There are good reasons to be optimistic about the City’s prospects post-Brexit

by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen Heraldmoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comGive It LoveThese Twins Were Named “Most Beautiful In The World,” Wait Until You See Them TodayGive It LoveFactableTragic Reason She Was Drugged For ‘Wizard Of Oz’FactableTotal PastThis Woman’s Obituary Was So Harsh, Her Son Was Left ReelingTotal PastMaternity WeekAfter Céline Dion’s Major Weight Loss, She Confirms What We Suspected All AlongMaternity WeekPost FunDoctor Tells Man He’s Infertile, Then Realizes Why His Three Sons Look So FamiliarPost Fun whatsapp Friday 6 January 2017 4:15 am There are good reasons to be optimistic about the City’s prospects post-Brexit whatsapp Share However, “equivalence” is not a guaranteed right; it is at the gift of the EU Commission, so the granting of its status is likely to become political and cannot be relied upon.Read more: BoE chief economist on Brexit: Won’t someone think of financial services?The City will remain a significant global financial centre after Brexit because it will retain many functional, organisational, institutional and legal advantages over other alternatives and opportunities may be created, but Brexit and the loss of the EU passport will inevitably have an impact.The City may not see a mass exodus the day after we leave the EU, but if Brexit means firms have to restructure, relocate or lay-off staff, transact through a longer chain of entities and lose the benefits of the concentration of clearing and liquidity, we could see incremental costs to capital raising, investment and hedging that together might damage the City and the wider economy.Ultimately, even if negotiations with the EU result in a favourable outcome for the City, the threat of Brexit’s unknowns presents its own dangers. This is one of the reasons the City is pressing for an early agreement on transitional provisions to smooth the exit and possibly reduce the need for firms to react on the basis of insufficient information. First, London is a truly international dispute centre, with the majority of Commercial Court litigants coming from overseas. Portland Communications recently reported that 66 per cent were from outside the UK, with the majority of those being non-EU parties.There is no reason why Brexit should undermine the respect enjoyed by the English legal system or the reputation of its judiciary. The court process is well-understood and supported by a strong UK legal services sector, with substantial investment having been made in recent years to give the Commercial Court a home fitting its premium brand in global dispute resolution.Read more: Why the UK legal sector is vital to the City’s global successEnglish commercial law will continue to be well-known for its emphasis on respecting rather than re-writing contracts, and for applying established principles while developing to keep pace with the world outside the courtroom.But EU law does play an important part in cross-border litigation, in particular on how to determine which country’s laws apply, where cases should be heard and the critical issue of how judgments can be enforced in different member states. The risk and uncertainty of Brexit has cast a shadow over parts of the City, with some worried that two of London’s great crowns – global litigation centre and global financial capital – will be threatened. But how much will London’s standing on the world stage change in these respects as a result of Brexit?Of course uncertainty abounds, but there are several reasons to be optimistic that London will maintain its position as a leading centre for cross-border business disputes. Stuart Pickford and Mark Compton The remaining member states will still generally be required by EU law to uphold a choice of English law. And legal industry bodies are at pains to ensure the government appreciates the practical advantages of the existing EU framework on reciprocal jurisdiction and enforcement, or at least of having something of similar effect. Whatever happens, it is likely that contracting parties will remain free to agree to litigate in England, with English judgments enforced across a large number of jurisdictions.Even with today’s uncertainty, the pre-eminence of English law in cross-border contracts and the strength of our legal system still give London a firm foundation to remain one of the world’s international dispute centres.Read more: The optimal Brexit strategy is simple – if Britain leaves the Customs UnionSo one crown may remain for London, but what about our financial status?Passporting is obviously an issue and, although operating in the City without a full EU passport will impact many financial institutions’ operations, some may conclude that they will have a reasonable chance to continue to provide services into the EU even if the passport ceases to be available. This is because EU legislation permits institutions that are not located in the EEA to provide certain cross-border services to customers without needing local licences if that institution is regulated in a jurisdiction with laws that are “equivalent” to those of the EU. The UK is on target to implement all applicable EU financial services legislation by the time we leave, so the UK’s laws should not only be equivalent but essentially identical to those of the EU. 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Inflation to hit 1.9 per cent for January as London businesses battle fastest cost rise since 2008

