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David Harrison 2017-06-30
img

Sure you can, because they're a massive pain in the arse and we'd all be better if they just went away.

Well, former Chancellor George Osborne had a plan to withdraw the two coins entirely, but it was nixed at the last minute by David Cameron who feared the symbolism of the Tories getting rid of the coins.

Canada, New Zealand and Australia have all withdrawn certain low-value coins in the past.

That's not in itself a problem, but there is a burden of producing coins that don't really have much of a purpose.

The Conservatives even wanted to take things further, according to The Guardian which reports the policy unit wanted to move to be entirely cashless by 2020.

This would entirely prevent some forms of crime, while apparently increasing productivity too.

collect
0
Donald Broussard 2018-01-04
img

A rapid increase in the UK 'living wage', a concept initially floated by former Chancellor George Osborne, could result in more jobs being replaced by robots over the medium term, according to a new report published on Thursday (4 January).

In its latest assessment of the jobs market dynamic, the Institute For Fiscal Studies said more jobs may be at risk of automation, with the country's hourly minimum wage rate set to rise above £8.50 per hour by 2020.

The think tank report's author Agnes Norris Keiller said: "Beyond some point a higher minimum wage must start affecting employment.

We do not know where that point is.

"The fact there seemed to be a negligible employment impact of a minimum [wage] at £6.70 per hour - the 2015 rate - does not mean the same will be true of the rate of over £8.50 per hour that is set to apply in 2020."

The IFS report added that firms are increasingly likely to invest in automation via robots and computerised systems if the alternative is higher labour costs.

collect
0
Richard Skaggs 2018-04-06
img

Last year, we learned that the government was going to start taxing sugary drinks.

After a year of outrage and grumblings, the tax has finally landed, being effective from today.

In 2016, when the sugar tax was first mentioned, then-chancellor George Osborne estimated that tax could bring in an extra £520 million of revenue.

That's peanuts compared to some, but every little bit helps.

Also exempt are drinks with high levels of milk, due to the extra calcium contained within.

I switched to regular Coke for some reason, I don't know why, but after a few weeks I realised I was putting on weight and noticed just how many calories are in regular Coke compared to its diet brother.

collect
0
Randy Rowald 2016-11-29
img

Silva joined the Treasury after graduating from university and became a policy advisor to David Cameron and George Osborne

while they were in opposition.

Then he converted a former

carpet factory off Brick Lane into a futuristic office space

filled with 2,000 plants and a 1.5 tonne U-shaped table that can

rise and fall as needed.

collect
0
Bob Sun 2017-09-27
img

Image credit: Bloomberg | Getty Images

Coke Zero will be renamed "Coca-Cola Zero Sugar" after research suggested that five in ten people did not know the drink contained no sugar.

Coca-Cola will also give the label a new recipe and branding in order to make the sugar-free contents of bottles and cans more obvious.

The new marketing push will cost £10 million ($14.4 million).

It comes as UK Chancellor George Osborne announced a tax on sugary drinks in the last Budget.

Sugar will be taxed in two different bands.

collect
0
Harold Roscoe 2021-04-27
img

You’re reading The Waugh Zone, our daily politics briefing. Sign up now to get it by email in the evening.

Drip, drip, drip. The Boris Johnson sleaze bucket keeps on filling up, as the leaks continue their relentless progress. The latest plip-plopping sound is the revelation that the PM was given a loan by the Tory party to pay the initial bills for the renovation of his and partner Carrie’s flat in Downing Street. 

It seems as if No.10 is almost complicit in the drip-feed of information that keeps this water torture of a story running. Today, a political spokesperson (separate from the civil service’s official spokesperson) issued this update: “Any costs of wider refurbishment this year beyond those provided for by the annual allowance have been met by the prime minister personally. Conservative party funds are not being used for this.”

The statement prompted yet more eye-rolls within and without the party, as it signally failed to deny the central claim that Conservative Party Campaigns Headquarters had indeed directed a loan to Johnson. Yes, he may eventually have paid the bill himself, but only after he was caught (and suspicions were hardly eased when he smuggled out that fact on Friday evening). Every other day, No.10 has an iteration, rather than a full and frank explanation.

