FT News Briefing Tuesday, June 25
Jun 25, 2019
Boris Johnson's tax cut proposals could lead to a staggering £20 billion annual cost. Instagram's Adam Mosseri reveals plans to make 'window-shopping' a key feature of the platform. Meanwhile, US President Trump signs an executive order imposing new sanctions on Iran, adding tension to international relations. In Turkey, political shifts following the Istanbul mayoral election raise questions about President Erdogan's future and the country's economic outlook amidst potential sanctions on Iranian officials.
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Cost of Tax Cuts
- Boris Johnson's tax cut proposal could cost the UK government £20 billion annually, primarily benefiting high earners.
- This plan would reduce high-rate taxpayers to the lowest level in 30 years, according to the Institute for Fiscal Studies.
Instagram's Retail Vision
- Instagram's head, Adam Mosseri, envisions retail as the app's future, connecting shoppers, sellers, and influencers.
- This long-term project involves integrating checkout features, shopping bags, and partnerships with payment providers.
US Sanctions on Iran
- US President Donald Trump imposed new sanctions on Iranian officials, including the Supreme Leader.
- These sanctions freeze assets and restrict access to financial markets, escalating tensions with Iran.