Billionaire who campaigned for Brexit to relocate to Monaco to save £4bn in tax

Prominent Brexiteer Sir Jim Ratcliffe is to relocate to Monaco in a bid to save up to £4bn in tax, it has been reported. The Sunday Times revealed that the founder of the chemicals giant Ineos is working on a plan to avoid tax with accountancy firm PwC, which is also likely to involve senior executives Andy Currie and John Reece. The plan could deprive the Treasury of between £400 million and £4 billion in tax revenue. Speaking on the BBC1’s The Andrew Marr...

UK airline suspends all operations amid Brexit uncertainty

UK airline FlyBMI has suspended all operations and filed for administration amid Brexit uncertainty, it was announced this weekend. The East Midlands-based airline offered services from various UK airports and operated 17 regional jet aircraft on routes to 25 European cities, carrying over half a million passengers on 29,000 flights in 2018. The company said it had been badly affected by spikes in fuel and carbon costs and uncertainty over Brexit. A spokesperson for flybmi said: “It is with a heavy...

Bank warns Brexit threatens £44bn daily cross-border payments

RBS has warned of the harm of Brexit on the UK economy, even after posting some huge profit figures. Brexit threatens RBS’s ability to clear more than £44.08 billion pounds per day in cross-border payments, if they are not granted licences to clear fees via its Frankfurt operations. The bank reported profits of £1.62bn for 2018, more than double the £752m it achieved the previous year. RBS was bailed out by the government in 2008 as the financial crisis hit...

Airline cancels flights due to Brexit uncertainty

A Romanian airline has cancelled flights due to Brexit uncertainty. Blue Air made the decision to halt their flights from Liverpool’s John Lennon Airport. Many passengers were left fuming after they were not able to board their scheduled flights to Alicante and Rome. Blue Air flights between Luton and Turin are also expected to be affected. The airline will continue to fly to Romania and UK, but from the UK to any other nation in trouble if the UK exits...

2019 property market off to a slow start

The year got off to a slow start, with the latest RICS UK Residential Market Survey pointing to a subdued backdrop, as enquiries, sales and new instructions all declined further in London. In the near term across the UK, contributors sense little prospect of a turnaround, as concerns over the potential impact of Brexit, alongside affordability constraints continue to cause buyers and sellers to hesitate. During January, new buyer enquiries fell in London, although at a slower pace than previously. ...

‘Incompetent’ Liam Fox failing to secure post-Brexit trade deals

Liam Fox is struggling to sign off trade agreements in time for Brexit and he hasn't got long left. Fox faced some heavy criticism today in the Commons over the issue, as the EU departure date approaches. The International Trade Secretary had previously promised that his department would have 40 free trade agreements ready to sign “one minute after midnight” on the day the UK leaves the EU. However, a leaked document from his department, handed to The Sun, showed that just...

Conservative zero tariffs plan will ‘tear heart out of UK manufacturing’

Business Secretary Greg Clark refused to rule out imposing zero tariffs which would ‘rip the heart’ out of UK manufacturing. Today in Parliament Louise Haigh MP asked the Secretary of State for Business, Energy and Industrial Strategy if he agreed zero tariffs “leave us open to a flood of cheap imports driving down wages and costing jobs?”  Greg Clarke replied: “No decision has yet been taken on that . Imposing zero tariffs would be a disaster for UK’s proud...

2018 saw UK economy expand at slowest rate since 2012

The ONS (Office for National Statistics) reported that the growth in 2018 was 1.4% down from 1.8% in 2017. Even more worryingly this is the lowest rate since 2012. According to the ONS, quarterly growth also slowed, falling to 0.2% in the three months to December - down from 0.6% in the three months to September. A decline in car production and factory output were some of the main factors that caused the slower growth. Head of GDP at the...

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