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<ul class="summary-list"><li>A register of interests for senior <keyword id="59779" type="PERSON" weightage="60" keywordseo="Civil-servants">civil servants</keyword> and special advisers in the UK should be published, a top civil servant has been told.</li><li>Lord <keyword id="256660" type="PERSON" weightage="60" keywordseo="Eric-Pickles">Eric Pickles</keyword>, chair of the Advisory Committee on Business Appointments, says the government has to introduce further transparency measures.</li><li>The call follows the scandal involving David Cameron, senior civil servantsm and the collapsed firm Greensill Capital.</li></ul>Senior civil servants and special advisers should start publishing any external work they undertake in a public register of interests, in order to prevent any repeat of the lobbying scandal involving David Cameron and senior civil servants, the chair of the watchdog that oversees post-governmental jobs for ministers and senior civil servants has said.Lord Eric Pickles, the chair of the Advisory Committee on Business Appointments, <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/988892/Chair_reply_to_CO_re_outside_roles__BC_-_May_2021.pdf">has written</a> to <keyword id="534194" type="PERSON" weightage="60" keywordseo="Alex-Chisholm">Alex Chisholm</keyword>, the Permanent Secretary of the <keyword id="205996" type="ORGANIZATION" weightage="60" keywordseo="Cabinet-Office">Cabinet Office</keyword> urging him to make the changes following revelations about the role of senior civil servants in the <a href="https://www.businessinsider.com/greensill-had-some-form-of-contract-in-whitehall-mps-told-2021-5">lobbying scandal involving the collapsed firm Greensill Capital.</a>The scandal has led to a series of reviews of the rules governing outside interests and post-governmental appointments for those working in <keyword id="333397" type="CITY" weightage="60" keywordseo="Whitehall">Whitehall</keyword>. "The critical question", Pickles writes, "is whether the government will introduce the transparency necessary to provide assurance around this process".He says there should be the "publication of an appropriate register of interests for senior civil servants, and special advisers in line with the approach taken for departmental board members".Departmental boards are chaired by the Secretary of State, and include the department's ministers, permanent secretary and senior civil servants in that department, as well as non-executive members. Non-executive members provide advice to departments on strategy - not policy - and are frequently recruited from the commercial sector, and are paid government appointees. At the moment, this approach requires departmental board members to declare "any private financial or non-financial interests of your own, or of close family members, which may, or may be perceived to, conflict with your public duties".But the approach taken for departmental board members is not consistent across Whitehall. The Department for Business, Energy and Industrial Strategy's 2019-2020 accounts states "BEIS has an established procedure for considering, approving and recording conflicts of interest [...] In 2019-20 there was only one conflict of interests registered during the meeting and it was addressed accordingly."It does not contain a register of interests for the board members.The Cabinet Office, meanwhile, does publish on an annual basis a register of its board members' interests. The possibility remains in Pickles's suggestion that just as, thanks to unclear definitions, senior civil servants can sidestep scrutiny from <keyword id="11311240" type="UNKNOWN" weightage="60" keywordseo="acoba">ACOBA</keyword> - <a href="https://www.businessinsider.com/boris-johnson-former-spin-doctor-james-slack-skipped-scrutiny-regulator-2021-5?r=US&amp;IR=TIR=T">as reported by Insider</a> this week - so too might they avoid having their entries on a register of interests published.<h2>'The lack of transparency... is alarming'</h2><div type="image" title="david cameron lex greensill" height="862" width="1723" msid="83061752" hostid="261"></div>Pickles' letter calls for stronger action than previously suggested by the UK's top civil servant.Simon Case, the Cabinet Secretary, <a href="https://committees.parliament.uk/publications/5623/documents/55584/default/">told MPs</a> on the Public Administration and Constitutional Affairs Committee in April that "to ensure that our processes are robust and transparent", he would be introducing reforms requiring senior civil servants to "declare any relevant interests to their permanent secretary on at least an annual basis."Departments should also ensure that as part of or alongside their Annual Report and Accounts they publish a register of relevant interests for all members of the Departmental Board, including senior civil servants," he added.Pickles also calls for "a clear, published, policy demonstrating how the integrity of decision making in office and any access to sensitive information (whether commercial/regulatory or policy related) in government service is protected in such cases".But campaigners say Pickles is not going far enough. Susan Hawley, executive director at Spotlight on Corruption, told Insider: "The lack of transparency in how conflicts of interest are managed whether it be those of civil servants or politicians is alarming. There should be a centrally managed public database with registers of conflicts of interest for all those in senior positions in government. "But it can never be enough just to declare a conflict of interest. Conflicts need to be proactively managed and there need to be clear and robust sanctions for those that breach conflict of interest rules."The latest edition of the register of ministers' interests is due for publication at the end of the month by the independent adviser on ministers' interests, Lord Geidt.

