â€Å"made in china† brand was in real danger. At that point China needed to prove that they could produce products to the quality and safety standards expected by the rest of the world. China should ask companies to hire full time inspection staff and allow their customers to inspect their plants. China should enforce quality licensing system for product exports. Chinese agency should increase efforts to certify exporters and should severely punish and blacklist the companies that fail to meet performance requirements. Though Mattel had taken full responsibility for these recalls and apologizes personally to the Chinese people and all of their customers who received the toys, China was fighting with the brand image in the international market. How can accountability be increased and better managed when production is moved overseas to other firms in the supply chain? Answer: There are many criticisms levelled at multinational organizations for choosing to relocate their manufacturing operations from domestic markets in developed countries to developing countries many thousands of miles away. Suspicion is often focused on cheap labor and possibly lower or less enforced health, safety and environmental legislation all contributing to lower production costs. But to increase accountability and better production management at overseas the company needs to have law inventories, flexible manufacturing and close relationship with suppliers and customers. Better managed supply chain requires close coordination with suppliers to achieve the desire level of quality and delivery. It also needs to have frequent communications with the suppliers  and customers. It entails to have close coordination among product design, engineering, the manufacturing plant, and suppliers. Ultimately, it is the responsibility of the manufacturer to ensure that its products are produced to the highest safety standards that its workers are not exploited and that health and safety and environmental standards not compromised in the search for lower prices. In this case the stakes are very high since the safety of all our children is at stake as well as the acceptance of the ‘Made in China’ designation in world markets.

Sample Financial Analysis Report - 15926 Words

RE-INVENTING XYZ Financial Analysis Report Finance Team Prepared for: XYZ BPE Project XYZ Ministry of Government Services November, 1994 XYZ BPE Project Financial Analysis Report Table of Contents Executive Summary ...................................................................................................................................................................................1 Financial Model Review ............................................................................................................................................................................3 Financial Baseline Review†¦show more content†¦92 November, 1994 Page II XYZ BPE Project Financial Analysis Report Executive Summary The Finance Team is responsible for all financial modeling and analysis of the observations and recommendations of the Process, Organization, Technology, and Communications teams in the XYZ BPE project. Members of the team included representatives from XYZ, Finance and Administration, and Company ABC. The key deliverable of the team is the Cost-Benefit Analysis, illustrating the estimated impact of implementing the recommendations of the XYZ BPE project teams. The analysis is illustrated using two key models: †¢ †¢ A forecasted Cash Flow Analysis; and, A forecast of XYZ’s Operating Expenditures for the budget years 1994/95 to 1995/98. It is important to note that the analysis is not a definitive and/or detailed study of all the costs and all the benefits. It quantifies, at a high level, recommendations having the largest financial impact, their value, and their timing. All budget forecasts are based on the estimated results of this project only and do notShow MoreRelatedCorrelation Analysis And Descriptive Analysis Essay1748 Words   |  7 Pagesthan that, the population and sample have been selected in this study is public listed companies under PN17 category by Bursa Malaysia. 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Prenuptial Marital Agreements - Free Essay Example

