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Lowdown
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9am Lowdown: Theresa May's Brexit speech

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17th Jan 2017
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Good morning and welcome to the 9am Lowdown which today features the PM’s much-anticipated Brexit speech, a Wilkins Kennedy court appeal and a NMW awareness campaign.

Theresa May's Brexit speech

Prime Minister Theresa May will say in her Brexit speech today that the UK will not retain partial membership of the EU once it leaves.

May will tell other European countries the UK wants to trade with them as freely as possible, but will not be “half-in, half-out” of the EU, according to a report by the BBC.

Downing Street has revealed the PM will set out 12 negotiating objectives.

The speech is expected to include further hints the UK could leave the EU single market and that formal negotiations on the exit package will be triggered at the end of March.

* * *

Wilkins Kennedy appeals Harlequin court order

Accounting firm Wilkins Kennedy is appealing against a recent High Court judgement ordering it to pay £9.5m to Harlequin Property, the company behind the stricken £400m fund.

Last year Harlequin made a claim against its former accountants Wilkins Kennedy for breaches of contract and duty arising in connection with the development of a luxury resort at Buccament Bay, St Vincent and the Grenadines in the Caribbean.

At the end of last year it won one of its claims against Wilkins Kennedy, which was also acting for the resort’s building company ICE.

The judge condemned the conduct of both parties, but found in favour of Harlequin relating to one case of overpayments after Harlequin paid ICE.

The judge ordered the accounting firm to pay Harlequin reduced compensation of £11.6m.

* * *

HMRC launches NMW awareness campaign

The tax department has launched a campaign to raise awareness of the national minimum wage (NMW).

The campaign, which will cost £1.7m, aims to encourage workers to check their pay to ensure they are receiving at least the NMW or the national living wage (NLW), depending on their age.

By law, all workers must be paid at least the NLW of £7.20 an hour if they are aged 25 or over, or the NMW rate relevant to their age if they are younger.

The rates of NLW and NMW will be increased from April 2017. Current rates, with April rates in brackets, are:

  • NLW for those aged 25 or over £7.20 per hour (£7.50 from 1 April 2017)
  • 21 to 24 year olds £6.95 per hour (£7.05)
  • 18 to 20 year olds £5.55 per hour (£5.60)
  • 16 to 17 year olds £4.00 per hour (£4.05)
  • apprentices £3.40 per hour (£3.50)

HMRC’s enforcement budget for the NLW/NMW was increased from £13m to £20m in April last year, increasing the number of compliance officers available to investigate complaints. An additional £4.3m in enforcement funding was revealed in the last Autumn Statement, according to the ICAEW.

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