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Activists cheer as 'sexist' tampon tax is scrapped

Laura Coryton

The 5% rate of VAT on sanitary products - referred to as the "tampon tax" - will be abolished from 1 January.

EU law required members to tax tampons and sanitary towels at 5%, treating period products as non-essential.

Chancellor Rishi Sunak committed to

scrapping the tax in his March Budget.

Campaigners welcomed the end to what they called a "sexist tax", with activist Laura Coryton saying the move "challenged the negative message that this tax sent to society about women."

Ms Coryton, 27, who began campaigning to end the tampon tax when she was 21, told the BBC: "Dropping the tax is about ending a symptom of sexism."

Felicia Willow, chief executive of women's rights charity the Fawcett Society, agreed, saying: "It's been a long road to reach this point, but at last the sexist tax that saw sanitary products classed as non-essential, luxury items can be consigned to the history books."

The Treasury has estimated the move will save the average woman nearly £40 over her lifetime, with a cut of 7p on a pack of 20 tampons and 5p on 12 pads.

• Date set for abolition of tampon tax

It's been a long road to getting the tampon tax abolished in the UK. Campaigning and debates in parliament by then-MP for Dewsbury Paula Sherriff led to the Labour government moving sanitary products to a reduced rate of 5% from January 2001- the lowest rate possible under the EU's VAT rules.

And following more campaigning in 2014 by Ms Coryton, the Conservative government announced that all VAT collected on sanitary products would henceforth be given to charities working with vulnerable women and girls.

"I'm just so happy and relieved and excited at the same time for this tax to finally be axed," said Ms Coryton.

"It will mean a reduction in prices for period products, and that reduction in cost will be important for the increasing number of people who are battling with poverty, especially due to the pandemic."

Free period products in school

Gemma Abbott is a lawyer and campaigner with the Free Periods group, which successfully campaigned for the government to provide free sanitary products to schools and colleges across England in 2019. The scheme launched in January.

Gemma Abbott

"I think it's great news and a real testament to the determined campaigning of many people, like Paula Sheriff and Laura Coryton," she said.

"I think we can agree that any tax that characterises period products as non-essential is absurd and it has no place in a society that is seeking genuine gender equality."

Free Periods is now campaigning to ensure that schools and colleges know that the free sanitary products scheme exists and that they sign up for them.

Ms Abbott said: "The latest statistics we have are from last term - at that point only 40% of schools had signed up for the scheme."

Combating the 'stigma' of periods

Ms Coryton has set up a social enterprise called Sex Ed Matters with her sister Julia, providing talks in schools and toolkits for teachers to help them deliver the mandatory new sex education curriculum for primary and secondary schools issued in early 2020.

They did an online survey of 150 teachers and students across the UK, and 100% of respondents said that there is still a stigma attached to periods.

"If there is a stigma attached to periods, then you're unlikely to speak up when you need period products, or to talk about the free sanitary products scheme that exists," stressed Ms Coryton.

But Free Periods' Ms Abbott is also concerned about the charities supporting women and girls, who will no longer benefit from the proceeds of the previous 5% tax on sanitary products.

"The tampon tax fund has provided much needed support and funding to a chronically underfunded area," she said.

"I'm worried that the removal of the tampon tax will spell the end of the ring-fenced funding for charities to address really vital issues like domestic violence and rape."

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January 01, 2021 at 01:02PM

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: Ford and Indian auto maker Mahindra call off joint venture

The Wall Street Journal: Pence seeks dismissal of suit seeking to allow him to overturn election results

Vice President Mike Pence asked a federal judge in Texas on Thursday to dismiss a Republican congressman’s attempt to give him the power to decide which electoral votes to count when Congress meets on Jan. 6, dealing another blow to GOP efforts to install President Trump for a second term.

In court filings signed by Trump appointees, the Justice Department called the lawsuit, filed this week by Rep. Louie Gohmert of Texas, a “walking legal contradiction” because it takes aim at the vice president, “ironically the very person whose power they seek to promote.”

The lawsuit, filed by Gohmert and a number of Republicans in Arizona, challenges the procedures governing Congress’ counting of electoral votes next week, which will cement Democratic President-elect Joe Biden’s victory.

Those long-established measures, spelled out in the Electoral Count Act of 1887, say the vice president’s role in announcing the election results is purely ceremonial. Gohmert argued the process unconstitutionally binds Pence from exercising “exclusive authority” to determine which elector votes to count at the Jan. 6 joint session of Congress he oversees.

