UK private school fee tax riles sector as foreigners mull options
CLEMENT NGU
LONDON -- Andrew Wong was all set to send his daughter to Queen Margaret's School for Girls, a boarding school in York, hoping that the 43,000 pounds ($57,617) he would pay in annual fees would provide her with a better education than any school in Hong Kong.
But in June, three months before the start of term, he received a letter informing him that the school would close after 125 years.
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Nikkei Asia
4 hours ago
- Nikkei Asia
Britain and India sign free trade pact during Modi visit
LONDON/NEW DELHI (Reuters) -- Britain and India signed a free trade agreement on Thursday during a visit by Indian Prime Minister Narendra Modi, sealing a deal to cut tariffs on goods from textiles to whisky and cars and allow more market access for businesses. The two countries concluded talks on the trade pact in May after three years of stop-start negotiations, with both sides hastening efforts to clinch a deal in the shadow of tariff turmoil unleashed by U.S. President Donald Trump. The agreement between the world's fifth and sixth largest economies aims to increase bilateral trade by a further 25.5 billion pounds ($34 billion) by 2040. It is Britain's biggest trade deal since it left the European Union in 2020, although its impact will be a fraction of the effect of leaving the orbit of its closest trading partner. For India, it represents its biggest strategic partnership with an advanced economy, and one which could provide a template for a long mooted deal with the EU as well as talks with other regions. It will take effect after a ratification process, likely within a year. British Prime Minister Keir Starmer said the deal would bring "huge benefits" for both countries, making trade cheaper, quicker and easier. "We've entered a new global era, and that is one that requires us to step up, not to stand aside... by building deeper partnerships and alliances," Starmer said. Modi said the visit would "go a long way in advancing the economic partnership between our nations". They also agreed a partnership covering areas such as defence and climate, and said they would strengthen co-operation on tackling crime. Under the trade agreement, tariffs on Scotch whisky will drop to 75% from 150% immediately, and then slide to 40% over the next decade, according to the British government. On cars, India will cut duties to 10% from over 100% under a quota system that will be gradually liberalised. In return, Indian manufacturers will gain access to the UK market for electric and hybrid vehicles, also under a quota system. The ministry has said 99% of Indian exports to Britain would benefit from zero duties under the deal, including textiles, while Britain will see reductions on 90% of its tariff lines, with the average tariff UK firms face dropping to 3% from 15%. While it is Britain's biggest deal since Brexit, the projected boost to British economic output, of 4.8 billion pounds a year by 2040, is small compared to the country's gross domestic product of 2.6 trillion pounds in 2024. The Office for Budget Responsibility (OBR) has forecast that UK exports and imports will be about 15% lower in the long run compared with if Britain had stayed in the EU. In its first year in power, Britain's Labour government has launched a reset of ties with the EU in order to smooth trade friction, while also clinching some tariff relief from the United States and the India trade deal. "In an era of rising protectionism, today's announcement sends a powerful signal that the UK is open for business," said Rain Newton-Smith, the chief executive of the Confederation of British Industry. The India deal will also facilitate easier access for temporary business visitors, though visas are not covered. Britain and India also agreed to ensure workers no longer have to make social security contributions in both India and Britain during temporary postings in the other country. Under the trade deal, British firms will be able to access India's procurement market for projects in sectors such as clean energy, and it also covers services sectors such as insurance. India didn't succeed in its efforts to get an exemption from Britain's Carbon Border Adjustment Mechanism (CBAM) - which could levy higher taxes on polluters from 2027 - as part of the deal. Meanwhile, talks over a separate bilateral investment treaty are continuing.
