Swissport axes 3,000 jobs after ‘refusing’ to access furlough scheme November 17, 2020 Baggage handler Swissport is making 3,000 employees redundant after refusing to put them on furlough, according to a leading union. There was a wave of redundancies ahead of the 31 December deadline for the furlough scheme, which sees the government pay 80 per cent of employees’ wages. The Chancellor Rishi Sunak belatedly extended the scheme [...]
Relax, the EU needs a last-minute equivalence deal with the City too November 17, 2020 How do things look when it comes to financial services post-Brexit? At first glance, not good. Despite chancellor Rishi Sunak stating that the UK would grant the EU access to its markets, Brussels is claiming it will only allow the City access to European markets if it is “in the EU’s interests”. With less than [...]
Government must shield, not sacrifice, financial services in Brexit negotiations November 16, 2020 The health and success of London’s financial businesses is pivotal to the national interest. Banks and other financial institutions that operate out of the Square Mile and Canary Wharf play a vital role in financing businesses, start-ups and critical infrastructure projects in every corner of the UK.
What are free ports and what are the economic benefits? November 16, 2020 This morning the Treasury announced that the bidding process for the creation of up to 10 new “free ports” in the UK had opened. The first of these sites are expected to begin operating in 2021, in the hope of boosting international trade after Brexit. But what are “free ports” and why is the government [...]
HMRC criminal actions against rich individuals jump 40% in 2019/20 November 16, 2020 The number of arrests, dawn raids or interviews carried out by HMRC in respect of corporate and high net worth individuals jumped 40% last year. Criminal actions launched by HMRC’s Offshore Corporate and Wealth (OCW) unit increased to 70 in the 2019/20 tax year, up from 50 in 2018/19, according to a freedom of information [...]
Rishi Sunak considers new UK road pricing scheme to plug £40bn black hole November 16, 2020 Plans to charge motorists to use the UK’s roads are being considered by chancellor Rishi Sunak in a bid to claw back £40bn in tax revenues lost by switching to electric cars. Sunak has been given the new Treasury proposal in light of Boris Johnson’s plan to ban the sale of new petrol and diesel [...]
Sunak says Boris Johnson will press on with policy reset in self-isolation November 16, 2020 Rishi Sunak has insisted this morning that Boris Johnson will push ahead with his planned two weeks of policy announcements despite being in self-isolation. Number 10 announced yesterday that he Prime Minister was due to unveil a string of new policies in the coming days in an attempt to reset his government after the tumultuous [...]
Boris Johnson to roll out string of new policies in bid to reset government November 16, 2020 Boris Johnson will roll out a series of policy announcements over the next two weeks in a bid to reset his government after the tumultuous exit of his top two advisers. Number 10 announced last night that Johnson – who is currently self-isolating after having had a meeting with an MP who tested positive – [...]
Treasury opens bidding process for first seven post-Brexit Freeports November 16, 2020 From today, the Treasury will start accepting bids from cities and towns across England for the first seven Freeports, which are to be created in 2021. Ultimately, the government aims to establish 10 Freeports across the UK, the Treasury confirmed this morning. Areas given Freeport status will be given a range of tax reliefs, including on purchasing [...]
Explainer: What are green bonds? And how will the UK’s first green gilts work? November 15, 2020 Chancellor Rishi Sunak announced yesterday that Britain will issue its first green government bond next year, in a bid to capitalise on growing investor demand for assets that fund environmentally-friendly projects. The market for investments with an environment, social, or governance (ESG) focus has increased exponentially in recent years. Around $250bn (£189bn) of green bonds [...]