Football clubs represent high integrity risk to banks, says Dutch regulator

Share Friday 13 January 2017 11:03 am An investigation followed, with the indictment of 30 Fifa officials by the FBI later in 2015.Meanwhile, Fifa president Sepp Blater’s position had become untenable. He was suspended and later placed under arrest following a criminal investigation. In February 2016, he was banned from holding any office at Fifa for six years. Read more: Theresa May just tore into Fifa over their ban on poppiesThe Dutch central bank said 17 out of 19 banks it had surveyed had no specific risk-management measures in place for dealing football related business putting them at danger “knowingly or unknowingly”, of becoming an accessory to money laundering.In particular, player transfer transactions were concerning. Regulators said the opaque nature of transfer deals gave extra opportunity for costs and money to be concealed. Financial institutions need to up their game to combat football corruption, an investigation by the Dutch central bank has concluded.Reporting today, the regulator said banks were exposed to greater “integrity risks” when taking on football clients. whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoUnify Health LabsSlow Metabolism? Randy Jackson Urges To Do This DailyUnify Health LabsUndoWarped SpeedCan You Name More State Capitals Than A 5th Grader? Find Out Now!Warped SpeedUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoPensAndPatronTori Roloff Confirms Sad Family NewsPensAndPatronUndoHouse CoastPregnant Beggar Was Asking for Help, But Then One Woman Followed HerHouse CoastUndo Oliver Gill Football clubs represent high integrity risk to banks, says Dutch regulator whatsapp And the central bank said this meant financial institutions should “apply a higher risk classification” when dealing with football clubs or other institutions associated with football, according to reports by Reuters.Read more: World Cup expansion not about money, insists InfantinoIn practice, the higher risk category would mean banks should pay closer attention to transactions, in particular between clubs and governing bodies.Global football has been blighted by allegations of corruption and malpractice over recent years. In May 2015, US authorities raided a Zurich hotel and arrested seven high ranking officials from football’s global governing body, Fifa. read more

London airports soar to record months as UK shows “economic resilience” in the face of Brexit

Monday 13 February 2017 12:25 pm Read more: Government to unveil Heathrow third runway national policy statementNick Barton, Luton’s chief executive, said: Rebecca Smith Share Heathrow said the accelerating growth pointed to “economic resilience” as the UK adapts to the prospect of Brexit. Its figures for December and January were the fastest year-on-year passenger growth for those months in six years.Read more: Netherlands flag carrier KLM returns to London City Airport after 8 yearsLong-haul growth in particular bolstered Gatwick – that was up 23.2 per cent on January last year. Some of its most popular routes were San Francisco, Costa Rica, Calgary, New York and Hong Kong.Luton’s bumper January means it is now posted 34 months of consecutive double-digit passenger growth. Construction is currently underway at the airport to upgrade its facilities and help it adjust for the ramp up in demand. It aims to up capacity by 50 per cent to 18m by 2020.But despite the rapid growth in passenger demand, the airport doesn’t have a direct express-style rail service and it’s calling for the introduction of four fast trains per hour serving the airport as part of the upcoming East Midlands rail refranchising process. London airports soar to record months as UK shows “economic resilience” in the face of Brexit whatsapp Passenger numbers at London’s airports continue to soar as Luton reported a 20 per cent jump for January compared to last year.London’s two biggest airports also had record months, with passenger numbers at Heathrow up 4.2 per cent at 5.74m and Gatwick up 12.1 per cent with 2.8m passengers travelling through the airport. whatsapp As passenger demand for air travel from LLA continues to grow exponentially, public transport links are increasingly becoming a bottleneck for passengers looking to connect with the airport.We’re investing to transform the airport to help meet demand while Luton Borough Council has committed to deliver a £200m light rail link between the rail station and the terminal.Implementing an express-style service with four fast trains per hour is the last piece in the jigsaw and can be delivered at no cost through timetable change alone. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeYourSportSpotJim Carrey’s Secret to Success Will Blow Your MindYourSportSpotHealthy ZoneWarning! 10 Subtle Signs of Kidney Diseases that Should Never Be IgnoredHealthy ZoneMiaw StoreSome acts from your cat may be a sign for alarm. Get to know it nowMiaw StoreDid U KnowDental Implants Are Almost Being Given AwayDid U KnowIt's Rosy30 Of The Most Expensive Dog Breeds In The WorldIt’s RosyDo It HousesNBA Players Being Successful To This Day: What’s Their Secret?Do It HousesFitSavage10 Best Stretching Exercises for Better FlexibilityFitSavageZac EfronTOP 10: Facts About Zac Efron You Probably Didn’t Know.Zac EfronManuka Feed7 Easy Everyday Drinks That Fight InflammationManuka Feed read more

