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The Financial Times
Thatcherite programme aimed at working class voters but PM faces fallout from £12bn welfare cuts
David Cameron vowed yesterday to reset Britain’s relations with Europe, recast the United Kingdom and invigorate the economy, as he promised not to waste “a single moment” of his second term as prime minister.
Osborne likely to look at limiting reliefs and delaying threshold rises
Chancellor Osborne may restrict some tax reliefs, delay the uprating of tax thresholds and look afresh at smaller taxes to raise revenues, following the government’s plans for a five-year ban on increases in the three main taxes.
Plans to help employers by cutting regulation, creating more apprenticeships and offering more free childcare lay at the centre of the first solely Conservative Queen’s Speech for almost 20 years.
There will be an Enterprise Bill to cut red tape and to create “a small business conciliation service” to address late payments to suppliers. A “full employment and welfare benefits bill” will pledge 3m new apprenticeships while simultaneously curtailing benefits for under-21s.
New post will control health and care, police, skills, housing and transport spending.
Pan-European scheme would need agreement of all 28 member states
The EU has relaunched a plan to introduce a pan-Europen corporate tax base, a measure to combat tax avoidance by multinationals that is liable to trigger concern in countries such as the UK and Ireland.
Companies and Markets
Swiss commodity trader Trafigura has become a major exporter of Russian oil as sanctions have squeezed Kremlin-backed companies’ access to credit and led to a shake-up of how Moscow sells its crude.
With the public purse heavily strained, business leaders are calling on funds to shoulder more of the cost of upgrading
Brent crude has fallen to the lowest in a month, hit by continued dollar strength and excess supplies from Nigeria, while its premium to the US benchmark hit its narrowest for five weeks on expectations of tightening North American supplies.
Cyclist are still being put at risk because HGV operators are shunning potentially life-saving technology, according to researchers.
(A video taken in the Dominican Republic seems to show a self-parking car “ploughing” into two pedestrians, however driver error was to blame)
The collapse in sales to China and Russia and a moribund European export outlook led to a near-4 per cent year-on-year fall in UK car manufacturing last month, throwing into doubt claims that 1972, the heyday of the Ford Cortina and the Vauxhall Viva, is about to be overtaken, with annual production records being broken in 2017.
In the first four months of this year, 530,505 vehicles rolled out of British car factories, compared with 538,240 in the same period a year ago.
Some of the world’s largest oil companies could face increased operating costs in Nigeria if an eleventh hour ruling by its ousted president comes into force.
The Daily Telegraph
Drivers who doze at the wheel may be spared disaster in future thanks to vibrating steering wheels and alarms
ARM, the British microchip pioneer whose processors power most mobile phones, has claimed that the innovation could eradicate concentration lapses, which are responsible for more crashes on British roads than any other factor.
Almost half of small and medium-sized British companies are refusing to borrow money, preferring to focus on paying down debts, it has emerged- but those who invest in growth are finding it easier to secure bank loans and other external finance.
After months bad news, oil companies in the North Sea can see a glimmer of hope after leading energy consultant forecast operating costs would plummet over the next two years.
Rolls-Royce has signed an 80m Euro (£57m) deal to provide engines for the British Army.
The Daily Mail
Britain’s economy has been growing faster than Germany’s at the start of this year, official data is expected to show today.
Nearly 423,000 vehicles are being recalled in the US by Ford after reports of power steering failures.