Rising air fares and food prices drove UK inflation up in December, with the annual rate of CPI inflation up to 1.6 per cent for the month. That was an increase on the 1.2 per cent recorded for November, the Office for National Statistics (ONS) said.Higher costs for imported materials and fuels pushed up producer prices too. Share Rebecca Smith London’s businesses are being hit by fast-rising input costs. We’ve seen both manufacturers and service providers shoulder this extra expense, which has contributed to a slowdown in job creation.Despite this, January has been a positive start to the year for the capital.Business activity has been boosted by a rising demand for goods and services, which is an encouraging signal for the year ahead. London’s businesses have passed on the cost to customers in the form of raised prices.Business activity growth slowed slightly; the London PMI registered 54.5 in January, down from 56.1 in December. Any reading over 50 signifies growth. The rate of job creation in the capital has also slowed, recording a small rise in employment numbers throughout the month.Output growth across London remained strong last month, though it was below the UK average, and a similar story for levels of new business.Read more: Inflation is striking back – and it will have implications for our politicsPaul Evans, regional director for London at Lloyds Bank Commercial Banking, said: Monday 13 February 2017 12:01 am Consumer price inflation is expected to reach 1.9 per cent in January, taking it to its highest level since June 2014.It comes as businesses in the capital have faced the fastest rise in input costs for more than eight years during January. More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comConnecticut man dies after crashing Harley into live bearnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com IHS Global Insight forecasts a third successive marked increase for the Consumer Price Index (CPI) ahead of official figures being released tomorrow. That has been driven by higher fuel and food prices last month; with the former hitting a two-year high during January.Read more: How to protect your portfolio from inflation’s rising tideHoward Archer, chief UK and European economist at IHS Global Insight, said some price rises might be offset following “aggressive discounting” from retailers in the January sales “after disappointing sales at the end of the year”.Eurozone consumer price inflation rose to 1.8 per cent in January from 1.1 per cent in December, due to steep increases in both energy and food prices.And according to Lloyds Bank’s latest regional purchasing managers’ index (PMI), higher prices for fuel and a weak pound have resulted in average costs rising at the fastest pace since September 2008 for firms in the capital. whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeLendSpaceAre auto title loans a viable option? – LendSpaceLendSpaceUndowaruit.comWhy Over Consuming Sugar Are Destroying Your Healthwaruit.comUndoHealthy ZoneWarning! 10 Subtle Signs of Kidney Diseases that Should Never Be IgnoredHealthy ZoneUndoCar NovelsPolice Officer Pulls Over A Car And Is Almost In Tears When He Finds Out Who’s InsideCar NovelsUndoVikings: Free Online GameIf you’re over 50 – this game is a must!Vikings: Free Online GameUndoillusion.funWhat happens if you put a rose cutting in a potatoillusion.funUndoEveryday WellnessScience Explains What Happens To Your Body When You Eat Two Bananas A DayEveryday WellnessUndomylifestech.com15 ways to get healthy and glowing skin fastmylifestech.comUndoList Nebula8 Most Deadly Dog BreedsList NebulaUndo Inflation to hit 1.9 per cent for January as London businesses battle fastest cost rise since 2008 whatsapp read more

EU negotiator Guy Verhofstadt says Sir Winston Churchill would have voted Remain

whatsapp Leading Brexiteer and former Ukip leader Nigel Farage said last night that he felt like he was “attending a meeting of a religious sect” in Strasbourg.”It’s as if the global revolution of 2016; Brexit, Trump, the Italian rejection of the referendum, has completely bypassed you,” Farage continued. Eurosceptics can twist the words from the British Bulldog all they want. But they have squandered Churchill’s legacy. “In May 1947, in the Albert Hall in London Churchill, the British Bulldog, made it very clear what he wanted. And I quote: ‘I present the idea of a United Europe in which our country will play a decisive part. (…) as a member of the European family’,” he said.“Yes, the Tories were openly pro-European at that time.”  The European Parliament’s chief Brexit negotiator Guy Verhofstadt yesterday accused the Brexit movement of destroying Sir Winston Churchill’s legacy.Verhofstadt told MEPs in Strasbourg that Churchill would have voted to Remain in last June’s referendum. EU negotiator Guy Verhofstadt says Sir Winston Churchill would have voted Remain Wednesday 15 February 2017 9:32 am More From Our Partners Porsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comFort Bragg soldier accused of killing another servicewoman over exthegrio.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comWhy people are finding dryer sheets in their mailboxesnypost.com whatsapp “Mr Verhofstadt this morning said that people want more Europe; they don’t. The people want less Europe. And we see this again and again when people have referendums and they reject aspects of EU membership.”Verhofstadt, a former Belgian Prime Minister, was appointed last September to lead Brexit talks. Soon after taking up the role, he called for a speedy divorce process. Share Caitlin Morrison read more