An expanded version of this report appears on WSJ.com.

Also popular on WSJ.com:

How we spent our money in 2020.

Lessons from a crazy year in financial markets

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Brexit: UK braced for changes as it cuts ties to EU

The UK will cut ties with the European Union at 11pm - almost a year after officially leaving the 27-nation bloc.

The trade deal agreed between Boris Johnson and EU chiefs avoids the need for import taxes - tariffs - which many businesses had feared.

But there will still be major changes to rules on travel, immigration, commerce, living and working abroad - as well as crime fighting and security.

Haulage firms remain concerned about hold-ups at ports.

Fears of giant tailbacks of lorries at Dover - in the event of a no-deal exit from the EU single market and customs union - have receded, but uncertainty remains about new customs rules.

• Dover-Calais route 'will work well on 1 January'
• A quick guide to what's in the Brexit deal
• Brexit: Seven things that will change

Several things will change from 23:00 GMT:

• Free movement of people between the UK and EU countries will end - to be replaced in the UK by a "points-based" immigration system.
• Anyone from the UK who wants to stay in most of the EU for more than 90 days in any 180-day period will need a visa
• Duty-free shopping will return, with people coming back to the UK from the EU able to bring up to 42 litres of beer, 18 litres of wine, four litres of spirits and 200 cigarettes without paying tax
• EU citizens wanting to move to the UK (except those from the Irish Republic) will face the same points-based system as people elsewhere in the world
• UK police will lose instant access to EU-wide databases on criminal records, fingerprints and wanted persons
• Traders in England, Scotland and Wales will have to complete more paperwork when dealing with EU countries

Unlike the rest of the UK, Northern Ireland will continue to follow many of the EU's rules, as its border with the Irish Republic remains all but invisible.

And the UK will gradually be able to keep more of the fish caught in its own waters, while the European Court of Justice will cease to have any role in deciding disputes between the UK and EU.

If you are Boris Johnson this is huge, and exciting.

If you are a business that's affected it might mean a big new opportunity, but it might also mean really big disruption and lots of extra hassle.

The fact that there is a trade deal doesn't take all of the risk away.

The treaty contains lots of uncertainty, not least for the biggest part of the economy: the service sector. Getting the agreement finalised in the time was a big achievement for both sides but there is a lot that it just doesn't cover that will, in time, have to be worked out somehow.

Read Laura's blog

Brexit happened on 31 January 2020, but the UK has continued to follow Brussels' trade rules until now, while the deal was thrashed out.

It completes the process set in motion in June 2016, when, in a referendum, UK voters chose by 52% to 48% to leave the EU.

The free trade deal - agreed on Christmas Eve after nine months of negotiations - finally passed into UK law early on Thursday morning - having also been backed by Brussels.

Prime Minister Boris Johnson said: "The destiny of this great country now resides firmly in our hands."

Getty Images

But opponents say the country will still be worse off than it was while in the EU - and there is still uncertainty about what it will happen to banking and services, which are a major part of the UK economy.

The EU (Future Relationship) Bill, bringing the trade deal into UK law, was backed in the House of Commons by 521 to 73 votes on Wednesday, after Parliament was recalled from its Christmas break.

Labour supported it, with leader Sir Keir Starmer saying it was preferable to the UK severing ties with the EU without a trade deal, but other opposition parties voted against it.

European Commission President Ursula von der Leyen and European Council President Charles Michel signed the deal on Wednesday.

• The key points of the deal
• What does the deal mean for fishing?
• How your Europe holidays will change

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The Moneyist: ‘I’m lucky to get by on $75,000 a year’: The $600 stimulus program doesn’t sound reasonable to me. Why am I left out?

The Moneyist: ‘They get free money’: People will receive a $600 stimulus check and $300 extra unemployment. Why is there no accountability?

Covid rule-breakers 'have blood on their hands'

Hugh Montgomery

People who do not follow social distancing rules or wear masks "have blood on their hands", an intensive care doctor has warned.

Prof Hugh Montgomery told BBC Radio 5 Live hospitals were facing a "tsunami" of Covid cases and he feared it would get worse after New Year's Eve.

He urged people to accept that it was going to be a "miserable" occasion this year and not to gather in groups.