Lobbying scandal: Civil servants must start declaring conflicts of interests, says anti-sleaze watchdog

<ul class="summary-list"><li><keyword id="11911533" type="UNKNOWN" weightage="60" keywordseo="boris-johnson" source="Orion">Boris Johnson</keyword> is under more pressure from reports of another party not featured in Sue Gray's report.</li><li>His wife Carrie is said to have sent messages describing another gathering on 19 June 2020.</li></ul>Boris Johnson is under continued pressure over <keyword id="13495783" type="UNKNOWN" weightage="60" keywordseo="partygate" source="Orion">partygate</keyword>, after evidence emerged of another event that was not mentioned in Sue Gray's report last week.The new information prompted claims of a "cover-up" from the Labour Party.The new evidence is about <keyword id="13053871" type="UNKNOWN" weightage="60" keywordseo="carrie-johnson" source="Orion">Carrie Johnson</keyword>, the prime minister's wife, who may now be called in to give evidence to an MP-led inquiry, following reports that she organized a party on 19 June 2020, when this was illegal.According to <a href="https://www.thetimes.co.uk/article/unseen-text-messages-hint-at-carrie-johnsons-second-party-at-no-10-6rgthhcvl">The Sunday Times</a>, messages she sent that day "appear to show that she was in the flat with several friends on the evening of her husband's 56th birthday"."They also suggest that the prime minister went up to the flat, at a time when events or two or more people indoors were banned except for work purposes," the newspaper reported.<a href="https://www.telegraph.co.uk/politics/2022/05/29/gays-new-revelations-carrie-johnson-gathering-boris-birthday/">The Telegraph</a> also has details of the text messages sent during the June 2020 gathering. Johnson is said to have described herself as being "with the gays", which the paper termed an "affectionate nickname" for a close group of her friends.The messages were not featured in Gray's official report into illicit parties in and around Downing Street.Johnson's spokesperson said Gray, a senior civil servant, was made aware of the texts "as part of her exhaustive inquiry into alleged breaches" of COVID rules.Angela Rayner, Labour's deputy leader, said: "Another day. Another cover-up. "Why won't No. 10 tell the truth about yet another gathering - in the Downing Street flat on the PM's birthday? This unexamined evidence must be handed over - and new questions about misconduct must now be answered."On top of this, there have been growing questions about a <a href="https://www.telegraph.co.uk/politics/2022/01/31/sue-gray-report-party-boris-johnsons-flat-among-12-investigated/">reported gathering on 13 November 2020, dubbed the Abba party</a> because of the loud music said to have been played.In her report, Gray said she stopped investigating that particular event when the police started its investigation, and chose not to pursue her inquiry afterwards. The Sunday Times also reported that "partial drafts" of the report had been circulated among Number 10 officials prior to its publication last Wednesday, and that Gray was "lobbied on Tuesday evening to make changes by three senior civil servants: [Johnson's permanent secretary Samantha] Jones, Simon Case, the Cabinet Secretary, and Alex Chisholm, the permanent secretary in the Cabinet Office."Witnesses who were interviewed by Gray told the Telegraph they had "told both her and the Met Police" about the bash, and that "despite us offering this information, it was never followed up by anyone". Chris Bryant, chair of the standards and privileges committees who has recused himself from the forthcoming investigation, said: "At this rate, as more evidence comes to light of significant failures to investigate and of ministers interfering in her "independent" report, Sue Gray will want to clear her name."Johnson is under growing pressure to regain control, after a <a href="https://www.businessinsider.com/boris-johnson-mulls-summer-reshuffle-to-gain-control-after-partygate-2022-5?r=US&amp;IR=T">further wave of Conservative MPs submitted letters of no confidence in his leadership in the wake of the report</a>, and an MP resigned his job at <a href="https://www.businessinsider.com/tory-mp-paul-holmes-quits-home-office-job-partygate-2022-5?r=US&amp;IR=T">the Home Office in disgust at the "toxic" culture in Number 10</a>. Speaking Monday morning, a minister said it was "not immediately obvious" a further investigation was needed. Chris Philp, the technology and digital economy minister, told Sky News: "Having had two separate investigations, including by the police, over many months it's not immediately obvious to me that we need any more investigations when this has probably, rightly, been the most thoroughly investigated set of incidents in recent times."

