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The Independent
20 minutes ago
- The Independent
Sanctions to be introduced to target people-smuggling gangs
Gang leaders, corrupt police officers and companies selling small boat equipment for Channel crossings could face having their assets frozen and being banned from travel to the UK in efforts to curb the people-smuggling trade. The Foreign Secretary announced on Tuesday a raft of sanctions that will be introduced to target anyone involved in assisting illegal immigration to the UK. This ranges from those involved in supplying and financing small boats, fake passports, and 'middlemen' putting cash through the Hawala system, a legal money transfer system, which is also used in payments linked to Channel crossings. The first wave of sanctions comes into force on Wednesday, and will publicly name anyone sanctioned, so it will be illegal for UK businesses and banks to deal with them. The measure is expected to include more than 20 designations, and could include corrupt public officials and police officers in steps to tackle the multi-billion-dollar industry. Foreign Secretary David Lammy said: 'For too long, criminal gangs have been lining their corrupt pockets and preying on the hopes of vulnerable people with impunity as they drive irregular migration to the UK. We will not accept this status quo. 'That's why the UK has created the world's first sanctions regime targeted at gangs involved in people smuggling and driving irregular migration, as well as their enablers. 'From tomorrow, those involved will face having their assets frozen, being shut off from the UK financial system and banned from travelling to the UK.' It follows legislation being introduced under the Border Security, Asylum and Immigration Bill to ramp up enforcement powers for police forces and partners to investigate and prosecute people smugglers. Fresh sanctions aim to target organised crime gangs wherever they are in the world and disrupt their flow of cash, including freezing bank accounts, property and other assets, to hinder their activities. Home Secretary Yvette Cooper said: 'It will allow us to target the assets and operations of people smugglers wherever they operate, cutting off their funding and dismantling their networks piece by piece. 'Through the Border Security Command and key partners like the National Crime Agency, we are strengthening our ties with other nations to tackle this global problem. 'Together, we are sending a clear message that there is no hiding place for those who exploit vulnerable people and put lives at risk for profit.'
Reuters
20 minutes ago
- Reuters
Universal Music confidentially files for US IPO
July 21 (Reuters) - Universal Music Group disclosed on Monday it had confidentially filed for a U.S. initial public offering, amid growing investor optimism for IPOs. The terms of the offering were not disclosed.
The Sun
an hour ago
- The Sun
Blow to Brit workers as future OAPs face working for longer for a SMALLER state pension
Ryan Sabey, Deputy Political Editor Published: Invalid Date, MILLIONS could be forced to work for longer after minister Liz Kendall announced another review of the state pension age. It is already poised to rise to 67 by 2028 — but experts say it will have to hit 74 within decades if the triple-lock is kept. Welfare Secretary Liz Kendall appeared to pave the way for the state pension age to rise ahead of schedule by launching a review to make sure the system is sustainable. 2 2 She also warned the cost-of-living crisis is stopping people from saving in private pension pots. Ms Kendall said: 'Unless we act, tomorrow's pensioners will be poorer than today's.' Her review, due in 2027, comes after the Office for Budget Responsibility said the triple-lock — which guarantees a state pension rise of at least 2.5 per cent each year — is costing three times more than originally forecast. Ms Kendall said the triple-lock is 'out of scope' for her report. The state pension age will soon rise to 67. The next increase to 68 is due in the mid-2040s, but the Institute of Fiscal Studies says it will have to be increased to 69 by 2049 and then reach 74 by 2069 if the triple lock is kept. Without rises, state pensions could exceed six per cent of GDP. Tory leader Kemi Badenoch blamed Labour for less growth and more unemployment, meaning 'less money to pay' for pensions. An estimated 15 million adults are under-saving for retirement. How to track down lost pensions worth £1,000s How will a higher state pension age affect my retirement? By James Flanders, Chief Consumer Reporter: Raising the state pension age means people will have to wait longer to get their government-funded pension, which can be tough for those who rely on it as their main source of income. It's especially challenging for people in physically demanding jobs or those with little in the way of savings, as they'll need to figure out how to cover the gap between stopping work and qualifying for the state pension. But the good news is that private pensions give you more choice. Right now, you can access private pensions from age 55, although this will increase to 57 in April 2028. If you've been saving into a workplace pension or a personal pension, you could retire earlier than the state pension age, depending on how much you've saved. You can take the money as a lump sum, set up regular payments, or even leave it invested to grow. For those with enough savings, this flexibility means you can plan retirement around what works for you. But if your private pension isn't enough, you might find yourself working longer and waiting for the state pension to kick in. It's a reminder of why starting to save early and keeping an eye on your pension pot is so important for creating options later in life.
