Jacob Rees-Mogg tells Rishi Sunak that raising taxes will cost Tories next election December 7, 2020 Jacob Rees-Mogg has warned Rishi Sunak that he will cost the Tories the next election if he raises taxes next year in what could be the start of a cabinet row. The Leader of the House of Commons said on his Moggcast podcast last night that raising taxes would damage the UK’s economic recovery and [...]
Exclusive: Government offshoring customs jobs to prep UK firms for Brexit December 3, 2020 A government grant programme is paying for overseas workers to help British logistics firms prepare for Brexit. A loophole in the HM Revenue and Customs’ (HMRC) £50m grant programme means taxpayer funds can be given to train overseas workers as long as their company has a UK base. The Customs Grants Scheme, which is being [...]
France pushes EU to go for no-deal Brexit if UK does not make late concessions December 2, 2020 France is reportedly pushing the EU to go for a no-deal Brexit, before restarting trade talks next year, if the UK does not make significant concessions in the coming days. EU chief negotiator Michel Barnier is in London today for in-person negotiations with UK Brexit negotiator Lord David Frost and his team. Barnier also held [...]
Exclusive: Capital gains tax on French properties to soar for UK residents post-Brexit December 2, 2020 UK residents with a second home in France will have to pay substantially more capital gains tax on property sales starting from next year when Britain leaves the Brexit transition period. French tax authorities confirmed today that UK residents will no longer benefit from the EU exemption from a social levies tax and will need [...]
The best medicine for the Covid economy? Tax reform December 1, 2020 In last week’s Spending Review, the scale of the economic challenge facing Britain was made unequivocally clear: the worst drop in GDP for centuries, unprecedented peacetime borrowing, and lasting scarring effects on productivity and the labour market. The chancellor is keen to stress that these problems will require a concerted response in the years ahead. [...]
Think short-term for lockdown but not for investing November 25, 2020 The UK’s second lockdown means everyone’s winter plans have been torn up and thrown away. Even seemingly modest weekend activities – going to a museum, meeting a friend for lunch – are now off the table. As many of us learnt during the first lockdown, the trick is to focus on what is possible in [...]
Londoners pay ‘astonishing’ 30 per cent of UK’s capital gains tax November 25, 2020 Londoners pay nearly 30 per cent of the UK’s capital gains tax, with taxpayers in Kensington and Chelsea forking out the most, according to a new study. The research published this morning showed that London accounts for 29 per cent of the tax, despite being home to just 13 per cent of the UK’s population. [...]
November 2020 a month full of takeaways November 23, 2020 It’s now over a week since Joe Biden was declared the winner of the US 2020 elections. The uncertainty leading up to 3rd November was palpable and pervasive and placed a ceiling on significant capital gains. However, the week of the election was superb for risk markets, even as votes were counted. The S&P 500 [...]
Has the euro’s time come to shine? November 23, 2020 Our fixed income team thinks that after more than a decade of financial uncertainty, Europe’s fortunes – and that of the euro – could be set to change. Here’s why. Years of instability The past couple of years have brought yet more turmoil and uncertainty to the European Union. What its proponents see as a [...]
Rishi Sunak set to raise taxes in spring to pay off Covid debt bill November 22, 2020 Rishi Sunak has signalled that he will raise taxes in the spring of next year to pay off the country’s Covid spending bill. The chancellor told the Sunday Times today that by spring the conutry must start “returning to sustainable public finances”, after spending more than £200bn on the Covid crisis. This year’s deficit is [...]