Boris Johnson's wife Carrie is the focus of a new cover-up accusation in the 'partygate' scandal

<ul class="summary-list"><li>The long-term impact of a no-deal <keyword id="6355333" type="UNKNOWN" weightage="60" keywordseo="Brexit">Brexit</keyword> would be worse than the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword>, according to <keyword id="106488" type="CITY" weightage="60" keywordseo="Bank-of-England">Bank of England</keyword> Governor Andrew Bailey.</li><li>On Monday he told Members of the UK Parliament that it would take the economy longer to adjust to leaving the European Union without a free trade deal at the end of the year compared to the strain of the pandemic.</li><li>His comments echo recent analysis that said the long-term economic impact of trading with the EU on WTO terms — or what <keyword id="6380867" type="PERSON" weightage="60" keywordseo="boris-johnson">Boris Johnson</keyword> calls an "Australian" arrangement — would eclipse the pandemic.</li><li>UK and EU negotiators are racing to secure a trade deal and put it into law before the end of the year.</li></ul>The long-term impact of leaving the European Union without a free trade deal on the UK economy will be worse than that of the coronavirus pandemic, the Bank of England Governor Andrew Bailey has warned."I think the long-term effects [of leaving the EU without a trade deal] would be larger than the long-term effects of COVID," Bailey told the House of Commons Treasury Select Committee yesterday."It takes a much longer period of time for what I call the real side of the economy to adjust to the change in openness and adjust to the change in the profile of trade."Bailey's remarks echoed a report published by the London School of Economics (LSE) and UK in a Changing Europe think tank <a href="https://ukandeu.ac.uk/research-papers/what-would-no-deal-mean/" target="_blank" rel="noopener">in September, </a>which concluded that the long-term, economic impact of a no-deal Brexit could be up to three times as worse as the pandemic on the UK economy.LSE modelers put the long-term economic damage of leaving the EU without a free trade deal on UK GDP at 8%, compared to the Bank of England's forecast at the time of a 1.7% reduction by 2022.Trade talks between UK and EU negotiators are continuing this week with time running out for both sides to agree a deal and put it into legal text before Britain drops out of the bloc's trading rules on December 31.Boris Johnson's UK government and the EU have spent months wrangling over a handful of thorny issues: fishing rights, how any final deal will be governed, and "level-playing field" rules ensuring fair competition between each other.Recent reports have suggested that two sides are edging closer to an agreement as the New Year cliff edge looms.Irish Taoiseach Michael Martin, whose country would feel the effects of a no-deal outcome more than any other EU member state, <a href="https://www.bloomberg.com/news/articles/2020-11-23/brexit-deal-outline-may-emerge-within-days-irish-premier-says" target="_blank" rel="noopener">on Monday said</a> he was "hopeful" that a deal would be reached at the eleventh hour.An EU source told Business Insider they were "an optimist when it comes to the likelihood of a deal" but "I have also urged caution because we cannot assume all sides to be rational at all times."<div type="image" title="Boris Johnson" height="728" width="1457" msid="79388660" hostid="261"></div>Failure to negotiate a deal would result in hefty tariffs being imposed on goods sold between the UK and EU from January 1, 2021, leading to a range of food and everyday items becoming more expensive. A recent case in point is Lurpak butter: the UK managing director of Arla last week <a href="https://www.businessinsider.com/brexit-arla-lurpak-boss-warns-no-deal-higher-food-prices-2020-11?r=US&amp;IR=TIR=T" target="_blank" rel="noopener">told Business Insider</a> that the dairy company would be forced to increase the price of Lurpark sold in Britain if tariffs were slapped on the exports to the UK from next year.However, there is set to be disruption at Britain's borders in January even if the two sides agree a deal, due to the Prime Minister Johnson's decision to break away significantly from the EU's single market and customs union.Alex Chisholm, Permanent Secretary at the Cabinet Office, on Monday told MPs on the Public Accounts Committee (PAC) that disruption was inevitable as there are "literally many millions of moving parts" as the UK prepares to leave the transition period on New Year's Eve. The UK government is bracing itself for queues on England's motorway in early next year as the thousands of lorries that transport goods to and from the EU encounter new checks and bureaucracy at the border.There is also concern that thousands of small businesses will not be ready to trade on new arrangements with the EU.The Border &amp; Protocol Delivery Group's Emma Churchill yesterday told MPs that trader readiness was labelled "red," meaning it was not expected to be in place on time with just weeks to go. Many small businesses have told the UK government that they are too busy dealing with the coronavirus to focus on Brexit, Churchill told MPs.

