The Times features more details of the letter written by some of the world’s top businesses, external before today’s investment summit, who say Britain now has a real opportunity to grow its economy. They argue that our universities, legal expertise and financial services have provided what they call the ‘bedrock of a strong investment proposition’. The 14 signatories include five of the world’s richest banks, private equity firms, leading insurers and tech giants. They say Britain’s greater stability has increased its attractiveness to investment, which the paper says is a reference to Labour’s election victory at a time of uncertainty in many large economies.
The Daily Telegraph, though, highlights a warning from business leaders that any government raid on National Insurance contributions could damage investment in the UK, external. It suggests they were worried by a strong hint from the Business Secretary, Jonathan Reynolds, that the Budget could include plans to increase employers’ NI contributions. The paper says City figures such as the chief executive of Lloyds Bank – Britain’s biggest lender – said NI would be one of the worst taxes to increase because it would in effect put a handbrake on investment by making it more expensive to hire staff.
The Telegraph also reports that Israel has accused the United Nations of turning a blind eye to Hezbollah in Lebanon, external — because Israeli troops discovered one of the organisation’s tunnels just 100 yards from a peacekeeping base. An Israeli general tells the paper that construction of the tunnels needs a lot of equipment which would be very difficult to hide from peacekeepers. The UN has defended its peacekeeping mission.
Meanwhile China — says the Financial Times — is under increasing pressure to deliver more measures to stimulate its economy, external. Analysts says lower than expected consumer and factory prices last month have worried investors. They are said to be disappointed that there have been no more clearer details about a stimulus package first announced at the end of last month. It is thought official figures to be released this week will paint a picture of a two-speed economy in China, with strong trade figures, but still overall lower-than-expected third quarter GDP.
According to the Daily Mirror, all six state premiers in Australia have turned down a chance to meet the King during his tour there. They had been invited to meet him at a reception in Canberra next Monday. Buckingham Palace has not commented. The pro-royal Australian Monarchists League told the paper the ‘snubs’ were a slap in the face for the Royal Family, external.