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On October 14th, Bank of England Monetary Policy Committee member Stephen Taylor said on Tuesday that the likelihood of a UK recession, though small, is increasing, partly due to high borrowing costs. Taylor noted that the Bank of Englands reluctance to cut interest rates quickly means a "soft landing" for the UK economy is now unlikely. Instead, a "bumpy landing" is more likely: inflation will fall below 2% by the end of 2026, and the economy will remain "weak" for an extended period. However, Taylor warned that the risk of a "hard landing" is increasing. "The UK economy is already hovering around zero growth, and if the data turns negative, the future trend could deteriorate rapidly. The probability of such an outcome is now non-negligible." In recent months, Taylor has repeatedly voted for faster rate cuts than the majority of the Monetary Policy Committee. His latest comments suggest he may vote for a rate cut again at the November meeting.On October 14th, British Chancellor of the Exchequer Reeves set the tone for next months difficult budget, stating at a cabinet meeting that high borrowing costs and debt levels mean less money will be available for public services. A government spokesperson said on Tuesday that Reeves attributed the current challenges to "growth and productivity data consistently falling short of official forecasts over the past 15 years." In last years budget, the UK government raised taxes, primarily on businesses, totaling approximately £40 billion. Although Reeves promised at the time that no further tax increases would be introduced in the short term, economists expect her to seek another tax increase in her new budget on November 26th. People familiar with the matter said Reeves plans to include a larger fiscal buffer in next months budget than last years £9.9 billion to reduce borrowing costs and strengthen the resilience of public finances to market volatility.U.S. Ambassador to NATO Whitaker: All allies, including Spain, must fulfill their defense commitments.US Ambassador to NATO Whitaker: No cuts in NATO defense spending are allowed.BlackRock CEO: The United States needs to accelerate regulatory clarity and increase investment in digital asset innovation.

UK Government: Cryptoassets Could Be Seized to Stop Crime

Cameron Murphy

Apr 28, 2022 09:42


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The British government suggested on Thursday that crypto assets might be confiscated to help battle economic crime, but the plan fell short of the drastic change demanded by legislators, who want an unified crime-fighting agency.


Scams involving banking and the internet have increased dramatically in the United Kingdom, especially after the COVID-19 outbreak.


In response to a parliamentary investigation into economic crime, the administration said that it would introduce laws to allow cryptoassets to be confiscated and recovered more rapidly as soon as legislative time permits.


"In particular, (we propose) the development of a civil forfeiture authority to limit the danger presented by people who cannot be punished but use their wealth to continue crime," the government told the Treasury Select Committee in parliament.


The panel proposed creating a single organization to combat economic crime to replace a "bewildering" multitude of institutions, but the administration insisted that its multi-agency system was the best.


"It allows us to discriminate between various sorts of criminality," the government stated, adding that public-sector fraud required a different reaction than schemes perpetrated by individuals or corporations.


In a statement, TSC Chair Mel Stride stated, "This might be a big squandered opportunity."


The government has already endorsed a suggestion that requires internet platforms like as Google and Facebook to take aggressive steps to combat fraudulent financial product advertising, but the law will take time to adopt and execute.


"Now is the time for online platforms to step up and take down these fake ads," Stride added.


Google has already pledged to only accept financial advertisements from organizations that are authorized by the Financial Conduct Authority, and Facebook owner Meta is expected to follow suit later this year.


The investigation advised that internet platforms be required to assist clients who have been scammed, a measure that the government is considering.


"We're working together with technology firms, law enforcement, and civil society partners to investigate all options for assisting victims of online fraud and mitigating the damage they've suffered," the government stated.

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