A no-deal Brexit will do more damage to the economy than the coronavirus, Bank of England governor warns

<ul class="summary-list"><li><keyword id="6379636" type="PERSON" weightage="60" keywordseo="michael-gove">Michael Gove</keyword> admits there'll be <keyword id="6355333" type="UNKNOWN" weightage="60" keywordseo="Brexit">Brexit</keyword> disruption at Britain's borders in January, telling logistics industry leaders on Wednesday that "not everything will be alright on the night."</li><li>A french trial of post-Brexit border checks led to a five-mile queue of HGVs in <keyword id="92486" type="CITY" weightage="60" keywordseo="Kent">Kent</keyword> on Tuesday.</li><li>Gove today warned of more chaos awaited at Britain's borders, telling industry leaders "there will inevitably be some disruption."</li></ul>Michael Gove, the Chancellor of the Duchy of Lancaster, has warned that there will "inevitably" be disruption at Britain's borders and that "traffic will rise" when Britain leaves EU trade rules in January.Johnson's government has repeatedly insisted that the UK will be ready to break away from the <keyword id="6355110" type="DEFINITION" weightage="60" keywordseo="european-union">European Union</keyword>'s trading rules on New Year's Eve, with or without a new free trade agreement with the bloc.However, there was a preview of what awaits Britain's borders in just five weeks' time on Tuesday, when pictures of the M20 motorway in Kent showed a five-mile queue of HGVs waiting to cross the English Channel to France.The queue was the result of Police Aux Frontieres, the French border authority, trialling new immigration checks on lorry drivers arriving from Britain that are set to come into force in January, <a href="https://www.theguardian.com/politics/2020/nov/24/trial-of-brexit-border-checks-causes-five-mile-lorry-queues-in-kent?CMP=Share_iOSApp_Other" target="_blank" rel="noopener">The Guardian newspaper reported</a>. The checks took around 70 seconds per passenger and are just one of several new border controls that await EU-bound HGV drivers in just over a months' time.Asked on Wednesday whether the logistics industry ought to be concerned by what they saw on the M20 yesterday, Gove told Logistics UK's "Get Ready for Brexit" conference: "I think there will inevitably be some disruption. It's always the case as you move towards a new set of procedures that not everything will be alright on the night."But we've been working on it to eliminate as many risks as possible."Gove, who Prime Minister Johnson chose to oversee Brexit preparation, sought to play down the prospect of prolonged disruption, however, telling the conference that while "there will be some disruption" and "traffic will rise" after the New Year bank holiday, border operations would then "settle to a new normal" after a few weeks. The government's reasonable worst-case scenario analysis estimates that there will be queues of up to 7,000 lorries.Gove said: "It is our belief, and I hope I'm not being too starry-eyed about it, that what we will see in the first two or three weeks after the end of the transition period is yes a period of adjustment and a period of learning on both sides but actually what we are likely to see is that period of adjustment leading to a steady, smooth and effective operation of our border systems and that that will mean that the commercial lifeblood of this country will continue to flow."The senior member of Boris Johnson's government acknowledged that there were particularly-high levels of uncertainty over how trade between Great Britain and Northern Ireland would work from next year. Northern Ireland will continue to follow EU rules, at least temporarily, meaning there will be costly customs and agricultural checks on goods crossing the Irish Sea that don't currently take place.Gove said that UK and EU negotiators in the Joint Committee that handles the implementation of the Northern Ireland protocol might be able to "eliminate some of those known unknowns and provide a greater degree of certainty" in "the next week or so."David Henig, UK Director at the European Centre For International Political Economy and former UK trade official, said Gove's comments were "complacent remarks failing to capture the size of the change and likely impact."<div type="image" title="Kent traffic Brexit" height="748" width="1497" msid="79411726" hostid="261"></div>UK and EU negotiators are racing to negotiate a new free trade agreement and put it into law before the transition period ends on December 31. However, while a deal would eliminate hefty tariffs on a range of goods, there would still be disruption at the border due to Prime Minister Johnson's decision to diverge from European rules. On Monday, Alex Chisholm, Permanent Secretary at Gove's Cabinet Office, told MPs on the Public Accounts Committee (PAC) that disruption at Britain's borders in January was inevitable as there are "literally many millions of moving parts" as the UK prepares to leave the transition period on New Year's Eve. The UK government believes the biggest problem it faces is ensuring small businesses that are pre-occupied with the coronavirus are ready for a new trading relationship with the EU.In the same session on Monday, the Border &amp; Protocol Delivery Group's Emma Churchill yesterday told MPs that trader readiness was labelled "red," meaning it was not expected to be in place on time with just weeks to go.Many small businesses have said they are too busy dealing with the pandemic to focus on Brexit, Churchill told MPs.

