The July data for the coalition government of the United Kingdom show corporate tax collections below estimates and government spending over estimates, increasing speculation that more government spending reductions may be near in order to reduce the national deficit.
Britain may also be facing what a number of other European nations have endured over the last several years: a downgrading of credit rating of government bonds, raising the interest rates which must be paid. Currently the UK has a comfortable AAA credit rating; however, if there is a significant increase in government borrowing, that could change.
On August 17, a Moscow court found three young female performers from the Russian punk band Pussy Riot guilty of “hooliganism motivated by religious hatred,” and the band members were sentenced to two years in a penal colony — signaling the resurgence of communist totalitarianism in Russia.
Ecuador granted asylum to WikiLeaks chief Julian Assange on Thursday in defiance of the British government’s threat to occupy the country’s embassy. Prior to Thursday's announcement London's finest surrounded the Ecuadorian embassy throughout the day. Hundreds of metropolitan police waited on orders to seize control of the embassy as the announcement of Ecuador's decision on Julian Assange's asylum petition approached.
As the European Union continues to assume ever greater powers over the once-sovereign nations of the region, voters in the United Kingdom have been fed up for a while. In fact, if they were allowed to vote in a referendum, polls consistently show the U.K. would overwhelmingly opt to ditch the EU once and for all. And analysts, as well as activists on both sides of the issue, believe the day may soon come where British resistance to the emerging super-state finally prevails.
According to a German newspaper, the will of U.K. voters ultimately being fulfilled has former Prime Minister Tony Blair “deeply worried.” Meanwhile, a strategy paper by Asian banking behemoth Nomura showed that the bank is preparing for what its analysts believe is an increasingly likely scenario: British withdrawal, or at the very least, a mass repatriation of powers usurped by the Brussels-based entity.
Plans announced by French President Francois Hollande to "tax the rich" are driving wealthy French citizens out of the country. Vincent Grandil, a partner in the Paris law firm Altexis which caters to rich French citizens, is increasingly being asked by his clients if now would be a good time to flee France for countries with lower tax rates.