Swiss Wealth Tax, WTO Leadership, Optimistic France: Eco Day

Welcome to Tuesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • The U.K. could need tax increases of about 60 billion pounds ($84 billion) if Chancellor of the Exchequer Rishi Sunak wants to balance the books
  • Switzerland’s wealth tax offers a rare real-world example of how a levy on assets can work, just as such ideas gain traction elsewhere in the wake of the coronavirus crisis
  • The WTO selected Ngozi Okonjo-Iweala as its first woman and first African leader, tasking the ex-Nigerian finance minister with restoring trust in a rules-based global system. Here’s a quick rundown of how she reached the post
  • France is optimistic that the European Commission will sign off within days on an innovative plan for helping companies through the pandemic recovery. With the country avoiding a third lockdown for now, economic activity is holding up better than originally forecast
  • Prime Minister Boris Johnson is drawing up plans to gradually lift pandemic restrictions on socializing, shopping and going to work, hoping the U.K.’s current lockdown will be the last. Meanwhile, a government-commissioned review recommended competition rules be overhauled to give consumers more choice
  • Singapore is expected to offer more targeted measures to support the economy’s recovery from its worst year since independence, setting up another deficit for the fiscally conservative city-state
  • Bangladesh stands to benefit as Japan offers its firms incentives to switch manufacturing out of China
  • Australia’s central bank expects “very significant” monetary support will be needed for some time, according to minutes of its February meeting

©2021 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.