‘Deeply damaging’: Courts rule against challenge to new UK VAT rules
May 24, 2021
The UK High Court has rules against a legal challenge brought by members of the travel retail industry against the changes to tax-free shopping laws in the country
“The Treasury has baked-in a competitive disadvantage for UK tourism by making this the only country in Europe not to offer tax-free shopping.”
That was the reaction from travel retail industry leaders after the UK’s High Court and Court of Appeal blocked a legal challenge against the country’s new duty-free laws.
The case, brought by
Dufry and
Global Blue, sought to challenge a decision by the Government to withdraw the VAT Retail Export Scheme (RES) and the Extra Statutory Concession (ESC) on duty-free and tax-free shopping.
Monday, 24 May 2021 04:31 PM MYT
Gains in recent weeks have brought the pound back within touching distance of a nearly three-year high of US$1.4240 against the dollar, a level it hit in February this year. Reuters pic
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LONDON, May 24 Britain’s pound held in a tight range today, trading just shy of US$1.42 (RM5.88) as analysts set their eyes on an address by four policymakers from the Bank of England to a parliamentary sub-committee.
Gains in recent weeks have brought the pound back within touching distance of a nearly three-year high of US$1.4240 against the dollar, a level it hit in February this year.
Bank of England felt no Treasury pressure to give Greensill preferential treatment, says Bailey
Bailey told MPs today that lobbying efforts from Cameron did not mean the failed supply chain finance firm had better treatment (Getty Images)
The Bank of England did not face pressure from the Treasury or David Cameron to give Greensill Capital preferential treatment in evaluating the firm for a large-scale loan, according to bank governor Andrew Bailey.
Bailey told MPs today that lobbying efforts from Cameron did not mean the failed supply chain finance firm had better treatment and added that the Bank only spent a very small amount of time evaluating Greensill Capital.
Inflation threatens to derail recovery, warns Bank of England chief economist
If price rises take hold the Bank will have to tighten policy and choke off growth, Andy Haldane said
24 May 2021 • 7:13pm
Goods and assets are getting more expensive, leading Andy Haldane to fear inflation could take off
Credit: PA
The Bank of England should start worrying about inflation as the booming economic recovery drives up prices almost everywhere, its chief economist Andy Haldane has said.
Mr Haldane fears that inflation could surge in coming months - forcing the Bank to hike interest rates or slash its money printing programme, “which would take the legs out of the recovery” and undermine the rebound.
LONDON MARKET CLOSE: Stocks edge higher as inflation fears ease
Mon, 24th May 2021 17:11
(Alliance News) - Stocks in London ended higher on Monday with investors cautiously optimistic in the face of rising inflation worries.
The FTSE 100 index closed up 33.54 points, or 0.5%, at 7,051.59. The mid-cap FTSE 250 index ended up 84.31 points, or 0.4%, at 22,483.73. The AIM All-Share index closed flat at 1,249.55.
The Cboe UK 100 index closed up 0.5% at 703.3. The Cboe 250 ended 0.4% higher at 20,231.70. The Cboe Small Companies gained 0.1% at 14,880.30.
In Paris the CAC 40 ended up 0.4%. Financial markets in Frankfurt were closed for a holiday. Stocks have resumed their march higher it seems, adding to the gains made in the second half of last week as inflation concerns appear to recede. Risk assets are moving higher on a broad front, with almost all major indices in positive territory and oil prices marching upwards as well. After the initial fears about inflation and a complacen