This article originally published in December has been updated. Unless the British parliament approves a Brexit deal, or another extension to the UK's EU membership is agreed, or the government decides to cancel Brexit – then by law the United Kingdom will leave the European Union without an agreement on October 31. Several of the contenders to replace Theresa May as prime minister, including the favourite Boris Johnson, say they are determined to take the UK out in the autumn, without a deal if necessary. Polling suggests many members of Britain’s ruling Conservative Party favour such an option. A "no-deal" exit would mean that legal arrangements covering many aspects of everyday life would abruptly cease to apply. It would also bring a significant change in the trading relationship between the UK and the EU. The EU is the UK’s largest trading partner, although its importance has been slightly declining. Official UK figures show that 44% of all UK exports went to … [Read more...] about No-deal Brexit: what would ‘WTO terms’ mean for UK-EU trade?
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That’s according to a new study by an economic research centre, which found Germany would be the worst hit EU country when it comes to jobs in the event that the UK leaves the EU without a withdrawal agreement in place. The research, conducted by the Leibniz Institute for Economic Research Halle (IWH) and the Martin Luther University Halle-Wittenberg, looked at the effect of a hard Brexit on different parts of Germany, and showed the automobile and technology industries would bear the brunt. SEE ALSO: Brexit planning: What you need to know about Germany's plans for a no-deal SEE ALSO: 'Horror Scenario': How Brexit could affect Germany "In no other country is the effect on total employment as great as in Germany," one of the authors of the study, Oliver Holtemöller, told the newspaper Welt am Sonntag. The study came as fears continue to grow over the outcome of Brexit. The UK is still scheduled to leave the bloc on March 29th, but there is currently no deal in place. … [Read more...] about No-deal Brexit could cost Germany 100,000 jobs, according to study
On Thursday, the House of Lords Economic Affairs Committee published an unusually strongly worded report about what seems like a relatively dry and technical topic: how we measure inflation. Let me stop you before you switch off – the calculation of inflation matters, because it affects all sorts of prices that you pay, from rail fares to student loans to your mobile phone contract. So having accurate measures of inflation is important for everyone, not just for statistical geeks like me. The Lords’ report takes the UK Statistics Authority (Uksa) to task for failing to maintain the Retail Prices Index (RPI) as a good measure. This has led to the index consistently overstating inflation, particularly in clothing. Uksa had argued that RPI was RIP, and that it should not be used as a metric. But the RPI measure is embedded in many contracts, especially government bonds, so this is not realistic. The Lords note that, as a result of the poor quality of the statistic, those who … [Read more...] about The Lords have spoken: It’s time to fix RPI and reform the way we measure inflation
QUESTION: Can you explain to me the new capital allowances relief announced in Budget 2018?ANSWER: One of the few surprises in Budget 2018 was the introduction with immediate effect of a new class of capital allowances – Structure and Buildings Allowances (SBAs). In outline, SBAs will provide relief on a straight-line basis for qualifying expenditure on new non-residential structures and buildings incurred on or after October 29 2018. This is good news for businesses, as such expenditure has often not qualified for relief since the abolition of Industrial Buildings Allowances (IBAs) in 2011.SBAs are available for the direct costs of constructing new commercial structures and buildings (including any necessary demolition or land alteration), new conversions or renovations, and the acquisition of an unused asset from a developer.There are a number of key exclusions to be aware of. In particular, SBAs are not available for:• Land and land-related costs (e.g. stamp duty, … [Read more...] about Firm foundations for a new tax relief
By Nigel Hunt and Michael Hogan LONDON/HAMBURG (Reuters) - Sales of British malting barley to European Union brewers and malt producers for delivery after Brexit have come to a virtual stop because of uncertainty about future trading relations. The standstill in so-called forward export sales for delivery in coming months means UK farmers are not able to take advantage of current attractive prices and are losing business to other EU suppliers, traders said. "They have essentially lost market access at this point of time for forward sales which is frustrating because commercially it is the right thing to do, forward prices are high," said Jack Watts, chief combinable crops adviser with the National Farmers Union, which represents farmers in England and Wales. Britain, which counts barley as its second most important arable crop after wheat, is due to leave the EU on March 29 and there is still no final deal on future trading terms. Forward sales of malting barley for delivery after … [Read more...] about Hangover for UK farmers as Brexit uncertainty hits brewing barley sales to EU