Aston Martin confirms London IPO could drive valuation to over £5bn

first_imgThursday 20 September 2018 7:40 am Aston Martin Owners Club members, as well as UK staff and customers, will be able to hold shares in the brand, Palmer said.He added: “Over the past four years the benefits of the Aston Martin turnaround to the UK economy have been profound. We have secured and created thousands of jobs in the west Midlands and south Wales, boosted our investments in manufacturing and engineering and increased our spend with local suppliers.”Aston Martin will become a public company on 3 October 2018, first announcing the move earlier this month.Read more: Aston Martin profits up as company confirms IPOIt reported increased profits of £106m in its half-year results at the end of August, while revenue also grew eight per cent year-on-year to £445m. The company expects production to build between 6,200 and 6,400 cars in the second half of the year, and with the new Vantage and DBS Superleggera models driving demand.Former Coca-Cola executive and RBS director Penny Hughes is set to lead the firm’s float as the first female chair of a British car maker. Read more: Aston Martin to hire Penny Hughes to lead £5bn floatThat range would give the British firm a market cap of between £4.02bn and £5.07bn when it floats on the London Stock Exchange next month.”By becoming the only automotive company listed on the London Stock Exchange, Aston Martin Lagonda will provide investors with a fitting opportunity to participate in our future success,”Dr Andy Palmer, president and group chief executive, said.It will float almost 57m shares when it debuts, representing a 25 per cent stake in the company, including existing investors like Adeem Investments, Primewagon and Investindustrial selling off their shares in the company. Senior management will also sell their shares.However, German car manufacturer Daimler will retain its interest in Aston Martin, converting its non-voting stake into a 4.9 per cent shareholding, locking this up for 12 months post-IPO. Aston Martin confirms London IPO could drive valuation to over £5bn Aston Martin’s IPO could value it at over £5bn, it confirmed today.The luxury carmaker is getting into gear for its stock market debut, setting its share price range as between £17.50 and £22.50 for ordinary shares. whatsapp whatsapp Share Joe Curtis last_img read more

Erdogan accuses US of using pastor with ‘dark links’ to terrorists to justify sanctions

first_imgErdogan, addressing the country’s parliament, also hoped to improve ties with the US as soon as possible and said Trump’s administration would soon fix the “wrong approach” it had adopted towards Turkey.He said the US had taken the wrong path by threatening and using blackmail instead of dialogue.In another jibe, the executive president said the US had lost all credibility by engaging in trade wars with the world.The Turkish lira has lost nearly 40 per cent of its value against the dollar this year.Read more: Erdogan warns his patience with Turkey’s central bank ‘has limits President Recep Tayyip Erdogan has accused the US of using a pastor with “dark links” to terrorists groups to justify imposing sanctions on Turkey. Erdogan accuses US of using pastor with ‘dark links’ to terrorists to justify sanctions whatsapp Tags: Trading Archive Evangelical pastor Andrew Brunson, detained in Turkey on terrorism charges, has long been at the centre of the diplomatic spat between the two countries.Read more: Turkish courts will decide the fate of American pastor at centre of US spaBrunson’s detention and subsequent house arrest has incensed US President Donald Trump, who doubled tariffs on aluminium and steel imported from Turkey after talks to instigate the pastor’s release broke down.Turkey hit back with duties on US cars, alcohol and tobacco.The pastor is due to face trial later this month and could be jailed for up to 35 years if found guilty, while the US has demanded his immediate release. Callum Keown Monday 1 October 2018 3:41 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutBetterBe20 Stunning Female AthletesBetterBemoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comMedical MattersThis Picture Shows Who Prince Harry’s Father Really IsMedical MattersCleverstTattoo Fails : No One Makes It Past No. 6 Without LaughingCleverstRest Wow68 Hollywood Stars Who Look Unrecognizable NowRest WowMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailWTFactsHe Used To Be Handsome In 81s Now It’s Hard To Look At HimWTFacts Share whatsapp The troubled currency did finally gain some of that ground back last month when Turkey’s central bank defied Erdogan and increased interest rates from 17.75 per cent to 24 per cent.Erdogan told politicians that fluctuations in the lira did not reflect the economic reality and that the country would overcome “attacks on the economy”.The lira improved to 5.95 against the dollar after his speech – its strongest valuation in more than six weeks.last_img read more