It’s still unclear who actually donated the money to the party, and for what precise purpose. Exactly why the PM, who earns a salary of £161,000, is so short of cash will baffle many of the public. His messy divorce, the costs of his children’s private education and the loss of his £250,000 Telegraph column (which he once joked was “chickenfeed”) may not earn public sympathy either. 

But given that his whole approach to life is “act now, think later”, it seems that Johnson went ahead with his expensive new wallpaper and furnishings without nailing down the tricky business of who was paying the bill. It also appears that some chatter about a charitable trust vehicle got bogged down, not least as cabinet secretary Simon Case pointed out yesterday, because such trusts are normally for renovations of parts of a building open to visitors and not for private rooms.

In PMQs, Keir Starmer may prefer to focus on Johnson’s crass line that he would rather “pile up the bodies” or let Covid “rip” (an allegation No.10 failed to deny today) than impose a third lockdown. Yet with the Downing Street refurb coming up unprompted on the doorsteps of Hartlepool, the Labour leader may well also ask, in true Mrs Merton style: just what did the millionaire Tory donor think they would get in return for rescuing the PM from the social hell of Theresa May’s John Lewis furnishings?

The suspicion of owing someone a favour is, after all, precisely why we have a register of donations and interests in the first place. Yet we are still waiting for the latest register of ministerial interests, and Labour suspects the delay is to avoid the May 6 local elections. Today, No.10 came up with the latest lame excuse: it hasn’t yet appointed an independent adviser on ministerial interests and that adviser’s remit includes publishing the list.

Of course, the reason no adviser is in post is because Sir Alex Allan quit in exasperation at the PM’s failure to uphold his finding that Priti Patel’s bullying of staff breached the ministerial code. That particular narrative is not yet over, as the FDA civil service union today succeeded in getting permission to launch a judicial review of the prime minister’s decision. It could be a hell of a court case.

George Osborne used to claim that Labour failed to fix the roof while the sun was shining on the public finances. As the No.10 flat fiasco suggests, the problem for the PM is his innately chaotic personal and political life was always going to leave some gaping holes in his own finances. The wider issue of his failure to uphold standards in public life was perhaps just as inevitable, given the gaping holes in his morality. And that’s much harder to fix than a flat in need of a refurb.

collect
0
Raymond Maxwell 2017-03-17
img

We just had to check it's not the first of April, because George Gideon Osborne – Cameron's Chancellor, sacked by May – has been declared the new Editor of London's Evening Standard.

“I am proud to have an editor of such substance, who reinforces the Standard’s standing and influence in London and whose political viewpoint – socially liberal and economically pragmatic – closely matches that of many of our readers.

George is London through and through and I am confident he is the right person to build on the fantastic legacy of Sarah Sands.”

In fairness, he attempted journalism before becoming an MP, but if being Gideon – son of Sir Peter George Osborne, 17th Baronet of Ballentaylor, and Felicity Loxton Peacock, daughter of artist Clarisse Loxton Peacock – a privately-educated Oxford graduate and a Bullingdon Club member is "London through and through" – well, that's a London I've never been to.

The City of London, maybe.

collect
0
William Figueroa 2017-03-17
img

We just had to check it's not the first of April, because George Gideon Osborne – Cameron's Chancellor, sacked by May – has been declared the new Editor of London's Evening Standard.

“I am proud to have an editor of such substance, who reinforces the Standard’s standing and influence in London and whose political viewpoint – socially liberal and economically pragmatic – closely matches that of many of our readers.

George is London through and through and I am confident he is the right person to build on the fantastic legacy of Sarah Sands.”

In fairness, he attempted journalism before becoming an MP, but if being Gideon – son of Sir Peter George Osborne, 17th Baronet of Ballentaylor, and Felicity Loxton Peacock, daughter of artist Clarisse Loxton Peacock – a privately-educated Oxford graduate and a Bullingdon Club member is "London through and through" – well, that's a London I've never been to.

The City of London, maybe.

collect
0
Leon Bailey 2016-07-01
img

British Finance Minister George Osborne, the UK has rejected its objective the achievement of budget surplus by 2020.

