UK could rake in £14.7bn annually from Biden’s tax plan, think tank says June 1, 2021 The UK could rake in an extra £14.7bn every year by adopting US president Joe Biden’s ambitious tax proposal, according to the Institute for Public Policy Research today. Biden’s proposal for a new global minimum corporation tax rate of 21 per cent could bolster the UK’s recovery finances post-pandemic and Brexit, the Institute for Public [...]
UK missed out on £110bn of services exports after Brexit referendum, say wonks June 1, 2021 The UK has lost out on more than £110bn of services exports as a result of the 2016 Brexit referendum, according to a new study from Birmingham’s Aston University. Academics said services exports were £113bn lower between 2016 and 2019 than they would have been if the UK had not voted to leave the EU. [...]
CMA and EU antitrust watchdogs eye AstraZeneca’s $39bn Alexion deal June 1, 2021 EU antitrust watchdogs and are set to decide by this weekend whether to approve AstraZeneca’s $39bn bid for biopharmaceutical company Alexion, a European Commission filing revealed today. Anglo-Swedish drugmaker AstraZeneca sought approval for the deal on Monday. However, the UK’s competition regulator is reviewing the takeover bid for the US-based pharma firm, until 5 July – [...]
Europe shrugs off third wave fears with Germany’s bullish job market June 1, 2021 As Europe gears up towards recovery, German unemployment dropped more than expected in May as companies bolstered their workforces ahead of pent-up demand, data showed today. Falling Covid-19 infections and the easing of lockdown restrictions have revealed surprisingly sturdy job market data – with pent-up demand fuelling a consumer-driven recovery this summer. The number of [...]
UK economy set to grow 7.2 per cent this year, OECD forecasts May 31, 2021 The UK’s economy is set to grow at its fastest rate since the second world war this year and in 2022, the Organisation for Economic Co-operation and Development (OECD) has forecast. After the Covid-19 ravaged economies, the UK suffered a 9.8 per cent contraction in 2020 – its worst in nearly 300 years. The organisation [...]
Rishi Sunak calls on Biden to strike deal for global tech tax May 31, 2021 Rishi Sunak has called on Joe Biden to strike a deal on taxing the US’ tech giants as a part of a larger reform on international business taxes. Sunak is set to hold a G7 meeting of finance ministers later this week in the lead up to the G7 summit in Cornwall next week, which [...]
Biden budget sees $6tn of spending and tax hikes on the wealthy May 29, 2021 US President Joe Biden’s first budget includes spending provisions that would see the country’s debt hit 117 per cent of GDP over the next decade. Biden announced the plans last night, with a $6trn (£4.3trn) spending boost at the centre. Read more: Put-in the diary: Biden to meet Russian President in June The President has [...]
Sunak claim that Cameron and Greensill got no special treatment branded as ‘not credible’ May 27, 2021 Rishi Sunak has said Greensill Capital and David Cameron were not given preferential treatment by government – a claim blasted as “not credible” by the chair of a prominent Westminster committee. Sunak told MPs on the Treasury Select Committee that Greensill Capital’s failed bid for a large government loan “did not occupy a huge amount [...]
Teesside Freeport May 27, 2021 When Chancellor Rishi Sunak awarded Teesside freeport status in his March Budget, it marked a seminal moment for the Tees Valley’s industrial landscape, which promises to deliver seismic economic and employment change. According to findings from the Tees Valley Combined Authority*, Teesside’s new freeport holds the potential to create more than 18,000 skilled jobs over [...]
MPC member: Smooth furlough transition could see earlier rate rise May 27, 2021 An interest rate rise could be necessary in the first part of next year if the UK’s transition out of the furlough scheme does not come with a hike in unemployment, a Monetary Policy Committee member said today. Dr. Gertjan Vlieghe said that he expected an interest rate rise to become appropriate “only well into [...]