Sample details Pages: 10 Words: 3011 Downloads: 8 Date added: 2017/06/26 Category Law Essay Type Review Tags: Act Essay Marriage Essay Did you like this example? This essay highlights the aspect of prenuptial marital agreements. A pre-nuptial agreement is an contract made by a couple before they get married or enter into a civil partnership, which assorts how they desire their assets to be shared if they should divorce or have their civil partnership dissolved. Such agreements are divided into three categories. Don’t waste time! Our writers will create an original "Prenuptial Marital Agreements" essay for you Create order First are the Pre-nuptial agreements which are made before marriage. Second are the post-nuptial agreements which are similar to pre-nuptial agreements but would be prepared after marriage or civil partnership. Lastly, we have the separation agreements and these are made after separation and in expectation of a forthcoming divorce or dissolution. This piece aims to review how the law has adopted changes over the time period. It will analyse the developments and any recommendations that can be pondered over will be discussed. Pre-nuptial agreements are legally binding in numerous countries including the United States of America and Australia. However, they are not automatically enforceable in courts in England and Wales. In a landmark ruling in the case of Radmacher v Granatino the Supreme Court said à ¢Ã¢â€š ¬Ã…“that courts should give effect to a pre-nuptial agreement that is freely entered into by each party with a full appreciation of its implications, unless in the circumst ances prevailing it would not be fair to hold the parties to their agreementà ¢Ã¢â€š ¬Ã‚ .[1] The essay revolves around this case and leading scenarios. A couple may decide between themselves how to split their possessions on divorce. They will often seek legal advice and the awareness that courts will more or less make the same decision if the matter was to be presented in front of them. Their contract will be then approved by court. When this is not possible such as where dispute between parties arise, an application for ancillary relief will be decided by the court. Financial provision might be granted to either party to the marriage, subject to the facts of the individual case as every case has different circumstances. According to the section 25 of the Matrimonial Causes Act 1973, the court has very extensive discretion concerning the division of assets on divorce however the court must acknowledge all the related circumstances of the case, importance should be given to the welfare of a minor which is of any child of the family who has not reached the age of eighteen. The court must also deliberate whether it is likely to make a à ¢Ã¢â€š ¬Ã…“clean breakà ¢Ã¢â€š ¬Ã‚ .[2] Similarly in the case of a civil partnership, The Civil Partnership Act 2004 s.5 (5) sets out related requirements in relation to financial provision applications on dissolution of a civil partnership.[3] The essay will tend to look at the law before the impact of Radmacher v Granatino. The courts have believed what could be labelled as a paternal attitude to the granting of ancillary relief ondivorce. Inthe past case of Hyman v Hyman(1929) Lord Buckmaster said that à ¢Ã¢â€š ¬Ã…“The Wifeà ¢Ã¢â€š ¬Ã¢â€ž ¢s right to maintenance is something she cannot barter away.à ¢Ã¢â€š ¬Ã‚ [4] Courts have given a lot of importance to its jurisdiction. The impression that the court is the wise one is still mostly leading. Even in the Radmacher case it is specified that à ¢Ã¢â€š ¬Ã …“the parties cannot by agreement, oust the jurisdiction of the court.à ¢Ã¢â€š ¬Ã‚ [5] It was protected in statute first by the Maintenance Agreements act of 1952 and then combined by the Matrimonial Causes Act 1973 which assists the judge to consider the related circumstances of the case. However, there have been amendments to how the appropriate circumstances can be measured. In the case ofEdgar v Edgar[6]it was acknowledged thatseparation agreementswould generally be given weight. More recently it had been decided that post-nuptial agreements should also be given weight if they were fair and just. This idea was lately supported by the Privy Council inMacleod v Macleod. However, pre-nuptial agreements have been constantly viewed as outside these relevant issues. The requirements for dividing assets are located in second part of the Matrimonial Causes Act 1973. The court has a very extensive discretion as to what commands to make on an application for ancillary relief. Yet t here is a definite pressure between the strategy of hopeful settlement and the outdated view that the state has an important concern in safeguarding that any settlement is just and reasonable considering the welfares of both parties involved. The revolutionary case on division of marital assets on divorce is White v White in which the House of Lords gave a breakthrough conclusion and said that in great valued asset cases the law has been incorrectly interpreted by the Courts for the previous thirty years. Previously a wife was limited to seeking her fundamental needs such as a house or some maintenance costs labelling to be awarded according to reasonable requirements. Now the approach has taken a different road. There is no difference between the husband and wife and the idea of equality prevails between the breadwinners and the homemakers. Focusing on the statements of equality, The Courts must deliberate carefully over section 25 of the MCA 1973 feature and fairness must be the m ain objective of the Court. When reached on a conclusion, the result must be measured against the yardstick of equal division. Failure in these steps can violate the issue of fairness. Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s quite clear that mainly these cases and scenarios are only from high net worth couples. However, the main priority is the care of a minor. The beginnings concerns the welfare of a minor child of the family as the courtà ¢Ã¢â€š ¬Ã¢â€ž ¢s first attention, secondly the need to accomplish a fair conclusion. This idea was also supported in Miller v Miller[7] and McFarlane v Macfarlane[8]. The idea of equal Davison of assets kept lingering for some time until Radmacher v Granatino. Prenuptial agreements got a real acknowledgment after this case. InCrossley v Crossley[9] Thorpe LJ stated that, à ¢Ã¢â€š ¬Ã…“based on the particular facts of that case, the pre-nuptial agreement was a factor of magnetic importanceà ¢Ã¢â€š ¬Ã‚ . Other factors that should be satisfied in this case were that weight should be given to a PMA only if there Full frank disclosure of all the assets between parties, the issue of Equality of bargaining power, Each party had independent legal advice regarding the terms and the Terms were fair. Just as each party has a responsibility to make full revelation of all material realities to the court hearing an ancillary relief application, each party has a duty to make full and frank revelation of all material facts to the other party throughout discussions which can result in a consent order. This was explained in the case of Livesey v Livesey[10]. Radmacher was the first time when this matter appeared before the Supreme Court. There is one thing quite important that if the facts of the case continue to be of vital importance to the decision of the court regarding pre-nuptial agreements then it seems practical that the facts of the Radmacher case must be obviously displayed in order to clarify the decision of the court. The ruling of thi s case has a great impact on the reform of law which will be discussed further. The importance of this can be sensed from the statement ofJane Keir, law firm Kingsley Napley LLP, said: Qualifying nuptial agreements should be enforceable whilst limiting a judges discretion over any change to the intended outcome. Never before has English law gone quite so far. We urge parliament not to miss this opportunity to allow couples greater certainty and pre-agreed financial control should their relationship disintegrate. The Labour Government printed a consultation paper in 1998 called Supporting families[11], which measured the useful steps which can be acquired to support families. The paper recognized that couples might be disheartened from making pre-nuptial agreements because there was no obligation for the courts to take any account of such agreements in determining how to divide property on divorce. One of the suggestions being deliberated at that period was to see that is it a goo d idea to make a written pre-nuptial agreement about the distribution of money and property legally binding. Previously, pre-nuptial contracts were unenforceable as being in contradiction of public policy as it was measured that they might weaken the organization of marriage and attempt to restraint the discretion of the courts to grant property on divorce. In F v F, Thorpe J set the very inadequate worth of pre-nuptial agreements: à ¢Ã¢â€š ¬Ã…“The rights and responsibilities of those whose financial affairs are regulated by statute cannot be much influenced by contractual terms which were devised for the control and limitation of standards that are intended to be of universal application throughout our societyà ¢Ã¢â€š ¬Ã‚ .[12] It can be seen that recently courts have been ready to assign weight to a pre-nuptial arrangement as one of the applicable conditions to be taken into consideration in working out their discretion under section 25 of the Matrimonial Causes Act 1973. In X v X the judge held that à ¢Ã¢â€š ¬Ã…“the fact that the parties have made their own agreement is a very important factor in considering what is the just and fair outcome. The amount of importance will vary from case to caseà ¢Ã¢â€š ¬Ã‚ . He continued: à ¢Ã¢â€š ¬Ã…“The court will not lightly permit parties who have made an agreement between themselves to depart from it. The court should be slow to invade the contractual territory, for as a matter of general policy what the parties have themselves agreed should, unless on the face of it or in fact contrary to public policy or subject to some vitiating feature be upheld by the courts.