RAPID RESPONSES May 21, 2012 Pernicious taxes [Re: Britain must embrace 30 per cent tax revolution to boost growth, yesterday] I agree with the Tax Commission’s findings on inheritance tax. Inheritance tax is a tax on capital, on money that has already been fully taxed as income or otherwise. It’s pernicious and destroys the UK’s capital stock to pay for current [...]
At last – this Tax Commission has a practical way to fix the UK system May 20, 2012 THE 2020 Tax Commission, and its final report out today, isn’t the first call for substantial reforms to create a more efficient tax system. We found 53 earlier reviews. But taxes are still dysfunctional, and the last substantial change for the better was Nigel Lawson’s 1988 Budget and its sharp cuts in marginal tax rates. [...]
London still needs a Plus Markets for small-cap listings May 20, 2012 LAST week was a rollercoaster for the small-cap community, with uncertainty surrounding Plus Markets. It culminated in the announcement that Michael Spencer’s Icap has agreed conditionally, upon approval by the FSA and Plus shareholders, to acquire Plus SX and its Recognised Investment Exchange status. Plus companies and advisers will be relieved at Icap’s commitment to [...]
Events in Europe shouldn’t distract us from the global challenges we face May 20, 2012 AS City A.M. readers read this, Greece and the stability of the euro is probably at the forefront of their minds. I am concerned, too, but my perspective today is different. I am looking back across the globe from where I have just landed on day one of a City business mission to the Philippines, [...]
As the Eurozone crisis progresses, would a Greek exit lead to a break-up of the euro? May 20, 2012 YES Jason Gaywood The overwhelming likelihood is that Greece will be forced to leave the euro. A stand-off between Angela Merkel and anti-austerity parties in Greece creates a difficult conundrum – if the EU stands firm and Greece defaults, its ejection from the euro will lead to contagion risk. Other members, like Portugal, Italy, Ireland [...]
RAPID responses May 20, 2012 Don’t forget Cyprus For obvious reasons, we are most interested in the west European dimensions to the euro crisis, but why is so little attention given to the possibility of Cyprus leaving the euro simultaneously with Greece (or very nearly so)? In an interview on Tuesday’s Today programme, Vince Cable more or less conceded that [...]
Like avian flu Eurozone contagion could be on us before we know it May 17, 2012 ON THURSDAY we finally saw what contagion could look like. After large deposit withdrawals from Greek lenders earlier this week, Spanish newspapers reported that one of Spain’s banks was facing similar problems, although it later denied this. Contagion was only meant to happen when Greece actually left – or was kicked out – of the [...]
Character matters today more than ever – but in business it always has May 17, 2012 DOES Britain need to reform its character? According to a new centre being formed at the University of Birmingham, and launched this week at the House of Lords, emphatically so. The Jubilee Centre of Character and Values, funded by the John Templeton Foundation, has a mission of developing character in our schools and in our [...]
Facebook shows how university is a startup’s friend May 17, 2012 MARK Zuckerberg could be forgiven for thinking that dropping out of Harvard to develop Facebook was the best decision of his life, when he’s in line for a windfall of more than £11bn today. But this success is a smokescreen. A degree is often the best way to prepare someone for a future of entrepreneurial [...]
Is GM’s decision to build the Astra in Britain a signal that UK manufacturing is reviving? May 17, 2012 YES David Crow Vince Cable was yesterday trying to take all the credit for GM’s decision to continue building the Vauxhall Astra at the Ellesmere Port plant in Cheshire. But the truth is that Vauxhall workers secured their own destiny during the last downturn, when the labour force responded with remarkable flexibility to a sharp [...]