Bloomberg UK Politics: The Revolting Rich
One of the architects of the government's flagship tax crackdown on the wealthy says it was a 'mistake' to hit 'non-doms' with an immediate 40% inheritance tax on their overseas assets. Arun Advani, from the independent Centre for the Analysis of Taxation, says a gradual approach would have stopped many of the super-rich from leaving the country. He joins Yuan Potts and Caroline Hepker to discuss what effect the changes are having and what the government should do next.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
17 minutes ago
- Yahoo
Frasers Group steps back from Revolution Beauty bid
UK-based retailer Frasers Group has officially stated that it will not pursue an acquisition of cosmetics company Revolution Beauty. The update follows a previous notice regarding Frasers' involvement in the formal sale process. In a statement to the London Stock Exchange, Frasers declared that "the group and any person(s) acting in concert with it will, except with the consent of the Takeover Panel, be bound by the restrictions contained in Rule 2.8 of the code.' Revolution Beauty has indicated that it remains in discussions with several other potential buyers, though there is no certainty that any offer will materialise or under what terms. Revolution is also engaging with its shareholders about a possible equity raise, with further updates to be announced. In early June 2025, Frasers confirmed its interest in an all-cash bid for Revolution Beauty and had been part of the sale process. Revolution employs a strategy that encompasses multiple brands and categories, distributing its products directly to consumers through its brick-and-mortar stores and online platforms, and via wholesale partnerships. In May, Frasers disclosed the completion of its acquisition of Holdsport, following the fulfilment of standard regulatory requirements. The initial announcement of the acquisition plan took place on 26 November 2024. The group also provided an update regarding the compulsory offer for XXL ASA, stating that 'preliminary results indicate that Frasers has received acceptances that will result, on settlement and completion of the offer, in Frasers controlling more than 92% of the share capital and 90% of the voting shares of XXL'. "Frasers Group steps back from Revolution Beauty bid" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
News24
44 minutes ago
- News24
UK MPs vote in favour of assisted dying bill in historic step
Britain's MPs approved initial assisted dying legislation for terminally ill adults, advancing it to the House of Lords. Supporters argue for dignity and choice, while critics fear coercion and call for enhanced palliative care. Public support grows, but the bill faces opposition and challenges before potential implementation in four years. Britain's parliament took a historic step towards allowing euthanasia on Friday when MPs backed contentious legislation that would introduce assisted dying for terminally ill people. Lawmakers in the lower House of Commons chamber voted 314 in favour to 291 to send the proposal to the upper House of Lords for further scrutiny following four hours of emotional debate. The outcome sparked celebrations among supporters gathered outside parliament who say legalised euthanasia will give people with an incurable illness dignity and choice at the end of their lives. But opponents attending a neighbouring counter-protest said they feared vulnerable people could be coerced into dying and urged lawmakers to focus on improving palliative care instead. The Terminally Ill Adults (End of Life) Bill would allow assisted suicide in England and Wales for adults who have been given less than six months to live. They would have to be able to administer the life-ending substance themselves, and any patient's wish to die would have to be signed off by two doctors and a panel of experts. A change in the law would see Britain emulate several other countries in Europe and elsewhere that allow some form of assisted dying, including Belgium and the Netherlands. 'Heartbreaking stories' Labour MP Kim Leadbeater, who proposed the legislation, told Friday's so-called third reading debate that a law change would 'offer a compassionate and safe choice' for terminally ill people. She said maintaining the status quo would mean more 'heartbreaking stories' of 'pain and trauma, suicide attempts, PTSD, lonely trips to Switzerland, (and) police investigations'. However, Vicky Foxcroft, also of Labour, said the proposal did not include adequate safeguards for disabled people. She pleaded: We have to protect those people who are susceptible to coercion, who already feel like society doesn't value them, who often feel like a burden to the state, society and their family. Outside parliament, protesters waved placards with slogans including 'Let us choose' and 'Don't make doctors killers'. David Walker, 82, said he supported changing the law because he saw his wife of 60 years suffer for three years at the end of her life. 