15.07.2016 Brexit – digest. Short-term tax cuts for business and individuals

15.07.2016 Brexit – digest. Short-term tax cuts for business and individuals

British people voted to leave the EU on 23 June. Following the resignation of David Cameron, Theresa May became the second female prime minister of the United Kingdom since Margaret Thatcher. After speculations whether Mrs. May is able to deliver the withdrawal from the EU in the best possible way, it became clear she is taking it very seriously after she has appointed several new members in her cabinet, giving vital jobs mostly to pro-Brexiters as Boris Johnson, David Davis, and Liam Fox. Daily Telegraph has already praised Mrs. May’s choice of Foreign Secretary – Boris Johnson, claiming “he believes in Brexit but is pro-European; he wants additional controls on migration but is pro-immigrant. His appointment will help cement Brexit as a liberal, pro-globalisation project.” Mrs. May, as the new prime minister, has 100 days to express her plan regarding when she intends to invoke Article 50, and how she intends to repeal British membership of the EU. She is also expected to share her new plan for the economy, and it is vital that it comes from her, not her new Chancellor. After, they will be able to collaborate on an emergence Budget, which is to be held no later than August. There are as well short-term, substantial tax cuts expected from her to boost growth, business investment and housing transactions.

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