Sunak pushes for City of London exemption from G7 tax plan June 9, 2021 Chancellor Rishi Sunak is pushing for an exemption for the City of London from the G7’s recently agreed global tax plan. Sunak is looking for a deal for financial services, the Financial Times first reported, in wake of fears that global banks with head offices in London could be affected. Major banks are headquartered in [...]
Tech giants set to slash UK tax bill after G7 agreement June 8, 2021 American tech giants are set to have their UK tax bills slashed under a new global agreement signed by the G7, a think tank has warned. The global minimum corporation tax, agreed by finance ministers in London over the weekend, is aimed at cracking down on tax avoidance by companies such as Amazon, Facebook and [...]
Lex Greensill’s access to Cameron’s Number 10 ‘not normal, says ex-minister June 8, 2021 The level of access afforded to Australian banker Lex Greensill to Number 10 under David Cameron was “not normal”, according to ex-Cabinet Office minister Lord Francis Maude. Maude told MPs on the Public Administration and Constitutional Affairs Committee that it was “surprising [Greensill] he had all that No.10 paraphernalia”, after being appointed as an external [...]
Domestic M&A retreats in first quarter after dealmaking wave at the end of 2020 June 8, 2021 Domestic UK M&A fell in the first quarter of 2021 after a flurry of dealmaking towards the end of 2020. During the first quarter, domestic M&A – where UK companies acquire other UK companies – was worth £3.8bn, a decrease of £5.3bn from the previous quarter last year, according to figures published by the Office [...]
MiCA: A ‘beta version’ of crypto-assets regulation in the EU June 8, 2021 Alexander Prognimak, CFA from the CFA UK Future of Money Working Group, looks at European Union plans for crypto-assets. Gone are the days when London’s famous red buses would be carrying adverts promoting the dream of a shiny post-Brexit future for the NHS. As one ad (that has attracted the advertising regulator’s attention) read: ‘If [...]
The race is on to put climate change centre stage June 8, 2021 With the countdown to COP 26 well underway, this article looks at how the race is on to put climate change at centre stage. Sustainability is the key theme for ICAS for the month of June. Throughout June, we will be focussing on the three strands of sustainability: environmental, social and governance (ESG), in our [...]
Wall Street flat but FTSE ticks up as investors await inflation data June 7, 2021 Wall Street’s main indexes were muted this afternoon as investors stayed on the fence ahead of key inflation data this week, while tech stocks shrugged off a G7 agreement on a new global corporate tax minimum. The Dow Jones Industrial Average and S&P 500 dipped 0.46 and 0.26 per cent respectively by early evening trading. [...]
Chase away the blues with a glass of delicious… blue wine June 7, 2021 This Saturday is National Rose Day, but perhaps it’s time to get a bit more adventurous and celebrate with something blue instead? You see, there are more than 900 vineyards in the UK but only one makes dry sparkling blue wine… Adgestone Vineyard on the Isle of Wight, among the oldest continuously operating vineyards in [...]
London’s launch of e-scooters in the Square Mile to be postponed until July June 7, 2021 The launch of London’s e-scooter rental trial today is set to be delayed across the Square Mile as the City Corporation has postponed its involvement until July. The City Corporation, the local authority for the Square Mile, said it would not be joining the scheme until 5 July, apparently due to administrative setbacks rather than [...]
G7: Building back better will need a truly global approach to finance June 7, 2021 Over the weekend G7 finance ministers and financial leaders from across the world came together in London for arguably their most important meeting since the 2008 financial crisis. Top of their packed agenda was of course the recovery from COVID, against the backdrop of environmental issues and the challenges of reaching net zero emissions. Much [...]