The City A.M. Shadow Monetary Policy Committee votes to hold rates steady

Share Chair: Mark Wall – Deutsche BankHOLD The Bank is at the limits of tolerating above-target inflation, but there is a case to be made for maintaining the neutral policy bias. The Brexit forecast error may be about to resolve itself as evidence of the real income shock and business relocations begin to appear. The cost of a policy mistake may be asymmetric too. With the latest quantitative easing tranche wrapping up this month, the BoE has all the more reason to proceed slowly as the post-referendum monetary stimulus unwinds.Kallum Pickering, BerenbergHOLD But send a strong signal that monetary policy will tighten in the coming months amid strong growth and rising household debt.James Sproule, Institute of DirectorsHIKE Reverse post-Brexit reduction and establish path to normalisation. This will help interest rate spreads to widen, reflecting actual risk and ideally helping the asset bubble to deflate.Vicky Pryce, CEBRHOLD Although inflation is rising and GDP data are better than originally forecast, growth remains unbalanced and the risks of a hard Brexit add to the short- and medium-term uncertainty.Simon Ward, Henderson whatsapp At their last monetary policy meeting the Bank predicted inflation to rise to above 2.7 per cent next year, with a consequent slowdown in consumer spending and UK GDP growth. The City A.M. Shadow Monetary Policy Committee votes to hold rates steady Jasper Jolly The BoE has previously stuck to a “neutral bias” on interest rates, with room to move monetary policy either way.Read more: No fireworks: Economists say BoE and Fed set to hold rates next weekCity A.M.’s Shadow MPC has voted in favour of holding rates again, although with a slight shift in bias towards tighter policy.The last change in monetary policy came in August in response to the Brexit vote, with a cut in the bank rate from 0.5 per cent to 0.25 per cent and an extension of quantitative easing (the asset purchase programme of bond buying) by £60bn in government bonds and £10bn from corporates. Since then the UK economy has proven remarkably resilient.The Bank may come under increasing pressure to raise interest rates over the coming months as the devaluation of sterling passes through to consumers in the form of higher prices. HIKE by 25 basis points. The August stimulus package was unnecessary, as monetary trends argued at the time. With GDP, inflation and wage data surprising to the upside, now is the time to start reversing it.Ross Walker, Natwest MarketsHOLD Higher than expected GDP growth and consumer price index (CPI) inflation outturns probably justify unchanged policy settings, but the medium-term risks for both remain firmly to the downside so I retain an easing bias.David Stubbs, JP Morgan Asset ManagementHOLD Rates should be kept on hold for the time being. There are early signs of weakness in UK consumer data, which make up 60 per cent of UK GDP. Retail sales in December fell 1.9 per cent month-on-month, the biggest decline in four and half years.Ruth Gregory, Capital EconomicsHOLD Next move in interest rates will probably be up. But heightened uncertainty around the economic outlook and little sign of rising domestic inflationary pressures suggests this is some way off.Simon French, Panmure GordonHOLD There are signs of moderation in the unsustainable pace of consumer borrowing. This, alongside Sterling’s recent resilience, means bank policy can remain on hold until more detail is available on Article 50 negotiations and the path of inflation.Adam Chester, Lloyds Bank Commercial BankingHOLD Rising inflation and the resilience of the economy mean that the case for sustaining last year’s emergency rate cut has weakened. Still, it remains too early to reverse course given the economic uncertainty. The Bank of England (BoE) is expected to leave interest rates and its quantitative easing policy unchanged at the latest meeting of the rate-setting Monetary Policy Committee (MPC).Most economists expect serious talk of a rate rise to be reserved until the latter half of the year at least – and the possibility remains of a further cut to the bank rate if the economy reacts badly to the process of leaving the EU. whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorWarped SpeedCan You Name More State Capitals Than A 5th Grader? Find Out Now!Warped SpeedLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver HealthWolf & ShepherdNFL Star Rob Gronkowski’s Favorite ShoesWolf & ShepherdAll Things Auto | Search AdsNew Cadillac’s Finally On SaleAll Things Auto | Search AdsDental Implant Info | Search AdsDental Implant Costs In 2021 Might Almost Be UnbelievableDental Implant Info | Search AdsCarsGeniusThese 4 Loaded SUVs Are Now Dirt CheapCarsGenius Wednesday 1 February 2017 4:11 pm More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.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.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org read more

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Well-meaning state interventions are making childcare increasingly unaffordable for many parents