Michael Gove admits Brexit will cause disruption on UK roads, after border trials cause huge queues at Dover

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Thomson ReutersA Citigroup office is seen at Canary Wharf in London</div></div></div>Citigroup just announced a new class of 120 managing directors."A promotion to Managing Director is a career-defining accomplishment and each of these individuals makes a remarkable, differentiated contribution to Citi, fulfills our Leadership Standards and embodies our Mission of Progress," Jamie Forese, CEO of the Institutional Clients Group at Citigroup, said in a memo.Here are the names: <h2>Corporate and investment banking</h2>Nicholas Blach-PetersenMarina Donskaya BronsteinJonathan CainRob ChisholmBilly ChoKatrina EfthimMorten EikebuFernando FleuryAmulya GoyalIsrael HalpertRichard HawwaPatti Guerra HehBob JackeyJames JacksonMartijn JansenWard JonesRob JurdMatt KenneyDan KimHiroki KondoRebecca KrugerLydia LiuVassilios MaroulisAlex MulleyMatt MusaSam NortonLouise O'MaraAyan RaichaudhuriRoberto SeverinMike ShellyCathy ShepherdMilos StefanovicRizwan Velji<h2>Capital markets origination</h2>Shane AzzaraChris ChungLawrence CyrlinMarzena FickChristopher HerzogMalte HoppHarish Raman<h2>Markets and Securities Services</h2>Alex AltmannBouhari ArounaSaquib AyubSam BaigAntonella BianchessiHelen BrookesJia ChenLaura CoadyZack ComeyMbar DiopMadlen DoroshOmar El GlaouiPaul FavilaRoss GoldsteinDavid GonzalezChris GoochMeng GuAdam HalvorsenAlex KnightNikhil KohliHubert LanneLorenzo LeccesiNorman LeungAida MasturaJabaz MathaiSid MathurPrach MishraDavid MitchellJoe NarensJeffrey OhCameron ParksMatt PassanteNikheel PatelCristina PaviglianitiHarry PengBrandt PortugalJoe ReelAl S'AeedMarcus SathaAlec SchoemanScott SecorVikram SoniLarissa SototskayaRafael SouzaNate StoneJim SuvaChristopher TedeschiJames TeohSonali Das TheisenDavid Ji UmJohny VlachakisHsiao Chi WangMatt WatsonXiaopo WeiMatt Zhang<h2>Private bank</h2>Dimitri AndreadakisNancy BertrandGeorge CherryGarcia FroomeHui GaoFred HessRay HoSteve KweiLaurence Mandrile-AguirreJohn MitchellBola OyesanyaHeather Rich<h2>Treasury and Trade Solutions</h2>Rachel BrownEsther ChibesaJames LeeMagdalena MielcarzDeven Somaya<h2>ICG Operations &amp; Technology</h2>Hirokimi HidakaGulrez JamadaCarey RyanVanderlei SilvaVenkat Vajipeyajula<h2>International Franchise Management</h2>Ahmed BozaiPablo Del Valle <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/warren-buffett-modest-home-bought-31500-looks-2017-6">Warren Buffett lives in a modest house that's worth .001% of his total wealth - here's what it looks like</a></h3> <div> </div> </div>

Citigroup's new managing-director list is out - here it is

<ul class="summary-list"><li>The UK will leave the EU's trading rules in less than five weeks' time.</li><li>With or without a trade deal with Brussels, <keyword id="6355333" type="UNKNOWN" weightage="60" keywordseo="Brexit">Brexit</keyword> will inflict a significant hit on the UK economy, the Office for Budget Responsibility said this week. No deal would reduce long-term output by 6%, it said.</li><li>However, the cost and disruption that awaits the UK didn't feature in <keyword id="221875" type="PERSON" weightage="60" keywordseo="Rishi-Sunak">Rishi Sunak</keyword>'s Spending Review.</li><li>The Chancellor and the rest of Boris Johnson's government are reluctant to talk about Brexit due to its associated costs, Theresa May's former Europe adviser told Business Insider.</li><li>Experts agreed that the government's refusal to be upfront about Brexit was hindering preparation.</li></ul>The UK will break away from the European Union's trading rules in less than five weeks, and significant disruption and economic pain awaits. However, to the frustration of opposition politicians, British business, and Brexit experts, the issue was barely mentioned in Chancellor of the Exchequer Rishi Sunak's Spending Review this week.The Office for Budget Responsibility — the independent public body that provides the UK government with economic forecasts — in its most recent <keyword id="6357018" type="DEFINITION" weightage="60" keywordseo="Analysis">analysis</keyword> of the country's finances, expressed in stark terms the damage Brexit was set to do to the UK, after a year in which British economy has been left battered and severely bruised by the coronavirus.If the UK leaves the Brexit transition period without a free trade agreement on New Year's Eve, its long-term economic output will be reduced by six percentage points, the ORB said <a href="http://cdn.obr.uk/CCS1020397650-001_OBR-November2020-EFO-v2-Web-accessible.pdf" target="_blank" rel="noopener">in its report.