Eurosceptic MPs lambast law firm for Article 50 legal action July 4, 2016 Eurosceptic MPs have hit out at a London law firm after it revealed it was prepared to launch legal action over the triggering of Article 50, which would begin the UK’s formal exit from the EU. Mishcon de Reya announced last night that, on behalf of an unnamed group of clients, it had started to pull [...]
Osborne to slash corporation tax to below 15 per cent in bid to create a “super-competitive economy” July 3, 2016 George Osborne is planning to slash corporation tax to below 15 per cent in a bid to create a "super-competitive economy". The cuts are part of the chancellor's plan to attract businesses discouraged from investing in Britain following Brexit. In an interview with the Financial Times, Osborne said he wants Britain to boast the lowest corporation tax rate of [...]
Business confidence steady on eve of EU referendum July 3, 2016 On the eve of the referendum UK businesses were feeling optimistic about the future and were ramping up production, a new survey from the CBI has shown. In a survey of businesses conducted in the weeks before the 23 June vote, manufacturers, retailers and services firms reported little sign that pre-referendum nerves were holding them [...]
Independent Scotland could become “Greece without the sun” July 3, 2016 Scotland could end up going the way of Greece if it voted to leave the UK in order to remain a member of the European Union as an independent country, a new report has argued. The Centre for Policy Studies (CPS) has warned Nicola Sturgeon the economic case for independence is even weaker than it was [...]
Queen Elizabeth advises Scottish MSPs to stay calm and think things through carefully July 2, 2016 Queen Elizabeth told the members of the Scottish Parliament today that keeping a cool head is the key to good leadership. Her advice comes after the financial markets were rocked by the outcome of Britain's referendum, both the Conservative party and the opposing Labour party are grappling over leadership questions, and Scotland's leader Nicola Sturgeon has [...]
George Osborne ditches plans to run budget surplus July 1, 2016 George Osborne has signalled he is ready to drop his target to balance the books by the end of the decade as he pointed to severe economic uncertainty in the aftermath of the EU referendum. Speaking in Manchester, the chancellor said he needed to be "realistic" about the chances of meeting his self-imposed target to [...]
Eurozone unemployment nears five-year low July 1, 2016 Unemployment across the Eurozone dropped to its lowest level in nearly five years in May. Across the single currency bloc, the rate of joblessness was 10.1 per cent – down from 10.2 per cent in April – in another sign that the Eurozone economy is heading in the right direction. The fall takes the rate of [...]
Manufacturing survey reveals industry was on the mend before EU referendum July 1, 2016 Activity in the manufacturing sector was running at a five-month high in the days before the EU referendum, in a sign the industry could have started to turn a corner before the vote. The closely-watched purchasing manufacturing index (PMI) showed activity came in at 52.1, up from 50.4 last month where scores above 50 indicate expansion, [...]
Forget post-referendum gloom: Britain’s economy will blossom outside the EU June 30, 2016 We have made history by becoming the first member state to give notice on our membership of the EU. But given that I will be explaining why I see the UK economy blossoming post-Brexit, it’s worth starting with a bit of my own history. I began student life in 1984 as an undergraduate at the [...]
S&P just slashed its rating for the EU from AA+ to AA June 30, 2016 S&P Global Ratings announced today that it was slashing its rating for the EU. The agency cut its long-term rating from AA+ to AA with a stable outlook, meaning it does not foresee the rating changing again in the next two years. The decision to cut the rate was a direct result of the UK's Brexit vote [...]