Share Monday 6 February 2017 4:15 am More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.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.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org whatsapp whatsapp Len ShackletonLen Shackleton is professor of economics at the University of Buckingham, and editorial and research fellow at the Institute of Economic Affairs A couple of weeks ago an all-party Parliamentary Group report warned that many nursery schools may have to close, and called for a financial bailout from our beleaguered government.It was only the latest demand for extra state spending: in the last few months the CBI, the British Chambers of Commerce, the Welsh government, the Joseph Rowntree Foundation and many others have joined the chorus. Pre-school education and childcare were until the late 1990s largely the preserve of the private and voluntary sectors. Now they have become yet another area, like transport, schools and the health service, where government is omnipresent. Pressure groups continually proclaim a crisis while demanding more and more taxpayer-funded largesse and tighter and tighter regulation.Read more: MPs cast doubt on government promises to working parentsBut government is the problem, not the solution. Government policy has made childcare expensive both for parents, many of whom are paying out up to a third of net income, and the taxpayer, currently in for over £7bn and with more spending already planned.Government has imposed an unnecessarily prescriptive Early Years Foundation Stage, a sort of national curriculum for tots (overseen by the inevitable Ofsted) – an astonishingly paper-heavy tick-box exercise. It has imposed some of the highest staffing ratios in Europe, and is requiring unnecessary new qualifications for childcare workers. This has raised costs and driven out smaller nurseries and large numbers of childminders – whose numbers have halved in the last 20 years.Government funding also has perverse distributional effects. Some well-off parents in full-time work benefit substantially from their entitlement to “free” childcare, due to be extended to 30 hours a week for many later this year. Where government support for free childcare for these parents is inadequately funded, as it tends to be, providers have to raise fees for other parents to cross-subsidise (a result which we also see in care homes for the elderly). Well-meaning state interventions are making childcare increasingly unaffordable for many parents The increased formalisation of childcare and its orientation to an early-years education agenda does not necessarily square with the wishes of parents, many of whom only want to use childcare for limited periods. It has also made it more difficult for less-qualified people, including those from minority and immigrant groups, to obtain work in the childcare sector.Government policy on childcare has grown up through the influence of well-meaning and concerned politicians and pressure groups. But as in many areas, good intentions don’t necessarily make good policy.In our new Institute of Economic Affairs report, Ryan Bourne and I argue that we need to fundamentally review what we are doing in this area and to clarify where government intervention and support is needed, and where it is not. We need to pay far more attention to unmediated parental preferences rather than childcare “experts” telling parents what they need. And we should target any necessary interventions much more effectively than we have been doing. Read more: Think tank says childcare plan has £1bn holeMeanwhile, poorer parents looking after children themselves, or using family members to help, gain nothing. This is disproportionately the case for families from some minorities, such as those of Bangladeshi or Pakistani heritage, who make little use of formal childcare.Over the years, policy has accumulated several sometimes conflicting aims: to encourage more parents into work, to raise the quality of provision, to make childcare more accessible, and to improve pre-school preparation for disadvantaged children with the objective of boosting future educational performance and life chances.Given these disparate aims, it is difficult to evaluate performance overall. But evaluation on each of these criteria suggests unimpressive results. For instance, the cost of getting an extra mother into employment has been calculated at £65,000 per job, with many of these jobs being part-time. Provision for disadvantaged children is inadequately targeted and seems from published evaluation reports to have little lasting effect on future educational performance.Read more: We won’t close the City’s gender pay gap without tackling family pressures read more

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Low interest rates knock Credit Agricole’s quarterly profits, but numbers beat expectations

