Money Bite transcript
Angellica Bell: We are canal side in Birmingham, about to talk about something that makes the world go 'round. Money!
Gethin Jones: Money is at the heart of everything we do, yet we don't really like talking about it. Do we?
Angellica Bell: It's embarrassing!
Gethin Jones: You never ask someone how much they earn, for example.
Angellica Bell: Actually, how much do you-
Gethin Jones: Don't ask me that! Let's get the coffees in. Thank you very much. How much are these?
coffee vendor: There you are. On the house!
Gethin Jones: Loving this show already!
Angellica Bell: Aw!
Meet the inspiring business woman who created her own macaroon empire.
We glimpse into the future, taking a look at the latest innovations that will replace passwords.
We ask Birmingham our big question.
Gethin Jones: Is Money Bite!
Gethin Jones: Now, I got a question for you Angellica.
Angellica Bell: Yes.
Gethin Jones: You have two small children, correct?
Angellica Bell: That is correct.
Gethin Jones: Would you ever allow them to be in charge of the family budget?
Angellica Bell: Let me think. Never!
Mr. Sheehan: I don't think the kids think about money that much at all.
Speaker 5: Mum and Dad sometimes say they're not made of money.
Mr. Sheehan: We only generally talk about money when they need it, or they want something.
Speaker 6: Money, money, money!
Mrs. Sheehan: What's more, a car or a house?
Speaker 6: Car.
Speaker 8: A car?
Mr. Sheehan: (laughs).
Mrs. Sheehan: This week's going to be interesting.
Speaker 8: Do you ever think about how much things cost?
Speaker 6: Nope.
Mrs. Sheehan: Probably not going to last a week.
So kids, you're in charge of the family budget this week. The budget board is here to help you decide where the money should go. The average budget for a family of this size is-
Mr. Sheehan: £354.96.
Speaker 8: Do we need savings?
Speaker 6: No.
Speaker 8: How much pocket money do you want for the week?
Speaker 6: £40.
Aoife Sheehan: I'll have £30.
Speaker 6: That's how much we’re putting in there?
Speaker 5: 140-
Speaker 8: 25 for entertainment. Do you think we should put an extra fiver each into pocket money?
Speaker 6: Yeah.
Speaker 8: 10, 12, £120 for the week to shop.
Speaker 6: Is this all mine?
Speaker 5: These can be their pocket money.
Speaker 8: For the week.
Mrs. Sheehan: Thanks.
Mr. Sheehan: Fantastic.
The worst thing that can happen this week is, we're obviously going to run out of food.
Speaker 8: Do we all like pizza?
Mr. Sheehan: I don't think they'll think about toiletries at all.
Mrs. Sheehan: Washing powder, dishwasher tablets.
Speaker 8: Toilet roll.
Speaker 5: We haven't got much.
Speaker 6: Oh!
Speaker 8: Pot Noodles
Aoife Sheehan: Twisters.
Mr. Sheehan: I think we're in big trouble.
Speaker 8: Just in case we do run out of food, I'm just gonna back up on fish fingers.
Speaker 6: Yep.
Mrs. Sheehan: They didn't get all the things we need to fill a meal. There's one pizza, small. They've got two loaves of bread and we go through one a day.
Speaker 8: We forgot the washing up powder and tablets for the washing machine and the dishwasher.
Mr. Sheehan: When they open their wardrobes, there's only dirty clothes we can't wash them. So things are going to start getting interesting.
Gethin Jones: What more do you need? You've got loads of toilet roll and back up of fish fingers. What have you done, you two? We shall find out how the Sheehan family get on a bit later on in the show.
Angellica Bell: Now one of the great things about getting out and about across the UK is that you get to meet some incredible amazing local people. Our next guest is someone who I think is truly inspiring. Please welcome Justice Williams, MBE!
Well, you've been voted one of the most powerful people in Birmingham. You're a mother, you're an entrepreneur. How do you pack it all in?
Justice : Yeah, I'm tired just think about it.
Angellica Bell: I talked about your son. He's called Isaiah, and he's six years old. How do you think he would have done in our budget takeover challenge?
Justice : He would have spent it all on Minecraft and Roadblocks, buying fake money. Yeah, he's a big Youtuber so that's probably where all his money would have gone.
Angellica Bell: So, do you inspire him?
Justice: Yeah, he wants to leave school and start his own business. I said he has to learn to read and write first, and we'd have to talk about that.
Angellica Bell: You love this city, don't you?
Justice: I absolutely love this city, yes. I am an ambassador also for Birmingham because I just think it's amazing and we're not really very good at singing and shouting about how wonderful this city is.
