The World’s Most Competitive Economies? A Superpower, Followed by 2 City State’s, IMD Rankings Reveal

Donald Trump rose to power in the US in large part due to his promise to revitalise and grow the country’s economy, and business and trade and industry infrastructure. Whilst, where Trump is concerned, it is almost impossible to separate the reality from the “fake news”, many early indicators have provided evidence of an upturn. Read more

British Overseas Territories Are Up In Arms Over Proposed Changes To Financial Transparency Laws

Despite initially indicating that it did not want to damage the autonomy of its overseas territories, the UK government now looks set to pass a bill that will force the likes of the British Virgin Islands, Bermuda, Gibraltar and the Cayman Islands to reveal and publish the names of the beneficial owners of the offshore companies registered there by 2020. Read more

Overseas Buyers Of Prime UK Properties Are On The Rise, As Investors Start To Look Beyond London

Exclusive London properties are selling at their biggest discount to asking price in over a decade, and attracting more foreign buyers, particularly from the Middle East, than domestic ones, according to research from Hamptons Property Agents.

The trend looks to be spreading beyond London, too; research from Knight Frank released in February this year suggests that very nearly half of all country estates in Britain with a value above £5m were sold to foreign nationals in 2017. Read more

£1.6bn or £16bn? The Amazing Truth About The UK’s Overseas Money Transfer Industry

It may seem astonishing, especially in a world increasingly viewed through a prism of facts, figures and stats, that the UK does not officially measure remittance flows or international money transfers into or out of the country.

But it is true: according to the University of Oxford’s Migration Observatory, which provides “impartial, independent, authoritative, evidence-based analysis of data on migration and migrants in the UK”, estimates concerning the amount of money that is transferred annually between Britain and the rest of the world vary from approximately £1.5bn, to over £16.5bn – a substantial difference, by any measure! Read more

UK Sends More Money To Nigeria Than To Any Other Country, Says Data From World Bank

The World bank studies the global remittance industry closely and its data is often revealing, especially because it is not always easy to track the real amounts of money sent overseas from one country to another – there are many different ways it can be done, and many different reasons for doing so.

Finder.com recently used World bank data to reveal that Nigeria is the most popular destination for outward remittances from the UK. The country accounts for almost 15% of all money sent abroad from the UK, followed by India (14.1%), France (6.7%), Pakistan (6.7%), and Germany (4.9%). Read more

Why Are US Corporate Giants Moving $3.1 Trillion of Assets Held Overseas Back Onshore?

President Trump’s tax reforms have paved the way for some of America’s biggest companies to start moving the enormous piles of cash they have been storing overseas back into the country.

Firms like Cisco, which announced last week that it plans to repatriate around $67 billion in foreign profits during 2018, and Apple, which intends to bring back hundreds of billions of dollars, are taking advantage of Trump’s tax reforms, which have slashed the cost of paying tax on accumulated foreign income to just 15.5% for cash, payable over 8 years. Read more

The Role Of Import, Export & Exchange Rates On BoE’s Interest Rate Decision, & What It Means For The Rest Of 2018

Bank of England Governor Mark Carney announced today that the BoE’s Monetary Policy Committee have voted unanimously to hold interest rates at 0.5%, before warning; don’t be surprised if we raise them twice before the year is out.

Carney and the BoE are battling rising inflation, which has fallen 0.1%, to 3% from November to December. It’s not enough, they say, and have now set a target of bringing the level down below 2% within 2 years, as opposed to the 3 year timeframe that had previously been indicated. Read more

LAMMA 2018, The UK’s Largest Machinery Show Is In Full Swing

Peterborough is once again the venue for an event that consistently attracts the cream of international manufacturers and suppliers of farm machinery, equipment and agricultural services, and the mainly UK based farmers, contractors and rural businesses looking to invest in new equipment.

Last year saw more than 40,000 visitors descend on the East of England Showground, and more than 850 companies exhibit. The event represents the perfect opportunity for farmers and manufacturers to discuss the latest products on display in an informal atmosphere, view the latest technological innovations, and ultimately, to make deals. Read more

Latest Figures Show The UK Economy Is Suffering But Could It Just Be A Blip – Can Technology Save Us?

This week, we have learned a lot about the state of the economy in the UK, and what it means for the woman or man in the street. 

Firstly, we have learned that inflation hit its highest level since 2012 in October, rising from 2.9%, past the psychological barrier of 3%. Bank of England governor; Mark Carney, has warned that is is likely to rise further.

The main reason that inflation has risen as much as it has is of course Brexit; lest we forget, last June’s vote to leave the EU caused the pound to drop more than 13% against the euro, to a 31-year low, making imports far dearer, and pushing up the prices of nearly all goods produced outside of the UK, and especially fuel, food and transport costs. Read more

Is The Future of “Passporting” Brexit’s Biggest Problem?

Goldman Sachs have announced this week that they will begin to move some staff from London to mainland Europe as part of its “contingency plans” to help prepare the investment bank for life after Brexit.

When a major institution like Goldman’s makes such a move, it is hardly surprising, in the current climate that the markets will pay close attention to the reasons behind it. Read more

Offshore Money: The Good, The Bad And The Economy

Following the leak of the Panama Papers, offshore banking – and its capacity for exploitation by the rich – has been hitting headlines more than usual. Moreover, just before the 2016 anti-corruption summit – which took place in London at the beginning of this month – a large group of the world’s top economists put their names to a letter which called for an end to tax havens. Read more

Are Safe Haven Assets & Currencies Future-proof?

It’s a tough time for the global economy: the increasing volatility of the Japanese and Chinese economies, Greece potentially exiting the Eurozone and tumbling oil prices are all contributing to growing uncertainty.

In this kind of climate, there’s usually one thing on investors’ minds – to ‘futureproof’ their assets. This often means moving them to ‘safe haven’ currencies. The last few months haven’t, however, seen the usual cash flows from unstable to stable currencies. What’s going on and what will it mean for international money transfer?

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