Hostelworld camps down for flat growth but hints at future bookings boost

first_img Tags: Trading Archive Thursday 29 November 2018 11:25 am In a trading update the online booking platform said effective cost management is helping to offset the flat growth, which it blamed on a decline in its supporting brands.Hostelworld chief executive Gary Morrison said: “We are operating in an attractive and growing market, with a strong and trusted brand, providing relevant and valuable customers to the hostel sector.“We will invest in our core products, platform and capabilities as we strive to improve the hostelling experience for travellers and enhance our technology offering for the benefit of our core hostel partners.”The forecast comes after a six-month strategic review aimed at steering the company back to growth.Hostelworld said it has strengthened its management team and will address a lack of investment in its core platform. whatsapp James Warrington Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldFinance Wealth PostTom Selleck’s Daughter Is Probably The Prettiest Woman To Ever ExistFinance Wealth PostTotal PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal PastScientific MirrorLily From The AT&T Ads Is Causing A Stir For One ReasonScientific MirrorMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteableyFaith Hill’s Daughter Is Probably The Prettiest Woman In The WorldNoteableymoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comcenter_img Hostelworld camps down for flat growth but hints at future bookings boost Hostelworld today said its projected earnings for the full year are in line with expectations as it wraps up a strategic review to boost bookings in the coming years.The Dublin-based company said earnings before interest, taxes, depreciation and amortisation are on track to meet the board’s expectations, but that like-for-like bookings are likely to remain flat. The additional investment will take place in 2019, with Hostelworld hoping to see a growth in bookings in 2020.The company also plans to improve its customer booking experience next year. whatsapplast_img read more

Lloyds Banking Group boosts profits 24 per cent and reveals £1.75bn share buyback scheme

first_imgHe added: “We have also delivered another year of increased statutory profits and returns along with strong capital build and, as a result, have been able to recommend an increased dividend and share buyback to our investors.Read more: Danske Bank ordered to shut Estonian branch amid money laundering scandal“Over 2018 the UK economy has proven itself to be resilient with record employment and continued GDP growth. Although the near term outlook for the UK economy remains uncertain, our strategy continues to deliver for our customers.“I remain confident that with our unique business model and market leading efficiency we can continue to increase investment in customer propositions and grow our leading digital bank, whilst at the same time delivering strong financial performance and market leading returns.” Lloyds Banking Group boosts profits 24 per cent and reveals £1.75bn share buyback scheme Tags: Company FTSE 100 Lloyds Banking Group whatsapp Lloyds Banking Group’s profits surged 24 per cent in 2018, it revealed today, as it announced a £1.75bn share buyback scheme.The bank said it was “confident in the future” of the UK economy, citing record employment, surging wages and low interest rates. Joe Curtis FTSE bellwether Lloyds welcomed the UK’s robust economy for the strength of its 2018 balance sheet, pointing to record employment and continued GDP growth.Lloyds said it was working on the assumption that the UK would leave the EU in a smooth transition.Chief financial officer George Culmer said it was not being “complacent” by giving away capital amid economic uncertainty but that it had the strength to do so.He added that Brexit planning costs, including new subsidiaries and moving staff, were “not material at all.”Tom Stevenson, investment director from Fidelity Personal Investing’s share dealing service, said shareholders will welcome the higher dividend as they keep one eye on any potential fallout from the Brexit negotiations.center_img Read more: HSBC boss John Flint needs short term rigour as well as a long term visionThe figuresProfit after tax leapt 24 per cent to £4.4bn year on year, though that was below analyst expectations of £4.6bn.Net income grew a marginal two per cent to £17.8bn while the net interest margin stood just shy of three per cent.Operating costs fell even as the bank set aside £200m to address PPI mis-selling claims in the fourth quarter.The bank upped its dividend five per cent on 2017 to 3.21p per share, as it announced a £1.75bn share buyback that will see investors’ total payout for the year hit £4.4bn.Why it’s interesting Share Wednesday 20 February 2019 7:25 am whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableybonvoyaged.comTotal Jerks: These Stars Are Horrible People.bonvoyaged.comDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyMisterStoryWoman files for divorce after seeing this photoMisterStoryLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver HealthAffluent TimesLily From The AT&T Ads Is Causing A Stir For One ReasonAffluent TimesBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreaker “Lloyds is more dependent on the health of the UK economy than most companies in the FTSE 100,” he said.“This explains the market’s caution about the shares, which have lost a third of their value over the past four years. Although the immediate outlook is clouded by Brexit uncertainty, Lloyds has a low-risk and simple business model. As long as the UK economy does not fall off a cliff, nor should Lloyds.”The banking group added that PPI costs rose by £750m over 2018, with £200m of claims appearing in the fourth quarter alone, seeing its total mis-selling costs hit £19.4bn.The charges were fuelled by 13,000 complaints a week as the August 2019 deadline for PPI claims approaches.What Lloyds Banking Group saidChief executive Antonio Horta-Osorio hailed 2018 as a year of “strong strategic and financial delivery”.last_img read more