</a> New tariffs on goods and barriers to doing business with the EU — the UK's biggest trading partner — will lead to prices rising 1.5% by the year 2026.The damage caused by leaving the EU without a trade deal will delay the UK's recovery from the coronavirus pandemic, the financial body said, warning that trading on costly World Trade Organisation terms would "have the effect of delaying the point at which output regains its pre-virus peak by almost a year to the third quarter of 2023.""The OBR made it clear that leaving without a deal or on WTO terms would have a huge economic impact," Rachel Reeves, Labour's Shadow Chancellor of the Duchy of Lancaster, told Business Insider this week. "Yet with 36 days to go until the end of the transition period, there was not one word from the Chancellor on this."This government seems determined to ignore their lack of preparedness and keep their heads firmly in the sand when it comes to the impact no deal would have on already stretched businesses."Even if UK and EU negotiators manage to strike an eleventh-hour deal in the next week or so, the UK's long-term economic output will be reduced by four percentage points, the OBR said. That's because while a trade agreement would remove tariffs, it would not eliminate an array of new checks on goods moving between the UK and the EU.Such bleak and urgent figures would normally headline a government statement on the economy — or at least make some notable appearance.And while the coronavirus pandemic is understandably Prime Minister Boris Johnson's top priority, his government's refusal to acknowledge the scale of the challenge posed by Brexit is dishonest and hindering preparations, according to Brexit experts."The government cannot bring itself to be honest about it," Anand Menon, Director of the UK in A Changing Europe think tank, told Business Insider following Sunak's statement to the House of Commons."If you want Brexit to happen and pay dividends, the best thing to do is be honest about the short-term disruption."But this government is locked into this denialist attitude that the economy will be fine and there'll be no downsides, and the fact they won't be honest will make the impacts of it worse."<h2>Coronavirus will not hide the impact of Brexit</h2>Johnson's government is already fighting a losing battle in helping the UK's small-to-medium-sized businesses be fully-prepared for January 1. Trader readiness is currently category "red," the Cabinet Office's Alex Chisholm told Members of Parliament this week, meaning thousands of companies are not expected to be ready on time.<a href="https://www.instituteforgovernment.org.uk/blog/check-change-going-nowhere-government-brexit-communications" target="_blank" rel="noopener">Criticized</a> for not being frank with the country about the changes Brexit will bring, the UK government has recently ramped up its Brexit communications campaign, urging people and businesses to take the necessary action now.However, Sunak "not using a high-profile moment like the Spending Review to try to double down on that message is somewhat of a missed opportunity," said Raoul Ruperal, the former Europe adviser to ex-Prime Minister Theresa May.He told Business Insider that the UK government was reluctant to discuss Brexit due to the costs associated with Prime Minister Johnson's plan to negotiate a limited free trade agreement with the EU. "The view in government is that they don't want to talk about the economic impact of Brexit, and that's been the case for a while," he said."Sunak, from a personal point of view, wants to stay clear of it because he doesn't feel that there's a lot to be gained."Maddy Thimont Jack of the Institute For Government think tank agreed, telling Business Insider: "The government just hasn't been willing to communicate the difficult messages around the political decision it has made."It's all well and good saying there'll be lots of great opportunities with Brexit, and there may well be, but what they need to acknowledge is that it will bring with a lot of red tape for business with our biggest trading partner."<div type="image" title="Kent traffic Brexit" height="749" width="1498" msid="79461587" hostid="261"></div>Ruparel, a leading commentator on the UK's EU exit, <a href="https://twitter.com/RaoulRuparel/status/1273571799247314945?s=20" target="_blank" rel="noopener">has sought</a> to debunk the idea that Brexit's negative economic effects will be lost in the larger financial wreckage left by the coronavirus. One UK minister in June <a href="https://news.sky.com/story/brexit-this-month-is-a-crucial-moment-if-the-uk-and-eu-are-to-agree-a-trade-deal-12003668" target="_blank" rel="noopener">told Sky News</a> that the pandemic would make even the worst-case Brexit scenario — a non-negotiated outcome — "almost irrelevant."Service industries that have been acutely affected by the coronavirus like travel, tourism, and retail are likely to be among the industries less-affected by Brexit, Ruparel said. However, those that avoided the harshest effects of COVID-19, like manufacturing, the pharmaceutical sector, and professional services, are set to be hit hardest by leaving the EU.Or, as Thimont Jack put it, "the combined impact [of the coronavirus and Brexit] means that most of the economy is going to take quite a significant hit next year... We see the government talk about these two issues in isolation, and that is happening in public debate too, but what we are going to see in January is those two things collide."Responding to those two enormous will pose a challenge of historic proportions, she said."How does the government organize itself to ramp up test &amp; trace, deliver the huge logistical challenge of rolling out a vaccine, while at the same time try to manage disruption that comes from Brexit, both in a deal or no-deal scenario?"Business Insider has asked the UK government for comment.

