IEA says attacks on tax havens undermine competition and privacy March 15, 2019 The Institute for Economic Affairs (IEA) has today attacked the UK government’s crackdown on tax havens, saying it undermines competition and breaches people’s right to privacy. Laws to make it public knowledge who avoids tax by registering companies in overseas British territories contradict principles of liberal democracy and damage the economy, the free-market think tank’s [...]
Trump attacks May’s handling of Brexit but dangles trade deal March 14, 2019 US President Donald Trump criticised Prime Minister Theresa May’s handling of Brexit negotiations, but restated his desire to strike a trade deal with the UK in a press conference today. He also came out against a second referendum and suggested there would have to be an extension of Article 50 while speaking at the White House [...]
Leading German think tank almost halves country’s growth prediction March 14, 2019 Germany has had its growth forecast for 2019 almost halved by one of the country’s top think tanks, adding to its economic gloom. GDP growth this year will be just 0.6 per cent, the Ifo Institute said today. It had previously predicted growth of 1.1 per cent. Read more: No-deal Brexit could hit Germany's economy, [...]
Hammond has the cash to end austerity, IFS says March 14, 2019 The improved public finances announced in yesterday’s Spring Statement give the chancellor Philip Hammond the power to bring austerity to an end, the Institute for Fiscal Studies (IFS) has said today. The think tank also said Britain’s relentless focus on Brexit has stopped it from addressing important economic and financial challenges in its analysis of the Spring Statement. [...]
Raising corporation tax may seem like a vote winner, but it makes all of us poorer March 14, 2019 Last year, parliament passed a law requiring the UK’s overseas territories (OTs) – including Bermuda, the Cayman Islands, and the Virgin Islands – to publish lists of the “beneficial owners” of the companies registered in them. The sponsors of the law claimed it was a crime-fighting measure. Conservative MP Andrew Mitchell justified the law by [...]
The UK’s elites have a habit of ignoring the will of the people March 14, 2019 On 20 April 1653, Oliver Cromwell marched into parliament saying, “you have sat here too long for any good you have been doing here lately” – words that surely chime with current events. Cromwell was utterly frustrated with an establishment which denied the will of the people. Obviously, no one is suggesting that the army should [...]
Spring Statement: Hammond warns against no deal as UK slashes 2019 growth forecast March 13, 2019 The UK chancellor Philip Hammond slashed the 2019 growth forecast in his Spring Statement and said future spending and economic wellbeing are dependent on an orderly Brexit. Hammond announced that the Office for Budget Responsibility (OBR) had cut the country’s 2019 growth forecast to 1.2 per cent, down from the 1.6 per cent predicted in [...]
Spring Statement: Chancellor to consult on new ways of funding infrastructure projects March 13, 2019 The government is to launch a consultation on how the government pays for infrastructure projects such as Crossrail and HS2 in future, the chancellor said today. In a Spring Statement overshadowed by an impending vote by MPs on whether to accept a no-deal Brexit, Philip Hammond said he would consult business on how to fund [...]
Business groups slam government plans to slash no-deal Brexit tariffs to zero March 13, 2019 Business groups criticised government proposals to slash tariffs to zero in a no-deal Brexit this morning, with the CBI warning it could prove to be “a sledgehammer for our economy”. The government said its measures should avert a £9bn hit to consumers and businesses if the UK crashes out of the EU without a deal [...]
DEBATE: With just 16 days to go until Brexit, is there any point to the Spring Statement? March 13, 2019 With just 16 days to go until Brexit, is there any point to the Spring Statement? Yael Selfin, chief economist at KPMG, says YES. While Brexit is likely to dominate minds again this week, and continue to bring a fog of uncertainty over the outlook for the UK economy, the Spring Statement is still important. [...]