As the Bank of England said yesterday that the referendum result is expected to mean a significant negative shock to the British economy, "Osborne said, referring to Mark Carney's opinion.

It's how we respond to this will determine the effects on human jobs and economic growth. "

Osborne, the UK is now helvennettävä uncertainty and develop as quickly as possible a new relationship with Europe.

Britain is to be competitive and open for business, as well as free trade, he defined.

collect
0
Jacqueline Cleghorn 2016-10-18

WIRED Security is a new one-day event from WIRED, curated to explore, explain and predict new trends, threats, and defences in cyber security.

To find out more and to book tickets, click here.

The Doughnut – GCHQ's vast, Cheltenham-based nerve centre – is a building straight from the pages of a spy novel.

Visitors are seldom allowed inside the building which, Edward Snowdon's NSA leaks, is the centre of government mass surveillance in the UK.

There's even going to be a Shake Shack on the ground floor.

Announced by then-chancellor George Osborne in November 2015, the NSCS is the first government agency devoted solely to cyber security.

collect
0
Ruth Johnson 2018-10-12
img

Has the Northern Powerhouse run out of steam?

Emma Revell, communications officer at the Centre for Policy Studies, says YES.

The Northern Powerhouse hasn’t quite run out of steam but it’s certainly not firing on all cylinders.

Rail infrastructure improvements have been shelved, the architects of the Northern Powerhouse (most notably George Osborne and Jim O'Neill) have left government, and mayor Andy Burnham seems keener on playing politics than working with Westminster to use his devolved powers to benefit Manchester.

Some regional mayors have delivered tangible benefits for their communities.

But other parts of the north – especially rural areas – have been left behind by infrastructure delays, and appear to have been abandoned.

collect
0
Frederick Jones 2017-01-28
img

Funding of £13m has been awarded to compound semiconductor research - the technology behind smartphones, tablets and satellite communications.

The EU grant will help to build, equip and run a "state-of-the-art" clean room at Cardiff University's Institute for Compound Semiconductor.

Its research will be developed into new products and services.

The university said it would "generate prosperity in south Wales through industrial innovation".

The centre, set up by the university and St Mellons-based hi-tech company IQE in 2015, brings together scientists and businesses to work on innovations.

In January 2016, the then Chancellor George Osborne revealed plans to invest £50m in the "ground-breaking new innovation centre".

collect
0
Paul Jennette 2017-12-07
img

Former chancellor George Osborne says Labour would be 20 points ahead in polls and “on the cusp of power” if Jeremy Corbyn were not leader.

The Evening Standard editor told a Commons press gallery lunch he believed the Islington MP remained the party’s biggest obstacle to winning an election - while lamenting the state of the Conservative government.

He said: “If the party was led by a more moderate social democrat, of even middling ability, they would now be 20 points ahead in the polls and on the cusp of power.

“Instead the Labour movement is consumed by an internal battle for its soul.”

He said the paper he now edits was giving “extensive coverage” to Labour councillor selection battles in London was because he believed the issue was of national importance.

“It’s not just a London story, it is a national story,” he said.

collect
0
Richard Baty 2016-07-18
img

Theresa May's reshuffle last week resulted in higher pile of bodies than a Game of Thrones wedding.

Among a number of big hitters to be axed, including George Osborne, was digital and cultural minister Ed Vaizey.

Vaizey had held that position since 2010 and is succeeded by former Cabinet Office minister Matt Hancock.

He was subsequently unceremoniously booted onto the backbenches as MP for Wantage, Faringdon and Didcot.

Vaizey, a vocal Remainer, tweeted: "Looking forward to supporting the government from the backbenches vexit"

On the face of it, a move to the Department for Culture, Media and Sport DCMS from his perch in the Cabinet Office looks like a demotion for Hancock.

collect
0
Annie Kelley 2019-02-04
img

Fintech startup Bud has closed a $20m (£15.3m) funding round from investors such as HSBC, Goldman Sachs and former Man Group boss Lord Stanley Fink.

Other investors included Investec’s INVC fund, ANZ Bank, the corporate venture arm of Banco Sabadell and 9 Yards, the venture capital firm which lists former chancellor George Osborne among its advisers.

