WTO tells EU it can slap $4bn of tariffs on US over Boeing subsidies October 13, 2020 The EU has been given the go-ahead to slap tariffs on $4bn (£3.1bn) of US goods in the latest development in the subsidy saga involving Boeing and Airbus. It comes after the World Trade Organization (WTO) last year allowed Washington to tariff $7.5bn of EU goods over state support for European aeroplane manufacturer Airbus. The [...]
IMF: Covid cases and support cutbacks threaten global recovery October 13, 2020 The global economic recovery is under threat from the resurgence of coronavirus and governments withdrawing economic support too early, the International Monetary Fund (IMF) has warned. IMF chief economist Gita Gopinath said the crisis is “far from over” and will “likely leave scars”. She said the global economy’s total loss of output would could amount [...]
UK taxes could rise by more than £40bn, says IFS October 13, 2020 The UK is set for years of higher debt and taxes as it recovers from the dual hit of the pandemic and Brexit, according to a leading think tank. The Institute for Fiscal Studies (IFS) published its annual Green Budget in association with investment bank Citi today, and warned that taxes will have to rise [...]
Record rise in redundancies as firms battle coronavirus crisis October 13, 2020 Redundancies soared to the highest level in more than a decade, rising by a record 114,000 between June and August, due to the impact of the coronavirus crisis. The latest figures from the Office for National Statistics showed that redundancies increased by 113,000 on the year, and a record 114,000 on the quarter, to 227,000. [...]
IMF chief: Climate change poses ‘profound threat’ to global growth October 13, 2020 Climate change poses a serious threat to global growth, the head of the International Monetary Fund (IMF) said on Monday, urging the world’s top emitters to agree on a floor for carbon prices. IMF managing director Kristalina Georgieva told finance ministers meeting on climate change that countries should also ensure that green investments are included [...]
City to shift €150bn of UK assets into France ahead of Brexit October 13, 2020 Firms have begun shifting around €150bn (€135bn) of UK assets from the City into France ahead of the Brexit transition period deadline, according to the governor of the Bank of France. Francois Villeroy de Galhau told the Europlace International Financial Forum that the Bank of France has authorised asset shifts by 32 companies — mostly [...]
Nobel Prize in economics: What is auction theory and why is it important? October 12, 2020 US academics Paul Milgrom and Robert Wilson have won the 2020 Nobel Prize in economics for their groundbreaking work on the theory and practice of auctions. Milgrom and Wilson, 72 and 83 respectively, are both professors at Stanford University in California. They will split the 10m krona (£850,000) prize and each receive a gold medal. [...]
Collapse of global digital tax talks could cost $100bn, OECD warns October 12, 2020 The global economy could shed more than one per cent of output if international talks to rewrite cross-border tax rules break down and trigger trade wards, the OECD warned today. Nearly 140 countries agreed last week to extend talks on the first major rewriting of cross-border tax rules in a generation to mid-2021 after the [...]
We do not need to compromise the economy to fix the environment October 12, 2020 Overwhelming scientific evidence tells us that the climate is already changing. If we are to limit global warming to 1.5 degrees and avoid the more extreme effects on our environment, averting potentially devastating consequences, we need to act now. And that is what the City of London Corporation is doing. Last week, it launched its [...]
Act now to close the education gap — or our economy will pay the cost for years to come October 12, 2020 If there were ever any doubt about the full cost of closing schools, the answer is now clear. It is a vast price — and one that will have to be paid by the nation on both a human and a financial level for many, many years to come. Alongside the mounting national debt being [...]