Angellica Bell: What are you doing for Birmingham yourself?
Justice: I run the West Midlands Women of the Year award. It's a non-profit event. You know, myself when I got MBE, it was all about me being on the platform, but now it's about creating a platform for other women. Let's get women out there!
Angellica Bell: Yes!
Justice: But we're also launching an enterprise foundation, because for the last ten years we've been helping people start and grow their own business. So what we want to do is give back and also tackle child poverty within this city. We've got a big fashion fundraiser coming up as well shortly. We've got men and women and children here going to be strutting their stuff on the catwalk, such as Jay over here!
Angellica Bell: Yay! We got a catwalk model in the house!
Over to Gethin now, with another inspiring story.
Gethin Jones: Yeah, absolutely. Now to build a business empire you need a brilliant idea, and in this case, it's a very sweet thought. Don't mind if I do!
Rosie: The idea for Miss Macaroon started when I was about 16. We make French macarons and we use the profits to provide training and employment for unemployed young people. I wanted to work in food, so came to Birmingham which is one of the best colleges in the country, and trained to be a chef. Once I finished that, I got an interview at Purnell's Restaurant, which is a Michelin-starred restaurant in Birmingham.
Glynn Purnell: I first met Rosie seven, eight years ago. She came into my kitchen, sort of gave her, her first job in a proper kitchen. Her attention to detail was always there. She was always very sort of methodical, and she was always very keen and to see where she is now is fantastic.
Rosie: The one thing I learnt from Purnell's would be how, as a boss, to treat your workers. He really cared about everybody, even though it was really high pressure environment.
I think I've always wanted to set up my own business. I had worked for other people and really enjoyed it, but I am quite inquisitive. When you have that kind of energy, then you don't really fit into a lot of work places. So I decided, actually, I wanted to create my own.
Five years ago, I set up Miss Macaroon with £500 of personal funds. At that time, I was super risk-adverse, like I didn't want to take out a loan.
There's always lots of challenges when you run your own business. It's the fact that the buck stops with you. I'm always the one that kind of has to make that final decision.
The best piece of advice I've ever been given was, focus on just making your product perfect. Test your product as much as you can, with people who you think your audience is, your actual customers. If it's not going to work, then don't give up. Just tweak it and test it again.
We've got a great business. Got a great team, they're amazing. Now we've just set up office, Miss Macaroon shop. If we can get people through the door, then I'll be extremely proud.
Angellica Bell: To find out more about supporting British businesses, search NatWest Business.
Gethin Jones: I'm delighted to say that Rosie is with us in the studio, along with the yummy, brummy TV chef. It's Glynn Purnell! (applause).
Now, let's start with this lovely lady. How good is she?
Glynn Purnell: Oh, fantastic. I mean, I remember the first day she came into my kitchen and she was the only girl in my kitchen as well. Very timid, little hat on, name on her jacket. "Yes chef!", and by the end of it she was a rottweiler! And that's fantastic to see young people who have been in my kitchen doing so well such as Rosie. It's almost better than winning stuff yourself.
Gethin Jones: Why did you choose macaroons?
Rosie: Because they're delicious. I'm a little bit obsessed with them. There's a really simple part of it. For the unemployed young people we work with, they can do something that's quite simple but also there's a complicated part. For me, my team, when we're making several thousand per day, we still are interested by the end of the day.
Gethin Jones: What has been the toughest part starting a new business?
Rosie: It's managing staff, it's managing cashflow. The first time we did it, you know almost six years ago, I was still working as a pastry chef. I had free kitchen space. This time, we've got investment in, we need to pay that back. We've got rent we need to pay that, we've got wages so the pressure's just on.
Glynn Purnell: I think to have that pressure that makes you get out of bed five, ten minutes earlier, to have a shop as well in central Birmingham is a massive achievement.
Gethin Jones: I bet one thing you haven't got, is a DJ desk for macaroons! Look at that!
Rosie: This is mix macaroon, where you get to create your own flavour. We've actually got two decks of the shop. The left hand deck is for the ganaches, and then the right hand deck is for all the toppings and you get to choose yourself.
Glynn Purnell: I just think everybody should have one of these at home.
Angellica Bell: Still to come. Find out what happened when the Sheehan children took over the weekly budget.
Mr. Sheehan: They generally thought about themselves.
Speaker 6: Ten packets of Match Attax.
Speaker 8: I don't think we're gonna last the week.
Gethin Jones: Shouldn't we be worried about that family?
Angellica Bell: I hope they get through it!
Gethin Jones: Me too, yeah.