Yomiuri Shimbun
5 hours ago
- Yomiuri Shimbun
Trump Agreed to Tariff Deal With Japan After 70-Minute Talks; U.S. President Tried to Trade Concessions for 1% Reductions
There was just about one week remaining until the Aug. 1 deadline when Japan and the United States reached a 15% tariff deal. Tokyo had managed to avoid the worst-case scenario of U.S. President Donald Trump's administration levying duties of 25% from next month. Japan succeeded in lowering not only what Trump calls 'reciprocal tariffs,' imposed on dozens of countries including Japan, but also the automobile tariff that was a top priority for this nation. Patience Economic revitalization minister Ryosei Akazawa faced off against Trump at the White House on Tuesday. The talks had been arranged just the previous day and represented the first such meeting since April. U.S. Treasury Secretary Scott Bessent and U.S. Secretary of State Marco Rubio were also present. According to sources involved in the negotiations, the U.S. side made detailed demands — asking Japan, for example, to provide a certain item in return for lowering tariffs by 1%, and to increase rice imports and boost investment and support for semiconductors. Trump was said to have pushed for a deal in which he would lower tariffs by 1% in exchange for each concession. 'Mr. Trump made demands, citing specific figures. It felt like we needed at least 10 people to handle it,' one source said. In response, Akazawa patiently persuaded Trump, using various bargaining chips. After about 70 minutes of talks, Trump finally agreed, stood up and asked Akazawa for a handshake. 'Automobiles are Japan's bedrock' In the negotiations that began in April, Akazawa prioritized the revision of a proposed automobile tariff. In their first face-off at the Oval Office, Trump threatened Akazawa, saying steel was the bedrock of America, and Akazawa riposted with 'Automobiles are the bedrock of Japan.' As negotiations progressed, the Japanese side concluded that it was impossible to get the United States to withdraw its demands and shifted its goal to a reduction. The United States and the United Kingdom reached an agreement on May 8 in which the U.S. levy on British vehicles was dropped to 10% in exchange for British carmakers being limited to exporting 100,000 cars a year to the United States. Japan has a bitter history of voluntarily restricting its automobile exports to the United States in response to trade friction in the 1970s. Focusing on avoiding a limit on the quantity of its auto exports, Japan gradually lowered its goal, believing that 'if the United Kingdom was hit with 10%, it will be hard for Japan to get a 10% tariff,' according to a Japanese government official. The negotiations made significant progress in mid-May, according to Japanese government officials. The Japanese side presented investment plans in nine areas, including automobiles, iron and important minerals and also proposed the integration of supply chains. U.S. Commerce Secretary Howard Lutnick and others praised the proposals, and an agreement was reached between the ministers at the end of May. Before the Japan-U.S. summit in June, Prime Minister Shigeru Ishiba told those around him that 'negotiations are 90% complete.' However, Trump was not satisfied with the plans and increased pressure on Japan, saying Japan was 'very tough' and 'so spoiled.' He hinted at raising tariffs to 30%-35%. Mission accomplished Nevertheless, Japan did not change its proposals. Instead, it changed the way it prepared documents and explained them in order to gain Trump's understanding. Lutnick, meanwhile, explained the proposals to Trump nearly 10 times, and the green light was given for an agreement in the middle of July. The day before Tuesday's meeting, Lutnick invited Akazawa to his home to rehearse the meeting. After the meeting with Trump, Akazawa posted on X 'Mission accomplished.' A senior government official recalled: 'Only Trump has the authority to make the final decision on the numbers. Some countries have had their decisions overturned at the last minute. We could not let our guard down at all.'
Japan Today
12 hours ago
- Japan Today
India's Modi flies to UK to sign trade deal with Starmer
UK Prime Minister Keir Starmer and his Indian counterpart Narendra Modi met at the G20 summit in Brazil last year By Peter HUTCHISON Prime Minister Keir Starmer welcomes his Indian counterpart Narendra Modi to Britain on Thursday where the pair will sign a recently announced UK-India trade deal. Modi will also meet King Charles III during his brief stay in Britain, his fourth visit since becoming India's leader in 2014. Starmer and Modi are also likely to discuss last month's Air India disaster in which 241 people died when a London-bound flight crashed after taking off from Ahmedabad in western India. The British leader is also facing calls to raise the case of a Scottish Sikh activist jailed in India seven years ago on terror charges. Starmer and Modi announced in May they had struck a free trade agreement that the British government says will eventually add £4.8 billion ($6.5 billion) a year to the UK economy. "Our landmark trade deal with India is a major win for Britain," Starmer said in a statement late Wednesday. Starmer's year-old government is struggling to fire up an economy weakened by years of stagnant growth and high inflation. The UK and India hope the accord will boost trade between the two countries by £25.5 billion, as well as bolstering the British economy and wages. Britain and India are the sixth and fifth largest global economies respectively, with a trade relationship worth around £41 billion and investment supporting more than 600,000 jobs across both countries. As he left India on Wednesday, Modi said the partnership had "achieved significant momentum in the last few years". "We will have the opportunity to further enhance our economic partnership, aimed at fostering prosperity, growth and jobs creation in both countries," he added. The accord will slash tariffs on imports of UK goods into India, including whisky, cosmetics and medical devices. In return, the UK will cut tariffs on clothes, footwear and food products including frozen prawns from India. Air India crash On June 12, some 169 Indian passengers and 52 British nationals were killed in the Air India crash, one of the deadliest plane disasters in terms of the number of British fatalities. A lawyer for 20 British families expects Starmer to raise claims that some of the remains of victims were wrongly identified. James Healy-Pratt told the Press Association that relatives of one victim found that the coffin contained "co-mingled" remains. A different family were told a coffin contained the body of someone else entirely, not their loved one, the agency reported on Wednesday. Another tricky topic of discussion could be that of blogger Jagtar Singh Johal, imprisoned in India since 2017 on accusations of being part of a terror plot against right-wing Hindu leaders. He has not been convicted of a crime and in March was cleared of one of the nine charges against him. His brother Gurpreet Singh Johal said in a statement the case "should be high on the agenda" when the two leaders meet. Starmer and Modi have met twice recently, at the G7 summit in Canada last month and at the G20 meeting in Brazil last year. © 2025 AFP
