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Treasury allies deny it has lost integrity in Brexit debate
The Treasury has been perceived as the most Eurosceptic government department amongst Whitehall officials, that is why its conversion to be the most outspoken defender of Britain’s position in EU has caused controversy. The Treasury has published reports saying that leaving the EU, Britain would be £4,300 worse off per household in long term, would suffer recession, would witness a drop in house prices etc. these interventions have infuriated Eurosceptics, however, the Treasury and its allies do not see a contradiction in the way the department is behaving.
Brexit Impact-sector by sector
Industries weigh up effects of a leave vote
If the UK votes to leave the EU, British companies will feel specific impacts dependent on their sector. Trade barriers would hurt exporters and companies whose supply chains rely on imports, such as automotive suppliers and retailers.
The UK is the second-largest EU market for new car purchases. In 2015 1.6 million cars were made in the UK, of which three-quarters were exported, more than half of them to the EU. Following a Brexit and barring any alternative agreement, the sector would face EU import tariffs, currently 10 per cent for cars.
Emissions test scandals sends profits at VW into revers
Special offers to shift Volkswagen-branded cars tainted by the emissions test-cheating scandal, as well as a crash into the red after plummeting sales at its Crewe-based luxury-car division Bentley, have sent profits diving at Volkswagen Group. Europe’s largest automotive business, whose brands stretch from Skoda and Seat, through VW and Audi to Porsche and Bentley as well as including VW, Scania and MAN commercial vehicles, reported a near-20 per cent plunge in pre-tax profits to €3.2 billion in the first quarter of the year. Operating profit at VW-branded cars collapsed by 85 per cent, down more than €440 million to €73 million.
Shock poll shows Leave surging ahead
Two surveys conducted by ICM – online and by phone – both put Brexit on 52 per cent, a four-point lead over remain. Last month a poll by the firm for The Guardian gave Remain a 10-point lead. After the poll was published yesterday, the sterling lost more than a cent against the dollar. The majority of surveys carried out online have put Leave slightly ahead, while phone polls have found stronger support for Remain.
Average speed cameras will catch more drivers
Thousands of motorists are facing £100 fines after a massive expansion of average-speed cameras used along Britain’s roads. Three years ago 125 miles of roads had these sophisticated cameras, today 250 miles are covered with them. The coverage ranges from a quarter-mile stretch over Tower Bridge in London to 99 miles one the A9 between Dunblane and Inverness.
Giant lorry park may be waste of £250m
A £250 million lorry park – 65 hectares – able to take up to 4,000 HGVs, which was planned in response to the migrant crisis in Calais, may be a waste. It may not be needed if more capacity could be released on ferry and Eurostar.
Thousands of slaves are being kept in Britain, report warns
More than 11,000 people are estimated to be living in slavery in Britain, according to a report. Vietnamese children have been found locked in flats in Manchester cultivating cannabis, Albanian women and girls have been discovered being exploited in London’s sex industry, while hundreds of men are working in low or semi-skilled jobs trapped in debt bondage.
Slick operator: world’s biggest oil trading firm comes out of shadows
Vitol can record larger annual revenues than corporate giants such as Apple or Volkswagen, sales last year topped £186bn. Vitol has 200 ships on charter or under ownership to move some of the 270m tonnes of crude and products handled in one year. Vitol has also five refineries, 2,700 petrol service station and a power plant on Humberside.
European Union renewable energy targets may have increased greenhouse gas emissions. In fact, biodiesel from palm oil – the dirtiest one – emits more than three times the emissions released by Diesel oil, according to a research carried out by the Ecofys consultancy for the European commission. The study says that the EU’s new target will save more than 500m tonnes of CO2, but T&E still estimates that this could add approximately two gigatonnes of greenhouses gases to the atmosphere.
The Daily Telegraph
Eurozone still stuck in deflation but crude oil prices rise offers ray of hope
The Eurozone has remained in deflation for a fourth straight month, as efforts to revive price growth in the currency bloc have fallen flat. Prices fell by 0.1pc in the year to May, according to Eurostat figures, a decline more gradual than April’s 0.2pc fall, yet still leaving the euro area in the deflationary territory that policymakers wish to avoid. However, a recent rise in oil prices may offer a ray of hope to ECB officials.
Teen drivers in text peril
Almost six in 10 crashes involving teenage drivers are due to texting and other distractions, says research. One in eight accidents are because the driver is using a smartphone, while talking to someone in the car causes 15%.