Tax reforms finally announced
In line with Trump’s pre-election promises – and with all the pomp and circumstance we’ve come to expect from the new administration – the White House unveiled its plans to reform the US tax system this week.
Heralding ‘the biggest tax cuts in history’, the document itself was something of a damp squib – just a single A4 page summarising the main points of the reform agenda which would at a stroke simplify the US tax system, slash business taxes and consign inheritance taxes to history.
The winds of change
On the face of it, the ideological and political differences between the outgoing Obama administration and the incoming Trump regime could not be greater. Barely a single policy is likely to remain unaffected, with everything from public spending to international relations predicted to shift into sharp reverse under the auspices of a maverick who’s made his mark by defying convention throughout the presidential campaign.
In the last months of 2016, the financial markets reacted to Trump’s unexpected victory via a textbook surge in stocks and government yields as well as a significant upshift in the value of the dollar following predictions of increased growth and higher levels of inflation on the wave of announcements regarding deregulation, tax reforms and infrastructure spending.
Following Britain’s vote for Brexit, political parties in other countries are calling for people to be given a voice on their membership of the European Union. But, after the global reaction to the UK’s momentous decision, how likely are other members to push for referendum?
The global response and the local impact
Although anxiety widely prevailed in the run-up to the UK referendum on its membership of the European Union, few could have predicted the full impact of the shock decision to leave. But with more than 17 million Britons voting to withdraw from Brussels, and Brexit beginning to look like a sure thing, the focus is now on second-guessing the likely outcomes.
Swift global response to Brexit vote
The shockwaves of the UK’s referendum on EU membership are still being felt across the world. On Thursday 23 June, after weeks of vitriolic campaigning, more than 17 million Britons voted to retreat from Brussels, triumphing by a small margin and sparking what would appear to be an unstoppable movement towards a ‘Brexit’.
British government thrown a political curveball
After months of heated campaigning that saw Westminster’s leading politicians locked in angry opposition, The United Kingdom voted last week to end 43 years of European Union membership in a historical decision that will resonate for years to come. The EU didn’t feature as a top-five issue in the last British general election, so what happened to cause such a momentous shift in the British pysche?