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Lowdown
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9am Lowdown: Brexit, Notts County & OTS

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25th Nov 2016
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Good morning and welcome to Friday’s Lowdown. Let’s see what’s happening in the world of accounting.

* * *

Former PMs back second referendum

Sir John Major has said that there’s a “perfectly credible case” for a second referendum.

According to the Telegraph, the former prime minister told guests at a private dinner: “I hear the argument that the 48% of people who voted to stay should have no say in what happens, he said. “I find that very difficult to accept. The tyranny of the majority has never applied in a democracy and it should not apply in this particular democracy.”

Meanwhile, Tony Blair has said in an interview that Brexit could be stopped “if the British people decide that, having seen what it means, the pain-gain, cost-benefit analysis doesn’t stack up.”

He told the New Statemsman: “Either you get maximum access to the single market, in which case you’ll end up accepting a significant number of the rules on immigration, on payment into the budget, on the European court’s jurisdiction. People may then say, ‘Well, hang on, why are we leaving then?’

* * *

Chancellor commends OTS’s NIC work

The Chancellor has thanked the Office of Tax Simplification for their National Insurance/income tax alignment review.

In a letter, Philip Hammond said: “I agree that, where it makes sense to do so, income tax and NICs should be aligned in order to make the tax system simpler for individuals and businesses. However, as you have set out, making significant changes in this area can increase costs for businesses and some individuals.”

Hammond announced in the Autumn Statement an alignment of the employee and employer National Insurance thresholds at £157 per week.

* * *

Notts county face winding up order

League two club Notts County has been issued with another winding up petition from HMRC, just one month after having an order dismissed.

According to Sky Sports, the Magpies will be back in court on December 19. The club has previously faced winding up orders in 2010 and 2013. But both of these cases were dismissed.  

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