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Goldman's Lloyd Blankfein tells Theresa May he will move staff out of London if Brexit deal doesn't take care of The City

31 January 2017

LONDON – The boss of Wall Street giant Goldman Sachs told Prime Minister Theresa May that her plan to drag Britain into a “hard Brexit” will clear the path for other cities to take away London’s role as Europe’s financial centre.

According to the Financial Times, which cited sources that were briefed on a closed door meeting between Lloyd Blankfein with Britain’s prime minister at the World Economic Forum this year, Blankfein “talked tough” and “said there was no reason why European financial centres can’t set up as effective rivals.”

This is unless the “government gives more priority to the City in...

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US travel ban: UK dual nationals not affected says Foreign Office

30 January 2017

The US border clampdown should not affect UK nationals travelling to the US, even if they were born in one of the countries on which restrictions have been placed, officials say.

But new guidance says those with dual nationality travelling from Iraq, Iran, Libya, Somalia, Sudan, Syria or Yemen could face extra border checks.

Foreign Secretary Boris Johnson earlier contacted US officials for clarification over the 90-day ban on visa holders from the seven countries ordered by President Trump.

Earlier Mr Johnson tweeted it was “divisive and wrong” to stigmatise people on the basis of nationality. It came after Prime Minister Theresa May came...

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UK economy surges but Hammond warns of uncertainty ahead

27 January 2017

The UK economy once again defies post-Brexit predictions as growth reaches 0.6 percent, despite worries of future uncertainty and possible threats to the viability of the motor industry.

Growth in the UK economy reached 0.6 per cent in the final quarter of 2016, ahead of economists’ expectations and representing four years of uninterrupted growth. The data from the Office for National Statistics (ONS), which again defied predictions of a post-referendum slowdown, coincided with publication of auto industry figures showing that the number of cars produced in the UK in 2016 hit a 17-year high. Office for National Statistics: Q4 growth up, driven by...

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Government promises Brexit bill 'within days' after Court defeat

26 January 2017

The UK government promised to introduce legislation to trigger Article 50 to leave the European Union “within days” after the Supreme Court in London ruled ministers must get parliamentary approval to start the Brexit process.

The court battle was brought by opponents on the grounds that parliament was sovereign and must approve Article 50 being invoked, despite the outcome of June’s referendum, which resulted in a 52-48 per cent vote in favour of leaving the EU. Ministers had argued that they had the power to pull out of a trade deal without a vote in either the Commons or the Lords. Shortly...

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UK industrial plan focuses on skills for 'industries of the future'

24 January 2017

The UK government unveiled its industrial strategy for the post-Brexit era, promising a more interventionist role from Whitehall to support “major” investment in R&D to create high-skilled jobs.

Launching the 10-point strategy at the first Cabinet meeting she has held outside London, Prime Minister Theresa May said in Cheshire, “The modern industrial strategy will back Britain for the long term: creating the conditions where successful businesses can emerge and grow, and backing them to invest in the long-term future of our country. “It will be underpinned by a new approach to government, not just stepping back but stepping up to a new,...

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This trader is helping Europeans working in the UK leave after the Brexit vote

23 January 2017

LONDON — The prospect of companies axing thousands of jobs in the UK has haunted the national psyche following Britain’s vote to leave the European Union last year.

Concrete moves have been few and far between despite many companies, particular in the financial sector, talking seriously about moving jobs out of Britain.

But outside of the boardrooms, a smaller grassroots exodus has begun. Expats who came to Britain to further their careers are reconsidering their future.

“I’m not saying [Brexit] was the only reason, because we did have prior reasons, although I did think it did play quite a big role,” Natalia Briedis,...

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Nurses, engineers and BALLET DANCERS will be the first in line for visas as Britain plugs the skills gap after Brexit

23 January 2017

The Government rejected plans for regional visas in favor of skill-based visas Visas will be tailored to needs of employers using a Shortage Occupations List The shortage policy is currently used in the UK to grant Tier 2 work permits Those permits are currently offered to healthcare workers, engineers, software developers, builders, ballet dancers and more

Immigration policy could see more nurses, engineers and even ballet dancers coming into the country after the Government rejected plans for regional visas that would have given London and Scotland special entry plans. Policies could now be tailored to the needs of employers using the Shortage Occupations List,...

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Average relocation costs to UK cities

20 January 2017

The results show London (UK) ranks fifth, with a basic first month living cost of £2,081.37. This is followed in the UK by Manchester, ranked in position 33, with a basic first month living cost of £1,025.67.

These compare to the least expensive city Tunis, Tunisia, at £316.70, whilst Luanda, Angola came in as the most expensive at £2,594.85. For New York, in second, the relocation cost for the first month was £2,455.88, following by £2,428.29 for San Francisco.

Brexit relocation costs to Europe

Commenting on the tool’s relevance, Finn Hänsel, Movinga’s managing director, said: “Berlin, Paris, Frankfurt, Dublin and Amsterdam; these are...

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UK unemployment falls to 1.6 million

19 January 2017

UK unemployment fell by 52,000 to 1.6 million in the three months to November - the lowest level for more than a decade - official figures showed.

The jobless rate was steady at an 11-year low of 4.8%, the Office for National Statistics said. The employment rate was steady at a record 74.5%, while wage growth picked up pace. Average weekly earnings excluding bonuses increased by 2.7% compared with a year earlier. Growth in pay including bonuses rose 0.2 percentage points to 2.8% for the year to November.

