Recent Spanish and UK Finance News in Brief

Brexit deal

THE departure of ‘hard man’ Dominic Cummings just six weeks before the end of 2020 might mean that some form of sensible and acceptable deal between the UK and the European Union could be possible without Cumming’s negative interference.

Renault Bank

THE Renault automobile company will shortly launch the completely online Renault Bank in Spain which will offer interest of between 0.65 per cent and 1 per cent in order to raise new funds and have access to potential car buyers.

Tata Steel

INDIAN owned Tata Steel which is the largest steel manufacturer in the UK with 7,000 employed in Wales is trying to sell its Dutch steel plant to a possible Swedish buyer which suggests that its UK business may be next.

Fare reduction

According to the National Institute of Statistics (INE), airlines operating out of Spain have reduced their prices by 11.3 per cent in October (when compared to October 2019) in a bid to combat lack of travel due to Covid-19.

Plastic tax

THE United Kingdom will introduce a new tax on plastic produced in or imported into Britain which does not contain a minimum of 30 per cent of recycled plastic. The Plastic Packaging Tax (PPT) will be levied from April 1, 2022.

On your bike

CONSIDERATION is being given by the Spanish Government to require companies such as Deliveroo to give mobile phones and bicycles, motor bikes or cars to those working for them as part of their employment package.

Employer insolvency

THE Pensions Regulator has warned that the trustees of British defined benefit – or final salary – pension schemes must be ready for possible employer insolvency to protect their members as Covid-19 impacts the economy.

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