Google paid HOW MUCH for marketing in "The Internship"?

Fred Crawley's jaw drops.

As a journalist, one of the most irritating things that can happen to you is to be asked, after half an hour of interviewing a senior figure in a company, when they will get to see your copy before it goes to print.

Not "if", but "when": there is an implicit assumption that, in exchange for a few minutes of a CEO or Chairman’s time, anything you choose to write about a business has become that company’s intellectual property.

"Just in case there are any factual errors in the copy", they say, demonstrating solid respect for your ability. But make the mistake of emailing a draft and it will come back with "errors" like "the market’s third-biggest provider of x by business volume" corrected to "a market leading provider of x solutions".

It used to be the case – or so I am reliably informed by colleagues who cut their teeth in the "good old days" of business reporting – that companies only ever expected approval over page space they had expressly paid cash to own, i.e. advertisements.

Now, the predominance of PR, and the business world’s collective obsession with reputation, have changed the terms of that arrangement. To large companies, time and even willingness to speak to journalists has become a commodity for which a price – authorial integrity – must be paid.

Given this context, imagine the groaning and rolling of eyes when I discovered that not only did Google enjoy massive exposure and final say over the portrayal of its company and products in Owen Wilson and Vince Vaughn’s summer comedy The Internship, but it didn’t pay a bloody penny for the privilege.

When I first saw an advert for the movie (plot summary: two blokes with immensely likable faces become unemployed and scam their way into Google internships), I was astonished: the company logo, in all its merry primary colours, was splashed across the very centre of the poster. "how much did they pay for that?" I exclaimed, my voice climbing to the Meldrew Octave.

The answer, I discovered, after trawling for information using market-leading search provider Google, was that the enormous marketing boon had been delivered in exchange for five days of shooting time at Mountain View, 100 free extras, and extensive consultation on what it means to be a "Googler" (please find me a sick bag).

What’s more, the whole idea was ostensibly Vaughn’s, and not Google’s.  A movie star offered to make a 2 hour advert for Google, over which it had creative control, in exchange for a paltry handful of its mountainous resources. And right when Google’s "don’t be evil" reputation needed a shot in the arm, too.

OK, this wasn’t a piece of journalism, and it hardly had the potential to be biting satire either, with or without giving Google a say over the final cut. But when the grievously offensive jokes made by many comedians are grudgingly pardoned for the reason that comedy is sacrosanct to censorship, does it not seem monumentally weak that one of the major comedy releases of the year has been scripted according to the whims of a software company?

In this instance, we’ve only lost the edge from what would have been a low-key feel-good comedy at best. But, although I think the "slippery slope" argument is usually just a poor excuse for hyperbole, it seems hard to ignore the miserable precedent this sets for the role of advertising in media.

Owen Wilson stars in The Internship. Photograph: Getty Images

By day, Fred Crawley is editor of Credit Today and Insolvency Today. By night, he reviews graphic novels for the New Statesman.

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Stability is essential to solve the pension problem

The new chancellor must ensure we have a period of stability for pension policymaking in order for everyone to acclimatise to a new era of personal responsibility in retirement, says 

There was a time when retirement seemed to take care of itself. It was normal to work, retire and then receive the state pension plus a company final salary pension, often a fairly generous figure, which also paid out to a spouse or partner on death.

That normality simply doesn’t exist for most people in 2016. There is much less certainty on what retirement looks like. The genesis of these experiences also starts much earlier. As final salary schemes fall out of favour, the UK is reaching a tipping point where savings in ‘defined contribution’ pension schemes become the most prevalent form of traditional retirement saving.

Saving for a ‘pension’ can mean a multitude of different things and the way your savings are organised can make a big difference to whether or not you are able to do what you planned in your later life – and also how your money is treated once you die.

George Osborne established a place for himself in the canon of personal savings policy through the introduction of ‘freedom and choice’ in pensions in 2015. This changed the rules dramatically, and gave pension income a level of public interest it had never seen before. Effectively the policymakers changed the rules, left the ring and took the ropes with them as we entered a new era of personal responsibility in retirement.

But what difference has that made? Have people changed their plans as a result, and what does 'normal' for retirement income look like now?

Old Mutual Wealth has just released. with YouGov, its third detailed survey of how people in the UK are planning their income needs in retirement. What is becoming clear is that 'normal' looks nothing like it did before. People have adjusted and are operating according to a new normal.

In the new normal, people are reliant on multiple sources of income in retirement, including actively using their home, as more people anticipate downsizing to provide some income. 24 per cent of future retirees have said they would consider releasing value from their home in one way or another.

In the new normal, working beyond your state pension age is no longer seen as drudgery. With increasing longevity, the appeal of keeping busy with work has grown. Almost one-third of future retirees are expecting work to provide some of their income in retirement, with just under half suggesting one of the reasons for doing so would be to maintain social interaction.

The new normal means less binary decision-making. Each choice an individual makes along the way becomes critical, and the answers themselves are less obvious. How do you best invest your savings? Where is the best place for a rainy day fund? How do you want to take income in the future and what happens to your assets when you die?

 An abundance of choices to provide answers to the above questions is good, but too much choice can paralyse decision-making. The new normal requires a plan earlier in life.

All the while, policymakers have continued to give people plenty of things to think about. In the past 12 months alone, the previous chancellor deliberated over whether – and how – to cut pension tax relief for higher earners. The ‘pensions-ISA’ system was mooted as the culmination of a project to hand savers complete control over their retirement savings, while also providing a welcome boost to Treasury coffers in the short term.

During her time as pensions minister, Baroness Altmann voiced her support for the current system of taxing pension income, rather than contributions, indicating a split between the DWP and HM Treasury on the matter. Baroness Altmann’s replacement at the DWP is Richard Harrington. It remains to be seen how much influence he will have and on what side of the camp he sits regarding taxing pensions.

Meanwhile, Philip Hammond has entered the Treasury while our new Prime Minister calls for greater unity. Following a tumultuous time for pensions, a change in tone towards greater unity and cross-department collaboration would be very welcome.

In order for everyone to acclimatise properly to the new normal, the new chancellor should commit to a return to a longer-term, strategic approach to pensions policymaking, enabling all parties, from regulators and providers to customers, to make decisions with confidence that the landscape will not continue to shift as fundamentally as it has in recent times.

Steven Levin is CEO of investment platforms at Old Mutual Wealth.

To view all of Old Mutual Wealth’s retirement reports, visit: products-and-investments/ pensions/pensions2015/