Latest news with #CentreforEconomicsandBusinessResearch
Economist
22-05-2025
- Business
- Economist
Does Britain need migrant workers?
Since 2020 Britain's non-EU foreign workforce has grown to 3.2m—more than double its pre-pandemic size. That has fuelled anti-immigrant sentiment. The upside is a more productive and richer economy. More than one in five working-age Britons are neither employed nor seeking work; foreigners have filled the gaps. In 2022 the average migrant on a skilled-worker visa contributed a net £16,300 ($20,150) to the public purse, compared with £800 for the average Brit. The Centre for Economics and Business Research, a consultancy, reckons zero net migration that year would have resulted in a 0.94% drop in GDP in 2025.
Bloomberg
15-05-2025
- Business
- Bloomberg
Could This Tax Overhaul Spark a UK Wealth Exodus?
Subscribe to In The City on Apple podcasts Subscribe to In The City on Spotify The UK government's plan to scrap the 'non-dom' tax status—a policy that allowed wealthy foreign residents to avoid taxes on overseas income—was designed to close a loophole and raise billions of pounds in tax revenue. However, according to a new study from the Centre for Economics and Business Research, it might end up costing the economy more than it brings in if just one in four of the 74,000 people affected chooses to leave the country. In this week's episode of In the City, hosts Allegra Stratton and Francine Lacqua sit down with Nimesh Shah, chief executive of Blick Rothenberg, to unpack what's at stake. 'A number of jurisdictions have popped up, which are offering very attractive tax incentives and holidays,' says Shah of other destinations the super rich could decamp for. 'The tax is definitely turning a lot of heads for people to consider those locations.' We also dive into how the policy could affect the UK's growth agenda, its potential ripple effects on inheritance tax and whether fears of a mass 'non-dom' exodus are overblown.
Bloomberg
14-05-2025
- Business
- Bloomberg
In the City: Could This Tax Overhaul Spark a UK Wealth Exodus?
The UK government's plan to scrap the 'non-dom' tax status—a policy that allowed wealthy foreign residents to avoid taxes on overseas income—was designed to close a loophole and raise billions of pounds in tax revenue. However, according to a new study from the Centre for Economics and Business Research, it might end up costing the economy more than it brings in if just one in four of the 74,000 people affected chooses to leave the country. In this week's episode of In the City, hosts Allegra Stratton and Francine Lacqua sit down with Nimesh Shah, chief executive of Blick Rothenberg, to unpack what's at stake.
Yahoo
27-04-2025
- Business
- Yahoo
Qatar: an ally we can trust
As the United Kingdom's global alliances appear to be becoming increasingly fragile, the importance of less publicly recognised but crucial friendships across the world comes to the fore. It is time we value fully the allies we can trust, especially those who play an ever-greater global role. Qatar is such a country. As UK Ambassador to Qatar from 2013 to 2015, I saw the relationship strengthen and move to a new level. We launched an annual British Festival in Qatar and laid the groundwork for the joint UK-Qatar Typhoon squadron, which has since become the first joint RAF squadron since World War II. We also helped launch an annual strategic dialogue between our two governments. That has evolved and increased in significance. A decade ago, it was led at the lower ministerial level of deputy foreign minister. The lead Qatari official then was Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani; he is now both prime minister and foreign minister. Fast forward 10 years and we have seen a broadening and deepening of the relationship, with intensifying political engagement raising the level of ambition and strengthening cooperation. A report published this weekend by the Centre for Economics and Business Research (CEBR) should leave no one in any doubt what Qatar means to this country and our interests. The CEBR set out the true nature of the relationship and provides new evidence of the depth and breadth of Qatar's investment in the UK in recent years, from retail and hospitality to transport and construction. In the fifteen years up to 2022, Qatari-owned businesses in the UK made a cumulative total revenue of £1.3 trillion across the UK. Great swathes of the UK economy have benefited from Qatari investment, from retail to transport to construction to the financial sector. Qatar's investment in British Airways and Heathrow have supported over 36,500 full-time jobs, with more to come if the third runway at Heathrow goes ahead. Qatar is known for its investments in London, but in fact half of the jobs created by Qatari-owned businesses are located outside the capital. The employment multiplier effect is slightly higher outside London, meaning that there is a stronger ripple effect of Qatari investments in regional economies. Given the present challenging fiscal climate and difficult choices facing the Chancellor, it is noteworthy that Qatari-owned businesses, mostly retail, contributed a total of £3.4 billion in taxes to the UK Exchequer in 2022. Qatari students also contributed £1.1 billion to the UK economy between 2018 to 2023 through spending on living costs, course-related costs and fees, and housing costs. The report's publication coincides with a much more significant Strategic Dialogue meeting than I participated in years ago, led now by Foreign Secretary David Lammy and his Qatari opposite number, Sheikh Mohammed. They will look to the future when they meet today. The outlook is encouraging. Qatar has committed up to £10 billion over the 5 years to 2027 under the UK-Qatar Strategic Investment Partnership (SIP). The SIP invests in key sectors such as fintech, zero-emission vehicles, life sciences and cybersecurity. This initiative should support economic growth. The SIP will also support the UK's