It echoes official advice to stay at home and not hold parties.

About 44 million people in England are now living under the toughest level of Covid restrictions after tier four was expanded at midnight.

• Millions told to remain at home on New Year's Eve
• Which areas are going into tier four and what are the rules?
• Five ways to avoid catching coronavirus indoors

A further 50,023 new Covid cases were recorded in the UK on Wednesday, as well as 981 more deaths within 28 days of a positive test - more than double the previous day's total.

'Angry'

Prof Montgomery, who works in intensive care at London's Whittington Hospital, and leads a research group at UCL, said: "We are in a lot of trouble in UK intensive care now.

"Just huge numbers coming in, my heart goes out as well to our emergency departments, seeing a tsunami in the last week or two of cases. Everyone is working at maximum stretch."

🗣️ “Anyone listening to this who doesn’t wear their mask – they have blood on their hands”.

Strong words from intensive care professor @hugh_montgomery, who tells @RachelBurden what’s happening in his unit right now.

🎧 Listen @BBCSounds pic.twitter.com/CsWOf7cdjF

— BBC Radio 5 Live (@bbc5live) December 31, 2020

The BBC is not responsible for the content of external sites.View original tweet on Twitter

He told Radio 5's Rachel Burden it was wrong to blame the surge in cases and deaths on the new variant of coronavirus, which was only "slightly" more transmissible and caused the same symptoms.

"It is making me actually very angry now that people are laying the blame on the virus, and it is not the virus, it is people, people are not washing their hands, they are not wearing their masks," he said.

'People will die'

And he warned anyone not social distancing or following the rules that they "have blood on their hands".

"They are spreading this virus. Other people will spread it and people will die. They won't know they have killed people but they have."

He added: "I am watching whole families getting wiped out here, and it's got to stop."

Prof Montgomery, who was on shift as he gave the interview to 5 Live, said it was "a great myth" that hospitals are being overwhelmed with elderly people.

"The people we are getting are, like the first wave, my age really. I am 58 and I would say half the patients are younger than me. It is middle-aged people or a little bit older that we are getting."

He also told how he had gone home for a shower after one of his shifts and been called back because a pregnant patient had deteriorated.

And he issued a plea to people thinking of seeing in the New Year later with a party: "I am really sorry this New Year is going to be miserable, but it has to be. Please don't gather in masses. Don't make this a last swansong."

Prof Montgomery's warnings echo advice from NHS England's Prof Stephen Powis, who told a Downing Street press conference on Wednesday: "Covid loves a crowd, so please leave the parties for later in the year."

And in Scotland, First Minister Nicola Sturgeon has already warned people not to celebrate Hogmanay in the traditional way amid a lockdown across the mainland.

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December 31, 2020 at 11:26PM

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Europe Markets: European markets down on further COVID worries

Autotrader: 3-row SUVs compared: The 2021 VW Atlas vs. the 2021 Subaru Ascent

NerdWallet: 10 financial insights to ponder in the new year

This article is reprinted by permission from NerdWallet. 

The importance of money has less to do with affording the newest iPhone or measuring career success, and far more to do with the core of being human: freedom, ego, stress and relationships.

How we use and think about money — not just accumulating lots of it — literally can determine our happiness during the roughly 30,000 days many of us are privileged to be alive.

Those are a few of the big-picture insights I learned in 25 years of writing about money.

In 1995, some of the last millennials were being born, a jury said O.J. Simpson was not guilty and “Toy Story” played in theaters. It’s also the year I became business news editor at a daily newspaper in Pennsylvania, where I started editing guest columns written by local financial planners and stock brokers. I quickly became fascinated with the baffling world of personal finance.

How could I graduate from college — with a business degree, no less — and still not know the basics of how money works for real people in the real world? Saving, investing, taxes, credit and insurance — it’s almost like personal finance was confusing on purpose.

Sometimes, it is.

See: Why do so many U.S. schools ignore personal-finance education? Here’s an answer…

I had the privilege as a financial journalist to figure out some of it by interviewing smart people about money for the next 25 years — through the dot-com bubble of 2001, the housing bubble of 2008 and the pandemic of 2020.

Here are 10 things I learned.

1. It will rain

If the COVID-19 pandemic taught us anything, it’s that bad stuff happens, no matter who you are. A rainy-day fund is fundamental to keep us financially safer in case of an unexpected large expense, job loss or even globe-ravaging viruses.

