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The week ahead | Calamatta Cuschieri

Arrests, tax plans & rate hikes

calamatta_cuschieri
Calamatta Cuschieri
30 October 2017, 11:27am
President Donald Trump’s plan for overhauling the U.S. tax system faces growing opposition from interest groups this week
President Donald Trump’s plan for overhauling the U.S. tax system faces growing opposition from interest groups this week
Catalonia’s ousted president

The ousted president of Catalonia’s pro-independence government could face arrest on Monday and up to 30 years in prison if found guilty of rebellion on Monday. Carles Puigdemont was deprived of power following the Spanish region’s declaration of independence on Friday, after a month of escalating tensions with the national government in Madrid.

If Puigdemont and his colleagues try to go to work on Monday, they could face possible arrest, however. Spain’s Attorney General José Manuel Maza said last week, that he would be calling on the local police force, the Mossos d’Esquadra, to detain Puigdemont and that crime of rebellion was punishable by 30 years in prison. He said that if local police do not carry the order, national police would do so.

Trump’s tax plan

President Donald Trump’s plan for overhauling the U.S. tax system faces growing opposition from interest groups this week, as Republicans prepare to unveil sweeping legislation that could eliminate some of the most popular tax breaks to help pay for other lower taxes. Republicans who control the U.S. House of Representatives could reveal their bill after Wednesday.

Trump and Republicans have vowed to enact tax reform this year for the first time since 1986, but the plan to deliver up to $6 trillion in tax cuts for businesses and individuals faces challenges even from rank-and-file House Republicans. Republicans warned that the Trump tax plan is entering a new and difficult phase as lobbyists ramp up pressure on lawmakers to spare their pet tax breaks.

Bank of England’s rate hike

The Bank of England is poised to raise interest rates this Thursday for the first time in over a decade, raising the cost of borrowing for British households already hurt by an earnings squeeze. Threadneedle Street is expected to reverse emergency action taken following the EU referendum, when it cut rates from 0.5% to 0.25% to avert a recession. While a slump has not materialised, the British economy appears to be in worse health than other major countries with potential to be blown further off course by faltering talks to leave the EU.

The Bank’s preparations come as business investment flatlines, with companies reluctant to spend because of fears over a hard Brexit. Similar to families facing a higher cost of living on the high street, companies have faced steeper prices for materials, eroding profitability. Raising interest rates would remove support for firms from cheap loans, potentially compounding the problem.

 

 

Disclaimer

This article was issued by Peter Petrov, Junior Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article is being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.

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