Theresa May’s hated compromise is the only workable Brexit on offer

first_imgFriday 15 March 2019 8:12 am The eurosceptics who have twice rejected her deal have two main Brexit visions of their own. Unfortunately, both risk crossing the other of May’s impenetrable red lines.The first is for a straightforward trade deal of the type that Canada enjoys. Some Brexiteers have rushed to point out that the EU has actually offered such a deal, if the Prime Minister would only take it.What they neglect to mention is that this generous EU offer only applies to Britain, not to the whole of the UK. Northern Ireland would have to remain in the customs union, resulting in a border with mainland Britain in the Irish Sea, not to mention splintering May’s fragile alliance with the DUP.A UK-wide trade deal, which would see a customs barrier of some kind between Northern Ireland and the Republic, has been categorically ruled out by the EU until the border issue can be resolved. A trade deal as things stand would therefore leave May as the Prime Minister who broke up the United Kingdom.The other Brexiteer offer is leaving with no deal at all. But this also comes with constitutional risks – not only in Northern Ireland, but in Scotland too, which voted Remain by 62 per cent. More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Theresa May’s hated compromise is the only workable Brexit on offer “The deal we have negotiated is the best and indeed only deal available.”So claimed a dejected Theresa May on Tuesday night, smarting in the aftermath of the fourth biggest defeat for a sitting government in modern parliamentary history. Obviously, parliament does not agree. An overwhelming majority of MPs want May to go back to Brussels for the umpteenth time and demand something better.The trouble is that, for all the problems with the withdrawal agreement, May is right. If you think like this Prime Minister does, the unhappy compromise that defines the withdrawal agreement is the only way to square the multidimensional Brexit circle.When it comes to Brexit, the old Jewish saying “ask two Jews, get three opinions” seems apt.A multitude of different – often contradictory – visions for Britain outside the EU were put forward during the referendum campaign, and aligning them all into a Brexit that fits every Leave voter’s personal preferences was always going to be an impossible task.So what have May’s priorities been, and how did they converge to form the deal she still clings to? Share The first is her strong sense of duty towards the integrity of the Conservative party.Faced with 48 per cent of voters desperate to stay in the EU, someone else might have sought a softer Brexit from the get-go – perhaps moving to be part of the European Economic Area (EEA) instead, staying within the EU’s customs union and Single Market. The UK would still be leaving the EU, but cleaving as close as possible to existing institutions.This so-called “Norway option” would have likely gained cross-party support and partially appeased Remainers – who feel that almost half the country has been overlooked since 2016 – while minimising business uncertainty and economic disruption.It would, however, have split the Tory party. Imagine how much louder the calls of “betrayal” from Boris Johnson, Jacob Rees-Mogg, and the European Research Group (ERG) would have been if Brexit were to morph into EEA membership. After decades of campaigning to leave the EU, Tory backbenchers could well have thrown in the towel and left the party en masse.A different Prime Minister, with different parliamentary arithmetic, might have risked it. But May, born into a Tory family and raised on the Conservative ethos, will not allow the party to split on her watch. First minister Nicola Sturgeon has spent nearly three years accusing May of ignoring Scotland’s voice, fanning the Scottish nationalist flames and laying the groundwork for a second independence referendum.While no one knows the exact impact of no-deal, there have been dire warnings of economic instability and even recession.While Northern Ireland faces the political and economic consequences of a hard border with the Republic, Scottish businesses will also suffer and unemployment may rise, fuelling the rhetoric that Westminster has yet again acted against Scotland’s interests.May’s mulish sense of civic duty will not allow her to gamble on an independent Scotland and a referendum on Irish reunification. She is, after all, the leader of the Conservative and Unionist Party.The withdrawal agreement, then, is the only scrap of overlap between these competing priorities.That’s why May has stuck with it through cabinet revolts, resignations, leadership challenges, and two overwhelming parliamentary defeats. It’s why she is almost certain to bring it back for a third meaningful vote before 29 March – because, ultimately, she truly believes that it is the best deal on offer.When she does, ERG MPs have a decision to make. If they do not get behind this deal, they may end up with no Brexit at all, via another referendum or a Norway-style fudge.Or, they may get the Brexit they claim to want, at the cost of seeing one or even two of the UK’s nations secede from the rest of the country.May has spent her premiership fighting against that risk. Are they really prepared to bear responsibility for the break-up of the UK?If not, it’s time for some soul-searching. As the Tory MP Tom Tugendhat so eloquently put it this week, “take the damn deal”. whatsapp Rachel Cunliffe whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikePast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryUndoHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGemUndobonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comUndoPost FunA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserPost FunUndoNews SharperGrab A Tissue Before You See Richard Simmons At 72News SharperUndoQuizscapeQuiz: 9 Out Of 10 People Can’t Name These Famous ComediansQuizscapeUndoNext RefinanceThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryNext RefinanceUndoG InsuranceExperts Discover Girl Born From Two Different SpeciesG InsuranceUndoTaco RelishPhotos Show The Differences Between Kate & Meghan’s Parenting StylesTaco RelishUndo Tags: Boris Johnson Brexit Nicola Sturgeon People Theresa Maylast_img read more