'That's why I'm here because I can't help her anymore, but I can help other people who are going through the same thing because if you have no quality of life, you have nothing,' he told AFP. But Elizabeth Burden, a 52-year-old doctor, said she feared the legislation would open a 'slippery slope' where those eligible for assisted dying expands. 'Once we allow this. Everything will slip down because dementia patients, all patients... are vulnerable,' she told AFP. Public support MPs in the 650-seat parliament backed an earlier version of the proposed legislation by 330 to 275 votes at an initial vote in parliament last November, a larger majority than Friday's 23. Since then, the bill has undergone several changes, including applying a ban on adverts for assisted dying and allowing all health workers to opt out of helping someone end their life. MPs added a safeguard which would prevent a person from being eligible 'solely as a result of voluntarily stopping eating or drinking', ruling out people with anorexia. Britain's medical community and Prime Minister Keir Starmer's top ministerial team are split on the proposed law change. Starmer voted in favour, while his health and justice secretaries opposed it. However, in a YouGov poll of 2,003 adults surveyed last month and published Thursday, 73% of respondents backed an assisted dying law. 'Change is coming,' hailed Sarah Wootton, chief executive of the Dignity in Dying campaign group. But Catherine Robinson of Right To Life UK insisted the bill 'still faces an uphill battle' to get through the Lords, and her opposition campaign group 'will be fighting it at every stage' to prevent it from becoming law. READ | UK politician says Bangladesh arrest warrant is 'politically motivated smear' The House of Lords now needs to approve the legislation before the end of the current parliamentary year, likely in the autumn, or the bill will fail. If it passes and receives royal assent, it would still be four years before an assisted dying service was implemented. A government impact assessment published this month estimated that approximately 160 to 640 assisted deaths could take place in the first year, rising to a possible 4,500 in a decade. Assisted suicide currently carries a maximum prison sentence of 14 years in England, Wales and Northern Ireland. Separate legislation is going through the devolved Scottish parliament. At the end of March, the Isle of Man became the first British territory to pass an assisted dying bill.
Yahoo
an hour ago
- Yahoo
Euro Manganese signs offtake term sheet with Integrals Power
Euro Manganese has signed an offtake term sheet with UK-based Integrals Power to supply high-purity manganese sulphate for next-generation lithium manganese iron phosphate (LMFP) batteries from the company's Chvaletice Manganese Project in the Czech Republic. The collaboration aims to strengthen the LMFP battery supply chain, crucial for electric vehicles and grid-scale storage. The offtake term sheet outlines a seven-year supply agreement from the first commercial production of Euro Manganese's Chvaletice Manganese Project, with options for renewal. The pricing will reflect market indicators and include a cost-sharing arrangement for the initial test work. Euro Manganese CEO Martina Blahova said: 'We are excited to partner with Integrals Power to advance new battery technologies. 'IPL's innovative cathode materials are at the forefront of the global transition towards safer, more sustainable and cost-effective battery solutions and are designed to support a wide range of applications. We look forward to supplying fully traceable, responsibly produced products that enhance energy efficiency and drive emissions reduction." Integrals Power, a company specialising in innovative battery nanomaterials, is set to incorporate Euro Manganese's High Purity Manganese Sulphate Monohydrate (HPMSM) into its LMFP cathode materials. The initial test work to assess compatibility and performance is scheduled for the third quarter of 2025 (Q3 2025). Integrals Power CEO Behnam Hormozi said: 'Our collaboration with Euro Manganese is a major step forward in securing a reliable, traceable and local supply of high-purity manganese – a key ingredient in our LMFP cathode materials. 'This partnership enhances Integrals Power's ability to scale cathode production sustainably while supporting the growing demand for high-performance battery technologies across UK and Europe. It aligns perfectly with our mission to build a resilient, transparent supply chain that underpins the energy transition.' Euro Manganese recently secured a financing package worth $8m (C$10.98m) to develop the Chvaletice Project. The package, approved by shareholders on 15 May 2025, includes a private placement and contributions from a share purchase plan. "Euro Manganese signs offtake term sheet with Integrals Power" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