Labour leadership accused of ‘weasel words’ over Venezuela by their own MPs

first_imgMonday 28 January 2019 4:56 pm whatsapp Leading Labour MPs have been accused of “weasel words” on Venezuela after several signed a letter hitting out at the attempted ousting of the country’s dictatorial president, Nicolas Maduro.Shadow chancellor John McDonnell, shadow home secretary Diane Abbott and ten other MPs were among a host of signatories to the letter which appeared in the Guardian on Monday. whatsapp Another Labour MP, Angela Smith, dubbed the letter “a disgrace”.Foreign Office minister Sir Alan Duncan echoed their criticism, and said: “Let the signatories of that letter in the Guardian today be pinned on every wall as a list of signatures of shame.”The letter reads: “The far-right governments of Trump and Bolsonaro offer no hope to Venezuela or to the majority of people in Latin America.”Whatever views people hold on Venezuela, there is no justification for backing the US attempt at regime change under way, which, if successful, could go the way of the disastrous interventions in Iraq and Libya.”Instead, the way forward is the call for dialogue from the Mexican and Bolivian presidents.” The letter accused Donald Trump of backing “regime change” in the South American country, after the US recognised opposition leader Juan Guaido as the new Venezuelan president.The stunt was organised by the Venezuela Solidarity Committee, and other signatories included former London Mayor Ken Livingston.It also included the name ‘Doreen Massey’, a Marxist academic who died in 2016.Speaking in the Commons on Monday afternoon, Labour MP Mike Gapes hit out at those who had signed the letter.He said: “The people of Venezuela do not need the weasel words of a letter to the Guardian from assorted Stalinists, Trotskiests, anti-Semites, and apparently dead people, but also from Labour’s frontbench. What they need is our solidarity.” Sharecenter_img Labour leadership accused of ‘weasel words’ over Venezuela by their own MPs More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFans 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.org Owen Bennett Tags: Diane Abbott Donald Trump John McDonnell People Venezuelalast_img read more

Facebook and the tech giants are welcoming government regulation – that’s a panic signal for all of us

first_imgTuesday 9 April 2019 7:23 pm Last year, I met someone who had previously worked for a big tech firm in its “free speech” unit. What had happened to make him come and slum it among us mortals in the (badly paid) policy world? Answer: the unit had been shut down.It’s in this context that you should see the milquetoast response of the tech giants to the government’s “online harms” white paper published on Monday which the Open Rights Group has called “state regulation of the speech of millions of British citizens”.It’s the very same reason that Mark Zuckerberg wrote an article in favour of regulation in The Washington Post last month. It’s not so much evidence of the famed startup’s recent decision to “pivot to privacy”, but the logical endpoint of years of triangulation.For the first amendment advocates of buccaneering Silicon Valley, times have changed. A nudge here, a concession there, and now a full volte-face. Move fast and break things is out. Regulation is in.There is, of course, good business sense in this decision. In fact, that’s the problem.Facebook, one of the largest companies in the world, isn’t trying to protect the consumer – it’s protecting itself. It’s been an annus horribilis for the social media company, yet its profits continue to grow.Now that the tide of public perception is turning, so Facebook and other tech giants are building a regulatory moat to protect their business interests – and it’s startups like those we represent at the Coalition for a Digital Economy who will suffer.In research we published last year, 86 per cent of UK investors said that policies targeting the tech giants could hit startups harder. We’ve seen this already with the EU’s General Data Protection Regulation, and are likely to see it again with the Copyright Directive. Where European watchdogs thought that regulation would balance the market, it has actually tilted it further towards the tech giants.In the UK, this conversation about reining in the platforms is coming in many different forms – from chancellor Philip Hammond’s digital services tax to the Cairncross review. But top of the list is the online harms white paper. In the words of Sajid Javid this week, it aims to address the “hunting ground for monsters” on the internet.Strong words, but in short the intention is to make the tech giants face up to the harms their platforms have created. But the scope means that this isn’t just about social media – it’s about the whole internet. And the challenges of defining harms like misinformation or bullying mean that it’s pretty vague too.When you build a massive, burdensome piece of ill-defined regulation, the people with the most resources to comply and the fanciest lawyers tend to benefit. Needless to say – those aren’t the companies who sit with us in our co-working space in Shoreditch.So the question that will define the next stage of tech development is: do we want the digital market to be more like the telecoms or utilities sector, with a handful of regulated, massive players? Or will it allow the chance for organic (hopefully British) competitors to grow and compete with today’s tech giants?The government already has an answer to this question from the Furman review into digital competition commissioned by the Treasury and published last month.In it, Harvard professor and former Obama adviser Jason Furman and the panel wrote that digital regulation had “the potential to be complementary, but could also cut across each other if taken forward in isolation”, and the government “should ensure that pro-competition aims and functions are aligned with others, and that the regulatory landscape for digital businesses is kept simple”.They were warning about things exactly like the online harms white paper, which will perversely embed the players who happened to be at the top of the market when the music stopped, and will reward the bad behaviour that the government intended to punish.Furman argued for measures to broaden competition in the digital space, not stifle it. At the time, the government welcomed the report. They might want to give it another read. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerFilm 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 Dom Hallas Facebook and the tech giants are welcoming government regulation – that’s a panic signal for all of us center_img whatsapp whatsapp Tags: Company Data protection Digital economy Facebook Hunting Mark Zuckerberg People Philip Hammond Sajid Javid Startups Tax Sharelast_img read more