whatsapp More From Our Partners Fans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.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.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.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.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comWhy people are finding dryer sheets in their mailboxesnypost.comColin Kaepernick to publish book on abolishing the policethegrio.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPuffer fish snaps a selfie with lucky divernypost.com whatsapp Share Low interest rates knock Credit Agricole’s quarterly profits, but numbers beat expectations While anybody with a mortgage might be keen on the current low interest rate environment, banks are less so, as it essentially places a cap on how much income they can hope to rake in. Credit Agricole revealed today that net income from LCL, its retail banking operation in France, slipped to €509m on an underlying basis for 2016, down 9.9 per cent, while underlying revenues fell to €3.4bn, down 5.9 per cent.Credit Agricole also kicked off its Strategic Ambition 2020 plan in 2016, which had four key objectives; simplifying the company’s structure, providing a more streamlined service for customers, strengthening growth across the firm’s core business lines and focusing on sustainability of operations.What Credit Agricole said”Credit Agricole performed well in 2016 as a result of further strong top-line momentum across all its business lines, plus a tight grip on its costs and its risk,” said chief executive Philippe Brassac.”These encouraging results have laid the groundwork for the introduction of a normalised dividend policy and reinforced our confidence in our ability to achieve the targets of the Strategic Ambition 2020 plan for the benefit of our customers.”In shortLow interest rates are continue to take their toll on the banking sector. These figures included a slew of one-off items, such as a €491m charge for goodwill impairment linked to low interest rates in its retail banking operation and a €160m knock for deferred tax revaluation, both of which were booked in the fourth quarter. On an underlying basis, the bank revealed full-year net income of €3.1bn, up 22.8 per cent compared with €2.6bn the year before, and fourth-quarter net income of €904m, up 52.6 per cent from €593m.The company also announced a dividend of €0.60 for 2016. Credit Agricole also announced it was reducing its holding in Amundi, the asset management company which approached Unicredit to buy Pioneer for €3.5bn last year, from 75.7 per cent to 70 per cent. Shares were trading up 4.6 per cent at €12.29 at the time of writing, thanks likely in part to fourth quarter figures beating analyst expectations. Why it’s important Hayley Kirton Credit Agricole became the latest European bank to report a slump in its profits this morning, as low interest rates continued to put pressure on its bottom line.The figuresThe French lender reported full-year net income of €3.5bn (£3bn), largely flat on the year before – although the fourth-quarter figure was €291m down 67 per cent from €882m. Wednesday 15 February 2017 1:58 pm read more

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Steel billionaire Lakshmi Mittal’s son-in-law Amit Bhatia is a Snap investor and he expects the IPO to boom

Wednesday 1 March 2017 2:50 pm Share whatsapp whatsapp Snap’s impending float will be mega successful, according to a London investor in the messaging app.Amit Bhatia, steel billionaire Lakshmi Mittal’s son-in-law and founder of Swordfish Investments, took part in a funding round in 2014 that valued the company behind Snapchat at $10bn (£8.13bn). “Far from looking to exit at IPO, I would look to add to my current position when the stock becomes more available post IPO. We are in the midst of a modern day industrial and technological revolution, and I’m betting Snap is going to play a pivotal, and fun part in that,” Bhatia told City A.M. In what is expected to be the biggest IPO since Alibaba went public in 2014, Snap will price its IPO after the US stock market closes today. It is targeting a valuation of between $19.5bn and $22.3bn from a listing on the New York Stock Exchange on Thursday. Snap wooed European investors last month in a IPO roadshow in London led by founder Evan Spigel, the 26-year-old who’s set to rake in billions from the float.Read more: Ignore the pessimists: Why I’m bullish on Snapchat’s IPOBhatia, who is also the co-owner of Queen Park Rangers Football Club, has also invested in other disruptive tech companies including Alibaba, Uber, Deliveroo and Dropbox. In 2015, he sold cement producer Hope Construction to construction group Breeedon for £336m.Bhatia admitted that investors might worry about burning cash due to the slowdown in Snapchat users.  Shruti Tripathi “There are many who remain sceptical focusing on its enormous cash burn, worrying about its high profile competitors plagiarising (or cloning to be more polite) its product with their own versions, its strange ‘no voting’ shares being offered to the public, the slowdown in acquiring new users,” he said.Read more: Snap IPO’s unexpected winners: Alibaba and a Californian schoolHowever, the former Merrill Lynch banker predicts the app will be able to generate revenue given the “incredible loyalty” users have for it.”I am firmly in the Yes camp and find myself continuing to remain bullish on the business, as I have been since I first invested in it at the end of 2014.”I prefer to focus on it’s ability to already generate significant revenue within its short life, the incredible loyalty users have for it, its ubiquitous presence of almost every young American’s smart phone, the attractive advertising demographics that user base represent, it’s incredibly cool and engaging filters, its move into wearables with snap spectacles.”Bhatia married Mittal’s daughter in 2004 in a ceremony that reportedly cost $74m. The six-day Indian wedding was hosted in part in the Versailles Palace in France and over 1,000 guests were flown in. According to Forbes, Kylie Minogue and Bollywood celebrities performed at, what was at the time, the most expensive wedding in history.   Steel billionaire Lakshmi Mittal’s son-in-law Amit Bhatia is a Snap investor and he expects the IPO to boom Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeEveryday WellnessScience Explains What Happens To Your Body When You Eat Two Bananas A DayEveryday WellnessUndoBuzzyLaneWhy People Are Placing Rubber Bands Over Their Door KnobsBuzzyLaneUndoillusion.funNo Gym? No Problem: 30 Exercises For Working Out While Social Distancingillusion.funUndoBuzzDestination7 Signs That Your Sense Of Happiness Is Dependent On Your RelationshipBuzzDestinationUndoArticles SkillFind Out Why Viewers Think You Shouldn’t Trust This News AnchorArticles SkillUndoAnyMuscle9 early warning signs and symptoms of diabetesAnyMuscleUndotibgez10 Things You Should Know about Lewy Body DementiatibgezUndoDailyforestActresses Who Look Really Different From Their On-Screen CharactersDailyforestUndohttps://alldelish.com44 Healthy Low-Carb Foods That Taste Incrediblehttps://alldelish.comUndo read more

