"...reassuring HMRC that their decision to let Goldman Sachs off many millions pounds of tax was ok"

Business quote of the day.

"[The e-mail] implies that the NAO was reassuring HMRC that their decision to let Goldman Sachs off many millions pounds of tax owed would be given the OK”

Anna Walker, of pressure group UK Uncut Legal Action, on leaked emails that appear to undermine an inquiry into the multimillion “sweetheart” deals between HM Revenue and Customs and big businesses (story here)

Goldman Sachs building. Photograph: Getty Images.

Helen Roxburgh is the online editor of Economia

Photo: Getty
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Cabinet audit: what does the appointment of Liam Fox as International Trade Secretary mean for policy?

The political and policy-based implications of the new Secretary of State for International Trade.

Only Nixon, it is said, could have gone to China. Only a politician with the impeccable Commie-bashing credentials of the 37th President had the political capital necessary to strike a deal with the People’s Republic of China.

Theresa May’s great hope is that only Liam Fox, the newly-installed Secretary of State for International Trade, has the Euro-bashing credentials to break the news to the Brexiteers that a deal between a post-Leave United Kingdom and China might be somewhat harder to negotiate than Vote Leave suggested.

The biggest item on the agenda: striking a deal that allows Britain to stay in the single market. Elsewhere, Fox should use his political capital with the Conservative right to wait longer to sign deals than a Remainer would have to, to avoid the United Kingdom being caught in a series of bad deals. 

Stephen Bush is special correspondent at the New Statesman. He usually writes about politics.