The City's plan to stop the exodus to New York
Good morning and welcome to this week's edition of Telegraph Insight.
Five stories you need to know
1. The City watchdog is to slash red tape and make it easier for companies to list in London?in an effort to rival New York.?London’s stock market is battling to remain relevant following an exodus of companies?leaving for New York ?in recent months.
The Financial Conduct Authority will attempt to lure companies to list in the capital by bringing its rules more in line with the US , just weeks after UK tech darling?Arm snubbed the London Stock Exchange.
2. Jeremy Hunt’s tax raid?will punish tens of thousands more middle-class families with tax rates of more than 100pc by the next election ,?a think tank has warned.
Policy in Practice said the "absurd" way welfare payments –?including child benefit?– are withdrawn for higher earners means around 120,000 households are already paying more back to the state in tax and the clawback of benefits for every extra pound they earn above ￡50,270.
3. For years, Dubai has been portrayed as?little more than a playground for tourists and the rich. Yet expats today say the city has matured and some parents see it as a better place to work and raise a family than Britain, where stagnation grips the economy. It’s a calculation many British workers are making as they decide to up sticks and?resettle in the Gulf city state in search of a higher pay packet and a better quality of life.
4. Dyson vacuum cleaners?and hair straighteners will get lighter and last longer as part of plans by the engineer to invest hundreds of millions of pounds in its first battery factory. The company's new plant in Singapore will build “next generation” batteries using technology it has developed for more than a decade.
5. A few years ago, the car’s centre console was little more than a digital clock; today it has become a giant command centre. Manufacturers now fear that Apple will use the popularity of the iPhone as a Trojan horse to seize control of the relationship between motorist and car, and relegate manufacturers to an afterthought.
Chart of the week?
A Hoover Institution report by Professor Seru and a group of banking experts calculates that more than 2,315 US banks are currently sitting on assets worth less than their liabilities.?
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Talking point
This week, our Chief City Commentator Ben Marlow wrote about the struggles of graduates starting at accountancy firms after the pandemic . Here's what you had to say regarding the lingering effects of lockdown...
Alistair Munro: “Humans are, in the main, sociable creatures. You meet friends at work, boyfriends, girlfriends, even partners. At a minimum there is socialising - beers after work etc. There is also work interaction, ideas and?teamwork. Bonding with workmates is also important.
“Working from home is neither good for the worker or the employer.”
Anthony Bamber-Deaney:?”Almost all European countries had severe lockdowns. They seem to be getting on with it and recovering beyond their pre-pandemic levels. Why can't we do the same?”
What do you think? Join the conversation here.
To help you out today
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1 年How very interesting.......
Step 1: Remove the mayor. Done.