Angellica Bell: We're not worried about Claudia.
Gethin Jones: No.
Angellica Bell: Exciting time for you, because you're hoping to buy your first house soon. Have you faced any difficulties throughout this process?
Claudia Curcio: Being a first time buyer we’re not really educated in all the little bits that you need to pull together in order to get a mortgage, it seems that there's lots of different information in lots of different places.
Gethin Jones: We're a helpful bunch here. Here are five amazing apps to use if you're buying a house for the very first time.
Speaker 14: I recommend getting the OpenSignal app, so you can check which networks have the best connection before buying.
Speaker 15: I've just started using the Knocker app, and it's really easy to use. You can set your location, and swipe through houses. Or, you can walk around an area and see which properties are available.
Speaker 16: If you like gardening, then I recommend the Sun Surveyor app because it tells you where the sun is throughout the year.
Speaker 17: Hidden damp can be a nightmare of a problem to inherit. The Ryobi app and Moisture Metre could end up saving you thousands of pounds.
Speaker 18: I use the Personal Agent stamp duty app to save me loads of time and I would highly recommend it to anyone.
Angellica Bell: For more tips and support on buying a home, search NatWest Life Moments.
Gethin Jones: You can get an app for anything, can't you?
Angellica Bell: Well, technology really is changing the way we do everything, and recently I had the opportunity to meet someone who is really fantastic and he works for NatWest. He's called Naresh.
Gethin Jones: Actually, every time you say his name on the show, he appears. Watch. Naresh! Then he goes. Then he appears. Naresh! He goes again.
Angellica Bell: Enough!
Gethin Jones: All right, sorry.
Angellica Bell: Keeping customers safe and secure is at the heart of what Naresh does.
Gethin Jones: Oh, come on!
Angellica Bell: (laughs).
We're at the NatWest digital innovation studio, where everyone has an eye on the latest trends and technology, all to keep us, and of course our bank details safe and secure. Naresh Vyas’s job is to be constantly one step ahead of the very latest technological developments.
Naresh, what you do is fascinating. Explain exactly what biometrics is.
Naresh Vyos: Biometrics is technology that uses biological features to help identify people. Fingerprints all the time on your phones, irises, what you've seen at the airports. But now we use it, and as people able to uniquely tell how you walk for example. Right? People can uniquely tell how you smell.
Angellica Bell: Really?
Naresh Vyos: Yeah, absolutely! Really for you to understand this Angellica, you should probably spend some time in some of these companies like we do. There's one that's a couple miles from here, AimBrain, I can send you there in my driverless car.
Angellica Bell: Canary wharf is where tech startups, like AimBrain, are flourishing. We're here to meet his chief commercial officer, Peter Reynolds, who's going to explain how passwords will be a thing of the past.
Now Peter, I want you to tell me all about AimBrain.
Peter Reynolds: Sure, yes. AimBrain is the world's first biometric authentication platform covering a whole variety of different types of biometrics such as voice, facial, and behavioural. You interact with the bank through devices, tablets, call centres and what have you. So, banks are working very hard to understand how they can authenticate you and realise it is actually you, without meeting you.
Angellica Bell: Wouldn't it be easier just to stick with passwords?
Peter Reynolds: We've never had this conversation, but I guarantee somewhere you've got a spreadsheet full of all your passwords because you've got so many of them and they don't change as much.
Angellica Bell: I do have a problem with remembering my passwords, yes.
Peter Reynolds: We all do! We're saying in three to five years, passwords won't exist. Instead, people will use a facial, a voice, or maybe behavioural authentication and things like that.
Angellica Bell: These all sound very fascinating, and you're sort of winning me over here. How does it work?
Peter Reynolds: Why don't we have a look?
Angellica Bell: Yeah.
Peter Reynolds: I have a mock banking app here. Hit that camera button.
Angellica Bell: Please blink now.
Peter Reynolds: You see that it said access denied. What the computer's saying there is that, maybe this is good, you don't look like me. Why don't you get your phone out? Take a picture of me, and then see if the liveliness detection works.
Angellica Bell: All right. It is done.
Peter Reynolds: I'm going to hold this picture up as if this a real person, and if you could just press the photo button.
Angellica Bell: Yeah.
Peter Reynolds: It said, "Yes it's you", but it's failed the liveliness detection.
Angellica Bell: Right.
Peter Reynolds: Remember, the whole point of biometrics is making the system less friction, so that it's easier for you to use but more secure.
Angellica Bell: What you're saying Peter, is that the future is looking safer and more secure for you and me?
Peter Reynolds: 100%.