Congresswomen respond to ‘racist’ Trump tweets

first_img WASHINGTON, DC – JULY 15: (L-R) U.S. Reps. Ayanna Pressley (D-MA), Ilhan Omar (D-MN) and Alexandria Ocasio-Cortez (D-NY) listen during a news conference at the U.S. Capitol on July 15, 2019 in Washington, D.C. President Donald Trump stepped up attacks on the four progressive Democratic congresswomen, saying that if they’re not happy in the U.S., “they can leave.” (Photo by Alex Wroblewski/Getty Images) Trump plunged himself into hot water over the weekend with a series of attacks against four congresswomen of colour. “I want to tell children across this country that no matter what the President says, this country belongs to you, and it belongs to everyone,” Alexandria Ocasio-Cortez said last night. Share Tuesday 16 July 2019 10:40 am “I encourage the American people and all of us in this room and beyond to not take the bait. This is a disruptive distraction from the issues of care, concern and consequence to the American people,” she said. whatsapp The comments were also condemned by UK Prime Minister Theresa May. whatsapp The remarks were widely considered racist attacks against three women born in the US – Alexandria Ocasio-Cortez, Ayanna Pressley and Rashida Tlaib – and Ilhan Omar, who arrived as a refugee from Somalia in 1997. “This weekend this very notion was challenged.” Senator Lindsay Graham, a Trump ally and occasional golfing partner, said the congresswomen were “communist” and “anti-Semitic” in an interview on Fox News. Ocasio-Cortez, 29, said she was “not surprised” by Trump’s comments considering allegedly warrantless raids on families across the country, backed by the President. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OracleZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUnderstand Solar$0 Down Solar in Scottsdale. How Much Can You Save? Try Our Free Solar Calculator Now.Understand SolarDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver HealthBest Selling Grills | Search AdsTraeger Blaze & American Grills On SaleBest Selling Grills | Search AdsMisterStoryWoman files for divorce after seeing this photoMisterStory Ayanna Pressley, the representative for Massachusetts’s seventh congressional district, was the first African American woman to be elected to congress from the state. All four are American citizens. His comments have also drawn some criticism from Republicans. August Graham But he also called on the President to stop making attacks too personal. “Aim higher … Take on their policies. The bottom line here is this is a diverse country,” he said. Read more: Theresa May slams Donald Trump’s ‘go back home’ remarks as ‘completely unacceptable’ He asked why progressive Democratic congresswomen did not “go back and help fix the totally broken and crime infested places from which they came.” Read more: Trump doubles down on ‘xenophobic’ tweets Four US congresswomen have spoken out against racist tweets by President Donald Trump, calling on Americans to not “take the bait”. ‘Don’t take the bait’: Congresswomen slam ‘racist’ Trump tweets Trump doubled down on his comments yesterday, saying that people who were not happy in the US could leave. last_img read more

