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Gerry Grimstone becomes UK investment minister

LEADING British financial expert, businessman Gerry Grimstone has been appointed as the UK’s investment minister on Wednesday (18).

Grimstone, 70, is expected to face hectic challenges as Britain moved out of the European Union.


The latest appointment has also come when Britain is struggling to tackle the spread of Covid-19 and its impact on British businesses.

The government will get advice from the new minister on how to boost British competitiveness after the UK emerges from the coronavirus crisis, which is likely to impact the overall business activities of the UK.

The new investment minister has served many senior positions at Barclays and fund manager Standard Life Aberdeen.

Grimstone has held numerous government advisory roles, including in the UK-India relations, participating in prime ministerial visits and the annual dialogues between the finance ministries of two countries.

In India, he was on the board of HDFC Life, one of India’s largest long-term life insurance provider, with its headquarters in Mumbai.

His new role replaces the role of trade minister that had been held by Ian Livingston and media executive Rona Fairhead.

Grimstone will be an unpaid minister jointly at the Department for International Trade and the Department for Business, Energy and Industrial Strategy.

A government release on the new appointment stated: “Sir Gerald Grimstone was appointed unpaid Minister of State jointly at the Department for International Trade and the Department for Business, Energy and Industrial Strategy on March 18, 2020.”

The appointment is along with a life peerage, as he will also support to push the government’s trade bill through the House of Lords.

Grimstone started his career as a civil servant at the Treasury, working on privatisation for Margaret Thatcher.

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Rachel Reeves

Under the policy, property owners will face a recurring annual charge additional to existing council tax liability.

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Rachel Reeves announces annual tax on homes worth over £2 million

Highlights

  • New annual surcharge on homes worth over £2 m comes into force in April 2028, rising with inflation.
  • Tax starts at £2,500 for properties valued £2m-£2.5m, reaching £7,500 for homes worth £5m or more.
  • London and South East disproportionately affected, with 82 per cent of recent £2m-plus sales in these regions.
Britain has announced a new annual tax on homes worth more than £2 million, expected to raise £400 million by 2029-30, according to estimates from the Office for Budget Responsibility.

Chancellor Rachel Reeves pointed that the measure would address "a long-standing source of wealth inequality in our country" by targeting "less than the top 1 per cent of properties". The surcharge will come into force in April 2028.

Under the policy, property owners will face a recurring annual charge additional to existing council tax liability. The rate starts at £2,500 for homes valued between £2 m and £2.5 m, rising to £3,500 for properties worth £2.5 m to £3.5 m, £5,000 for £3.5 m to £5 m, and £7,500 for those valued at £5 m or more.

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