Brexit talks: Still no progress in discussions between the Conservatives and Labour

first_imgMonday 13 May 2019 10:35 pm Brexit talks between the Conservative and Labour frontbenches ended in stalemate yet again on Monday despite frantic speculation a crunch vote was set for later this week.Tory MPs were told a three-line whip was in operation for Thursday – meaning an important vote was scheduled – before it was downgraded to a one-line whip. whatsapp whatsapp The suggestion a crucial division was being planned prompted rumours in Westminster the Conservatives and Labour had reached an agreement over a cross-party Brexit deal which would see a temporary customs union.However, a source close to one of those leading the negotiations for the Government told City A.M. that while the Tories were preparing a new offer on a post-Brexit customs union, this had not been agreed with Labour.After the talks were concluded at about 7pm, a Labour spokesperson said: “Talks continued tonight and the shadow cabinet and the trades union will be updated on what has been discussed.”A source added that no substantive progress had been made.A Downing Street spokesperson said: “In preparation for an update to cabinet tomorrow, today’s meeting took stock across the range of issues discussed in talks over the last few weeks. We continue to seek to agree a way forward in order to secure our orderly withdrawal from the EU.” Vaizey went on to back Michael Gove for the leadership, and the environment secretary told ITV it was “not a no” when asked if he would stand once May had departed.The Prime Minster is set for a showdown meeting with the executive branch of the Conservatives’ backbench 1922 committee on Thursday to set out a detailed timetable for her departure, including her plans if she cannot get her three-times defeated deal through parliament before the end of October – when the current negotiating extension agreed by the EU expires.Paul Scully, the Conservatives’ vice chairman for London who represents Sutton and Cheam, told City A.M. he worried what the impact of a leadership contest could have on his party’s standing with the voters.“My biggest worry is that a leadership election will see a six-week window where we will be talking to ourselves and not the country,” he said. The continuing deadlock will pile further pressure on Theresa May to pull the plug on the talks and put the matter to MPs through a series of indicative votes.It was reported at the weekend that leading government figures, including chancellor Philip Hammond, will use Tuesday’s cabinet meeting to urge May to end the cross-party attempt to solve the Brexit impasse, with all avenues of discussion now exhausted.May is also facing increasing calls to set out a clearer timetable for her departure from Downing Street, with former culture minister Ed Vaizey calling for her to step down soon after May 23.He told Channel 4 News: “After the European elections, that would be the right time for her to stand down.“The only thing that I could see that would keep her in office is if by some miracle she produces a deal with labour and argues that she needs time to see if she can get it through parliament.”center_img Owen Bennett Tags: Brexit Channel 4 Company ITV Michael Gove People Philip Hammond Theresa May Share Brexit talks: Still no progress in discussions between the Conservatives and Labour last_img read more

