5 Things You Need To Know (6/11/17)
Welcome to our daily update, where we summarise the key talking points from the last 24 hours.
1. Paradise Papers
A huge number of financial documents, dubbed the Paradise Papers, have been leaked. These controversial documents have exposed the world of offshore finance, and names featured on the list include The Queen’s private estate.
Labour leader Jeremy Corbyn has said that anyone putting money into a tax haven should “not just apologise for it, recognise what it does to our society”.
2. Theresa May
Theresa May has called for a culture of respect, telling the Confederation of British Industry that “We need to establish a new culture of respect at the centre of our public life. One in which everyone can feel confident that they are working in a safe and secure environment, where complaints can be brought forward without prejudice and victims know that these complaints will be investigated properly.”
3. Interest rates
Savers could be losing almost £4 million a day as banks fail to pass on last week’s interest rate rise. The Sunday Times reported that RBS, HSBC, Lloyds, Barclays, and Santander are “reviewing” whether to raise their variable rate savings deals.
4. South China Sea
China has launched a new dredging ship which could increase the capability for the megapower to make new islands in the South China Sea. The Tian Kun Hao vessel is being described as the biggest ship in Asia, and is capable of digging 6,000 cubic metres an hour.
The disputed territory of the South China Sea is of key strategic importance, and China has been making artificial military posts in the waters in recent years.
5. Global warming
2017 is “very likely” to be in the top three warmest years on record according to the World Meteorological Organization.