Start with $500 squirreled away and aim to build it to three to six months of living expenses. Breadwinners die, people get sick and cars crash. You also need the right insurance to keep you from financial ruin.

2. Marketing matters

Advertising existed 25 years ago, but not on a computer in your pocket that you look at 100 times a day. And not with ads targeting you as an individual. Temptation to buy has never been greater thanks to the evolution of technology and social media.

3. Score a goal

The antidote to the poison of constant marketing is having a reason to say no to temptations. You do that by establishing financial goals. That doesn’t just mean the far-off “saving for retirement.” It could mean saving for a trip to the Bahamas. You know, when people get back to traveling to the Bahamas.

4. Where goals live

To help set goals, review your calendar and bank statements. Where you spend your time and money is who you are. Time and money are what you change to become who you want to be.

5. Budgeting is overrated

There, I said it. But if you’re not going to create a household budget, at least regularly examine your past spending and categorize it. Financial websites and apps can help. Money leaks will be obvious, as will ideas for intentional spending.

See: Where to find extra money in your own budget

6. The ledger has two sides

You can’t out-earn dumb spending and you can’t nickel-and-dime your way to prosperity. When it comes to money management, you have income and outgo. The rest is just details.

On the other hand, it really helps to know some details.

7. Time-for-money is a fail

Most people cannot get ahead solely by trading their time for money at a job. Instead, your money needs to make its own money. You can’t do that with minuscule bank interest anymore, so it means investing.

8. Where credit’s due

In 1995, you couldn’t even look up your credit score or see your credit reports. Now, you can and should. Poor credit means you could be denied for not only a loan or credit card but also for a job or an account with the electric company to turn the lights on.

See: In the 1970s, the Equal Credit Opportunity Act became law— a key step in financial freedom for women

9. Ride to prosperity

If you’re vigilant with only one purchase in your life, make it your next car. New cars, especially luxury brands, are wealth-repellent to all but the richest among us. That’s because of high new-car prices and their wicked depreciation, not to mention interest if you’re financing it.

Buying used is far better advice now than in 1995, when that often meant “buying someone else’s problems.” Today, used cars are far more dependable.

10. It’s unfair

Money smarts are insufficient to overcome some financial woes: stagnant wages coupled with rocketing costs for health care, housing and education, to name a few. And some careers simply don’t pay as much as others, despite requiring similar skills. That leads to different money problems and opportunities for different people. And yes, economic inequities also exist by race and sex. That means those with extra can be sloppier with money.

See: 5 ways to support black-owned businesses

Those living closer to the margin? They are forced to make better money decisions every day.

More From NerdWallet

Gregory Karp writes for NerdWallet. Email: gkarp@nerdwallet.com. Twitter: @spendingsmart.

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December 31, 2020 at 11:03PM

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Next Avenue: Where there’s smoke: My husband’s habit could not be conquered

This article is reprinted by permission from NextAvenue.org. This essay is part of Telling Our Stories, a series of 12 essays featuring the voices of Next Avenue readers, with support from Aroha Philanthropies.  

Smoking seemed so cool to me as a kid. My glamorous mother smoked. She had a ritual of gathering her cigarette holder, glitzy gold cigarette case with matching lighter and other smoking paraphernalia together with her morning coffee.

She dazzled my saucer-sized kiddie eyes more than any Hollywood star ever could. I watched her with such ardent admiration that by age 7, I could light a cigarette with her lighter, inhale the smoke, blow it out through my nose and tap the lit ciggy against an ashtray at just the appropriate moment when the ash still looked sexy but not ready to drop.

Mama, horrified at my skill, quit smoking. So did I.

But in the 1970s, Virginia Slims told me, “You’ve come a long way, baby!” Women smokers raced to stack up just as many cool points as tobacco-addicted men.

Wanting to be cool too, I tried smoking again. Soon, my flagging lung capacity threatened my hobby of singing at neighborhood talent shows, so, goodbye cigarettes.

See: Smoking or vaping cannabis could cause strokes, heart attacks

Many of my Chicago high school friends continued to smoke and received no flak from me. Live-and-let-live was my motto. After college, I met my soon-to-be husband. He smoked, but again, it didn’t really bother me.

