News by tag: UK


Brexit: UK banks become detective to find illegal immigrants

The BBC reported Friday banks and building societies in the UK will carry out checks from January to see if account holders are in the UK legally or not. The BBC quoted The Guardian as saying 70 million accounts will be looked at quarterly. The BBC said financial institutions will be provided with a list from anti-fraud organisation Cifas on people who are liable for removal or deportation from the UK or who have absconded from immigration control, and these organisations will then have to report anyone they discover and freeze or close the accounts.

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Iran, the new Hub for renewable energy

Specialist renewable energy investor Quercus will invest over half a billion euros in a solar power project in Iran, with construction to start in the first half of 2018, the company’s chief executive told Reuters. The planned 600-megawatt (MW) plant, located in central Iran, will be the sixth largest globally, behind projects of up to 1.5 gigawatts (GW) in China and India. The work is expected to take three years, with the project coming online in 100 MW phases every six months, Quercus said of its first project outside Europe.

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Expert Commentary: Focus on UK economy and GBP

Analysts warned that UK's economy will most likely downgrade this year. In your opinion, how long will it take for the UK economy to stabilise? I would suggest that it depends on exactly what we mean by stabilise; in my opinion, growth is rather to be stable for the next few quarters, but it will still hold at a relatively low level. If we look at the GDP growth in the second quarter, it was 0.3%, slightly higher than in the first quarter. My current view is that the GDP will probably hold at the same level during the H2 of this year and in 2018 as well. Growth will be relatively stable, but again, stable at a relatively low level. If you ask me when do we think that growth will be turned to a certain trend rate of growth, which is probably closer to 0.5% a quarter, then we do not think that this is likely to happen anytime soon; maybe in the H2 of 2018 at the earliest.

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Brexit: Leaked documents revealed UK plan to cut EU migration

Proposals to force a post-Brexit cut in low-skilled migrants from the continent have ignited a political row on the eve of an explosive Commons battle over EU withdrawal. A leaked Home Office document outlining ways to restrict immigration heightened the political temperature over Brexit after Labour insisted it would vote against the EU (Withdrawal) Bill, which gets its second reading in Parliament on Thursday, and pro-Europe Tory MPs threatened to back amendments to the landmark legislation.

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McDonald's workers strike for first time in the UK

McDonald’s faces its first strike since it opened in the UK in 1974, as well as protests by unions and the public at several restaurants over pay and working conditions. Staff in Cambridge and Crayford, south-east London, walked out in a row over the use of zero-hours contracts and "inexplicably" low pay. The Bakers, Food and Allied Workers Union (BFAWU) said the strike was being well supported. Members of other trade unions joined early-morning picket lines outside the two restaurants, while Labour leader Jeremy Corbyn offered his backing.

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Brexit is pushing up to a million skilled worker away from UK

Almost a million EU citizens working in Britain – many of them young, highly qualified and much sought-after by businesses – are either planning to leave the country or have already made up their minds to go as a result of Brexit, a study has found. A survey of 2,000 EU workers in Britain by KPMG, the professional services firm, found that 55% of those with PhDs and 49% of those with postgraduate degrees were either planning to go or were actively considering it. If all of those considering departure actually left, it would reduce the UK’s national workforce by 3.1% - almost one million people - said the consultancy firm.

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Brexodus: Uk immigration drops after Brexit vote

Net migration to Britain has fallen to a three-year low as a growing number of European Union citizens have left the country following last year's Brexit referendum. Data released Thursday by the Office for National Statistics provides evidence that the uncertainty and economic jitters caused by Britain's vote to quit the EU are deterring immigrants and sparking a "Brexodus."

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Brexit's mistakes: EU citizens received letters to leave UK

The Home Office sent about 100 letters "in error" to EU citizens living in the UK, telling them they were liable for "detention". The mistake emerged after a Finnish academic, who has the right to live in the UK, received one of the letters. Eva Johanna Holmberg, a visiting academic fellow from the University of Helsinki at Queen Mary University of London, was told in the letter that she had a month to leave. She has lived in the UK with her British husband for most of the last decade.

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UK: competition authority gives thumbs up for Heineken's takeover

Heineken’s £403million takeover of Punch Taverns received the grreen light by the Competition and Markets Authority (CMA) after the competition watchdog accepted plans to sell off some the almost 1,900 newly-acquired pubs to allay fears it could reduce competition. Heineken announced last December that it was teaming up with Patron Capital, the private equity firm, to buy Punch for £409m (€305m), or £1.78bn once Punch’s debt is taken into account.

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Brexit: UK plans to allow EU citizens to be visa-free

The U.K. will allow visa-free travel for EU citizens entering the country post Brexit, the Times reported Thursday, but would impose restrictions on their employment. According to the report, an anticipated plan by the Home Office on post-Brexit migration will add that there will be no extra curbs on EU citizens travelling to Britain through airports and ports.  But prospective employers will have to sponsor EU applicants by applying for permits issued by the government. The number of available permits will vary according to the sector, and the government may charge companies a fee to issue them.

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