Business and Economics

The Treasury Committee has warned that the UK must get a grip on money laundering and that is could even increase post-Brexit. The Committee concluded that efforts to fight money laundering in the UK is “highly fragmented.” at the moment. They urged the government not to ignore the seriousness of economic crime in a rush to secure new trade deal in the post-Brexit political environment. Committee chair Nicky Morgan said government should not "bow to buccaneering regulatory pressures” The Treasury...

In more unsettling Brexit news, it has been reported that in a No-deal Brexit scenario the UK economy would tank. According to the OECD (Organisation for Economic Cooperation and Development) the UK economy would slide into recession and growth would plunge under 1 per cent. Even if there is a smoother Brexit the OECD believes that UK economic growth would fall to 0.8 per cent, following on from 1.4 per cent growth in 2018. The last time UK growth was...

It has been revealed that a third of British billionaires have moved to tax havens over the past ten years. By becoming non-UK resident for tax purposes, wealthy people can avoid 38.1% in UK income tax on dividends and 20% in capital gains tax on the sale of shares. The investigation was carried out by The Times newspaper, who found that 28 out of 93 British billionaires  have moved to tax havens or are in the currently making plans to relocate....

London employers are struggling to find the talent they need to fill job roles, new data has revealed. There was a 6.6 per cent decline in candidate applications for new roles last month as Brexit uncertainty grips the market. Although London’s job market has remained largely resilient over the past few years there is a notable sense that professionals may be feeling tentative about making their career move. Average salaries for new roles in London rose by 2.1 per cent...

Controversial Brexiteer Arron Banks has won a planning battle against residents he described as "bleeding her liberals" and "rich soft Tories". The Leave.EU campaigner is director of a development company which wants to build six luxury homes in Bath, Somerset. Construction began a year ago but was suddenly halted in December when the contractor went into administration. Arron Banks - Credit:SWNS Residents then objected to the buildings, claiming some were bigger than the plans stated and others were in the...

HM Revenue and Customs (HMRC) is urging business owners in the Greater London area to prepare now and consider three steps to ensure their businesses can continue to trade with the EU if the UK leaves the EU without a deal. The first step businesses need to take is to register for an Economic Operator and Registration Identification (EORI) number. UK businesses that have only ever traded inside the EU will not have an EORI number. In the event of...

A ‘no deal’ Brexit could cause huge harm on the UK economy according to a new report. Over the next 15 years the economy could contract by 6 to 9 per cent, according to the Government report. Additionally there could also be food shortages as 30 per cent of food is imported from the EU. It is thought that food prices will rise as well. The report said: “In the absence of other action from government, some food prices are...

BiFab Trade Unions Warn: Prospect of no work from renewables projects would be ‘an absolute scandal’ BiFab trade unions GMB and Unite have warned that the prospect of no work coming to Fife from two major Scottish offshore renewables projects would be ‘an absolute scandal’. The Moray East and Kincardine offshore wind farm projects have a total value of around £2.8 billion and BiFab’s new Canadian owners DF Barnes have been actively pursuing contracts from both. However, the fabrication work...

The concept of equilibrium, one of the most central ideas in economics and one of the core assumptions in the vast majority of economic models, may have serious problems, concludes a study from the Institute for New Economic Thinking at the Oxford Martin School. The concept of equilibrium is the basis of many economic models, including models used by policymakers on issues like monetary policy, climate change, trade policy and the minimum wage. In a paper published today in Science Advances, Marco Pangallo,...