After Brexit, will other EU countries follow suit?

After Britons voted to leave the EU, will other countries follow their lead?After Britons voted to leave the EU, will other countries follow their lead?

Europe is in turmoil after the shock outcome of Britain’s referendum which saw a slim majority of is citizens vote in favour of Brexit. The imminent separation of the UK from the European Union has given voice to political parties in other countries, which are calling for people to be given a voice on their membership of the bloc. But, after the global reaction to the UK’s momentous decision, how likely are other members to push for referendum? Read more…

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Brexit fallout – the likely outcomes

Britons have narrowly voted to leave the European Union but what are the consequences?Britons have narrowly voted to leave the European Union but what are the consequences?

There was plenty of anxiety in the run-up to the UK referendum on its membership of the European Union, but few could have predicted the full impact of the shock decision to leave. In the event, more than 17 million Britons voted to withdraw from Brussels which has brought into sharp focus a debate about some of the likely outcomes. With issues ranging from the problems of economic instability to the possibility of a break-up of the union itself, it appears that the Brexit result could have much wider implications than originally thought. Read more…

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Britain votes Brexit – what happens next?

In a shock result, Britons have narrowly voted to leave the European UnionAfter Britain’s historic vote to leave the EU, what are the implications?

The shock result of the UK’s referendum on EU membership is causing uncertainty across the world. On Thursday 23 June, more than 17 million Britons voted to exit from Brussels. Although formal negotiations will take two years to conclude, the response from the stock markets was swift with exchanges everywhere seeing an instant downturn, as well as flight from the pound. The country has been stripped of its triple-A credit rating. The prime minister stepped down and will leave it to his successor to enact Article 50 of the Lisbon Treaty which will begin the Brexit process. Read more…

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Markets shocked as Britain votes to Brexit from the European Union

In a shock result, Britons have narrowly voted to leave the European UnionIn a shock result, Britons have narrowly voted to leave the European Union

After months of high-octane campaigning and angry deadlock between Westminster’s leading politicians, The United Kingdom has voted to end 43 years of European Union membership. It was a close-run referendum; in the weeks preceding, had been predicting a difference of just a few percentage points between the ‘Remain’ and ‘Leave’ sides. Despite Remain appearing to take a marginal lead, tense hours of voting on 23 June delivered a win for the Leave camp of 52%-48%. Read more…

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Telephone data surveillance may pose a threat to citizens

Stanford University researchers highlight threat to the privacy of ordinary citizensStanford University researchers highlight threat to the privacy of ordinary citizens

Stanford University researchers have released a study that shows how details obtained from telephone calls under routine surveillance programs by the National Security Agency (NSA) may pose a threat to privacy. The report explains how despite only having access to anonymous ‘metadata’ – and without seeing the contents of any of the emails and calls – the scientists were able to ascertain names and addresses, as well as potentially sensitive information, including medical diagnoses. The metadata is widely used by the security services. Read more…

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Are US interest rates set to rise again?

The Federal Reserve looks set to hike US interest rates in the coming monthsThe Federal Reserve looks set to hike US interest rates in the coming months

It seems increasingly likely that the Federal Reserve will impose further interest rate hikes this year, six months after it increased rates for the first time in almost ten years. At the Fed’s review in April, members voted strongly to keep interest rates unchanged, pointing to fears over the sluggish growth of US economy in Q1, Britain’s potential exit from the EU and uncertainty over China. Four hikes were forecast for 2016, but it’s a figure that’s been revised down to two in the light of flat economic conditions globally. Read more…

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Austerity not working, claim IMF economists

International Monetary Fund claim austerity measures aren’t good for global economyInternational Monetary Fund claim austerity measures aren’t good for global economy

Economists from the International Monetary Fund have issued a stern warning that austerity measures promoted by countries such as the UK and Germany aren’t helping to grow the global economy. The IMF article blames the last few decades of neoliberal strategies, arguing that while the expansion of global trade has lifted millions out of poverty and the privatisation of state-owned enterprises has led to the more efficient provision of services, the approach has failed to deliver in other areas. Read more…

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French investigators raid Google Paris HQ

Google faces charges of financial fraud following raid on its French officesGoogle faces charges of financial fraud following raid on its French offices

In the wake of recent revelations regarding the tax-avoidance schemes by multinationals, French investigators have raided Google’s Paris headquarters, announcing that the company is under investigation for aggravated financial fraud and organised money laundering. Prosecutors have said that they want to investigate the Irish company through which Google passes most of its European revenues to establish whether its real HQ is in Dublin, not Paris. Read more…

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What next for global tax reform?

Head of IMF says it’s time to think outside the box on global taxHead of IMF says it’s time to think outside the box on global tax

The head of the International Monetary Fund (IMF), Christine Lagarde, has advised governments to start thinking ‘outside the box’ on global tax issues. At the same time, she cautioned against proposals by British-based charity Oxfam to create a UN global tax body which might face insurmountable challenges. The Panama Papers raised concerns all over the world about the tax-avoidance strategies of multinational companies and many – including US president Barack Obama – to call for international tax reform. The creation of an intergovernmental tax body seems unlikely because of the unwillingness of nation states to surrender their tax powers. Read more…

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EU announces crackdown on tax avoidance

EU to force multinationals to disclose country-by-country profits and tax arrangementsEU to force multinationals to disclose country-by-country profits and tax arrangements

Following the publication of the Panama Papers there’s a growing call for increased transparency in the tax affairs of politicians and multinational companies. With this in mind, European Union (EU) regulators have recently announced proposals to make multinationals disclose profits earned and taxes paid in Europe’s 28 member states, as well as in tax havens. The new rules will affect all corporations with a significant presence in Europe and will put high-profile companies like Apple and Starbucks back into the spotlight over the issue of taxes. Read more…

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