[13] In 2003, court supported a pre-nuptial agreement on the foundation that the wife knew that the pre-nuptial contract was correctly counselled as to its terms, and signed it freely without pressure. Hence, it was decided that the contract should be considered by the court as one of the situations of the case under section 25 of the Matrimonial Causes Act 1973 and that admission into the contract established behaviour which it would be unfair to disrespect.[14] However, not in all cases the prenuptial agreements have been successful in getting valued. In Z v Z Moor J said, à ¢Ã¢â€š ¬Ã…“This was undoubtedly a case for equal division of assets absent the French agreement. The issue was whether the marital contract took the case out of sharing. There was no dispute that the agreement was entered into freely and with full understanding of its implications. No formal advice was given by thetwo notary witnesses and there was no formal disclosure. This did not matter as we knew exactly what the agreement entailed and each party new the financial position of the otherà ¢Ã¢â€š ¬Ã‚ .[15] Later on in 2008, in MacLeod v MacLeod[16], the Privy Council deliberated whether a pre-nuptial agreement was binding. The Privy Council held that it was not up to them to mess with famous rule that pre-nuptial agreemen ts were conflicting to public policy and on these basis they are not binding in the promised sense, and said that the matter was more suitable to law-making body than judicial development but post-nuptial agreements which provided for a upcoming parting could be given weight by the courts. The law standing in this situation can be weighed according to different scales. The upside of not having a prenuptial agreement is the presence of flexibility. The courtà ¢Ã¢â€š ¬Ã¢â€ž ¢s jurisdiction can be advantageous and the courts can use their power to maintain fairness and justice. However, this scenario can be the slope down for couples looking for clarity in law. Couples with high net worth canà ¢Ã¢â€š ¬Ã¢â€ž ¢t secure their belongings due to the ambiguity in law. Looking at this there is a clear pathway needed for safeguard of assets and property upon divorce. To resolve this issue the law commission have been in the race. The Law Commission began a plan in 2009 to observe the p osition and enforceability of marital property agreements. In January 2011 it opened a discussion, revising the present law of marital property agreements and discussing choices for improvement. The scheme was stretched in 2012 to cover two additional matters of financial provision rising on divorce or the dissolution of a civil partnership. It was decided with the Ministry of Justice that the possibility of the scheme should be extended to comprise an assessment of two features of financial provision on divorce and the dissolution of a civil partnership namely financial needs and non-matrimonial property. The aim of the scheme was to bring clarity to the existing law. On 11 January the Law Commission sprung a public talk on marital property agreements, due to the result of Radmacher v. Granatino. The Law Commission was looking for views on the attractiveness of possible choices for reforming the law of prenuptial, postnuptial and separation contracts made by couples before or thr oughout their marriage or civil partnership that are planned to oversee their financial provisions if the relationship finishes. Finally in 2014, the final law commission paper came out with detailed recommendations, proposals and strategies to reform the law regarding prenuptial agreements. The main reform proposals are listed below. First and foremost The Family Justice Council should clarify the law relating to à ¢Ã¢â€š ¬Ã…“financial needsà ¢Ã¢â€š ¬Ã‚ . This would safeguard the law and make sure that it is applied reliably by the courts and strengthen judicial repetition. With the guidance people can acknowledge the position of law and their objectives without any legal help. Secondly, it should explore the likelihood of whether assistance to control of à ¢Ã¢â€š ¬Ã…“financial needsà ¢Ã¢â€š ¬Ã‚  could be planned. And the most important one is to familiarise with the concept of à ¢Ã¢â€š ¬Ã…“qualifying nuptial agreementsà ¢Ã¢â€š ¬Ã‚ . These would be enforceable con tracts which would allow couples to make binding provisions for the financial forfeits of divorce or dissolution. However, to make a qualifying nuptial agreement, certain practical precautions would have to be