Britain, Business, Economic, Government, Politics, Society

Budget 2018: ‘A shot in the arm’ for British businesses

BUDGET

BUSINESS leaders have welcomed a shot in the arm for the British economy following the Chancellor’s pro-enterprise Budget.

In the final Budget before Brexit, Philip Hammond announced a raft of fresh tax reliefs and spending pledges to help solve the UK’s ongoing productivity problem.

The plan included extra funding for research and development “to secure the UK’s position as a world leader in new and emerging technologies such as artificial intelligence, nuclear fusion and quantum computing”.

Seeking to exploit concerns about how the economy would operate under a Labour government, the Chancellor said: “We will always back enterprise. As we finalise our departure from the EU, we must unleash the investment that will drive our future prosperity.

“So I can announce a package of measures to stimulate business investment and send a message loud and clear to the rest of the world: Britain is open for business.”

Among the policies Mr Hammond announced were:

. An increase in the annual investment allowance (AIA) from £200,000 to £1m for two years, giving extra relief to firms that invest in machinery;

. Tax breaks to encourage businesses to invest more in factories, offices and other places of work;

. £1.6bn for R&D to promote science and tech innovation;

. £50m for artificial intelligence fellowships;

. A two-year freeze on the VAT threshold.

The measures were welcomed by business.

The director general of the British Chambers of Commerce, Adam Marshall, said: “Philip Hammond has sent important and positive signals to businesses across the UK, many of whom have been wavering on investment and hiring.”

On the increase in the AIA, he added: “This will be a huge shot in the arm for businesses across the country, giving many thousands of firms renewed confidence to invest and grow.”

Among the science-friendly measures, the Government will plough £50m in new Turing AI Fellowships to lure artificial intelligence researchers to the UK, £235m to support the development of quantum technologies and increased funding to explore distributed ledger technologies such as blockchain.

Under the Industrial Strategy, total R&D investment is due to hit 2.4pc of GDP by 2027.

One of Mr Hammond’s headline business policies was a change to the Annual Investment Allowance. While business groups were mostly supportive of the move – with the allowance rising from £200,000 to £1m for two years starting in January 2019 – analysts added that firms might choose to delay investment plans to coincide with when the higher rate of relief will come into force.

A real estate tax partner at PwC said: “Longer term, this should encourage much more investment, but short-term there may be a lag while businesses wait for January.”

Entrepreneurs were directly targeted through an extension to the British Business Bank’s start-up loans programme, which will run until 2021, and amendments to a policy called Entrepreneurs’ Relief – which had been in the line to be scrapped.

They pay a lower rate of tax at 10pc, compared with the standard rate of 20pc on capital gains when they sell off some or all of their business assets.

Mr Hammond has now doubled the minimum qualifying period from 12 months to two years and shareholders will now have to hold a 5pc economic stake in the company to receive the relief.

The Chancellor also announced smaller-scale measures, such as £20m of skill-training pilot schemes.

In a Budget that was welcomed for supporting smaller and more risky start-up businesses, the Chancellor said he would help UK pension funds invest in such firms.

The Treasury will consult next year on the pension charges cap, which restricts the amount some pension providers can charge in fees.

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Britain, Government, National Security, Society, Terrorism

Right-wing extremists to be monitored by MI5

BRITAIN

BRITISH intelligence is to take responsibility for tackling the terror threat from Right-wing extremists as part of a major overhaul.

Amid increasing concern that white supremacists are trying to stir up a racial and religious war on UK streets, MI5 will for the first time take the lead in combating the problem.

In the past, the police have been directly tasked with monitoring far-Right groups. It means the ideology will sit in the same security service portfolio as Islamist terrorism.

Extreme Right-wing activity will be designated as posing a key threat to national security.

Four far-Right terror plots have been thwarted in Britain since 2017, compared to 13 involving Muslim fanatics. The authorities have expressed fears about a resurgence from neo-Nazi groups, especially since the murder of Labour MP Jo Cox by white supremacist Thomas Mair in 2016.

In February, Darren Osborne was jailed for life for attacking Muslim worshippers with a van in Finsbury Park, North London, in June 2017.

And, in the past week, a man has been charged with sending 13 pipe bombs to opponents of President Donald Trump. A second man was arrested for murdering 11 Jewish worshippers during an anti-Semitic gun attack at a synagogue in the US city of Pittsburgh.

In the UK, there are about 100 live investigations into extreme Right-wing individuals and groups. Although the threat is not assessed to be of the same magnitude as that posed by Islamic State or Al-Qaeda, security chiefs are aware that extreme Right-wing organisations are attempting to provoke violence and by sowing discord.

MI5’s techniques and greater powers of surveillance will allow intelligence agents to discover more about threats posed by the extreme right than the police are able to.

It will formally take responsibility for identifying suspects, assessing their danger, analyse networks of extremists and rank threats.

Police will stay in charge when it comes to launching an operation to disrupt a plot or by making arrests.

Last month, Home Office figures revealed the number of white terror suspects being apprehended or arrested was higher than those who were Asian for the first time since the July 7 bombings in 2005. In the year to June, 133 were white and 129 were Asian ethnic background.

Neil Basu, Britain’s top counter-terrorism police officer, told the home affairs select committee that the extreme Right-wing was growing across Europe. He said: “There is no doubt that crosses the border into the UK and there have been attempts by groups here to coordinate with European partners as well.”

