David Bailey, who acted for watchdog against pharma giant that hiked NHS prices
To show that the company was wrong to portray the CMA's case as based on an idealised view of competition. We did this by showing how Advanz had a shrewd strategy to buy
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BBC News
21 minutes ago
- BBC News
Rishi Sunak takes job at Goldman Sachs
Former Prime Minister Rishi Sunak has joined Goldman Sachs as a senior who resigned as PM in July 2024, will work part-time advising the bank's clients with his "unique perspectives and insights" on global politics and the economy, the company remains the Conservative MP for Richmond and Northallerton in previously worked at the bank as an analyst in the early 2000s before he entered politics. Godman Sachs' chairman and chief executive David Solomon said he was "excited to welcome Rishi back" to the advising clients, Sunak will also "spend time with our people around the world, contributing to our culture of ongoing learning and development", Solomon salary will be donated to The Richmond Project, a charity he founded earlier this year alongside his wife Akshata Murty to try and improve numeracy across the Advisory Committee on Business Appointments (Acoba), which must sign off jobs taken by former ministers for two years after they leave office, said Sunak's new role presented a number of risks that Goldman Sachs could benefit from unfair access to information due to his time prime will not be allowed to advise other governments or their sovereign wealth funds for the bank, or advise clients that he had direct dealings with while he was prime also cannot lobby the UK government on behalf of the noted that Sunak previously spent 14 years working in the financial services sector before he became an MP, including at Goldman first joined the bank as an intern in 2000, before working as an analyst from 2001 to later co-founded an international investment elected as an MP in 2015, Sunak served as Boris Johnson's chancellor during the Covid became a household name when announcing schemes such as furlough at pandemic-era press resignation as chancellor in July 2022 sparked the downfall of Johnson's Liz Truss' brief spell in Number 10, Sunak became prime minister in October 2022. He held the role until July 2024, when he led the Conservatives to their biggest electoral defeat in job at Goldman Sachs is the latest role Sunak has taken since stepping down as prime January he joined the Blavatnik School of Government at the University of Oxford, as well as the Hoover Institution at Stanford University in the US. He is not paid for either of these has however been paid more than £500,000 since April for giving three speaking prime ministers often join speakers agencies to give talks to major companies or at dinner events.
Telegraph
24 minutes ago
- Telegraph
Wealth tax will penalise savers, Labour warned
A wealth tax would punish savers and hit the middle class, the Government has been warned by the Institute for Fiscal Studies (IFS). Introducing a levy on the assets of the rich would not be 'sensible', the IFS said, in a rebuff to Labour backbenchers. Taxing the same wealth each year would 'penalise' people for saving and making investments, leaving the country poorer in the long run. It would also likely hit the middle classes once property and pension wealth are factored in, the think tank warned. 'It is difficult to make the case that an annual tax on wealth would be a sensible part of the tax system even in principle,' said Stuart Adam, a senior economist at IFS. No 10 repeatedly refused to rule out introducing a new levy on wealthy taxpayers on Monday after Lord Kinnock, the former Labour leader, said the party was 'willing to explore' the idea. Some of Labour's biggest union paymasters have also called for the Government to introduce a 2pc tax on people's assets above £10m. A YouGov poll published on Tuesday found 75pc of the public supported the idea of a tax of 2pc on wealth above £10m. But the IFS cautioned that a range of countries had previously introduced a wealth tax but ultimately abandoned the policy, including Sweden, Finland and Luxembourg. 'International experience of annual wealth taxes is not encouraging,' Mr Adam said. 'There are strong reasons to radically reform how we currently tax the sources and uses of wealth; this includes reforming capital income taxes in order to properly tax high returns. An annual wealth tax would be a poor substitute for doing that.' 'Less attractive place to live' In a 2021 paper, the IFS concluded there were 'economically superior' ways of targeting the assets of the wealthy, including reforming capital gains tax. A new wealth levy would lead to a raid on Britain's middle class, the IFS warned. Mr Adam said: 'An annual wealth tax would need to apply broadly to all assets to ensure that it was not easy to avoid. Such a tax could raise significant revenue if it applied to the bulk of the UK's wealth – that would include the homes and pensions of the middle class.' The influential think tank also cautioned that trying to raise large amounts of revenue from only the very wealthy would make the country 'a less attractive place for those people to live'. The comments add to warnings from business chiefs that a new levy would drive people abroad and trigger a fresh exodus of the rich from Britain. Many wealthy residents are already moving abroad after Rachel Reeves scrapped non-dom status and introduced inheritance tax on overseas trusts earlier this year. Hotelier Sir Rocco Forte told The Telegraph earlier this week: 'Labour has already seen a huge exodus of wealthy people which is ongoing, with many more due to leave before the Budget. A wealth tax will further exacerbate the problem.' Growing Labour unrest Pressure to consider a wealth tax has been mounting after a series of costly U-turns by the Government that have left the Chancellor scrambling to find billions of pounds. Cabinet ministers have been told that the Chancellor will have to raise taxes in her autumn Budget. Last week's rebellion over the welfare cuts package has forced the Treasury to find new savings and emboldened hard-Left Labour backbenchers to push for more policy changes. A Treasury spokesman said: 'Tax decisions are taken at the Budget and, as you would expect, we are not going to comment on tax speculation. 'We have made our manifesto promises to protect working people and we took the decision last autumn to deliver the change the British people voted for.'
BBC News
30 minutes ago
- BBC News
Railway visionary honoured with GWR train naming
A train has been named in honour of Cyril Bleasdale, one of Britain's most influential railway a special ceremony at London Paddington, a lone piper led a poignant tribute as Great Western Railway named Intercity Express Train 802022 after the late transport leader. It comes as the industry marks 200 years of railway history through the national Railway 200 widow, Katy, travelled from Cheltenham Spa to attend the naming ceremony joined by relatives, friends, and senior railway figures. "Cyril would have been so proud to have this train named in his honour," said Mrs Bleasdale."I would like to thank GWR managing director Mark Hopwood and all those who have helped to make it happen."Cyril Bleasdale, who died in 2022 aged 87, helped launch British Rail's InterCity sector and later became the first standalone head of ScotRail. He was known for modernising rail travel and introducing innovations such as payphones on board, first class lounges, and even cinema Hopwood said, "We have a long history of naming trains after Great Westerners, the past and present heroes from across our network."Cyril was a true railway pioneer. His vision helped modernise rail travel for millions and we are proud to honour his extraordinary contribution with this train naming." Chris Green, former InterCity managing director, said "Cyril's competitive nature was well-matched with his sense of vision to make InterCity the envy of Europe. "As its first director, he brought an airline stylishness to InterCity in its livery, its staff and its catering, which allowed it to punch above its weight."
