Global Business

Rishi Sunak is facing calls to scrap corporation tax and overhaul “largely toothless” foreign takeover rules in an attempt to boost British industry through Brexit and the pandemic.

The Independent Business Network, which has positioned itself as an alternative lobby group to established players such as the British Chambers of Commerce, also said that the pound should be “maintained at a competitive exchange rate”.

The chancellor’s spending review tomorrow provided a platform for “greater co-ordination and focus” around expanding the UK’s trade with the world, it said.

Business leaders who endorsed Brexit in 2016, including John Longworth, a former director-general of the British Chambers of Commerce, and John Mills, who founded JML, established the IBN to seize on the opportunities they believe could be created by leaving the European Union.

It called corporation tax a “disproportionate administrative burden” for companies, and added: “Without corporation tax, businesses will have more cash … Read the rest

Boris Johnson is to announce the return of Christmas shopping, gyms and outdoor sport across England as the government prepares to lift lockdown.

The prime minister will set out details today of a three-tier system of restrictions to come into force on December 3. He is expected to say that non-essential retail sales can resume across England, enabling people to do their Christmas shopping even if they live in high-infection areas.

Mr Johnson’s cabinet met last night to sign off the plans. In a victory for exercise enthusiasts, gyms are expected to reopen and outdoor sport will be allowed in all tiers.

The 10pm curfew on restaurants and pubs is likely to change to 11pm. Households will still be banned from mixing indoors in higher-infection areas, including hospitality venues and private homes.

Michael Gove, the Cabinet Office minister, is hoping to conclude talks this week with the devolved governments in … Read the rest

A UK book publisher says congestion at Felixstowe Port has left it with no books to sell in the lead up to Christmas.

Colin Hoad and Matt Green run a publishing company, Idesine, which has 4,000 books stuck on a ship that has been trying to dock since 31 October.

They are one of many businesses encountering problems importing goods.

Importers say congestion issues at UK ports have led to shipping firms quadrupling their freight costs.

“People are contacting us saying they’ve paid for books on pre-order as gifts, and we ultimately can’t guarantee delivery,” Mr Hoad said.

Delays at Felixstowe have been caused by a surge in import traffic as companies increased orders after the initial lockdown and some looked to stockpile goods before the end of the Brexit transition period.

The pandemic has made matters worse as large orders of PPE added to the backlog of containers on … Read the rest