Fiscal Policy & Regulation
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UK firms face retaliation threat over 'Google tax': Crackdown on tech firms ... - This is Money

UK firms face retaliation threat over 'Google tax': Crackdown on tech firms ... - This is Money | Fiscal Policy & Regulation | Scoop.it
The Treasury is to detail sweeping new powers for the Revenue to investigate tax-avoiding global companies, and will issue a list of suspect structures which it says are designed to dodge British dues.
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Fiscal Policy & Regulation
Looking at Fiscal Policy, primarily in the UK
Curated by Bruce Fellowes
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Rescooped by Bruce Fellowes from International Economics: Pre-U Economics
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Greece crisis declared 'over' after eight years as eurozone agrees debt relief

Greece crisis declared 'over' after eight years as eurozone agrees debt relief | Fiscal Policy & Regulation | Scoop.it
Eurozone ministers declared the end of the Greek debt crisis early on Friday agreeing debt relief and a big cash payout for Greece, part of a broad bailout exit deal that will close eight years of financial rescues for cash-strapped Athens.

Via Graham Watson
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Graham Watson's curator insight, June 22, 3:00 AM

It's official then: the Greek crisis is over. The Eurozone has agreed to debt relief and a large cash payout. Look out for dancing on the streets of Athens.

 

I suspect that the average Greek might not be in the mood for partying just yet.

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KPMG singled out in critical report on audit industry | Business | The Guardian

KPMG singled out in critical report on audit industry | Business | The Guardian | Fiscal Policy & Regulation | Scoop.it
Watchdog says Big Four accountants have failed to show appropriate scepticism

Via Graham Watson
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Graham Watson's curator insight, June 19, 2:51 AM

I wanted to 'scoop' something on this because I think that it's a lovely example of a situation where the market doesn't work.

 

Why? Well, think of the incentive structure. When firms are looking to employ an auditor, are they looking for the most scrupulous auditor or the cheapest who complies with existing regulations?

 

And think of the auditors? Who are they really trying to please? The firms that employ them, or the regulators? And where do they get the information required to do the auditing? Surely, a classic example of asymmetric information.

 

So, no wonder that the Financial Reporting Council finds the standards of auditing to be poor.

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Water firms failed customers during 'Beast from the East'

Water firms failed customers during 'Beast from the East' | Fiscal Policy & Regulation | Scoop.it
The water industry regulator says firms did not support customers properly during the "Beast from the East".

Via Graham Watson
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Graham Watson's curator insight, June 19, 2:24 AM

OFWAT have concluded that the water companies didn't do enough to help their customers during the "Beast from the East", and is reviewing their existing compensation regulations.

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Shell hits back at criticism of tax structure | Business | The Guardian

Shell hits back at criticism of tax structure | Business | The Guardian | Fiscal Policy & Regulation | Scoop.it
Reports allege oil group’s plan has cost Dutch treasury as much as £6.1bn in lost income
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EU regulators clear Comcast's £22bn bid for Sky

EU regulators clear Comcast's £22bn bid for Sky | Fiscal Policy & Regulation | Scoop.it
European regulators have cleared Comcast's £22bn bid for Sky, helping fuel a bidding war with Rupert Murdoch's 21st Century Fox.

Via Graham Watson
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Graham Watson's curator insight, June 16, 3:26 AM

EU clearance of Comcast's bid for Sky. Let the games begin.

Rescooped by Bruce Fellowes from Macroeconomics: UK economy Pre-U Economics
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Universal Credit not value for money, says watchdog

Universal Credit not value for money, says watchdog | Fiscal Policy & Regulation | Scoop.it
Some claimants have waited eight months for payment - but there's no way back, says audit report.

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Graham Watson's curator insight, June 15, 2:34 AM

Followers will know of my love of the National Audit Office - but the opening to this BBC article is fantastic:

 

"The £1.9bn Universal Credit system may end up costing more to administer than the benefits system it is replacing, according to the National Audit Office. Ministers will never know if their aim of putting 200,000 extra people in work, or saving £2.1bn in fraud and error, will work, the watchdog says."

 

There's so much to analyse and evaluate here, about opportunity cost, good economics - via cost-benefit analysis - and then the article throws us another bone "so many changes had been made to job centres and working practices that there was no 'alternative but to continue'. The sunk cost fallacy. Can the statement above really be valid?

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Tesco chairman calls for apprenticeships to be fixed

Tesco chairman calls for apprenticeships to be fixed | Fiscal Policy & Regulation | Scoop.it
The chairman of Tesco has warned that the Apprenticeship Levy is not working and urged the Chancellor to deliver a review promised in the Budget.

Via Graham Watson
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Graham Watson's curator insight, June 12, 2:34 AM

The Chairman of Tesco and Barratt - how much must he be earning? Can he really do both jobs? - takes aim at the much-maligned Apprenticeship Levy.

 

Anyone for government failure?