The economic shock Brexit is about to unleash was a glaring omission from Rishi Sunak's Spending Review

<div class="KonaFilter image-container display-table lead-image-large"><div><div class="image on-image">PeopleImages/Getty</div></div></div><ul class="summary-list"><li style="font-weight: 400;">Universities and colleges rarely paid much attention to MBA financial aid or tuition assistance.</li><li style="font-weight: 400;">However, the skyrocketing costs of tuition and a student loan crisis that is dominating political debate has led top programs in the US to boost their financial aid offerings.</li><li style="font-weight: 400;">Graduate business school administrators have come up with creative ways to address the high costs of their programs.</li><li style="font-weight: 400;">This is a report provided by Francesca Di Meglio, a freelance writer and editor who regularly contributes to <keyword id="6355445" type="UNKNOWN" weightage="60" keywordseo="education">education</keyword> specialists QS Quacquarelli Symonds.</li><li style="font-weight: 400;"><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime content.</a></li></ul>In the not-so-distant past, universities and colleges rarely paid much attention to MBA financial aid or tuition assistance. After all, many aspiring MBAs had earned a decent salary before graduate business school and expected to double or even triple their earnings post-graduation.Still, tuition at top MBA programs can cost upward of $130,000 for a two-year program. Skyrocketing costs and a student loan crisis that is dominating the current political debate have led to more interest in financial aid. In addition, full-time MBA programs are facing challenges, such as stricter immigration policies that are making potential international students reluctant to apply. Discussions around the class divide and a lack of representation of lower-income students at institutions of higher education has also put the cost of college in the spotlight. As a result, financial aid and tuition assistance have now become the standard at top MBA programs. "As a school, we are committed to making Harvard Business School accessible to talented students from all backgrounds," said Chad Losee, managing director of MBA admissions and financial aid for the school's MBA program. "Our learning model depends on diverse perspectives in every classroom. In addition to our need-based fellowships, HBS held MBA tuition flat this year to support students."Annual tuition at Harvard Business School is $73,440, according to <a href="https://www.hbs.edu/mba/financial-aid/tuition-assistance/Pages/cost-of-attendance.aspx">the school's website</a>. In fact, Harvard Business School has spent $41.5 million for financial aid programs for MBA students in fiscal year 2019. UCLA Anderson School of Management has a budget of $15.5 million for financial aid in a given year for graduate business students. And UC Berkeley Haas School of Business provides more than $8 million in scholarship funding each year. <h1>How students apply for financial aid varies</h1>There is a myriad of ways schools address the issue. To start, many business schools have their own financial aid offices, separate from the university. While the process for attaining financial aid varies from program to program, there are some general standard practices.For starters, merit-based aid usually refers to scholarships or fellowships, which do not have to be paid back to anyone. Most business schools consider students for merit-based aid when reviewing their admissions application. Financial aid, on the other hand, is a reference to loans, which will eventually have to be paid back. Domestic students are sometimes directed to fill out the Free Application for Federal Financial Aid (FAFSA). Some business schools also have an internal financial aid document. For example, Harvard Business School asks for the student's previous three years of income and asset information to see if there is a need for aid. <h1>Ways to offset costs</h1>Graduate business school administrators have come up with creative ways to address the costs of their programs. One common denominator is a program to help students who take summer internships to pursue a startup or with a nonprofit because most of these job opportunities provide either minimal or no salary. "Duke University's Fuqua School of Business Summer Internship Fund, sponsored by both school and student groups, matches what employers are able to pay to students interning with nonprofits, mission-driven businesses, or small businesses and startups so that those groups are able to benefit from the expertise of an MBA intern without significant financial sacrifice," said Allison Jamison, assistant dean of admissions at Fuqua. Fuqua is not alone. Yale School of Management, in fact, has a student-led Internship Fund that is celebrating its 40th anniversary. It supports students interning in the public sector over the summer. Another trend taking shape is loan forgiveness programs for those entering the public sector after graduation. These initiatives are intended to help graduates better deal with the student loans they have taken on to support their education. Yale School of Management says it's a leader in providing loan forgiveness, which is something it has done since 1986. Stanford Graduate School of Business (GSB) also offers such an option. "In order to encourage MBAs to make meaningful contributions to social issues, economic growth, and political stability in organizations where salaries are typically lower, we offer a loan forgiveness program to reduce the financial impact of educational debt, by paying a percentage of graduates' Stanford GSB loan obligations while they are employed in the nonprofit or public service sectors," said Kirsten Moss, assistant dean of MBA admissions and financial aid at Stanford GSB.<h1>Students are also figuring out ways to pay their tuition</h1>In the end, students also must take responsibility for their education and financial future. They also have come up with a number of ways to pay their tuition. Some take advantage of programs such as the GI Bill, for veterans of the military. In general, there is a mix of possibilities. "Students are paying for their tuition through a combination of savings, scholarships, and loans," said Soojin Kwon, managing director, full-time MBA program and admissions at University of Michigan Ross School of Business. "Additionally, some students are sponsored by their employers. Others take on part-time graduate assistant or teaching assistant jobs. And some companies will partially pay for a student's tuition after the MBA graduate has been hired full-time." For many MBA graduates, the financial future is bright. Business schools want them to consider their education a wise investment. "Even schools with need-based financial aid still use a co-investment model that require you to take loans," said Rebekah Melville, managing director of financial aid at Yale School of Management. "You should save diligently, but we also find that our students get out of debt about 6.5 years post-graduation."In fact, QS also finds MBA programs to reward students with a healthy return on investment (ROI). "We estimate that even among the top 20 global MBA programs, which average an eye-catching $115,000 in total tuition, that it only takes 40 months or 3.3 years to pay back the investment," said Alex Chisholm, head of analytics at QS. "This break-even estimate includes the opportunity costs of forgone wages and living expenses during the program. Further, it seems that graduates from these top 20 programs can expect an average 10-year ROI of nearly $1 million dollars. This is a testament to the value of the degree and the premium employers still place on top graduates.Francesca Di Meglio is a freelance writer and editor who specializes in covering graduate business schools and higher education in general. She regularly contributes to QS sites, including TopMBA.com, from her office in northern New Jersey in the United States. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/why-organ-transplants-so-expensive-united-states-2019-9">Why organ transplants are so expensive in the US</a></h3> <div> </div> </div>

MBA programs are boosting financial aid offerings to stay competitive. These are the top ways business schools are helping students pay their skyrocketing tuitions.