Angellica Bell: It's great to know that the likes of Naresh and Peter are thinking ahead to combat cyber crime, and is really exciting to see just how far the banks are looking to the future.
For the latest tips and advice on staying safe and secure, search NatWest Security.
Well it's the moment you've all been waiting for. What happens when you let children take over the weekly budget?
Gethin Jones: Chaos!
Mr. Sheehan: They've given themselves £35 each for pocket money.
Speaker 8: Me and Sonny made a deal that Sonny would give me a bit of his pocket money, and I'd use mine on a game that we could both play.
Mr. Sheehan: They've generally though about themselves.
Mrs. Sheehan: What we having for dinner?
Speaker 5: Nugget and chips.
Mr. Sheehan: Lovely jubbly.
Mrs. Sheehan: Is there any more for the rest of the week?
Mr. Sheehan: No?
Speaker 6: Ten packets of Match Attax.
Mrs. Sheehan: Aoife, Sonny, dinner!
Speaker 5: I'm not having that!
Mrs. Sheehan: We'll have to do the washing up, and the kids have been doing it. They haven't liked it.
Mr. Sheehan: All I've got for dinner is a cheese sandwich and a packet of crisps. We've only got one bag of pasta left. In the fridge, we've got literally a quarter of bag of chips and only four cod fillets left.
Mrs. Sheehan: I probably do two or three washes a day, so you can imagine it's building up. Aoife is probably dealing with it the worst.
Aoife Sheehan: No! No.
Mr. Sheehan: Oh my good god, well there you go.
Speaker 8: No more pocket money. No more entertainment money. No more money for food. I don't think we're going to last the week.
Mr. Sheehan: Okay then. What have we got for dinner? Rice Krispies, unfortunately. I think we're going to take over from here. I think the challenge is finished. What do you think about that?
Eve Sheehan: Yay!
Speaker 5: Thank god.
Mr. Sheehan: They lasted five days.
Speaker 6: We ran out of food too quick and we only had one bag of nuggets.
Speaker 8: I know now that you can't just live on crisps and chocolate and sweets and stuff. I really started missing fruit.
Speaker 5: I've got a better idea of what a budget is. I would not like to be in control of the family budget again.
Mrs. Sheehan: Are you all glad it's over?
Speaker 5: Yes!
Speaker 6: Yes!
Speaker 8: Yes!
Aoife Sheehan: Yes!
Mr. Sheehan: Yes! (laughs).
Angellica Bell: Tommy, what was it that made you say, "This is it."
Mr. Sheehan: From the Wednesday, things were getting really drastic. There was nothing left. Then Thursday morning, literally we had vinegar and Rice Krispies. They don't go. That was it. We just had to call it.
Angellica Bell: Darragh, didn't you think we need to get proper food in to help us get through? Did it just not occur to you?
Speaker 8: No. I thought we've done fine.
Gethin Jones: Darrag, doing fine? You got a back up fish finger!
Speaker 8: Even the back up fish finger's thirty of them. You think thirty fish fingers is loads, it's not. For a family of six, they're gone.
Gethin Jones: Siobhan, what do you the kids got out of doing this challenge? What do you think they learned?
Mrs. Sheehan: It's going to make it easier for me to say no much more. I'm always saying no, I'm the no person. They normally go to daddy if I say no-
Mr. Sheehan: I'm the pushover.
Mrs. Sheehan: They understand, now, why I'm saying no. That you can't have a computer game every week.
Angellica Bell: You appreciate what your parents do and what they spend their money on, right?
Speaker 8: Yeah.
Angellica Bell: You've all had a good meal?
Mrs. Sheehan: Yes.
Angellica Bell: Yay!
Gethin Jones: We also know that vinegar doesn't go with Rice Krispies.
Angellica Bell: Exactly!
Search NatWest MoneySense for great tools to help educate children about money.
Interviewee #1: If I was given £1000, I'd save it.
Interviewee #2: I would spend it.
Interviewee #3: I'd probably save it.
Interviewee #4: I'd save it.
Interviewee #5: I'll be honest, I'll say I'll spend it.
Angellica Bell: The people of Birmingham are a city of spenders!
Gethin Jones: Spenders! Yes, 62% of you said you would spend the money-
Angellica Bell: And 38% of you, said you would save.
Gethin Jones: Interesting, isn't it?
Angellica Bell: Yeah!
Gethin Jones: Thank you to everyone who voted. A big thank you to Birmingham for looking after us.
Angellica Bell: Also thanks to you for watching and don't forget, subscribe.
Gethin Jones: And we'll see you next time on Money Bite!