Union threatens Tube chaos in pay dispute

first_img“RMT is angry and frustrated that the company have opted to ignore the massive contribution tube staff make to this city, delivering services, including the night tube, often in difficult operational conditions,” said RMT general secretary Mick Cash. Commuters brace for Tube chaos as 10,000 workers balloted for strike action He added: “The failure of tube bosses to come up with proposals that meet the union call for serious improvements in both pay and working conditions has been the catalyst for the collapse of the talks today. Read more: RMT stages five-day strike on South Western Railway Major strikes could bring London Underground to a standstill, with up to 10,000 workers threatening to walk out. A TfL spokesperson said: “We have made an offer to our unions that we believe is fair and affordable. We remain available for further discussions and have asked that ACAS [Advisory, Conciliation and Arbitration Service] help to facilitate these talks. We look forward to finding a resolution in order to provide certainty for our hardworking staff.” whatsapp 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 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 whatsapp Union RMT said it would ballot for the strike action after “crucial” talks with management collapsed earlier today. “That failure … means we have no option but to accelerate the balloting process and escalate the dispute.”center_img Share Read more: Union bosses suspend tube strike over FA Cup final weekend Drivers, platform staff, engineers, and fleet maintenance crews would walk out in the strike, shutting down the entire tube system. August Graham RMT said it was open to more talks, with preparations expected to take a couple of weeks. “But no one should underestimate our determination,” Cash said. Wednesday 5 June 2019 1:58 pm Managers refused to increase salaries and improve working conditions, RMT said. More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFort Bragg soldier accused of killing another servicewoman over exthegrio.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.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comColin Kaepernick to publish book on abolishing the policethegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comKansas coach fired for using N-word toward Black playerthegrio.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comlast_img read more

Hunt calls Boris a ‘coward’ in Tory leadership race

first_imgMonday 24 June 2019 7:51 am Johnson has dismissed calls to explain the cause of the argument, which a neighbour recorded and shared with the Guardian. Joe Curtis Johnson used his Telegraph column today to attempt to steer attention back to his campaign stance on Brexit. The pair are set for a head-to-head debate on Sky News tomorrow but Hunt criticised his rival for “slinking through the back door” into Number 10 without having his views and policies tested./ An apparent domestic row between Johnson and his partner, Carrie Symonds, that emerged over the weekend has dealt a blow to the former foreign secretary’s leadership ambitions. LONDON, ENGLAND – JANUARY 09: (L-R) Foreign Secretary Boris Johnson and Health Secretary Jeremy Hunt leave Number 10 after government ministers attended the first Cabinet meeting of the year at 10 Downing Street on January 9, 2018 in London, England. Theresa May’s reshuffled cabinet meets for the first time today. Justine Greening quit the government last night after being moved from Education, she is replaced by Damian Hinds. Health Secretary Jeremy Hunt’s role has been extended to include social care, Esther McVey becomes Work and Pensions Secretary and Karen Bradley replaces James Brokenshire as Northern Ireland Secretary. (Photo by Leon Neal/Getty Images) The foreign secretary, who is vying for the votes of Conservative party members against frontrunner Boris Johnson, increased the pressure on his rival as polls show Johnson’s level of support has slipped. “On the question of debates, he is being a coward,” Hunt told Sky News. “It is very disrespectful to say that you’re not going to appear in any head-to-head debates in the two weeks when (party members) can see you before they’ve actually voted. More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPuffer fish snaps a selfie with lucky divernypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comWhy people are finding dryer sheets in their mailboxesnypost.com Hunt said: “What Boris needs to do is to engage properly in this leadership debate, not to shy away from the Sky News live debate that’s scheduled for Tuesday evening, which he’s been invited to [and] I’ve said I’m willing to go to.” “Don’t be a coward Boris, man up and show the nation you can cope with the intense scrutiny the most difficult job in the country will involve,” he added in a Times column today. Tags: Boris Johnson Police were called to Johnson’s home with his partner after a loud argument with Symonds in the early hours of Friday. “We are just over four months away from the date on which, by law, we must leave the EU; and this time we are not going to bottle it,” he wrote. Jeremy Hunt has labelled Tory leadership race rival Boris Johnson a “coward” for failing to engage in public debates on the future of Brexit. whatsapp The Tory leadership race favourite has dropped 10 points to 45 per cent support among Tory voters, according to a Mail on Sunday poll. In a possible dig at Hunt’s wish to delay Brexit beyond its Halloween deadline to secure a deal, Johnson said “we are not going to bottle it”. ‘Don’t be a coward’ Hunt tells Boris in Tory leadership race Read more: Police called to Boris Johnson’s home after reports of altercation “People need to know what you’re going to do and you need to answer those questions,” Hunt, Britain’s foreign minister, said. “I promise Boris Johnson the fight of his life and he’s going to have that and he’s going to lose.” Police found everybody to be safe and said nobody had committed any offences. Share whatsapp 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 FactoryZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OraclePsoriatic Arthritis | Search AdsWhat Is Psoriatic Arthritis? See Signs (Some Symptoms May Surprise)Psoriatic Arthritis | Search AdsDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionMisterStoryWoman files for divorce after seeing this photoMisterStoryUnderstand Solar$0 Down Solar in Scottsdale. How Much Can You Save? Try Our Free Solar Calculator Now.Understand SolarNext RefinanceThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryNext Refinance “We are not going to fail. This time we are not going to shrink in fear from the exit, as we have on the last two occasions.” Read more: Domestic row hurts Boris Johnson in the pollslast_img read more