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The Bank of Mum and Dad: Should you gift or loan?

When gifting away surplus income on a regular basis, Keith Churchouse, chartered financial planner at Chapters Financial, says: “it’s paramount that you document the gift each year to ensure it really was a surplus.” Gifting Katherine Denham Share Research from the Resolution Foundation shows that millennials are the first generation ever to be worse off financially compared to their parents. So it’s no surprise then that many people in their twenties and thirties are turning to the Bank of Mum and Dad for help getting on the property ladder. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likekawnjamil.com/10 Brain Tumor Signs You Should Never Ignorekawnjamil.com/Ultimate Pet Nutrition Nutra Thrive SupplementIf Your Dog Eats Grass (Do This Every Day)Ultimate Pet Nutrition Nutra Thrive SupplementOnline Dating | Search AdsEvery Woman Deserves to be Admired. Finding Discreet Dating may be Easier Than You Thought!Online Dating | Search AdsDefinitionIt Was the Most Famous Movie Line Ever, But It Was a MistakeDefinitionhealthmentaliity.comThe 14 Healthiest Vegetables on Earthhealthmentaliity.comWeniixTop 5 best family SUVs of 2021 – WENIIXWeniixNutrition Expert5 Herb That Could Block Joint Pain Surprisingly WellNutrition ExpertElvenar#StayAtHome and Play this Fantasy Game. No Install.ElvenarBed ScrunchieKeep Your Sheets Tight With This!Bed Scrunchie Lending The Bank of Mum and Dad: Should you gift or loan? Sometimes parents can give what they think is an affordable amount, only to find their own circumstances change due to redundancy or ill health, leaving them short of money. And even though you might be family members, it would be wise to get the agreement in writing to make the terms clear and avoid issues when winding up the estate. You will also be liable for capital gains tax on your share of any appreciation in the value of the property. However, parents also need to consider their position if the property needs to be sold after a housing market crash. Morrissey says: “if the property is in negative equity then parents may not see their money returned when they expected.” Young adults are feeling the pinch. Not only are property prices shockingly high, but student debt and stagnant wages are putting a strain on savings, making it difficult for many young people to even fathom the prospect of affording a house. It’s important to be aware that the gift could incur a 40 per cent IHT charge if the giver dies within three years of the money being given, as the money can still count as part of their estate. After that, gifts can be taxed on a sliding scale, starting at 32 per cent after three years, down to eight per cent after six years. And after seven years, gifts don’t count towards the value of the giver’s estate, meaning no IHT is due. Dean Mirfin, technical director at Key Retirement, says: “when thinking of the best time to make a gift, the seven year rule is obviously the most important because as soon as a gift is made, the clock is ticking.” While most parents choose not to charge their children interest on a loan, if you do then it’s important to bear in mind that you could be taxed on the interest because it will be treated at income. When lending, Helen Morrissey, personal finance specialist at Royal London, warns that it’s important to be clear what the expectations are on both sides and to think through what would happen if repayments could not be kept up. But parents need to think carefully about the difference between simply giving money to their children, lending it to them, or becoming joint purchasers of a property, which all have different tax implications. If you don’t have a suitable financial safety net, another option is to lend money in the hope of repayment. “Lending is a good way for parents to keep some control of their cash, which is not an uncommon desire,” says Churchouse. Mirfin says an overlooked exemption is gifts out of income, which fall out of your estate immediately provided you can maintain your standard of living after making the gift. This is particularly useful for those with bonus payments. whatsapp Thursday 17 August 2017 11:12 am It’s also a good idea to be aware of the exemptions because each individual is able to give £3,000 in each tax year without being hit with a charge. Wedding gifts up to £5,000 are also exempt from IHT. Other options If you’re helping your son or daughter buy a house, an alternative to both gifting or lending is to become a shared owner of the property. But Morrissey warns that this will be regarded as a “second home”, which means you will be charged a higher rate of stamp duty on the transaction. Also make sure you don’t forget about the loan because your family member could still be liable to pay a nasty IHT charge on your death. So while it could start off as a loan, the rest of the money could become a gift once you’re sure you won’t need the funds yourself. Just make sure you confirm in writing if you decide that the money has become a gift. “It may seem very formal but all parties should consider taking legal or financial advice and if needs be get something down in writing. Taking this approach can bring much needed clarity to the process and save both parties a lot of grief.” A loan will only be exempt from IHT if you decide to waive the debt and gift the money instead, provided of course you live for at least seven years after granting the gift. But be aware that the loan could still be subject to inheritance tax because it will count as part of your estate when you die. While these three options are commonly used to help family members, there are alternatives on the table, such as securing a mortgage against the parents’ home. Just make sure you understand the tax implications before opening your own bank branch. Research from Key Retirement found that nearly half of parents and grandparents don’t understand the tax rules on gifting, meaning they are at risk of racking up an unexpected inheritance tax (IHT) bill. whatsapp The personal finance specialist says: “arguments over whether money needs to be repaid, or over what time period, have the potential to cause considerable harm to the parent/child relationship. One of the obvious rules of thumb, he says, is to avoid gifting all in one go. “It may seem easier to hand over a reasonable sum all at once, when actually the money is not needed and may simply sit in a child’s bank account.” More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.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.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org read more