Here’s one simple tax trick that Boris Johnson could borrow from Donald Trump

first_imgThursday 1 August 2019 4:16 am According to the International Tax Competitiveness Index, produced by the Tax Foundation in Washington DC, Britain ranks just sixteenth out of the 35 countries studied in terms of the overall corporate tax burden. And when it comes to “cost recovery”, we are second from bottom – behind every other country in Europe. Opinion It remains to be seen precisely which way the Johnson administration will jump. But as we’ve argued, business investment is the Achilles’ heel of the British economy.  The most obvious model is America, where “full expensing” – allowing firms to write off capital expenses immediately, rather than spreading the cost over a number of years – was at the heart of Donald Trump’s tax reforms.  Here’s one simple tax trick that Boris Johnson could borrow from Donald Trump It’s been great to see the new government hit the ground running, and even better to see it focus on a hugely important idea which our think tank has been beating the drum for: incentivising business investment. This is something that our think tank has strongly argued for, both in two key papers we’ve published this year, and in our conversations in Whitehall and Westminster.  Enter Boris Johnson. One of the encouraging leitmotifs of the new regime in Number 10 has been the need to spread investment more widely – and, in particular, to address Britain’s lamentable record on business investment.  Britain likes to think of itself as a business-friendly country. We have slashed corporation tax. We have a world-class record in attracting foreign investment. We have made it commendably easy to start your own business – as thousands of people do every year.  So what’s going on? Why, despite those cuts in corporation tax, are companies so unwilling to invest? But what might such measures look like? The most obvious way to give businesses certainty – and promote business investment, especially in a no-deal scenario – would be to make the AIA unlimited, permanently, for all new investments in plant and machinery.  It would, we argue, provide a more cost-effective boost to GDP than just cutting the headline rate of corporation tax further, because the extra money would solely incentivise new investment – and it could well be more politically appealing. Between 1995 and 2015, we had the lowest rates of business investment across the entire OECD. And the picture has barely improved since. This, of course, plays into our crippling productivity problems, bringing down growth and making us all poorer. Robert Colvile Yes, our headline corporate tax rate is the third lowest in the OECD. But the rest of the tax system too often punishes firms rather than rewarding them for investing. For example, if you expand your premises, your business rates go up.center_img Main image credit: Getty But our record on business investment – the amount of money that those companies spend on improving and expanding their operations – is awful.  Britain has already moved in this direction. In his final Budget, Philip Hammond raised the Annual Investment Allowance (AIA – the amount which can be written off) from £200,000 to £1m. But this was only a temporary measure – and businesses are cautious given that the AIA has, since 2010, yoyo-ed up and down. As the new Prime Minister said on the steps of Downing Street, he wants to “change the tax rules to provide extra incentives to invest in capital and research”. whatsapp Reforming the write-off regime and introducing full expensing is the best way to get it growing – and Britain along with it. There are other, cheaper ways of doing things. You could reduce the bias against business investment in the tax system by adopting what is known as “neutral cost recovery”, in which the cost of capital write-offs is adjusted over time to offset the impact of inflation. You could also offset the costs by restricting tax deductions on debt interest. There would, of course, be a significant upfront cost, but in the long term it would be more than affordable, especially given the extra investment it would promote. The answer turns out to be relatively simple.  Share And with good reason: the US states that adopted full expensing saw business investment rise by 17.5 per cent compared with states that didn’t, with significantly higher employment and growth than in those states which opted out. British Foreign Secretary Boris Johnson (L) and US President Donald Trump greet before a meeting on United Nations Reform at UN headquarters in New York on September 18, 2017. / AFP PHOTO / Brendan Smialowski (Photo credit should read BRENDAN SMIALOWSKI/AFP/Getty Images) whatsapp “Cost recovery”, put simply, is how easy it is to write off capital investments against income. A well-designed tax system incentivises firms to invest in things – like better machines or new computer systems – that will generate profits, growth and jobs down the line. But ours does an awful job of that. City A.M.’s opinion pages are a place for thought-provoking views and debate. These views are not necessarily shared by City A.M. And the situation was made worse by the fact that George Osborne paid for his corporation tax cuts by cutting existing allowances – thus tilting the business playing field away from capital-intensive sectors like manufacturing and towards services, and, in the process, away from the regions and towards London.last_img read more