The blue planet’s growing thirst for water and water resource management expertise creates new opportunities for specialist UK businesses, consortia and joint ventures of all complexions and sizes keen to raise their global profile as international links assume a new post-Brexit importance.
Britain now has the highest property taxes in the developed world, according to an analysis by the OECD. It found property taxes accounted for 12.7% of the total tax burden in 2014, compared to an average of 5.6% among the OECD's 35 members.
Philip Hammond has said £2bn could be raised through a new clampdown on tax evasion, avoidance and aggressive tax planning. The measures will include a new penalty for lawyers and accountants who enable the use of avoidance schemes later found to be improper.
In its Autumn Statement submission, the British Bankers’ Association has warned that the UK’s current tax system does not suggest the country is “open for business”. Amid continuing uncertainty over Brexit, the BBA said failure to reduce levies on banks could result in the UK “ceasing to be the best place for banking business to be located”.
The Times’ Mark Little and the Telegraph’s Mathew Lynn both call for the Chancellor Phillip Hammond to use his Autumn statement as an opportunity to scrap swathes of taxes. They say Britain’s tax system has become dysfunctional and inefficient. Mr Littlewood says Mr Hammond should be seeking to ease the overall tax burden down to about 30% of national income to boost confidence and stimulate growth.
UK public sector net borrowing was £1.3bn higher in September than at the same time last year and greater than the £8.5bn that economists had been expecting, according to the ONS. This brought the deficit for the first six months of the year to £45.5bn with £55.5bn forecast by the OBR for the year.