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Portrait of a steel town: where others fear a trade war, Coatesville sees hope | US news | The Guardian

Portrait of a steel town: where others fear a trade war, Coatesville sees hope | US news | The Guardian | Fiscal Policy & Regulation | Scoop.it
Trump’s tariffs on steel imports have alarmed allies from Tokyo to London but could it reverse the decline of a Pennsylvania town that has armor-plated the US military for generations?

Via Graham Watson
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Graham Watson's curator insight, June 11, 6:08 AM

The flipside of the US trade war: might a steel town in the US benefit?

 

This gives an perspective on the ongoing trade situation. However, do these workers know that they might have their jobs but that the price that the pay for goods and services has increased and that future generations might be paying for this ad infinitum?

Rescooped by Bruce Fellowes from Macroeconomics: UK economy Pre-U Economics
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Carillion collapse to cost taxpayers £148m

Carillion collapse to cost taxpayers £148m | Fiscal Policy & Regulation | Scoop.it
Two-thirds of its UK workers have found new jobs since the liquidation, National Audit Office says.

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Graham Watson's curator insight, June 7, 1:39 AM

The National Audit Office does great work - and this is its latest instalment: a report into the collapse of Carillion. 

 

Rarely, I quote the opening two sentences: "The collapse of construction giant Carillion will cost UK taxpayers an estimated £148m, the National Audit Office has said. There will also be wider costs to the economy, Carillion's customers, staff, the supply chain and creditors, the NAO said in a report."

 

Who won't be bearing the cost? The former Directors and auditors of Carillion. Draw your own conclusions. 

Rescooped by Bruce Fellowes from Macroeconomics: UK economy Pre-U Economics
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Wylfa Newydd nuclear power plant negotiations start

Wylfa Newydd nuclear power plant negotiations start | Fiscal Policy & Regulation | Scoop.it
Energy secretary Greg Clark tells MPs the UK government is considering investing in Wylfa Newydd

Via Graham Watson
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Graham Watson's curator insight, June 4, 4:07 PM

Good news for the UK's electricity generating capacity and, by definition, good news for the supply-side too. 

 

That said - be warned - price elasticity of supply is very low in the sector.

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Donald Trump to impose tariffs on $60bn of Chinese imports

US President Donald Trump announced plans for tariffs of 25% on up to $60bn in Chinese imports, heightening fears of a trade war between the world’s two largest economies and sending US stocks sharply lower.


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Graham Watson's curator insight, March 24, 2:48 AM
President Trump outlines the reasons for his introduction of $60bn worth of tariffs on China. Except that it isn't - other than suggesting that China doesn't respect intellectual property rights (IPRs) and that this is a way to correct the US trade deficit, both with China and the rest of the world. 

He has some sort of point with the first argument. But that second, whilst appealing to his political supporters, just isn't good economics.
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Subsidy-free renewable energy projects set to soar in UK, analysts say | Business | The Guardian

Subsidy-free renewable energy projects set to soar in UK, analysts say | Business | The Guardian | Fiscal Policy & Regulation | Scoop.it
Falling cost of wind and solar will unlock £20bn of investment, Aurora Energy Research says
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Scrap 'highly regressive' council tax, says thinktank | Money | The Guardian

Scrap 'highly regressive' council tax, says thinktank | Money | The Guardian | Fiscal Policy & Regulation | Scoop.it
Resolution Foundation says levy now resembles much maligned poll tax and should be replaced with more progressive system
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Rescooped by Bruce Fellowes from Macroeconomics: UK economy Pre-U Economics
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UK government borrowing falls more than expected

UK government borrowing falls more than expected | Fiscal Policy & Regulation | Scoop.it
Public sector borrowing fell to £5bn in May, down £2bn from a year earlier, official figures show.

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Graham Watson's curator insight, June 21, 11:03 AM

On the plus side, the public finances continue to improve, with borrowing falling by £5bn in May, and down by £2bn compared to the same time the previous year.

 

The goverment's fiscal position remains interesting: generally improving, but the commitment to reduce public debt remains in place. Equally, at the same time, renewed promises to increase NHS funding seem to contradict this position and speak of future tax increases.

 

It is an interesting world that we live in.

Rescooped by Bruce Fellowes from Macroeconomics: UK economy Pre-U Economics
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The NHS, taxes and that 'Brexit dividend'

The NHS, taxes and that 'Brexit dividend' | Fiscal Policy & Regulation | Scoop.it
More money pledged for the NHS is the start of a vital debate - the balance between taxes and spending.

Via Graham Watson
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Graham Watson's curator insight, June 19, 2:27 AM

Kamal Ahmed tries to put the Prime Minister's pledge about increased funding for the NHS in context. Is it going to be funded a 'Brexit dividend' or increased taxes? And if the latter, how does this play with the 2017 Conservative election manifesto.  

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Trump threatens additional $200bn in tariffs on China

Trump threatens additional $200bn in tariffs on China | Fiscal Policy & Regulation | Scoop.it
The threat escalates a tit-for-tat trade row with Beijing over US tariffs imposed on Chinese goods.