Once married, we moved to Washington, D.C. I asked him to quit. He said OK. He tried. It didn’t stick. So he was no longer allowed to smoke in the house. I often watched him shiver on the deck, shrouded in moonlight as tendrils of smoke circled his head like talons.

He tried nicotine gum, patches, sprays and cold turkey. Nothing worked. Nicotine had him.

Meanwhile, a dear friend in Chicago died of lung cancer due to cigarette smoking. I didn’t even know that she was sick. I cried for two months straight. My husband, also shocked, promised to stop smoking for good this time.

His smoke-free status lasted for five months. He ultimately receded into the shadows of our deck…snared by cigarettes. I knew he felt powerless. There was no need to nag him and whine about the negative statistics about Black men dying of lung disease. He knew. He just didn’t know how to stop.

Today, my husband is in the last stages of chronic obstructive pulmonary disease (COPD). I am his primary caregiver. His 6 foot, 2-inch frame carries less than 145 pounds and our lives revolve around this illness.

Read: Smoking costs you more than $27,000 a year. Here’s your no B.S. guide to quitting for good.

At 63, I recognize a fact that never occurred to me at 33. Life happens…the way life happens. There are so many reasons that compel people to do what we do. Does my husband love his family any less than someone who kicked the habit and is living a smoke-free life today? No way.

But everybody has a story. Some slay their giants, and some just duck and hide. But both live as best they can.

So…who decides which one is the better person?  

Natasha Small is a former community college teacher in Maryland. She and her husband have been married for 33 years and have two daughters. Natasha says: “Writing this essay showed me that my husband is a hero without being heroic. Champions are easy to applaud because their valor is on parade for all to see. Average Joes manage to survive life’s perils day-by-day without fanfare and trumpets. In the face of death, my husband has the courage to keep waking up each morning and expect to keep living his best life until the sun goes down.” 

This article is reprinted by permission from NextAvenue.org, © 2020 Twin Cities Public Television, Inc. All rights reserved.

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December 31, 2020 at 10:59PM

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MarketWatch Premium: Rarely have market timers been as bullish as they are now, which is a warning sign for stocks

Market timers in the stock market are more bullish today than at almost any other time this century.

That bodes ill for the stock market over the next few weeks.

Consider the average recommended stock market exposure level among a subset of several dozen stock market timers that my firm monitors daily. (This average is what’s reported as the...

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December 31, 2020 at 09:21PM

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Covid-19: School closures will be 'as short as possible'

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The education secretary said there is "absolutely no reason" schools will not be ready to roll out mass testing.

Gavin Williamson told BBC Breakfast he wanted school closures to be as "short as possible" after delaying the reopening of schools in at-risk areas.

It comes as people are being warned to avoid New Year's Eve celebrations amid surging coronavirus cases.

Some 20 million people in England have been told to "stay at home" after tier four was expanded at midnight.

They join the 24 million already in the toughest restrictions.

On Wednesday, Mr Williamson announced that around one million pupils in at-risk areas would not return to school as planned on Monday - when term is due to start.

The education secretary told BBC Breakfast that remote learning would be "mandatory" from the week commencing 11 January for all secondary students, other than years 11 and 13 who would physically return to school on that date.

He said there was £78m of funding for schools, equipment such as personal protective equipment (PPE) and support from the military would help them get mass testing programmes set up.

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December 31, 2020 at 09:35PM

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What's Worth Streaming: What will streaming bring in 2021? Here are 5 things to watch

British Pound Aiming Higher as UK Lawmakers Approve Brexit Trade Deal

British Pound, Brexit Trade Deal, GBP/JPY, GBP/USD, IGCS – Talking Points:

• Equity markets traded mixed during the APAC session in light pre-holiday trade.
• The ratification of Britain’s post-Brexit trade deal with the EU may bolster the British Pound.
• GBP/USD challenging key range resistance.
• GBP/JPY poised to extend recent topside push as price pierces psychological resistance.

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Asia-Pacific Recap

Equity markets traded mixed during Asia-Pacific trade in thin pre-holiday trading volumes, as investors mulled the pace of global vaccine distributions.

Australia’s ASX 200 slid 1.43% as Victoria ended a 61-day virus-free streak, recording 6 new locally-acquired Covid-19 cases, and infections in New South Wales continued to climb. Japan’s Nikkei 225 also slipped lower as Tokyo recorded over 1,000 new infections.