The Conservative case for foreign aid

first_img 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. However, get aid right, and the effects can be impressive.  Aid isn’t the only driver of progress, of course. It should build upon a climate of free trade, and, as the Save the Children report itself acknowledges, it must be coupled with “strong political will, good governance and economic growth” in order to be successful.  International aid is a relatively fresh concept in economics. The first legal statute dealing expressly with official aid was passed by parliament in the UK in 1929, and it was only in the last half a century that aid has really begun to become the norm.  The number of lives saved by foreign aid is inspiring. According to a Save the Children report from 2012, four million fewer children aged under five died in 2010 than in 1990, while 131 countries now have over 90 per cent immunisation coverage for diphtheria, tetanus, and major preventable childhood diseases such as measles, compared to just 63 in 1990.  whatsapp However, when efforts are made to avoid corruption, aid can work effectively to lift people out of poverty, improve global relations, open up global markets, and even benefit the donor as well as the recipient. Many of these are liberal, exciting, and exactly what is needed to boost the British economy ahead of Brexit – but the very concept of international aid has taken something of a beating.  Thursday 8 August 2019 4:20 am We are still working to make our aid more efficient, more targeted, and more productive, so it is understandable that opposition remains. Main image credit: Getty The Conservative case for foreign aid Matt GillowMatt Gillow is communications & events manager at the British Foreign Policy Group. But the prevailing sentiment in much of the Conservative party that it is a necessary evil whose budget should be kept as slim as possible is fundamentally unfair.  In some cases, the morality angle can create the sense of “us” versus “them”. This is unhelpful; we should instead be making the case for spending based on what it can achieve, and in purely utilitarian terms, foreign aid should be seen as a great way to spend our money.  I’m not calling for a raise in the 0.7 per cent of GDP which we currently spend on aid. As the economy grows, real-terms aid spending will slowly creep up in line with it – without having to divert a bigger slice of the pie. But we should acknowledge that the current figure is fair, productive, and beneficial – and it would be great to have more outward-looking liberals standing up for it. Similarly, aid extended by the UK has had significant public health successes, such as reducing child mortality rates in Nepal and maternal mortality in Bangladesh. Opinioncenter_img People are of course right to demand that international aid should be free of corruption and properly targeted – a far cry from shoddy vanity projects such as a girl band dubbed the Ethiopian Spice Girls, to which the British government contributed £5.2m.  Contenders for the leadership, most notably Esther McVey who is now housing minister, promised to slash the aid budget in order to refocus on priorities at home.  The debate around foreign aid usually centres on the moral case for or against – and the way these arguments are made matters.  Now that the Conservative party leadership contest is over, a raft of new ideas have entered the mainstream policy agenda. whatsapp Share Both Taiwan and South Korea used to receive large amounts of aid from the US. Today, what were once economic basket cases are free-market powerhouses – economies which Britain can and should learn from.  Very few people have been seen proudly making the case for foreign aid. That’s a shame – because not only will targeted international assistance (which is now rightly being tied to the Department for International Trade) be essential in the post-Brexit climate, but it’s clear that aid works when priorities are in the right place.  Aid can also have a dramatic impact beyond the economy when it comes to other development goals. The assistance provided by the US was instrumental in eradicating smallpox across the world.  Recipient governments also have an absolute duty to ensure that aid is properly used – and that’s why the new move to tie UK aid to trade and divert funds to on-the-ground activity is a positive step. According to the Borgen Project – an institution committed to tackling global poverty – there are six key benefits to international aid for the recipient: improving infrastructure, agricultural technology, education, and health, responding to humanitarian challenges and natural disasters, and strengthening national security to help recipient countries to combat terrorism. To argue that the UK should not have a role in this work is misguided. If we are prepared to beef up defence spending to assert global Britain on the world stage, we should apply the same logic to our humanitarian presence abroad. In doing so, McVey and others were pandering to a strong number of grassroots members who believe that the aid budget should be the first to be slashed at in order to fund domestic policies to boost the economy. LONDON, ENGLAND – MARCH 09: MPs and campaigners from Non Governmental Organisations take part in a photocall following the passing of a law of a committing Britain to spend 0.7% of its gross national income on foreign aid on March 9, 2015 in London, England. Liberal Democrat member of parliament, Michael Moore, introduced a Private Members Bill in 2014 to secure a debate which ultimately resulted in a commitment, enshrined in law, for the United Kingdom government to spend 0.7% of its gross national income on aid every year, making it the first G7 country to meet the UNÕs 45-year-old aid spending target. (Photo by Carl Court/Getty Images) Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeUnderstand Solar$0 Down Solar in Scottsdale. How Much Can You Save? Try Our Free Solar Calculator Now.Understand SolarUndoLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver HealthUndoGraber BlindsWindow Treatments So Sophisticated, It’s Hard to Believe They’re so AffordableGraber BlindsUndoBest Selling Grills | Search AdsTraeger Blaze & American Grills On SaleBest Selling Grills | Search AdsUndoStuff AnsweredBest Mattress Deals for Seniors 2020Stuff AnsweredUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndoPost FunRare Photos Show Us Who Meghan Markle Really IsPost FunUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoElvenarIf You Are Above 30, this Fantasy Game is a Must-Have. No Install.ElvenarUndolast_img read more