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With myths circulating around the impact of a no-deal Brexit, let’s look at the facts

first_imgAll businesses trading in the UK must obtain an EORI number if they’re to continue trading with the EU post-Brexit. This is a relatively simple process, and can be done with just one visit to HMRC’s website.Shore thingThere are also more sophisticated steps that businesses should consider for the medium to long-term trading environment.One myth doing the rounds is that it’s a requirement to set up a subsidiary company overseas in order to sell goods to EU customers.However, in reality, the position is much simpler. If a UK business imports goods into mainland Europe post-Brexit, and is the registered “importer of record”, the liability to register and account for VAT can be done as an overseas business, with no need to set up a subsidiary.Setting up an overseas subsidiary is a major moment for a business on its journey to success and must be carefully considered. Bear in mind that, as well as VAT and customs duty, there are other complex tax, transfer pricing, and human capital issues associated with having a permanent establishment overseas.For example, UK transfer pricing rules operate to make sure that taxpayers don’t enjoy a UK tax advantage through under-reporting UK taxable income or over-reporting UK tax-deductible expenses arising from related party transactions.Post-Brexit, companies that are thinking of migrating all or part of their UK activities to a European jurisdiction may find that they come under increased scrutiny over transfer pricing.It may well be the right development for your business to have a permanent establishment in the EU in order to focus on your European market, but it’s not necessarily the best or the only option.Don’t go overboardOverseas VAT accounting can be daunting. At the moment, we all follow a harmonised EU VAT system, so the concepts are already familiar.One way of managing different accounting systems post-Brexit is for businesses to set up a separate country code to ringfence their VAT accounting for another country.There are also customs duty suspension regimes in place, such as Inward Processing relief and Customs Warehousing, which can help a company’s processing and manufacturing goods by preventing a “double duty hit”.Meanwhile, the Authorised Economic Operator certification regime, which is referred to as the Trusted Trader scheme, may well turn out to be the sweetener that softens that hard border.For the next few weeks, businesses should take stock of the facts, as well as the government’s own preparations, to calm those panic moments.Careful preparation and a thorough understanding of the technicalities of international trade will make a major difference to the ability of businesses to cope with the shock of a no-deal Brexit. whatsapp Thursday 28 February 2019 7:13 am Getting the technical details of international trade right is going to be essential for many companies trying to make the best of the situation. Confidence is low, in part because there are a number of myths circulating, particularly around the barriers to trade that it’s assumed a no-deal Brexit will create.Some of these myths can fortunately be quickly dispelled.Tariff-icFollowing a no-deal Brexit, the movement of goods will cease to be tariff-free. Goods that currently count as intra-EU supplies will overnight become imports and exports each time they cross into the UK or Europe.Under normal procedures, they will need to be declared and cleared through customs. Import VAT will be chargeable on goods brought in from Europe, as is currently the case for all non-EU imports. Other issues, such as overseas VAT accounting, will also rear their head.The payment of import VAT and customs duty will create an additional administrative cost for businesses, estimated by the government to be between £25 and £55 per entry. Given the depth of some cross-border supply chains, and the slender profit margins many companies operate with, this additional cost shouldn’t be dismissed lightly.An awful freight Alison Horner Share Opinion Brexit was sold to the country as a way of “taking back control”. But now that we are faced with the prospect of no deal, many businesses are fighting to stay in control.In fact, with a month to go until Brexit day, companies are so in despair over the government’s handling of the negotiations that many are already bracing for a no-deal outcome. 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. With myths circulating around the impact of a no-deal Brexit, let’s look at the facts Fortunately, for businesses with an EU supply chain, the government has already announced some welcome simplifications to try to assist, including postponed import VAT accounting. This means that UK businesses won’t have to pay import VAT when goods arrive at the border, but can self-declare on their VAT return instead, therefore preventing cashflow problems.For businesses that are used to intra-EU transactions, this will be very similar to the current accounting adjustments that they already make on their VAT returns. Customs duty, on the other hand, will be an outright cost that can’t be recovered.The government has also said that it will implement simplified import arrangements, which are designed to support businesses that import from the EU and don’t have an import representative, such as a freight agent.HMRC has said that it will review this transitional arrangement after three to six months, and give businesses a further 12 months’ notice period before reverting to the current traditional procedures.UK businesses can register to be included in the simplified import procedures by obtaining a Economic Operator Registration and Identification (EORI) number. Firms also need to take steps to secure a bank guarantee to allow customs duty to be deferred. whatsapp Tags: Brexit Taxlast_img read more