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Arts, Books, Literature

An obscure and impenetrable winner of the Man Booker 2018

CRITIQUE: MILKMAN

THE Man Booker has got itself into a frightful twist. In 2013, it was announced that the prize, previously open only to UK, Irish and Commonwealth writers, would widen its remit to include any authors writing in English. Senior British novelists protested, and rightly so. It wasn’t hard to foresee what would happen when the juggernaut of US creative writing was allowed to bear down on the awards. Since then, two Americans have won (Marlon James for A Brief History of Seven Killings and George Sanders for Lincoln in the Bardo) while the longlist and the shortlist are jam-packed with US novelists.

Two Americans were on this year’s shortlist – Rachel Kushner for The Mars Room, a punchily brilliant account of life inside a women’s prison, and Richard Powers for The Overstory, a densely branched eco epic that was the favourite amongst many critics. But it couldn’t win, and neither could Kushner. Even if either had been a worthy victor, that would have sent the wrong message for a prize that now has to fend off accusations of American dominance.

Because of this, the 2018 winner of the Man Booker went to Milkman by Anna Burns, the first Northern Irish writer to take the prize. Milkman is the oddest, most impenetrable choice since Keri Hulme’s The Bone People in 1985. Not only is it not the best book on the longlist where Michael Ondaatje’s Warlight cast its spectral magic and Sally Rooney’s Normal People told a love story that had critics swooning.

Set in Northern Ireland, during the Troubles, Burns’ experimental novel is narrated by an 18-year-old girl who finds herself persuaded by a sinister, much older, paramilitary figure – the Milkman of the title. Burns writes in long, stream-of-consciousness paragraphs and there are no names to help the reader navigate or by aiding their bearings. The narrator is known as “middle sister”; other characters are perversely described as “third brother-in-law” or “first brother-in-law”. Good luck to any reader trying to tell the difference. And then there is the welcome, chirpy presence of car-obsessed “maybe-boyfriend”.

Chairman of the judges-panel, Kwame Anthony Appiah, said: “None of us has ever read anything like it before.” Which is strange as you would hope those paid to assess one of the world’s biggest literary prizes would have a working knowledge of two other rather well-known Irish writers, James Joyce and Samuel Beckett. Burns certainly belongs in the school of Joyce and Beckett, although not yet in their class of writing. You might say “middle sister” is Molly Bloom with bombs.

Those who consider themselves to be rather good and passionate readers will, undeniably, find Milkman hard work. Appiah acknowledged as much when he admitted the book is a challenge, “but in the way a walk-up Snowden is challenging”. You’re not likely to see that appearing on one of those staff endorsement cards in Waterstone’s bookstore (are you)? “Really quite enjoyable if you like ascending a Welsh mountain in driving rain and mist. Pack a kagoule and Kendal Mint Cake!” Pity the poor booksellers.

Appiah’s contention that Milkman “is enormously rewarding if you persist with it” sounds more like homework than great literature. You shouldn’t need to persist with a great book; you shouldn’t be able to put it down. As for his suggestion that it might be helpful to sing some of the paragraphs aloud… really? Most people, I would presume, don’t purchase a novel to do their own audio-book. The language should make its own music as Roddy Doyle did in Paddy Clarke Ha Ha Ha, his glorious Book winner of 1993. Like Burns, Doyle was working in the headlong, harum-scarum humour of Irish vernacular, but he opened that world to outsiders, always welcoming us in with a helpless generosity. Milkman, too, has wonderful shafts of wit, as when our heroine (no name, of course) is mulling over moving in with “maybe-boyfriend”. “If we were in a proper relationship and I did live with him and was officially committed to him, first thing I would have to do is leave.” Too often, though, the scintillating observations are muffled by the engulfing blanket of words.

Burns is at her best when she is clearest. The book tells you everything you need to know about what it’s like to be “brought up in a hair-trigger society where the ground rules were – if no physically violent touch was being laid upon you, and no outright verbal insults were being levelled at you, and no taunting looks in the vicinity either then nothing was happening, so how could you be under attack from something that wasn’t there?”

Paranoia was the air they breathed in Belfast back then, when Burns herself was growing up in the Ardoyne area. In one superb scene early on, “maybe-boyfriend” is cock-a-hoop at getting hold of rare parts from a Blower Bentley, which are laid out on his living room floor. As the neighbours turn up to witness this treasure for themselves, the mood is curdled by one visitor who snarkily wonders who got another part of the classic car, “the bit with that flag on”. In a viciously tribal society, where giving your baby the wrong name could lead to a knock on the door from men in balaclavas, being in possession of a car part that didn’t have a Union flag on, but which might have had that flag “from over the water”, is enough to create an ominous atmosphere.

Even the blameless-sounding Milkman is a dark joke: the IRA delivered petrol bombs in milk-crates to doors at the corner of every street. The way the enforcer insinuates himself horribly into the young woman’s life, the way she is powerless in that ultra-masculine world, unable to tell him to go away, feels all too relevant and pertinent in the era of #MeToo.

Milkman is no Tristram Shandy, although its author shares many of Sterne’s startling gifts. One day Burns may well write a great comic novel that will find a huge and satisfying readership.

This year’s winner of the Man Booker Prize is, sadly, not it.

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