China’s CSI 300 index stormed 1.45% higher despite registering a slowdown in manufacturing and non-manufacturing activity in December, as Sinopharm announced that its coronavirus vaccine is effective in preventing infection in 79.3% of subjects.

In FX markets, the cyclically-sensitive AUD, NZD and CAD largely outperformed while the haven-associated US Dollar continued to lose ground against its major counterparts. Gold and silver prices slipped lower despite yields on US 10-year Treasuries holding steady at 0.93%.

Looking ahead, US jobless claims data for the week ending December 26 headlines a rather light economic docket.

DailyFX Economic Calendar

Approval of Brexit Trade Deal May Bolster GBP

The long awaited approval of Britain’s post-Brexit trade deal with the European Union may bolster the British Pound in the near term, as UK lawmakers approved the historic agreement just 24 hours before the final deadline on December 31.

Prime Minister Boris Johnson stated after the ratification of the trade deal that “the destiny of this great country now resides firmly in our hands”, adding that “we take on this duty with a sense of purpose and with the interest of the British public at the heart of everything we do”.

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However, the agreement has very limited provisions for the local services industry – which accounts for 80% of the British economy – which could severely hamper the nation’s economic recovery. Nevertheless, with the UK and EU locking in tariff-free and quota-free trade in goods, investors may put a premium on GBP in the short-term.

Moreover, regulatory clearance of the coronavirus vaccine produced by the University of Oxford and AstraZeneca may also buoy the local currency. Health Secretary Matt Hancock believes that with both AstraZeneca and Pfizer’s vaccines now being actively distributed, the country could overcome the novel coronavirus by spring 2021.

GBP/USD Daily Chart – Probing Key Resistance Range

GBP/USD daily chart created using Tradingview

From a technical perspective, GBP/USD rates are challenging a key resistance range at 1.3610 – 1.3650, after bursting through the psychologically imposing 1.3600 mark.

Bullish moving average stacking, in tandem with a bullish crossover on the MACD indicator, suggests the path of least resistance favours the upside.

A daily close above the May 2018 high (1.3666) would probably neutralize near-term selling pressure and clear a path for prices to probe the 78.6% Fibonacci (1.3782).

Conversely, failure to gain a firm foothold above the resistance range could trigger a pullback towards confluent support at the 2019 high (1.3514) and the 8-day exponential moving average.

GBP/USD BULLISH

Data provided by

of clients are net long. of clients are net short.

Change in	Longs	Shorts	OI
Daily	-22%	31%	3%
Weekly	-31%	22%	-6%

The IG Client Sentiment Report shows 38.71% of traders are net-long with the ratio of traders short to long at 1.58 to 1. The number of traders net-long is 26.76% lower than yesterday and 32.17% lower from last week, while the number of traders net-short is 29.23% higher than yesterday and 22.15% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBP/USD prices may continue to rise.

Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBP/USD-bullish contrarian trading bias.

GBP/JPY Daily Chart – Schiff Pitchfork Guiding Price Higher

GBP/JPY daily chart created using Tradingview

GBP/JPY also looks set to extend its recent topside push, as price remain constructively perched above key support at the November high (140.31) and psychologically pivotal 140.00 level.

With both the RSI and MACD indicator tracking firmly above their respective neutral midpoints, further gains appear in the offing.

Pushing above the December high (141.21) and Schiff Pitchfork median would probably generate an impulsive push to test the September high (142.71).

Alternatively, falling back below 140.00 could allow sellers to regain control of the exchange rate and drive prices back towards the 34-EMA (139.05).

GBP/JPY BEARISH

Data provided by

of clients are net long. of clients are net short.

Change in	Longs	Shorts	OI
Daily	6%	0%	3%
Weekly	37%	-10%	10%

The IG Client Sentiment Report shows 50.19% of traders are net-long with the ratio of traders long to short at 1.01 to 1. The number of traders net-long is 0.76% lower than yesterday and 29.85% higher from last week, while the number of traders net-short is 1.52% lower than yesterday and unchanged from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBP/JPY prices may continue to fall.

Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBP/JPY-bearish contrarian trading bias.

-- Written by Daniel Moss, Analyst for DailyFX

Follow me on Twitter @DanielGMoss

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December 31, 2020 at 08:30PM
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: If you moved in 2020, take these steps to avoid a surprise state income-tax bill in the New Year

Millions of people made long- and short-term moves this year, dislodged by job loss or aware that remote work could unlock all sorts of possibilities for where to live.