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The founder of Boxpark on making a modern market out of a shed, selling Boxfresh, and hiring a Michelin star chef

first_imgMonday 15 April 2019 8:06 am Katherine Denham by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerbonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OracleDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionPost FunA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserPost FunZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGemDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyMisterStoryWoman files for divorce after seeing this photoMisterStory The founder of Boxpark on making a modern market out of a shed, selling Boxfresh, and hiring a Michelin star chef Tags: Trading Archive Share whatsapp It’s essentially a stripped-back leisure centre – long tables are lined up in the centre of a huge hall, there is a massive TV screen at one end, and 23 food outlets occupy recycled shipping containers around the edge.Hello WembleyI follow instructions left by founder and chief executive Roger Wade, who I find in a corner of the huge steel construction.Wade is the definition of relaxed. He gives me a grand tour of the site, which it turns out is equipped with several bars, a cinema room, and a shared workspace.He also tells me about some of the events that Boxpark has hosted here, turning the food court into a drum and bass boxercise class, or holding boozy bingo sessions with former Radio 1 DJ Tim Westwood.Stormzy even performed at the Croydon venue on the day it launched.center_img The same could be said for Boxpark, which centres around good quality, unpretentious food.Just as streetwear has become fashionable over the years, so has street food – and London has rapidly become a population of foodies.Recognising this, Wade signed up Michelin star chef Rohit Ghai to run the Koolcha restaurant, or “unit 21”, in order to offer top quality dishes at street food prices. “That’s the sort of culinary experience we want our customers to have.”It seems daring for Wade to have entered the food and beverage sector at a time when many restaurants are struggling. “The restaurant industry isn’t doing great, but the street vendors are,” he says.“We’re helping these vendors by providing their first permanent site, while making it really easy for them by financing their kitchens, sorting suppliers, and negotiating bulk deals on their behalf. It means that they can focus on the core part of their business: their food.”And by creating an environment indoors, it also allows vendors to trade all year round.Made of sterner stuffWade is reluctant to pigeon-hole Boxpark, and stresses his openness to challenge the status quo.“Other businesses have a plan which they follow, and when that business plan hits the buffer, they don’t have the ability to change. My business plan is that there is one certain thing: the plan is going to change.”Of course, breaking with convention involves thinking outside of the box.“It seems quite natural now to launch a retail development out of a shed, bringing it back to the real basics with a steel frame structure, and not getting caught up in contriving design. Actually the most beautiful design you’ll see out there is repurposing things that are used every day.”By merging the old with the new, Wade has created something edgy and raw.But while his business is based on physical boxes, metaphorically speaking, it would be unwise to put Wade or his Boxpark into a box. whatsapp Wade tells me that he wanted the Croydon site to be like a twenty-first century Covent Garden. And given the high, clear ceiling and small outlets, you can see what he means. It’s a simple concept, taking the traditional idea of a street market and tweaking it, creating indoor spaces where people can spend time together.“Each of the three venues is different, we don’t want to use a cookie-cutter approach,” he explains.Of course, being a stone’s throw from the stadium means that the Wembley site has become a bit of a fanzone for people going to watch gigs and games. So unlike the Shoreditch and Croydon sites, which have steady crowds of customers, Boxpark Wembley is prone to peaks and troughs as sport and music fans fill and empty the stadium in the evenings and at weekends.In fact, Wade is keen to switch up the experience for fans, by providing tasty food before gigs, and giving them a place to hang out afterwards.Fashionable foodWade founded streetwear brand Boxfresh 30 years ago, which he sold to JD Sports in 2005, and you can see parallels between that business and Boxpark. “The idea around Boxfresh was that it was the complete antithesis of designer wear, the products were meant to be accessible,” he explains. For an industrial-looking shed, there’s something strangely inviting about this giant black and white box next to Wembley Stadium.Having opened its doors in December last year, this is Boxpark’s third site, and it’s also the largest, taking up 20,000 square feet of space. The three Boxpark sites are essentially pop-up street markets. While the original site in Shoreditch is both a retail and food outlet, the newer units in Croydon and Wembley (where I am) are entirely focused on food.It might be a Thursday afternoon, but a handful of customers are already dotted around, eating, drinking, playing pool.Cannot be containedWhen the south London-born founder came up with the idea behind the first Boxpark in Shoreditch, he wanted to create a refreshed version of a conventional shopping centre. When it was built in 2011, it was heralded as the world’s first pop-up mall.“Back then, we were envisaging the death of the high street,” says Wade, pointing out that – with more or less the same stores – there’s very little to set most British high streets apart.“We set out to recreate a modern high street, with small independent stores.” last_img read more

