News by tag: UK

12.01.2018

UK: benefits of international students add £20 bn to economy

International students are worth about 10 times more to the UK economy than they cost the taxpayer, according to a new report that will add to pressure currently mounting on the country’s government for a shift in policy on the issue. The analysis, which, unlike most similar studies in the past, looks at the cost of hosting overseas students as well as the benefits, calculates the bill at £2.3 billion, including use of the NHS and other public services.

 
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11.12.2017

Money laundering: Britain to set up a national economic crime centre

Britain said on Monday it would create a new national economic crime center to crack down harder on money laundering by drug dealers and people traffickers who are expected to net 90 billion pounds ($120.3 billion) this year, home secretary Amber Rudd said. Rudd announced plans for a national economic crime centre that will sit within the National Crime Agency (NCA) and will be backed by greater intelligence and analytical capabilities.

 
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07.12.2017

Brexit deadline for UK and Prime Minister May

The EU has declared there is still "no white smoke" over a Brexit deal and handed Theresa May a 72-hour deadline to make an acceptable offer. Michel Barnier has informed EU member states that Britain has just 48 hours to agree on a potential deal on the first phase of Brexit talks for talks to move onto trade and transition before 2018.

 
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30.11.2017

UK: OECD predicts weak economy due to Brexit

The Organisation for Economic Cooperation and Development on Tuesday issued a forecast for weak economic growth in the UK over the next two years that is worse than a much reduced estimate published last week by Britain’s fiscal watchdog.  The club of rich nations expects Britain’s economic growth to drop sharply from a rate of 1.5 per cent in 2017 — placing the UK at the bottom of the G7 group of countries — to 1.2 per cent in 2018 and 1.1 per cent in 2019. “The growth slowdown is expected to continue through 2018, due to continuing uncertainty over the outcome of negotiations around the decision to leave the European Union and the impact of higher inflation on household purchasing power,” said the OECD, adding that there would be a “moderate” rise in the UK’s current 4.3 per cent unemployment rate.

 
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17.11.2017

Credit Suisse prefers European Solution after Brexit

Credit Suisse is considering spreading its trading, investment-banking and wealth management activities across several European locations after Brexit,  «Bloomberg» reported, citing three sources on condition of anonymity.Switzerland’s second-largest bank is considering moving the activities affected by Brexit to a number of European cities, instead of replacing London with one large alternative location.

 
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17.11.2017

UK startup launches debit card for cryptocurrency

A London-startup headed by a Credit Suisse veteran is launching a new debit card that it claims will allow people to spend cryptocurrencies across the UK. The London Block Exchange (LBX) launched on Tuesday. It plans to launch a sterling-to-cryptocurrency exchange and a prepaid Visa debit card, dubbed "Dragoncard," that will allow people to convert bitcoin, ethereum, ripple, litecoin and monero to sterling and spend it across the UK. The startup plans to add more cryptocurrencies in future.

 
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09.11.2017

Paradise Papers: Oxford and Cambrigde invested ten of millions offshore

The Paradise Papers have revealed that the prestigious British universities have committed significant sums to a hedge fund scheme related to investments in fossil fuels. The revelations are likely to increase pressure on both institutions over their investment policies. The universities of Oxford and Cambridge invested millions of pounds in offshore funds, according to revelations contained in the Paradise Papers. 

 
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08.11.2017

Fintech start-up Revolut applies for European banking license

British financial technology firm Revolut said on Wednesday it has applied for a European banking license, as it bids to join a growing number of digital-only banks looking to win away customers from larger, traditional lenders. Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko in 2015, Revolut is an app-based banking alternative with a multi-currency card and mobile app. An account can be created in seconds, enabling users to instantly send free money transfers in 26 currencies to banks around the globe; spend fee-free in 120 currencies with a contactless Revolut card; and exchange currencies at interbank rates in the app. It also offers peer-to-peer payments.

 
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30.10.2017

Red alarm: UK government faces £20 billion budget black hole

Philip Hammond faces another £20bn hole in his deficit reduction plans, as the chancellor comes under political pressure to increase spending in the forthcoming Budget. Analysis by the influential Institute for Fiscal Studies (IFS), published today, shows that a productivity forecast downgrade from the government’s Budget watchdog may leave the total deficit as high as £36bn by 2021-22, before any extra spending commitments. The major report from the UK’s leading economic think tank shows that deep cuts have left the NHS, schools and prisons in a “fragile state”, and have merely returned public spending to pre-financial crisis levels.

 
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23.10.2017

Gender Gap: women in UK work for free since mid-October

The gender pay gap refers to the difference in pay between men and women are paid for doing exactly the same job. In most cases, women are paid less tha their male counterparts. Women in the UK stop being paid on 15th October whereas the average cut off date for Europe is 30th October. According to Eurostat, the gap between male and female salaries in the UK is 20 per cent. The disparity means that by 16 October men have already been paid the amount it would take a woman doing the same job a whole year to earn.

 
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