Businesses insert no-deal Brexit contingencies in supply contracts

first_img British businesses insert Brexit contingencies in supply contracts to prepare for no-deal This would cause World Trade Organisation rules to be applied at the border, these include tariffs on many products. August Graham Read more: Brexit: UK ‘refusing to leave papers with EU negotiators’ Businesses have being forced to tackle the uncertainty of Brexit as, with only weeks to go, there is no clarity on what form Britain’s exit from the bloc will take. The CIPS surveyed 817 chain managers in the UK and EU and found that companies are struggling to prepare for Brexit, still mooted for 31 October. “Where this would be particularly damaging is SMEs (small and medium-sized enterprises) who are not flush with cash,” Glen said. Prime Minister Boris Johnson has said he will take the country out “do or die” – without a deal if necessary. British firms are set to bear the cost of any tariffs when they buy components from inside the EU when the UK leaves. This could be passed on to consumers with more expensive end products. whatsapp Two thirds of British businesses that import from European suppliers have penned Brexit clauses which would let them renegotiate if tariffs are introduced after the UK leaves the EU. “These potential additional costs are being written into contracts ahead of time,” said John Glen, an economist at the Chartered Institute of Procurement and Supply. Share Only 22 per cent of British firms in the survey think they have the right paperwork to trade outside the EU. Tags: Brexit whatsapp Read more: DEBATE: Will David Cameron be remembered for anything other than Brexit? Wednesday 18 September 2019 8:33 amlast_img read more

