Friday newspaper round-up: Free movement for bankers, Budget, HMRC
It is often argued that Germany was the great winner from the launch of the euro. The argument is simple: the single currency is relatively weak, while the deutschmark was very strong. So by joining the euro, Germany locked in a much lower exchange rate, making it permanently more competitive and helping it export a lot more. Had Germany retained the mark, it could well have ended up as a safe haven refuge currency, rocketing like the Swiss franc and choking German manufacturers. – Telegraph
Britain's roads and railways are in line for a multi-billion pound boost to help cushion the impact of the Brexit vote, the Chancellor has signalled. Philip Hammond said any fiscal stimulus delivered by the Government would provide a “quick” boost to the economy, be “well designed” and “limited in duration”. - Telegraph
Philip Hammond has pledged to maintain free movement for top bankers after Britain leaves the EU, as he attempts to reassure the City that the financial services industry will be protected during Brexit negotiations. The chancellor, responding to pressure from Japan and leading banks, promised to maintain a flow of European talent to UK-based financial services companies, regardless of new rules to curb EU migration. – Financial Times
Philip Hammond will present his first budget statement as chancellor of the exchequer on 23 November, setting out how the government will use tax and spending plans to shore up the UK economy after the vote to leave the EU. Appearing before a House of Lords committee, Hammond hinted that he would use the autumn statement to create headroom for the government to step in with support for the economy as households and businesses absorb the shock of the referendum result. – Guardian
Large companies should publish their tax returns and whistleblowers who expose financial wrongdoing must have protection under the law, a Labour party-commissioned report into reforming tax collection has proposed. Responding to growing concern about repeated failures by HM Revenue and Customs to tackle avoidance by multinationals and wealthy individuals, the shadow chancellor published proposals on Thursday for overhauling the tax agency. - Guardian
A contentious decision to approve the construction of an open-cast coalmine at Druridge Bay in Northumberland has been called in by Sajid Javid because of fears about its impact on climate change. Local planning authorities gave their backing to the project at Highthorn, 30 miles north of Newcastle, in July. Officials said that the secretary for communities and local government wished to examine “the extent to which the proposed development is consistent with government policies for meeting the challenge of climate change”. – The Times