What they might not be aware of: The state income-tax bill.

“It’s something a lot of individuals are navigating,” said Jeremiah Barlow, executive vice president and head of family wealth services at Mercer Advisors, a wealth-management firm. Around 10% to 20% of his own clientele is dealing with relocation and state income-tax issues, Barlow told MarketWatch.

The tax pains could be acute for filers in certain places where working hubs are near various state lines, like the New York, New Jersey and Pennsylvania region, said Edward Zollars of Thomas, Zollars & Lynch, an accounting and tax-services firm in Phoenix, Ariz.

An estimated 14 to 23 million people were planning a move this year due to their remote work status, according to projections from a 20,000-person October survey conducted by Upwork, a job-hiring platform for freelancers and employers.  

“ Up to 23 million people were planning a move this year due to their remote work status. ”

In a separate survey of more than 2,000 people conducted in October for the American Institute of CPAs, however, 71% of respondents who had worked remotely during COVID-19 didn’t know remote work in other states could have bearing on their state taxes. Some 55% weren’t aware that a failure to change state tax withholdings could carry potential tax consequences.

What movers could find is a complicated mix of state income-tax laws and exceptions, enforced by authorities who are motivated to find or hang on to tax money after a year that’s been tough on state coffers.

State income-tax exposure is “going to be a significant issue, because states are going to be looking for ways to shore up revenue at a time where there’s likely many revenue shortfalls,” Barlow said. 

The good news is that once people are aware of the issue, they can prepare. Here’s what to consider:

Know the rules in your state(s)

Most states levy their own income tax in addition to the federal income tax. Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming have no income tax, while New Hampshire and Tennessee only tax investment income.

Different states have different deadlines for when non-residents are taxed for generating income in their borders. In several states, it can take just one day’s work for the requirement to take effect. On the flip side, individuals in many other states need to spend 183 days (half the year and a day) in the same place to help demonstrate their residency in a new state.

“ Eighteen states now say a worker’s presence in their state because of shelter-in-place rules doesn’t link them to tax liability in that state. ”

Take a breath, though. More than 40 states will credit the non-resident tax that people from their state pay when tallying the residential income tax bill, Eileen Sherr, AICPA’s senior manager for tax policy and advocacy, previously told MarketWatch.

Nearly 20 different “reciprocity” agreements also make arrangements so that someone working in one state and living in another just owes their resident income taxes.

On top of that, a handful of states are applying special breaks and waivers because of the pandemic. For example, 18 states now say a worker’s presence in their state because of shelter-in-place rules doesn’t link them to tax liability in that state, according to AICPA.

Despite a morass of rules and caveats, experts say there are some straightforward ways for the roaming taxpayer to get ready for next tax season:

Make a list

If they haven’t already, taxpayers should make a list of the states where they’ve worked this year and tell their employers, according to AICPA. They should not what cities and counties they’ve worked in because some municipalities may assess their own income taxes. An exact day count is optimal, but even a ballpark estimate of time spent in each place will do.

“ ‘There is a high likelihood that states will continue to be aggressive.’ ”

— Jeremiah Barlow

Two-thirds of the people who worked out of state kept their employer apprised, according to AICPA’s survey, while 51% tracked their days in a particular place.  

If you’ve moved for good, show it

If someone is establishing residency in a new state, they don’t want their old state doubting they’ve relocated and hitting them with a tax bill as a resident. To remove any room for doubt, Barlow said, “cut the strings to where you want to remove your possible liability.”

That means getting things like your driver’s license, voter registration, utility bills, medical cards and doctors’ appointments all pegged to your new state, Barlow said.

“There is a high likelihood that states will continue to be aggressive and they will continue to be very conscious of individuals who left the state,” Barlow said, noting that states like New York, New Jersey and California already have a track record of keeping a close eye on these types of tax matters.

States may not just train their focus on the well-off, he added. “Every dollar counts, and the states look at it that way.”

Amass documentation — then hang on to it

In a close call with a person who says they’ve left, “a lot of states are not going to want to give up that income,” Barlow said. That’s why it’s important to gather documents showing you’ve moved, and then hold on to them.  

