EU-wide digital services tax could make system worse, warns pan-European think-tanks February 19, 2019 An EU-wide digital services levy would distort the bloc’s tax system and introduce extra bureaucracy, a pan-European group of think-tanks has warned. A report by the European Policy Information Center [CORR] – made up of organisations from nine European countries including the UK’s Institute of Economic Affairs – raised concerns that in the drive to [...]
China: How George Osborne’s ‘golden era’ lost its shine February 17, 2019 When former chancellor George Osborne visited China in 2015, he pronounced it the start of a “golden era” of Sino-British relations. Britain threw itself into tens-of-billions of pounds worth of trade deals, Osborne turned a blind eye to a litany of Chinese human rights abuses and President Xi Jinping even joined David Cameron for a pint [...]
Chancellor Philip Hammond’s planned visit to China next week is called off February 16, 2019 Chancellor Philip Hammond's trip to China has been called off after reports that a speech the UK defence secretary made has angered the Chinese government. Hammond was set to hold trade talks with senior officials in Beijing during a brief visit next week, but a spokesperson for the Treasury has said: ""No trip was ever announced [...]
Theresa May to tell MPs to hold their nerve over Brexit February 12, 2019 Prime Minister Theresa May is expected to tell MPs today to hold their nerve in the UK’s game of brinksmanship with the EU over Brexit. May is due to make a statement to MPs at 12.30pm ahead of a debate on Thursday on the next steps for Brexit. “We now all need to hold our nerve,” [...]
Philip Hammond’s ‘Brexit deal dividend’ claim under attack from MPs February 12, 2019 Philip Hammond’s promise of a Brexit dividend has been called into question amid signs of sluggish economic growth and warnings of a knock-on effect for the public finances. Figures released on Monday showed the UK economy grew by just 1.4 per cent in 2018 – its slowest rate for six years – while growth in the [...]
Britain must ‘enhance lethality’ amid growing cyber threat, says defence secretary February 11, 2019 Defence secretary Gavin Williamson will this morning crank up his military rhetoric, saying Britain cannot be seen as a “paper tiger” and must be ready to take action against countries that “flout international law”. The more aggressive tone, which comes ahead of the UK striking out on its own outside the European Union, will be [...]
Chancellor needs to find extra billions to end austerity February 11, 2019 The chancellor Philip Hammond will have to find billions of pounds to prop up public spending to deliver on promises of ending austerity. According to a report from think tank the Institute of Fiscal Studies (IFS), over the four years from 2019-20 to 2023-24, Hammond would need to find a further £2.2bn to avoid cuts [...]
Going for gold: How the Bank of England became a battleground of the Venezuela crisis February 10, 2019 While tens of thousands of Venezuelans continued their revolt against the regime of discredited strongman Nicolas Maduro last week, a rather different form of protest popped up in the Square Mile. A group of far-left protesters, who counted Ken Livingstone and Labour MP Chris Williamson among their ranks, accused the Bank of England of “theft” [...]
The world’s booming middle class still holds the key to the City’s future February 5, 2019 Billions of people have escaped poverty over recent decades, in what is arguably humanity's greatest success story. Figures last autumn, moreover, estimated that five people join the world's burgeoning middle class every second. Much of the success is concentrated in Asia, a picture that looks set to continue according to fresh data published by PwC [...]
MPs launch inquiry into impact of business rates on high street retailers February 1, 2019 An influential committee of MPs is launching an inquiry into the government's policy towards business rates, amid mounting pleas for tax relief from embattled retailers on the high street. Parliament’s Treasury committee has revealed today that it is set to scrutinise the impact of Downing Street’s business rates tax, which has been at the centre [...]