Labour plots crackdown on private equity tax loophole September 20, 2021 Labour will crack down on private equity bosses by closing tax loopholes on their bonuses if victorious at the next election. Shadow chancellor Rachel Reeves will today say that by ending the carried interest loophole, the government could raise another £440m in tax revenues. Carried interest payments are given as bonuses to private equity bosses [...]
Morrisons moves into pub sector supply with marketplace partnership September 20, 2021 Supermarket Morrisons has made a move into the hospitality arena after teaming up with StarStock, an online marketplace for the on-trade. StarStock, which allows brands to sell direct to operators through its e-commerce platform, has partnered with the supermarket to allow it to supply pubs and restaurants. Restaurant operators will be able to have “direct, [...]
Liz Truss ignores security spat with France as she says UK is simply ‘hard-headed’ September 19, 2021 New Foreign Secretary Liz Truss has launched a strong defence of the UK’s security pact with the US and Australia amid a deepening diplomatic row with France.Truss said the agreement – which will see the UK and US co-operate to develop a new fleet of nuclear-powered submarines for the Australian navy – showed Britain’s readiness [...]
Mon dieu! France recalls US and Australia ambassadors as £30bn submarine row heats up September 18, 2021 France has taken the dramatic step of recalling its ambassadors to the United States and Australia in the worsening row over their nuclear submarine deal. French foreign minister Jean-Yves Le Drian said the “exceptional decision” was justified by the “exceptional gravity” of the actions of the two Western allies. It followed the announcement earlier this [...]
Big Tobacco’s takeover of Vectura shows the holes on our Companies Act September 17, 2021 There’s little dispute that companies ought to aim to return money to shareholders. Dividends sustain our pension pots and are vital to keep our economy growing. But when this pursuit becomes single minded it fails even by its own logic. PMI’s takeover of Vectura will generate the greatest shareholder value in the short term, but [...]
The pact between Australia, UK and the US is a historic face-off with China and proof of Global Britain September 17, 2021 In a joint speech by Boris Johnson, Scott Morrison and Joe Biden, the United Kingdom, Australia and the United States announced a historical pact dubbed AUKUS. It will allow the Royal Australian Navy to construct and operate nuclear-powered attack submarines. But AUKUS is about more than just what powers Australia’s submarines. The agreement also covers [...]
Johnson: UK, US and Australia nuclear submarine deal creates ‘inseparable’ partnership September 16, 2021 Boris Johnson has hailed the newly signed UK and US agreement to build Australian nuclear submarines as creating an “inseparable” partnership, which will “accelerate” the creation of a range of cyber and AI-based defence systems. Johnson told MPs today that the agreement will enhance “security” and ensure “regional stability” in the Indo-Pacific in thinly veiled [...]
UK, US and Australia sign new defence pact to tackle China September 16, 2021 The UK last night announced a new “landmark” security pact with the US and Australia in a move that’s been widely seen as an attempt to tackle China. AUKUS, as the new partnership will be known, will initially focus on acquiring nuclear-powered submarines for Australia for the first time ever. But the deal, the biggest [...]
Sunak: Private equity raid on UK businesses ‘good news’ for economy September 14, 2021 Foreign investment firms’ recent surge of interest in British listed companies is a “sign of confidence” in the UK economy, chancellor Rishi Sunak said on Tuesday, while also touting British fintech and life sciences companies as “globally best in class.” On the same day that Clayton, Dubilier & Rice cemented its pole position in a [...]
CEOs plot acquisition spree as UK recaptures global attention September 14, 2021 With AA motoring group, Asda, Morrisons and Stock Spirits taken over by private equity firms such as CVC, the UK market has recaptured the globe’s attention, having seen an unprecedented wave of deals. Stemming from initial undervaluations due to Covid-19 and Brexit, on average, UK companies were being undervalued by around 30 per cent, according to recent data from Schroders. [...]