New chancellor Rishi Sunak worked in investment and hedge funds

Rishi Sunak
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Before entering politics, newly appointed chancellor Rishi Sunak was an analyst for investment bank Goldman Sachs. He then worked in hedge fund and investment fund management. And his ideas appear to reflect this resumé.

The private-school-educated politician has been touted for the top since his arrival in parliament five years ago. And having backed Boris Johnson in the Conservative leadership contest in 2019, he became chief secretary to the Treasury once Johnson entered Downing Street in July.

Sunak’s ‘free ports’ project

In 2016, Sunak produced a report in the right-wing Centre for Policy Studies thinktank about the merits of introducing ‘free ports’ post-Brexit. This is a tax-break concept that Boris Johnson cherry-picked for his own leadership campaign. And it’s an idea that Sunak has continued to back.

As economist George Kerevan wrote at Bella Caledonia on 1 February:

Free Ports are pirate economic enclaves that could turn the UK into precisely the offshore version of Singapore our new Del Boy capitalist[s] are so keen to create.

Sunak, he explains, “is your archetypal Del Boy, libertarian New Tory” and:

Read on...

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is particularly keen to use UK Free Ports to slash taxes. He suggests “lower VAT rates on goods brought in through the Zone, reduced rates of corporation tax for companies located within it, tax credits for local R&D activity, and lower rates of employment tax for new employment created”.

But Kerevan points out that:

by slashing taxes, labour protection and environmental standards, [free ports] merely succeed in moving jobs and investment from existing areas.

Featured image via YouTube, with additional content via Press Association

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  • Show Comments
    1. This member Rishi Sunak of Tory party,
      is a yes man to the leader plus No10 ONLY
      my views on –Sajid Javid below
      LINK to post 14.2.2020

      Boris Johnson brings Treasury to heel sparking Chancellor’s resignation
      Is this –Sajid Javid getting out of a sinking ship before the C**p hits the fan? that Boris cannot keep his funding promises to us in Lancashire/Pendle/Colne area or our transport needs for our votes in Dec G.E. 2019,(has he & his M.P. lied to us voter??)
      Has Mr Javid looked at Tory funding mess and come’ to the conclusion No ‘new funding to local area can happen because Boris will not in-force increasing tax payments to the rich Tory party funders that back Boris in Dec G.E. 2019 for tax breaks?
      Voter lets see what the budget tells us next month If they will be A, Budget that is??? it could be called off by New chancellor.
      As an excuse to cover up our No new funding mess to local area council all Tory M.P. + Boris promised us for our voter In Dec G.E. 2019 in all of U.K. areas not just Lancashire.
      Boris you must deliver fully all what you and your Tory M.P. have promised us voter that lent you our votes in Dec G.E.
      (Yes, we only lent you our votes)
      Just to get Brexit passed stage one moving.

        1. HI
          Just to inform you plus clarity on my vote.
          I did not vote Tory IN Dec G.E. 2019
          I voted tactically for the outcome
          I would never give my vote to any Tory M.P. or Tory Govt P.M.
          that includes our local Tory M.P. + Party Cllr O.K.
          So, I can /and will continue to complain about all Tory voter + party member is that understood [email protected]

    2. My update/personal views
      My reply to a comment Telegraph would not let we post WHY?
      LINK to post 14.2.2020

      Boris Johnson brings Treasury to heel sparking Chancellor’s resignation—

      @John Bracewell @Roy Jenkins
      He kept resigning shoo for the right time,
      (reshuffle was the right time)
      so, we will not blame him for Tory broken promises to us voter again on new funding for local our area
      (yes, covered his own ASS very well here)
      Now Boris new man in No11 will follow Cumming advice now and deliver Nothing in new funding to local areas to protect the rich Tory party funder from BIG tax increase that will be needed to pay for our local area new funding.
      Please remember this true’ FACT all male + female Tory M.P./Minister /Boris all p***in the same well.
      looking after themselves only and sod the rest of us in poor area
      that need the cash funding
      Your words here below John-
      why was his team of advisers thought to be the problem and not Javid himself?
      The team was not the problem the wage bill was for Boris and his new Govt people cash is the problem now they have NON so every job that goes in Govt Dept save them cash this reshuffle is to cut staff wage bills plus Govt Dept starting with No11.
      Boris needs to tell us voters + H.O. Commons the truth before Cumming Thrasher’s our country plus Tory party from within it.

    3. update on spending Tory Govt will no tresponed on WHY??
      Some tweets the Boris today 15.2.2020
      On Tory Govt use of our taxpayer money plus borrowing new cash?
      Boris tweets Dated 15.2.2020
      Boris NON of your funding cash will come to local area if you waste our public money our taxpayers on propaganda flying plus inform to prevent Scotland doing what they want to do leave the U.K. Let them go we would in U.K. would save cash funding to Scotland if they go.
      Boris also if H.S.2 is going to proceed are you going to borrow more & more New cash for banks yes or no?
      Or use the cash funding you promised our local area council
      To fund H.S.2 C**p Boris is this your plane now?
      Or will we get NO new personal in our Govt serves like Police/Nurse/Doctor you have committed to already
      Their cash could also be going on H.S.2 C**p
      Boris so we public get No New police /nurse /Doctor /G.P.
      Just so you can keep your rich party funder happy Boris
      Boris you to tell us taxpayer + voters the full truth of
      where the new cash is coming from for H.S.2 C**p rail links
      Are we taxpayer going to see a new black hole in our country?
      Under Tory rule to fund all your promises to us public voters
      In Dec G.E.2019 Boris yes or no?
      Boris + Tory Minister you can email me with your reply on my tweets here today 15.2.2020
      But it better be true information plus have strong backing by your Govt members not, make believe as I may POST all reply from Govt Minister + P.M. Boris on my tweets o.k.

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