Via Graham Watson
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Graham Watson's curator insight, June 19, 2:21 AM

Here we go: President Trump is proposing to introduce an additional £200bn worth of tariffs, in attempting to force China to "change its practices".

 

Strong-arm tactics: but what are the likely distributional effects of this? And on balance, is this a good thing for the global economy, or the economies of either the US or China?

Rescooped by Bruce Fellowes from Macroeconomics: UK economy Pre-U Economics
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Port Talbot workers on Trump steel tariffs: 'This could be serious' | Business | The Guardian

Port Talbot workers on Trump steel tariffs: 'This could be serious' | Business | The Guardian | Fiscal Policy & Regulation | Scoop.it
Staff at UK’s biggest plant fear US move will lead to China dumping cheap steel

Via Graham Watson
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Graham Watson's curator insight, June 18, 11:39 AM

Balance: I've 'scooped' something about why American steelworkers might benefit from US tariffs, but how do Welsh steelworkers feel about this? It has been a tough time for the sector, and this Guardian article looks at the latest crisis facing the Port Talbot steelworks.

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Donald Trump to unveil tariffs on at least $40bn of Chinese imports

Donald Trump to unveil tariffs on at least $40bn of Chinese imports | Fiscal Policy & Regulation | Scoop.it
President Donald Trump has approved a plan to impose punishing tariffs on tens of billions of dollars of Chinese goods as early as Friday, a move that could set his trade policies on a collision course with his push to rid the Korean Peninsula of nuclear weapons.

Via Graham Watson
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Graham Watson's curator insight, June 15, 2:46 AM

The new normal. Another day, another set of tariffs.

 

Depressing, isn't it. And poor economics too.

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South Wales Metro What Needs to Happen Next

South Wales Metro What Needs to Happen Next | Fiscal Policy & Regulation | Scoop.it
The £738million South Wales Metro is the centrepiece of the Cardiff Capital Region City Deal and CCR Cabinet Chair Councillor Andrew Morgan outlines what the project must achieve.

Via GCS Business Studies
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Ofgem to toughen up on new energy minnows

Ofgem to toughen up on new energy minnows | Fiscal Policy & Regulation | Scoop.it
The energy watchdog is planning to raise the bar for companies to enter the market, as thousands of British homes are at risk of being left in limbo by a new breed of unstable energy minnows.

Via Graham Watson
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Graham Watson's curator insight, June 11, 3:37 PM

This represents a genuinely interesting perspective on the need to try to increase competition and contestablity in UK energy markets. In it, the Telegraph reports that OFGEM are going to focus on concerns that some of the smallest players in the market are permitted to enter it without sufficient regulation and this imperils the energy supply of homes that switch to them.

 

This isn't an oft-quoted position: however, the need to promote entry has to be balanced against the need to protect consumers access to energy.

Rescooped by Bruce Fellowes from International Economics: Pre-U Economics
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Crisis! Ireland Calls the IMF

With a profoundly dysfunctional banking system, large amounts of banking debt inherited by taxpayers, and a bank run, Irish financial institutions face

Via Graham Watson
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Graham Watson's curator insight, June 7, 1:47 AM

What does the IMF actually do? 

 

This clip looks at the circumstances that saw the IMF intervene to provide financial assistance for Ireland in the aftermath of the global financial crisis.

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EU to impose tariffs on US imports from July | Business | The Guardian

EU to impose tariffs on US imports from July | Business | The Guardian | Fiscal Policy & Regulation | Scoop.it
Motorbikes, jeans and bourbon to be hit in response to US duties on steel and aluminium

Via Graham Watson
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Graham Watson's curator insight, June 6, 3:51 PM

And here comes the EU retaliation against the US tariffs on steel and aluminium. Starting in July, on a High Street near you.

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Judge rules against Deliveroo in landmark decision in #Spain | #Euronews

Judge rules against Deliveroo in landmark decision in #Spain | #Euronews | Fiscal Policy & Regulation | Scoop.it
A judge in Spain has ruled against takeaway firm Deliveroo over labour rights it should have granted a former worker, a lawyer has claimed.

Via Yididiya Mulatu
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Yididiya Mulatu's curator insight, June 4, 1:22 PM

'A judge in Spain has ruled against takeaway firm Deliveroo over labour rights it should have granted a former worker, a lawyer has claimed.'

 
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Call to extend Heathrow night flight curbs

Call to extend Heathrow night flight curbs | Fiscal Policy & Regulation | Scoop.it
Plans for a third runway should be improved, MPs say, but not before safeguarding issues are addressed.
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BBC stars faced huge tax bills after 'having to set up companies'. #taxation @investorseurope 

BBC stars faced huge tax bills after 'having to set up companies'. #taxation @investorseurope  | Fiscal Policy & Regulation | Scoop.it
Select committee hears TV and radio presenters were pushed into setup that fell foul of HMRC

Via Ihozo Nice
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Ihozo Nice's curator insight, March 20, 6:49 PM

"BBC presenters have said the corporation forced hundreds of them to form companies so they could be treated as freelancers, leaving many facing large tax demands."