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UK companies will face huge new VAT burden after Brexit

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More than 130,000 UK firms will be forced to pay VAT upfront for the first time on all goods imported from the European Union after Brexit, under controversial legislation to be considered by MPs on Monday. The VAT changes spelled out in the taxation (cross-border trade) bill – one of a string of Brexit laws passing through parliament – are causing uproar among UK business groups, which say that they will create acute cashflow problems and huge additional bureaucracy. Labour and Tory MPs and peers said that the only way to avoid the VAT Brexit ... Read More »

London to host self-curated Azzedine Alaïa exhibition next spring

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Aretrospective on Azzedine Alaïa will open at the Design Museum in London next spring. Azzedine Alaïa: the Couturier will run for five months from 10 May and include more than 60 couture pieces from the Tunisian fashion designer’s 35-year body of work. Alaïa, who died last month of heart failure, had been working with the museum’s guest curator, Mark Wilson, on the exhibition, selecting rare pieces from his archive and providing documentation of his creative process. The Paris-based designer was widely celebrated for his ability to cut, f... Read More »

Kensington Roof Gardens to close after more than 35 years

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Kensington Roof Gardens, one of ­London’s best-known party venues, is to close after its owner of more than 35 years, Virgin, said a challenging market meant it had struggled to make a profit.  The gardens, now a Grade II-listed site, date back to the 1930s, but the company said yesterday: “The time has come for us to close our doors. “In an ever-changing London market the roof gardens has stood the test of time but in the face of unpredictable market conditions and a challenge to remain profitable, we feel that the time has come for us to c... Read More »

Shell and Barclays ‘lose’ £2bn in US tax changes

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Barclays is facing a larger full-year loss than expected because it told investors that the tax changes would initially cost it about £1 billion. At the same time, Royal Dutch Shell said in a statement to the stock market that the tax cut would lead it to take a hit to its earnings of between $2 billion and $2.5 billion.   ... Read More »

UK bosses are richest in Europe

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Research by Vlerick Business School in Belgium found that FTSE 100 chief executives took home pay packages worth 94 times those of their average staff member, despite government attempts to crackdown on ballooning corporate compensation. The school’s analysis, reported by the Financial Times, found that top French and German company chiefs were the only ones who came close to their British peers, earning multiples of 91 and 89 times their average worker. ... Read More »

Obama warns against ‘irresponsible’ social media use

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He warned that such actions were distorting people's understanding of complex issues, and spreading misinformation. His successor Donald Trump is a prolific user of Twitter, but Mr Obama did not mention him by name. Mr Obama was quizzed by Prince Harry on BBC Radio 4's Today programme. The ex-president said those in positions of power should be careful when posting messages, warning that social media is distorting civil discourse. He expressed concern about a future where facts are discarded and people only read and listen to things that reinfo... Read More »

Grosvenor Crescent rated the most expensive street in England and Wales

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The sweeping crescent, whose Grade II-listed properties are thought to have been built between 1837 and 1860, topped a list of the priciest streets published by Lloyds Bank. However, while Grosvenor Crescent’s residents are sitting pretty, with the typical price tag unchanged on last December, their wealthy neighbours in Eaton Square – which topped the bank’s table a year ago – have each typically seen more than £3m wiped off the value of their property in the space of 12 months, cutting the average price to just over £13.5m. Lloyds did n... Read More »

British passports will return to ‘iconic’ blue cover after Brexit, it is confirmed

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The new design, which will no longer include the European Union insignia, will replace the burgundy cover that has been a feature of the UK passport since the 1980s once Britain leaves the EU in 2019. Home Office Minister Brandon Lewis said the new passport will be the "most high-tech and secure we have ever seen", making it more resistant to fraud and forgery. ... Read More »

Selfieccino debutes in London cafe

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This flight attendant discovered the cafe on the internet in Singapore before even travelling to London. Flight attendant, Safirah Safari said, "I actually heard it through Facebook back at home in Singapore when I was browsing through the Facebook and I saw one of the faces that actually shot the video of this and I actually texted my friend because we were going to London the next week so I told her let's come to this and just check it out. This is really interesting I've never seen any cafe that has a selfieccino, so it is really amazing"... Read More »

Harry Potter author JK Rowling to be made Companion of Honour at Buckingham Palace

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Rowling, who is also marking two decades since the publication of the first book in her best-selling series, has been honoured for services to literature and philanthropy. The 52-year-old will be decorated with the rare title, befitting of one of her fantastical characters, in addition to her OBE, which she was awarded in 2001. Membership of the Order of the Companions of Honour, established in 1917 by George V, is a special award held by only 65 people at any one time, and recognises services of national importance. Rowling, whose fir... Read More »

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