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UK tops global ranking for top investment destinations for first time

first_img UK tops global ranking for top investment destinations for first time Tags: Trading Archive Read more: London remains most popular investment target for European VCsSteve Krouskos, EY global vice chair for transaction advisory services, said: “Geopolitical issues create significant challenges, but executives are determined to overcome perceived barriers and secure – or expand – their presence in markets that support their long-term strategic goals.”While nationalism may fuel much political debate, technology has made the world a smaller place and executives remain international in their search for growth.” Monday 15 April 2019 4:33 pm The UK has been ranked as the top investment destination in the world, knocking the US off the top spot.It is the first time the UK has taken the top spot in the rankings by professional services firm EY in the survey’s 10-year history. James Booth Sharecenter_img The US was followed by Germany, China, France, Canada, India, Australia, Brazil and the United Arab Emirates in the rankings.The UK’s top sectors for investment were consumer products and retail, industrials and financial services.Despite what EY called “mounting geopolitical complexities”, the report found the appetite for global M&A was at a 10-year high.Almost six in 10 global companies are planning to make an acquisition in the coming year, up from 52 per cent 12 months previously.Executives are positive about the global deal market, with 92 per cent expecting it to improve in the next year, compared to 86 per cent in April 2018. In 2018 the UK accounted for 10 per cent of global M&A worth a combined $400bn (£305bn), its second-best year since the financial crisis.Read more: Private equity investment bounces back at the beginning of 2019The report said domestic merger activity was boosted by strong inbound and outbound flows.EY said the UK had topped the rankings “despite continued uncertainty stemming from its intention to leave the European Union.”The UK displaced the US as the top investment destination globally, a position it had held since 2014. whatsapp whatsapplast_img read more

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Andrea Leadsom quits Cabinet with stinging attack on Theresa May’s Brexit plan

