UK employers tell Boris Johnson to 'get serious' about tax and business investment
October 22, 2021, 4:59 am

UK employers tell Boris Johnson to 'get serious' about tax and business investment

BORIS-UK PM-SITTING

Reuters reported, British employers told Prime Minister Boris Johnson’s government on Friday to “get serious” about encouraging business investment and stop blaming them for the economy’s problems and hitting them with higher taxes.

The Confederation of British Industry urged finance minister Rishi Sunak not to increase the tax burden for companies again when he delivers a budget statement and a three-year public spending plan next week.

CBI Director-General Tony Danker said Sunak’s announcement on Wednesday would be a “defining moment” for Johnson’s administration as it tries to move beyond the coronavirus pandemic and build a post-Brexit economy.

“We cannot take the economic recovery for granted,” Danker said. “If the UK is to break out of a decade-plus cycle of anaemic growth and zero productivity, then the government has to get serious about what it will actually take to deliver that.”

This month, Johnson vowed to end “the old failed model of low wages, low skills, supported by uncontrolled immigration,” comments which angered many business leaders who were already smarting from a planned increase in corporation tax in 2023.

Relations between Johnson and business leaders have been tense since he led the campaign in favour of leaving the European Union in 2016 when he dismissed their concerns about the impact on the economy.

Danker said there were rumours that Sunak might announce more new taxes for business as he comes under pressure from other ministers to provide more cash for their departments.

“There is a fundamental inconsistency where the government wants to unlock business investment, but its tax policies do the opposite,” he said. “You cannot will the ends and ignore the means to turbocharge the economy.”

Danker also took a swipe at Johnson’s promise to “level up” Britain’s poorer regions which has so far been short on detail.

“Rather than a levelling up plan that builds more tennis courts, let’s have one that regenerates Britain’s high streets and industrial heartlands,” the CBI boss said.

As well as ruling out new taxes, the CBI urged Sunak to extend his incentive for business investment beyond 2023, overhaul a property levy to encourage investment in energy efficiency and require regulators to prioritise investment.

Source: reuters

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.