Skip to main content

Challenge to NI dismissed.

The Supreme Court has thrown out a legal chal­lenge to the deal gov­ern­ing post-Brexit trade in North­ern Ire­land, rul­ing unan­im­ously it did not under­mine the region’s con­sti­tu­tional status as part of the

Brexit

UK. The judg­ment yes­ter­day came after two defeats in lower courts and marks the end of the road for court chal­lenges over the leg­al­ity of the so-called North­ern Ire­land pro­tocol. The Demo­cratic Uni­on­ist party, which has boy­cot­ted the region’s power­shar­ing exec­ut­ive and assembly since May last year, said the rul­ing did not alter its demands for sweep­ing changes to the pro­tocol, which drew a cus­toms bor­der for goods in the Irish Sea. «A solu­tion to the pro­tocol was never going to be found in the courts,» said Sir Jef­frey Don­ald­son, the DUP leader.

«The gov­ern­ment must con­sider this judg­ment, their argu­ments to the court and take the steps neces­sary to replace the pro­tocol with arrange­ments that uni­on­ists can sup­port». They claimed that the pro­tocol was incom­pat­ible with the 1800 Acts of Union’s guar­an­tee that the region should be on the same foot­ing in respect of trade as people in the rest of the UK. They argued the pro­tocol was unlaw­ful under the 1998 North­ern Ire­land Act, the legal found­a­tion for devolved power-shar­ing, and should have been given a cross-com­munity vote. The rul­ing came as talks con­tinue between Lon­don and Brus­sels to find a polit­ical solu­tion to dif­fer­ences over the pro­tocol after months of wrangling.

The UK gov­ern­ment was thus author­ised by the 2020 EU Act to draw up the pro­tocol. Des­pite the defeat, staunch uni­on­ists por­trayed the rul­ing as a vic­tory, accord­ing to Sarah Creighton, a uni­on­ist com­ment­ator and law­yer. 

www.sba.tax

Comments

Cloud Bookkeeping

HS2 cost cuts new routes and add delays.

 Trans­port depart­ment offi­cials have begun work on «Project Sil­ver­light» sug­gest­ing the high­speed rail scheme might face four addi­tional years of delay. The planned High Speed 2 rail line faces fur­ther delays of up to four years and more cuts to the project under plans being drawn up by min­is­ters to rein in its bal­loon­ing costs. The extra delays to the coun­try’s biggest infra­struc­ture project would mean that it would not be com­pleted until as late as 2045 — 12 years after ori­gin­ally planned. «This is a func­tion of infla­tion; we are hav­ing to find huge sav­ings because the cost of everything the depart­ment is already doing will have become so much more expens­ive by then,» said one gov­ern­ment offi­cial. In Octo­ber, the FT repor­ted that the Treas­ury had asked HS2’s man­age­ment team to identify poten­tial cuts or «scope reduc­tions» to the high-speed line. Trans­port depart­ment offi­cials have sub­sequently begun work on Project Sil­ver­light aimed at fi...

Small business will be excluded from fraud law.

  Min­is­ters are plan­ning to exclude small busi­nesses from anti-fraud legis­la­tion by nar­row­ing the scope of a crim­inal offence tar­get­ing com­pan­ies that fail to pre­vent eco­nomic crimes. MPs and anti-cor­rup­tion cam­paign­ers had hoped the gov­ern­ment would seek to amend the eco­nomic crime and cor­por­ate trans­par­ency bill to ensure the new offence covered all com­pan­ies. The plans to limit the scope of the amend­ments will also dis­ap­point those who had hoped the legis­la­tion would remove key hurdles to the pro­sec­u­tion of white-col­lar crime. A new «fail­ure to pre­vent» offence for fraud would bring it in line with exist­ing sim­ilar cor­por­ate offences for bribery and tax eva­sion. At present, pro­sec­utors need only prove that organ­isa­tions lacked «reas­on­able» or «adequate» con­trols to pur­sue the offence in bribery and tax eva­sion cases. «It would be much more sens­ible for the gov­ern­ment to provide strong guid­ance for SMEs on what these pro­ce...

Doubt on CS's collateral.

  Credit Suisse provided an emergency $140mn loan to Greensill Capital based partly on invoices to companies that deny ever doing the business stated on the documents. The Swiss bank provided the loan in October 2020, less than five months before the collapse of Greensill, a supply chain finance firm that counted former British prime minister David Cameron as a senior adviser. Invoices issued by metals magnate Sanjeev Gupta’s Liberty Commodities and sold to Greensill formed part of the collateral for the loan, according to documents seen by the Financial Times and people familiar with the transaction. Yet several of the parties named on the invoices have told the FT they did no business with Liberty. GFG has consistently denied any wrongdoing. Credit Suisse’s loan had a clause dictating that the collateral value had to be equal to or greater than the $140mn borrowed. The terms of the debt agreement only allowed invoices on Green-sill’s balance sheet to count towards this tally if t...