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters/Eddie Keogh</div></div></div>The proposed merger between mobile service providers O2 and Three could risk causing "long-term damage" to the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>'s mobile telecoms market, <a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/515405/CMA_letter_to_Commissioner_Margrethe_Vestager.pdf">according to a new letter from the UK's Competition and Markets Authority sent to the European Commission.</a>Three, which is owned by Hong Kong-based investment firm Hutchinson Whampoa, was set to take over O2 in a deal worth more than £10 billion.The merger would create the biggest single mobile network in the UK, but has faced opposition from regulators, which have suggested that it could lead to problems with competitiveness in the market.As the CMA's letter on Monday puts it, the merger "would give rise to a significant impediment to effective competition in retail and wholesale mobile telecoms markets in the United Kingdom."<a href="http://uk.businessinsider.com/mobile-network-three-could-buy-o2-2015-1">The deal has been on the table for over a year,</a> but is a long way from completion, and could be killed off by regulators. That has led Hutchinson to offer a series of concessions to try and push the deal through. The latest concessions, released last week, include selling parts of O2's stake in Tesco mobile, and making substantial investments into UK mobile infrastructure, <a href="http://www.ft.com/cms/s/0/dd323a66-fc1b-11e5-b5f5-070dca6d0a0d.html#axzz44y2tbpKD">the Financial Times reported on Wednesday.</a>However, those concessions haven't assuaged concerns on the CMA's part, and Monday's letter confirms that. Here are some extracts from the letter, sent by chief executive Alex Chisholm (emphasis ours):"We believe this merger would give rise to a significant impediment to effective competition in retail and wholesale mobile telecoms markets in the United Kingdom.""While I appreciate the considerable efforts made by the Commission to explore remedies with the merging parties that seek to eliminate the adverse effects identified, it is clear that the remedies offered fall well short of what would be required to meet the relevant legal standard, as detailed in our case submissions.""The only appropriate remedy that would meet the criteria that the Commission is bound to apply (i.e. that the remedies eliminate the competition concerns in their entirety, are comprehensive, effective and capable of ready implementation) is the divestment - to an appropriate buyer approved by the Commission - of either the Three or O2 mobile network businesses, in entirety, or possibly allowing for limited 'carve-outs' from the divested business. The divestment would need to include the mobile network infrastructure and sufficient spectrum to ensure a commercially viable fourth mobile network operator in the UK. Absent such structural remedies, the only option available to the Commission is prohibition."Effectively, the CMA is arguing that unless the mobile business of either O2 or Three is sold, it recommends that the European Commission blocks the deal entirely.That wouldn't be a hugely unusual move, with <a href="http://www.teliasonera.com/en/newsroom/press-releases/2015/9/teliasonera-and-telenor-withdraw-from-merger-in-denmark/">the commission blocking a merger of the Danish units of mobile networks </a><a href="http://www.teliasonera.com/en/newsroom/press-releases/2015/9/teliasonera-and-telenor-withdraw-from-merger-in-denmark/">Telenor and TeliaSonera late last year. </a>That deal would have reduced the number of telecoms groups from four to three in Denmark, much as the Three/O2 deal would in the UK. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/game-of-thrones-economics-westeros-iron-throne-lannisters-2016-4">This hidden subplot of 'Game of Thrones' spells out the real trouble for the Lannisters</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tvNncydDrkw0Adz4yS0Vsg8DPK1cte-i" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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