National Audit Office: Concentrix £1bn tax credit outsourcing delivered savings of less than a fifth than was expected January 17, 2017 A catalogue of errors in relation to outsourcing tax credits has been laid bare in a damning report by the public spending watchdog. Highlighting a series of shortcomings, the National Audit Office (NAO) today released its findings into HM Revenue & Customs’ (HMRC) controversial outsourcing arrangement with Concentrix. HMRC estimated £1bn of savings could be [...]
Why Davos elites should invite the populists to the table January 17, 2017 The year has barely kicked off and 2017’s biggest business get-together, held in the Swiss mountain resort town of Davos, has already begun. And, this year, the World Economic Forum’s annual meeting is headlining under the theme of “Responsive Leadership”. This theme leaves plenty of room for interpretation and imagination. My sense of what best [...]
Donald Trump’s business meddling: Crony capitalism to a Tea January 17, 2017 To understand why many large businesses and pro-market US policy wonks are anxious about a Donald Trump presidency, one has to understand the lessons of the Tea Party. No, not the recent grassroots phenomenon caricatured in the UK media. I’m talking about the Boston Tea Party of 1773 – in which American colonists, belonging to [...]
Theresa May vows to turn Britain into “a great global trading nation” January 17, 2017 Prime Minister Theresa May will today vow to make Britain “a great global trading nation” in an eagerly-awaited landmark speech on Brexit. Speaking at Lancaster House later today, May will set out 12 key negotiating objectives for the UK, underpinned by promises to provide certainty and clarity, and to create a stronger, fairer and more [...]
Hard Brexit will need longer transition for businesses, City policy chief warns January 16, 2017 The Square Mile will need a longer transition if Theresa May pursues a so-called Hard Brexit, City policy chairman Mark Boleat has warned. Delivering a lecture at King’s College, Boleat said that any deal with the EU must include time for business to adapt. However, he added that the nature of the deal is more important than [...]
Ukip’s odds of winning the Stoke-on-Trent by-election just got slashed by Betway January 16, 2017 The odds of Ukip winning the Stoke-on-Trent by-election have been slashed on growing expectations that the party's leader, Paul Nuttall, will throw his hat into the ring. Ukip's odds of winning the Stoke-on-Trent Central seat have been cut from 11/4 to 9/4 by betting exchange Betway, while Nuttall is now 15/8 to be Ukip's name [...]
UK tech urges Theresa May to clarify skilled immigration in hard Brexit speech January 16, 2017 The UK tech industry is calling on Theresa May to consider the need for skilled migrants in her plans for Brexit, which are due to be revealed in a highly-anticipated speech on Tuesday. The Prime Minster is expected to lay out her most detailed plans yet for a so-called hard Brexit that would mean an exit from the Single Market, customs union [...]
CBI boss Carolyn Fairbairn sounds the alarm on Brexit “crash-landing” January 16, 2017 CBI boss Carolyn Fairbairn has issued a warning against "crash-landing" into Brexit without planning or sufficient preparation. Ahead of Theresa May's landmark address on tomorrow, Fairbairn has issued a last-ditch plea for a negotiated settlement with Europe, including provisions for transition. "The practicalities of a disorderly crash-landing need to be understood," Fairbairn told the Guardian. "An [...]
“Considerable” Brexit costs will prevent Italeave, Departugal or Czechout says top Eurozone official January 16, 2017 One of the Eurozone's top officials has branded claims that other European countries will follow suit after Brexit as "fantasy". President-elect Donald Trump has predicted fresh departures from the EU, arguing that member-states will be keen to pursue their own identities. However, European economic affairs commissioner Pierre Moscovici has told reporters that the "considerable" cost of Brexit [...]