The vote-winning power of tax cuts

first_imgAll of these received landslide support, among voters of all types. There was also strong support, though less utterly one-sided, for reducing corporation tax rates to 12.5 per cent to match Ireland’s, and cutting fuel duty and road tax to make driving cheaper.  The vote-winning power of tax cuts Tuesday 12 November 2019 4:14 am What comes through extremely strongly is that there are indeed taxes people would like to see cut — and they tend to be taxes of a very particular kind. Namely, those that punish aspiration and enterprise, that stop people — especially those with small businesses or small incomes, struggling to get by and get on — from fulfilling their potential. A mug making a claim regarding the opposition Labour Party’s tax policy is seen at the venue on the first day of the Conservative Party Conference 2018 at the International Convention Centre in Birmingham, on September 30, 2018. (Photo by Ben STANSALL / AFP) (Photo credit should read BEN STANSALL/AFP via Getty Images) Closely allied to this, of course, is the question of what the voters want. There has been some brisk debate on this point between various policy wonks.  On this score, the TaxPayers’ Alliance think tank has carried out an invaluable polling exercise, testing a huge range of policy options on voters of all kinds. Main image credit: Getty On the Tory side, however, there is more uncertainty. Sajid Javid’s new fiscal rules allow him significant space for extra infrastructure investment, but still require relative restraint when it comes to day-to-day spending — reportedly a source of tension with others involved in the campaign, who wanted to loosen the purse strings more significantly. The chancellor does, however, have room for a few election goodies. And the question that looms largest is whether these will take the form of extra spending, or whether there might be some room for a few tax cuts as well. They also, incidentally, think that Margaret Thatcher was comfortably the best Prime Minister of the last 30 years. Indeed, most people would apparently like to see a new 50p band for those on £80,000 or more (though in separate polling, they told our think tank that everyone should be able to keep at least half of what they earn, which would no longer be the case with a 50p tax band once National Insurance was factored in).  whatsapp The Tories put out a dossier at the weekend costing the opposition’s pledges at a jaw-dropping £1.2 trillion.  We will find out soon enough what the Conservatives will be promising the voters in their manifesto. Let’s hope that this time — unlike in 2017 — it includes addressing at least some of these concerns, and giving voters a bit more of their own money to spend in the process. whatsapp Opinioncenter_img Robert Colvile But that’s only the start of it.  More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org But more interesting than the question of whether people want tax cuts, in many ways, is the question of what taxes they want to cut. Share Likewise, voters of all stripes favoured thumping taxes on second homes, and spending more on council housing. For example, the idea of Opportunity Zones (also proposed by our own think tank) gets a thumping endorsement. This is the proposal to give deprived areas of the country the chance to cut taxes and take other measures to boost their prosperity. You can quibble with the detail, but it’s pretty clear that under John McDonnell’s guidance, the British state would become the fiscal equivalent of Monty Python’s Mr Creosote — a wobbling, quivering leviathan attempting to stuff billion after billion down its rapacious maw. And, as the TaxPayers’ Alliance points out, traditional working-class Labour voters were just as likely to embrace these ideas as affluent Tories. In fact, support for ideas like corporation tax holidays for new firms was markedly higher towards the bottom of the income scale. As theGeneral Election clunks into gear, it’s already clear what Labour’s approach will be: promise to spend literally all the money. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyMisterStoryWoman files for divorce after seeing this photoMisterStoryPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past Factoryzenherald.comDolly Finally Took Off Her Wig, Fans Gaspedzenherald.comJournalistateTeacher Wears Dress Everyday, Mom Sets Up CamJournalistatebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comYourDailyLamaHe Used To Be Handsome In 80s Now It’s Hard To Look At HimYourDailyLamaThe Chef PickElisabeth Shue, 57, Sends Fans Wild As She Flaunts Age-Defying FigureThe Chef Pick Essentially, most polling shows that people prioritise spending on public services over tax cuts, and that the level of taxation (and even the state of the economy) isn’t a pressing concern. The rebuttal to this is that people also say cite the cost of living as the most important issue they face — and tax plays a huge part in that. Voters, in other words, are solid and pragmatic types. They want taxes cut where they are an obstacle to making work or effort pay. They are happy for the rich to get on — but they want to make sure that they pay their fair share and stop hogging all the houses.  Other popular policies include stamp duty exemptions for small firms and hiking the threshold to £1 million for everyone, three-year corporation tax holidays for startups, cutting business rates on the high street, capping council tax rises, cutting tax on the self-employed and small businesses, dropping the basic rate of income tax, reducing PAYE to encourage employment, abolishing the TV licence, linking tax thresholds to inflation or wage growth, and ensuring that people aren’t taxed on the profits when they sell their family home. It’s also instructive to see which tax cuts voters don’t support. Disappointingly for many City A.M. readers, cutting the top rate of tax to 40p appears to be a non-starter, at least in terms of the popular reception.  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.last_img read more