However, the number of people in work slipped by 9,000 to just over 31.8 million, the...

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Apple App Store prices rise in UK, India and Turkey

18 January 2017

Apple is to put up the price it charges for apps in the UK, India and Turkey. UK costs will numerically match those of the US, meaning that a program that costs $0.99 will now be 99p. That represents a 25% rise over the previous currency conversion, which was 79p.

“Price tiers on the App Store are set internationally on the basis of several factors, including currency exchange rates, business practices, taxes, and the cost of doing business,” it said. “These factors vary from region to region and over time.” The rise will also affect in-app purchases but not subscription charges. A spokeswoman for Google was...

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Work permits at heart of UK’s Brexit immigration control plan

17 January 2017

May prepares EU migration curbs, at the expense of single market membership

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Ministers are drawing up plans for a two-tier system of UK border controls for EU citizens as Theresa May prepares to tighten migration rules at the expense of single market membership.

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UNITED KINGDOM | Certain Tier 2 Applicants Must Now Have Criminal Clearance Certificates

17 January 2017

The Home Office has announced that, effective April 6, foreign nationals coming to the United Kingdom for employment under the Tier 2 category in a variety of health, education, and service occupations will be required to provide a criminal record clearance (CRC) certificate from every country where they resided for more than 12 months in the past 10 years. With an effective date of January 1, sponsors are also required to notify such foreign nationals of the new CRC requirement before assigning the Certificate of Sponsorship (CoS) to give them sufficient time to complete their entry clearance application.

The affected occupations...

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As an expat parent, how can I help my child prepare for boarding school?

16 January 2017

As an expat parent, how can I help my child prepare for boarding school? With the difficult decision of deciding which UK school will be right for your child, it is easy to forget that boarding itself will be a new experience for your child. Here are some tips to help your child settle quickly into boarding life.

Get them comfortable If your current school offers the opportunity for flexi-boarding, maybe choose to encourage your child to do that instead of getting a babysitter. This will get your child gradually used to the idea of boarding and that it can be fun.

Get yourself...

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Income inequality among men soars

13 January 2017

The number of men in low-paid part-time work has increased fourfold over the past 20 years. New research by the Institute for Fiscal Studies has found that one in five low-paid men aged 25 to 55 now work part-time. While 95% of top-earning men normally work full-time, 20% of the lowest paid now work part-time.

That means wage inequality for men has risen over two decades, but for women the opposite is the case. More women have had a better education in recent years and more have moved into full-time jobs. As a result their pay has improved and they have had less incentive...

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Snapchat chooses London as HQ for global expansion

12 January 2017

Snap Inc, the owner of messaging app Snapchat, has chosen to set up its new international headquarters in London, the Los Angeles-based company announced on Tuesday.

The move is regarded as the latest vote of confidence in the UK’s creative industries following announcements in 2016 by Facebook, Apple and Google that they all planned to substantially expand their London-based operations. However, the difference is that Snap will use its UK headquarters to book revenues from all sales made to customers outside of the US, while other big US tech companies, including Apple, Google, Facebook and Amazon, have set-up international HQs in European...

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The simple steel box that transformed global trade

11 January 2017

Perhaps the defining feature of the global economy is precisely that it is global.

Toys from China, copper from Chile, T-shirts from Bangladesh, wine from New Zealand, coffee from Ethiopia, and tomatoes from Spain. Like it or not, globalisation is a fundamental feature of the modern economy.

In the early 1960s, world trade in merchandise was less than 20% of world economic output, or gross domestic product (GDP). Now, it is around 50% but not everyone is happy about it.

There is probably no other issue where the anxieties of ordinary people are so in conflict with the near-unanimous approval of economists. Arguments over trade tend...

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ONS report highlights UK 'productivity puzzle'

09 January 2017

The conundrum of growing output but stuttering productivity across most sectors of the UK economy has been highlighted by the latest data from the Office for National Statistics (ONS).

At the end of a week when indices for the services, manufacturing and construction sectors all showed better-than-expected growth – defying predictions of a post-referendum slowdown – the ONS figures on Friday showed the nation was still struggling to increase output per worker. This productivity puzzle was illustrated by the figures showing that the measurement based on the amount UK labour produced per hour grew by only 0.4 per cent in the third...

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What Brexit means for the UK housing market in 2017

05 January 2017

Though Britain voted to leave the European Union in a June 2016 referendum, the Brexit fun doesn’t really start until the UK government triggers Article 50 of the Lisbon Treaty. That’s when the formal two-year process of exiting the EU begins, and based on current plans it will be triggered by the end of March 2017.

Before the referendum, there were doom-laden predictions for the housing market if the Vote Leave campaign triumphed. One Treasury report suggested a worst-case scenario of an 18% crash in house prices. But whil the housing market felt turbulence in the aftermath of the referendum, there...

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Brexit set to weigh on property prices in 2017

04 January 2017

In the City of London’s insurance district, close to the “Cheesegrater” tower, the core of another skyscraper — 22 Bishopsgate — is rapidly rising out of the ground.

The decision this autumn to proceed with the 1.4m sq ft development, whose investors considered pulling the plug after the UK voted to leave the EU, is a mark of the relative optimism that has returned to the property industry after a turbulent year.

“The seismic shock of the Brexit vote brought UK transactional activity in many cases to a juddering halt . . . but life in the property world goes on,” says Mark Ridley, chief executive...

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