Brexit shines a light on pensions timebomb July 4, 2016 As the economic landscape shifts in the wake of the referendum, one of the most dramatic impacts has been on defined benefit, or final salary, pensions. In the days following the vote, liabilities in defined benefit schemes ballooned, causing deficits to widen. According to early estimates, the rise in liabilities could have increased the deficits [...]
Lord Owen and Lord Lawson: Stop dithering. We must leave the EU ASAP July 4, 2016 It is unsurprising that the people who prophesied doom and disaster if the UK voted to leave the EU are finding it so hard to instil confidence in the policy they never believed in. Whoever is the new Prime Minister must enter Downing Street ready with clear views to discuss with a new Cabinet and when agreed [...]
Eurosceptic MPs lambast law firm for Article 50 legal action July 4, 2016 Eurosceptic MPs have hit out at a London law firm after it revealed it was prepared to launch legal action over the triggering of Article 50, which would begin the UK’s formal exit from the EU. Mishcon de Reya announced last night that, on behalf of an unnamed group of clients, it had started to pull [...]
Work and pensions secretary Stephen Crabb has revealed plans for a £100bn infrastructure fund, backed by a plan for five years of gilt issuance July 4, 2016 Work and pensions secretary Stephen Crabb has promised to fund £100bn of infrastructure investment over five years through the sale of government bonds if selected as Conservative leader. Crabb is currently fighting home secretary Theresa May, justice secretary Michael Gove and Tory backbencher Liam Fox for the right to lead the party, with the first [...]
Osborne to slash corporation tax to below 15 per cent in bid to create a “super-competitive economy” July 3, 2016 George Osborne is planning to slash corporation tax to below 15 per cent in a bid to create a "super-competitive economy". The cuts are part of the chancellor's plan to attract businesses discouraged from investing in Britain following Brexit. In an interview with the Financial Times, Osborne said he wants Britain to boast the lowest corporation tax rate of [...]
EU referendum: Law firm readies itself for Article 50 challenge July 3, 2016 A London law firm revealed today that it was gearing itself up to challenge government should it try to trigger Article 50 in an unconstitutional manner. Mishcon de Reya said that, on behalf of an anonymous group of clients, it had started to pull together a team to potentially head to court, if government were to [...]
A permanent split in the Labour Party is a distinct possibility according to former deputy leader John Prescott July 3, 2016 Lord Prescott has warned that the Labour party could split into two groups as leader Jeremy Corbyn continues to face calls to resign from his own MPs. Former shadow business secretary Angela Eagle launched a fresh appeal for Corbyn to step down yesterday, telling the BBC he should quit “for the good of the party and the [...]
Independent Scotland could become “Greece without the sun” July 3, 2016 Scotland could end up going the way of Greece if it voted to leave the UK in order to remain a member of the European Union as an independent country, a new report has argued. The Centre for Policy Studies (CPS) has warned Nicola Sturgeon the economic case for independence is even weaker than it was [...]
All of the candidates to succeed Prime Minister David Cameron have agreed to publish their tax affairs July 3, 2016 Three of the five candidates for the next Prime Minister have agreed to publish details of their tax affairs. Home secretary Theresa May, justice secretary Michael Gove and energy minister Andrea Leadsom all pledged to reveal their finances earlier today. May is currently favourite to win the competition, followed by Gove and Leadsom. They follow in [...]
Former Labour leader Neil Kinnock tells Jeremy Corbyn to resign July 3, 2016 Former Labour leader Lord Kinnock has urged Jeremy Corbyn to give up his battle to remain as leader of the party in the face of overwhelming opposition from Labour MPs. Kinnock, who lost to John Major in the 1992 general election, also said Corbyn would have to secure the backing of at least 50 MPs [...]