emerging industries and support its green economy and strategy to decarbonise. The two nations are collaborating in vital sectors, such as the genomics research collaboration between Queen Mary University and Sidra hospital to drive precision medicine, or the joint AI research between Queen Mary University, the Alan Turing Institute and Hamad bin Khalifa University to explore this critical frontier technology. Qatar Investment Authority (QIA) – the sovereign wealth fund – is investing in Rolls Royce SMR Ltd to develop small modular reactors to deliver affordable, low-carbon nuclear power and enhance UK energy security. That should create 6,000 jobs by 2025 and thousands more by 2050. The state visit last December by the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, provided a significant boost to the UK and Qatar's shared economic agenda as well as political cooperation. The Labour Government seems to have understood that as older relationships may be faltering, it is reassuring that slightly newer, quieter friends are showing so much faith in our economy, culture and people. For anyone still questioning the value of Qatar's friendship to the UK, the CEBR report seems to provide a clear answer. In the vernacular so beloved of pundits, it's a no-brainer. Nicholas Hopton is Director General of the Middle East Association and a former British ambassador Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
27-04-2025
- Business
- Telegraph
Qatar: an ally we can trust
As the United Kingdom's global alliances appear to be becoming increasingly fragile, the importance of less publicly recognised but crucial friendships across the world comes to the fore. It is time we value fully the allies we can trust, especially those who play an ever-greater global role. Qatar is such a country. As UK Ambassador to Qatar from 2013 to 2015, I saw the relationship strengthen and move to a new level. We launched an annual British Festival in Qatar and laid the groundwork for the joint UK-Qatar Typhoon squadron, which has since become the first joint RAF squadron since World War II. We also helped launch an annual strategic dialogue between our two governments. That has evolved and increased in significance. A decade ago, it was led at the lower ministerial level of deputy foreign minister. The lead Qatari official then was Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani; he is now both prime minister and foreign minister. Fast forward 10 years and we have seen a broadening and deepening of the relationship, with intensifying political engagement raising the level of ambition and strengthening cooperation. A report published this weekend by the Centre for Economics and Business Research (CEBR) should leave no one in any doubt what Qatar means to this country and our interests. The CEBR set out the true nature of the relationship and provides new evidence of the depth and breadth of Qatar's investment in the UK in recent years, from retail and hospitality to transport and construction. In the fifteen years up to 2022, Qatari-owned businesses in the UK made a cumulative total revenue of £1.3 trillion across the UK. Great swathes of the UK economy have benefited from Qatari investment, from retail to transport to construction to the financial sector. Qatar's investment in British Airways and Heathrow have supported over 36,500 full-time jobs, with more to come if the third runway at Heathrow goes ahead. Qatar is known for its investments in London, but in fact half of the jobs created by Qatari-owned businesses are located outside the capital. The employment multiplier effect is slightly higher outside London, meaning that there is a stronger ripple effect of Qatari investments in regional economies. Given the present challenging fiscal climate and difficult choices facing the Chancellor, it is noteworthy that Qatari-owned businesses, mostly retail, contributed a total of £3.4 billion in taxes to the UK Exchequer in 2022. Qatari students also contributed £1.1 billion to the UK economy between 2018 to 2023 through spending on living costs, course-related costs and fees, and housing costs. The report's publication coincides with a much more significant Strategic Dialogue meeting than I participated in years ago, led now by Foreign Secretary David Lammy and his Qatari opposite number, Sheikh Mohammed. They will look to the future when they meet today. The outlook is encouraging. Qatar has committed up to £10 billion over the 5 years to 2027 under the UK-Qatar Strategic Investment Partnership (SIP). The SIP invests in key sectors such as fintech, zero-emission vehicles, life sciences and cybersecurity. This initiative should support economic growth. The SIP will also support the UK's emerging industries and support its green economy and strategy to decarbonise. The two nations are collaborating in vital sectors, such as the genomics research collaboration between Queen Mary University and Sidra hospital to drive precision medicine, or the joint AI research between Queen Mary University, the Alan Turing Institute and Hamad bin Khalifa University to explore this critical frontier technology. Qatar Investment Authority (QIA) – the sovereign wealth fund – is investing in Rolls Royce SMR Ltd to develop small modular reactors to deliver affordable, low-carbon nuclear power and enhance UK energy security. That should create 6,000 jobs by 2025 and thousands more by 2050. The state visit last December by the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, provided a significant boost to the UK and Qatar's shared economic agenda as well as political cooperation. The Labour Government seems to have understood that as older relationships may be faltering, it is reassuring that slightly newer, quieter friends are showing so much faith in our economy, culture and people. For anyone still questioning the value of Qatar's friendship to the UK, the CEBR report seems to provide a clear answer. In the vernacular so beloved of pundits, it's a no-brainer.
