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News Round Up – w/c 15.5.17

News Round Up – w/c 15.5.17

Here are this week’s headlines:

Watch our video on these stories on our Facebook page.

 

EU sues Facebook

Reported by Anna Flaherty

Facebook has been fined £94 million having misled the EU about a prospective Whatsapp takeover. The fine is based on EU merger rules and enforcing companies’ compliance with them. Facebook states that they did not intend to provide incorrect and misleading data whilst they were in the process of the Whatsapp takeover in 2014. This fine presents how companies will be required to be more open and transparent with regulators, operating with greater vigilance if they are to avoid such fines.

Read more in The Wall Street Journal, The Guardian and the BBC.

Labour releases manifesto

Labour’s final manifesto has been released, showing the details and costs to policies which have previously been announced. As well as new commitment Labour intend to impose a few specific policies within the manifesto include new tax plans, a pledge to renationalise the water industry, 30 hours’ free childcare and many more.

 

Here are some of the key measures below:

Income Tax

They have mentioned imposing new tax laws which means that those who earn more than £80,000 per annum will face a 45p marginal rate of income tax; with a new 50% rate on earnings above £123,000. This has been suggested as a way to raise £6.4 billion per year.

 

Company Taxes

The policy on company taxes has been added as a factor to help raise £48.6 billion to pay for the extra spending. As a way to help raise this, they intend to implement the raising of the headline rate from 21% to 26% from corporation taxes. This will hopefully raise an extra £19.4 billion.

 

Water industry nationalisation

Since Margaret Thatcher’s privatisations, water bills have risen by 40%. Therefore, Labour has made a promise in their manifesto that they will “replace our dysfunctional water system with a network of regional publicly owned water companies.” This has been added into the manifesto with the intention of reducing household bills by £100 per annum.

 

Free childcare and early years’ support

Labour want to introduce a £5.3 billion package which will add 30 hours of free childcare for all two year olds. Furthermore, extending maternity leave to 12 months.

 

Ending freeze on welfare benefits

Corbyn said that Labour will end the freeze on welfare benefits. The current benefit cap means that low income families are paying an extra £12 billion a year.

 

Other measures already announced

A few additional significant policies which are in the manifesto include:

The abolition of tuition fees and re-introducing maintenance grants

To introduce a £6.3 billion school package therefore there will be free lunches for pupils.

 

Read more in The Guardian.

The Lib Dem manifesto

The Lib Dem manifesto was released this week.  Some key points include:

Investment in health, social care and education

Hold another referendum on Brexit

Raise £1bn in tax revenue through legalising cannabis, taking the market away from “criminal gangs” and limiting the potency of the drug

Raise £6bn pa for the NHS and £5.7bn for schools

Reduce the “most brutal” welfare cuts including crapping the bedroom tax and cuts to universal credit

Introduce “rent to buy” to help make housing more affordable for first time buyers

Ban the sale of diesel cars and small vans by 2025

Provide free sanitary products to girls in school

Ban caged hens and plant a tree for every UK citizen

 

Read more in The Guardian.

For further information on the Conservative manifesto, please see this week’s Future Lawyer update.

Don’t forget THIS MONDAY at 7pm, we will be holding a Facebook live session on the implications of Brexit for Law Firms.

Confused by bedroom tax? Misunderstand indemnity? Check out our commercial awareness glossary on our Instagram.

 

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