DEBATE: Will the National Security and Investment Bill make it harder for the UK to remain a business hub? November 13, 2020 Max von Thun, senior associate at political advisory firm Global Counsel, says YES. Under the screening regime proposed by the new National Security and Investment Bill, a much higher number of deals will be subject to potential government intervention on national security grounds for up to five years after they have taken place. In addition [...]
Pay no attention to the dysfunctional comms team behind the Downing Street curtain November 13, 2020 There’s a well-known warning in the world of theatre tech: if someone notices the lighting, you haven’t done your job. Yes, sometimes dazzling special effects are what make a show, but nine times out of 10 the audience only becomes aware of the tech if something goes wrong. The way you know you’re doing a [...]
Trump bans US investments in firms controlled by Chinese military November 12, 2020 Donald Trump has signed an executive order banning U.S. investments in Chinese firms that Washington says are owned or controlled by its military. The order could impact some of China’s biggest companies, including telecoms firms China Telecom Corp Ltd, China Mobile Ltd and surveillance equipment maker Hikvision. The move is designed to deter U.S. investment [...]
Exclusive: Government’s widely-mocked careers quiz cost UK taxpayer £1.7m November 12, 2020 The government’s much-mocked jobs quiz that suggested people retrain as boxers, cinema projectionists and lock keepers cost the UK taxpayer almost £1.7m, City A.M. can reveal. The Discover Your Skills and Careers tool launched last year, but saw renewed interest last month after chancellor Rishi Sunak warned that Britain’s jobs market needed to “adapt and [...]
Aligning CGT with income tax would be a mistake, warns Andersen’s tax head November 12, 2020 The government’s tax advisory body published yesterday a highly anticipated report into capital gains tax, concluding that the current rules are ‘counter-intuitive’ and create ‘odd incentives’ in several areas. Instead, Rishi Sunak should increase capital gains tax rates in order to reel in an extra £14bn, according to the Office for Tax Simplification, as it [...]
UK regulators prepared to intervene if Brexit disrupts markets, says FCA November 12, 2020 British regulators are prepared to intervene if the UK’s full departure from the European Union on 31 December risks disrupting financial markets, an executive from the Financial Conduct Authority (FCA) said. While Britain has already left the bloc, post-Brexit transition agreements gives banks and trading platforms full access to EU markets until the end of [...]
Downing Street: ‘Significant gaps’ remain in Brexit trade talks November 12, 2020 Downing Street has said “significant gaps remain” between the UK and EU in Brexit negotiations with talks not expected to yield a breakthrough this week. The Prime Minister’s spokesman told journalists today the UK was “working hard to get a deal”, but that little progress had been made. The unofficial deadline for the two sides [...]
Chancellor sets Budget for March 2021 November 12, 2020 The chancellor will announce a new government Budget in March as part of plans to hike income tax, the Treasury’s permanent secretary has announced. Speaking at a Public Accounts Committee meeting on the government’s furlough scheme this morning, Tom Scholar said: “There will be a Budget in March. We know a lot will change between [...]
UK declares China has broken joint treaty over expulsion of Hong Kong MPs November 12, 2020 The UK has declared that China has once again breached the Sino-British treaty over Beijing’s expulsion of pro-democracy Hong Kong MPs. Foreign secretary Dominic Raab said the move was a “clear breach of the legally binding Sino-British declaration” and that Beijing had “undermined Hong Kong’s high degree of autonomy”. The Chinese parliament adopted a resolution [...]
City of London to be shut out of EU with no equivalence deal from January November 12, 2020 Brussels looks set to lock the City of London out of European markets from 1 January, with the EU not planning on granting regulatory equivalence for the whole bloc before the end of the Brexit transition period.