first_img whatsapp Theresa May looks to be entering her final days as Prime Minister after Andrea Leadsom quit the Cabinet with a stinging attack on her Brexit plan.Leadsom warned the PM’s new plan for Brexit would not deliver a “truly sovereign” UK, and a pledge to offer MPs a vote on another EU referendum would be “dangerously divisive.” whatsapp Andrea Leadsom quits Cabinet with stinging attack on Theresa May’s Brexit plan Yet despite a torrent of protest from her own MPs on Wednesday May refused to quit, prompting former Conservative leader Iain Duncan Smith to quip: “The sofa is up against the door, she’s not leaving.”Her refusal to budge is likely to be little more than a stay of execution, as on Friday she is due to meet Sir Graham Brady, chairman of the Conservative backbench 1922 committee.May had previously agreed to meet Brady after the vote on the Withdrawal Agreement Bill scheduled for the week commencing 3 June to set out a timetable for her departure.However, such is the backlash against her latest Brexit plan, the meeting has been brought forward.Speaking on Wednesday, Brady said: “Following that meeting I will be consulting with the 1922 executive. I have nothing further that I can say at the moment.” It is with great regret and a heavy heart that I have decided to resign from the Government. pic.twitter.com/f2SOXkaqmH— Andrea Leadsom MP (@andrealeadsom) May 22, 2019Leadsom was not the only Cabinet minister to have deep reservations over May’s plan to put the wheels in motion on a vote on another referendum.Foreign secretary Jeremy Hunt, home secretary Sajid Javid and Scotland secretary David Mundell all requested meetings with May on Wednesday to protest against her plan.The PM refused to meet them, leading to fevered speculation a slew of cabinet resignations were about to take place.The three are among a host of ministers who believe May’s commitment to potentially legislate for another public vote on Brexit goes well beyond what was agreed at Tuesday’s cabinet meeting. Tags: Brexit Iain Duncan Smith People Sajid Javid Theresa May Twittercenter_img 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 FactoryFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm Oraclebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldPost FunA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserPost FunDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyMisterStoryWoman files for divorce after seeing this photoMisterStoryHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGem Under current party rules, May cannot be challenged for the leadership until December – but the 1922 executive committee has the power to change the rule.May’s latest attempt to get her withdrawal agreement through parliament has infuriated MPs in her own party as it contains a pledge to legislate for another Brexit referendum should the Commons vote for one.That move incensed Scottish Tory MPs in particular, who believe it adds grist to the mill of the Scottish National Party’s campaign for another independence vote.“We were clinging onto our seat in Scotland but she’s definitely cost us it now I think,” said one Scottish Tory.Treasury Select Committee chair Nicky Morgan told May to “reflect very seriously” about bringing the seemingly-doomed deal back to parliament for a fourth time, as she urged for her to make “more compromise”.Previously loyal Tory MPs Vicky Ford and Tom Tugendhat called for May to resign, with Tugendhat saying: “She must announce her resignation after Thursday’s European elections.” Owen Bennett She also claimed Cabinet discipline had completely broken down, and May’s latest plan had not been “properly scrutinised or approved” by her top ministers.The letter came just hours before Leadsom, in her role as Leader of the Commons, was due to officially announce the timings by which the controversial Withdrawal Act Bill would be put before MPs.In her letter, released just hours before the country goes to the polls in Thursday’s European elections, Leadsom said she did not believe May’s new plan “will deliver on the referendum result”.She added: “I considered carefully the timing of this decision, but I cannot fulfil my duty as Leader of the House tomorrow to announce a Bill with new elements that I fundamentally oppose.” Wednesday 22 May 2019 7:59 pm Sharelast_img read more

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Driving the City nuts: Square Mile cracks down on peanut sellers

first_img A band of entrepreneurial peanut sellers in the Square Mile face prosecution following a police crackdown aimed at tackling illegal trading around the City of London.Authorities have been clamping down on the snack traders amid security fears over carts used by vendors containing gas bottles and causing both congestion on narrow pavements and a rise in vermin on bridges near the capital’s financial centre. whatsapp whatsapp Read more: Square Mile could become UK’s first 15mph speed limit areaA spokesperson for the City of London Corporation said: “Working with our partners we are clamping down on illegal street trading on City bridges. In the last six months we have seized equipment belonging to illegal street traders and prosecution files are being prepared for these offences.” Sebastian McCarthy Driving the City nuts: Square Mile cracks down on peanut sellers center_img Sunday 2 June 2019 11:52 am Share Read more: City of London Police apologises after diamond fraud case collapsesPolice have seized 11 “peanut receptacles” since November last year, all of which will be followed by prosecutions, following new daily inspections for unlawful trading by Blackfriars, Millennium, Southwark, London and Tower Bridges.Ice cream, souvenir, painting, peanut and jewellery sellers all sparked security concerns around Tower Bridge last year, leading to the introduction of a City licensing officer being funded by the Bridge House Estate, an independent charity in the Square Mile, to tackle the rise in traders.According to City of London’s committee documents, until recently City officers had no enforcement authority for parts of bridges by the Square Mile, which had reflected “poorly on the image and reputation of the City”.However, since the “persistent enforcement activity, the areas now able to be enforced by City Officers remain relatively clear of traders with displacement now affecting the areas surrounding the Tower and Tower Hill tube station.” 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 HeraldDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyMisterStoryWoman files for divorce after seeing this photoMisterStoryHealthyGem20 Hair Shapes That Make A Man Over 60 Look 40HealthyGemPost FunThe Deadliest Snakes Ever Found On The PlanetPost Fun Tags: Trading Archivelast_img read more

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