“Audits can happen up to three years later,” Barlow said. So if state tax authorities have any question about a person’s residency in 2020, the proof of where they lived in 2021 could be the deciding factor in an audit, he said. “Shore up your documents — shore up your proof of which state you want to commit to for your residence.”

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Covid: New Year's Eve warning as millions are told to 'stay at home'

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People should avoid New Year's Eve celebrations because "Covid loves a crowd", officials warned as millions entered the toughest restrictions tier.

It is vital parties do not take place and that people stick to the rules, NHS England's Prof Stephen Powis said.

Some 20 million more people in England have been told to "stay at home" after tier four was expanded at midnight.

They join 24 million who were already living in England's top tier, which prohibits indoor household mixing.

Meanwhile, many parents in England are attempting to determine whether their children will return to school when the new term, due to begin for most pupils on Monday, gets under way.

Local authorities said they were still working through the details after Education Secretary Gavin Williamson announced in the Commons on Wednesday that around a million primary pupils in at-risk areas will not return to school next week.

The staggered reopening of secondary schools has also been delayed - until 11 January for exam-year pupils and 18 January for other year groups - in what Mr Williamson described as an "immediate adjustment" to previous plans.

It came as the UK recorded a further 50,023 new Covid cases on Wednesday, as well as 981 more deaths within 28 days of a positive test - more than double Tuesday's total.

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Prof Powis, NHS England medical director in England, called on people to show restraint when seeing in the new year.

"We know it's the end of the year, it's a time where people traditionally want to celebrate," he said.

"But it's absolutely vital that this year, everybody continues to follow the guidance by staying at home and not mixing."

Prof Powis added: "We can all play a part in fighting this terrible virus: stay at home, mark the new year with just nearest and dearest within the rules.

"This action will reduce infections, relieve pressures on hospitals, and that's how everybody can help to save a life.

"Covid loves a crowd, so please leave the parties for later in the year."

Police warning

Prime Minister Boris Johnson also urged people to follow the rules and stay safe at home.

"That means not meeting up with friends or family indoors, unless they're in the same household or support bubble, and avoiding large gatherings of any kind," he told a Downing Street press briefing.

The Metropolitan Police issued a warning to potential revellers in London to "celebrate the new year in the comfort of their own homes, not the homes of family and friends".

While the changes to England tier system came into force at 00:01 GMT on Thursday, Wales and Northern Ireland remain in strict lockdown.

In Scotland, First Minister Nicola Sturgeon has already warned people not to celebrate Hogmanay in the traditional way amid a lockdown across the mainland.

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The U-turn on reopening primary schools in some areas of England came amid rising infection rates and the fast spread of the new virus variant, Mr Williamson said.

Shadow further education and universities minister Emma Hardy said it was a "shambles" that full details had not been provided as the announcement was made.

A list of 50 areas where primary schools are subject to delayed reopening was later published by the government on its website.

But some London council leaders said the plans lacked logic as some areas of London were inexplicably left out despite having higher case numbers.

A further plan for the reopening of secondary schools is still to be confirmed but the government said "all students" would return to face-to-face education "in the third week of term".

Among the areas joining tier four are Lancashire, Birmingham and Black Country, Cumbria and the Isle of Wight.

Liverpool City Region, Herefordshire, Cornwall, Dorset and Wiltshire are among those now in tier three.

Alongside the changes to England's tier system, Wednesday also saw the approval of the Oxford coronavirus vaccine - of which the UK has ordered 100 million doses - with vaccination centres now starting to invite patients to receive the first of their two doses from next week.

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Priority groups for immunisation have already been identified, starting with care home residents, the over-80s, and health and care workers.

Health Secretary Matt Hancock told the Commons the UK already has 530,000 doses available from Monday, "with millions due from AstraZeneca by the beginning of February".

He added that the "clinical advice is that the Oxford vaccine is best deployed as two doses up to 12 weeks apart".

More than 600,000 people in the UK have been given the Pfizer-BioNTech jab since Margaret Keenan became the first person in the world to be given a Covid vaccine outside a clinical trial.

It is hoped that about two million patients a week could soon be vaccinated with the two jabs that have now been approved.

Prof Jonathan Van-Tam - the deputy chief medical officer for England - said that both Pfizer and AstraZeneca were currently testing to see if their vaccines worked against the new Covid-19 variant.

However, it could be 12 to 14 days before either company can give a "solid steer", he added.

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December 31, 2020 at 03:30PM

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