met. The agreements would be enforceable as agreements but would apply only after both partners financial needs, and any financial duties towards children, have been satisfied. And they would be binding only if at the period of signing, both parties had revealed material statistics about their financial stateand both gotlegal advice. Looking at the present law, it is now possible for couples to make pre- and post-nuptial agreements. Legalising prenuptial agreements can bring positive a vibe to the legislature. One of the key benefits of a prenuptial agreement is that it can give certainty on what assets are taken into deliberation in a divorce. These agreements can act as a shield for people of high net worth especially in the case second or more marriages where there are children from the existing marriage. A properly conveyed agreement provides a better grade of certainty. It gives the couple a level of autonomy and freedom from judicial interference in what should happen to their assets ondivorce. As Resolution vice-chair Jo Edwards expresses her feelings, Guidance on needs should encourage consistency, dispel myths and manage expectations. This will help anyone going through separation, even if they dont have access to legal advice and support, or are trying to reach agreements on their own, during a very traumatic time. [17] In the case of a wealthy partner it can limit their obligation to the less wealthy spouse. A prenuptial agreement can also distinguish assets collected prior to marriage, gifts and legacy as separate to joint wealth. These agreements also highlight the importance of autonomy as they let people make their own choices. This idea was also supported by Professor Elizabeth Cooke the Law Commissioner for property, family and trust law, said: Pre- and post-nuptial agreements are becoming more commonplace but the courts will not always follow them and lawyers are therefore not able to give clear advice about their effect. Qualifying nuptial agreements would give couples autonomy and control, and make thefinancialoutcome of separation more predictableà ¢Ã¢â€š ¬Ã‚ .[18] However, if we consider the preceding statement then it clashes with the main theme of the essay. As it is can be taken from the dissenting judgement of Lady Hale, which states that Pre-nuptial agreements deny the economically weaker spouse an entitlement of the rights they are supposed to get. She also emphasises on the issue of reform of the law. Deliberating upon the strengths and weaknesses can lead to an easy conclusion that introduction to such agreements can be beneficial for both judiciary and public. Keeping in front of us that legalising prenuptial agreements are the most appropriate thing to do, there is an alternative th at can be pondered upon. This the idea of no fault divorce. In this scenario the fault in relationships which leads to divorce is extinguished. However, if no-fault divorce cancels marriage after the occasion, prenuptial agreements can do can play a good role in undermining it earlier. The idea of marriage is that ità ¢Ã¢â€š ¬Ã¢â€ž ¢s destined to be a lifetime affair and the clue here is that à ¢Ã¢â€š ¬Ã‹Å"til death do us partà ¢Ã¢â€š ¬Ã¢â€ž ¢ and the idea of prenuptial agreements is that they create provision for the thing finishing before it even gets started. People are setting their resources out of the reach of the spouse in advance. Having considered all possible scenarios here, it can evidently be concluded that legalising the aspect of prenuptial agreements can be a revolutionary change in the history of England. It can provide a clear template for couples to follow and binding rules and regulations can be provided when needed. If anyone wants to enter a contract of su ch sort, they will know that efficient legal advice is needed which can be helpful when there are guidelines set to be followed. This will allow the lawyers and academics to have a clear transcript to study and advice their clients. [1] Radmacher v Granatino [2010] UKSC 42; [2010] WLR (D) 260 [2] Matrimonial Causes Act 1925 section 25A [3] Civil Partnership Act 2004 schedule 5, part 5, para 23(2) [4] Hyman v Hyman [5] Radmacher v Granatino [6] Edger v Edger [7] Miller v Miller [8] Macfarlane v Mcfarlane [9] Crossley v Crossley 2007 [10] Livesey v Livesey [11] Supporting families 1998 [12] F v. F (Ancillary Relief: Substantial Assets) [1995] 2 F.L.R. 45 at 66 [13] X v X (FD) [2002] 1 FLR 508 at 537 (Munby J) [14] K v K (Ancillary relief: prenuptial agreement) [2003] 1 FLR 120 (Roger Hayward-Smith QC (sitting as a Deputy High Court Judge) [15] Z v Z [16] Macleod v Macleod [17] https://www.familylawweek.co.uk/site.aspx?i=ed127909 [18] https://www.familylawweek.co.uk/site.aspx?i=ed127909