Bud is used by banks and financial firms to take advantage of Open Banking regulations and create apps that allow customers to view their financial lives in one place.

Clients include HSBC, Aviva’s Wealthify, Hiscox and online broker AJ Bell.

The Shoreditch startup said it will use the funding to double its headcount to more than 120 staff by the end of the year, and expand into new markets.

The round takes Bud’s funding to date to $32m.

collect
0
Larry Armitage 2019-04-09
img

Indian payment and banking technology startup Cashfree raised US$5.5 million in a series A round led by Korea’s Smilegate Investment.

The funding included participation from existing investor Y Combinator, according to a statement by the company.

George Osborne, former Finance Minister of UK, and Vellayan Subbiah, former Managing Director of Cholamandalam Investment also took part in the investment.

The payment gateway, which focuses on helping businesses make bulk payments, said it plans to use proceeds from the funding to expand its team and speed up development for new use cases.

It claims to be growing 25% month-on-month.

One of its key products is Payouts, an API that automates payments to bank accounts and ewallets.

collect
0
David Harrison 2017-06-30
img

Sure you can, because they're a massive pain in the arse and we'd all be better if they just went away.

Well, former Chancellor George Osborne had a plan to withdraw the two coins entirely, but it was nixed at the last minute by David Cameron who feared the symbolism of the Tories getting rid of the coins.

Canada, New Zealand and Australia have all withdrawn certain low-value coins in the past.

That's not in itself a problem, but there is a burden of producing coins that don't really have much of a purpose.

The Conservatives even wanted to take things further, according to The Guardian which reports the policy unit wanted to move to be entirely cashless by 2020.

This would entirely prevent some forms of crime, while apparently increasing productivity too.

Richard Skaggs 2018-04-06
img

Last year, we learned that the government was going to start taxing sugary drinks.

After a year of outrage and grumblings, the tax has finally landed, being effective from today.

In 2016, when the sugar tax was first mentioned, then-chancellor George Osborne estimated that tax could bring in an extra £520 million of revenue.

That's peanuts compared to some, but every little bit helps.

Also exempt are drinks with high levels of milk, due to the extra calcium contained within.

I switched to regular Coke for some reason, I don't know why, but after a few weeks I realised I was putting on weight and noticed just how many calories are in regular Coke compared to its diet brother.

Bob Sun 2017-09-27
img

Image credit: Bloomberg | Getty Images

Coke Zero will be renamed "Coca-Cola Zero Sugar" after research suggested that five in ten people did not know the drink contained no sugar.

Coca-Cola will also give the label a new recipe and branding in order to make the sugar-free contents of bottles and cans more obvious.

The new marketing push will cost £10 million ($14.4 million).

It comes as UK Chancellor George Osborne announced a tax on sugary drinks in the last Budget.

Sugar will be taxed in two different bands.

Raymond Maxwell 2017-03-17
img

We just had to check it's not the first of April, because George Gideon Osborne – Cameron's Chancellor, sacked by May – has been declared the new Editor of London's Evening Standard.

“I am proud to have an editor of such substance, who reinforces the Standard’s standing and influence in London and whose political viewpoint – socially liberal and economically pragmatic – closely matches that of many of our readers.

George is London through and through and I am confident he is the right person to build on the fantastic legacy of Sarah Sands.”

In fairness, he attempted journalism before becoming an MP, but if being Gideon – son of Sir Peter George Osborne, 17th Baronet of Ballentaylor, and Felicity Loxton Peacock, daughter of artist Clarisse Loxton Peacock – a privately-educated Oxford graduate and a Bullingdon Club member is "London through and through" – well, that's a London I've never been to.

The City of London, maybe.

Leon Bailey 2016-07-01
img

British Finance Minister George Osborne, the UK has rejected its objective the achievement of budget surplus by 2020.

As the Bank of England said yesterday that the referendum result is expected to mean a significant negative shock to the British economy, "Osborne said, referring to Mark Carney's opinion.

It's how we respond to this will determine the effects on human jobs and economic growth. "

Osborne, the UK is now helvennettävä uncertainty and develop as quickly as possible a new relationship with Europe.

Britain is to be competitive and open for business, as well as free trade, he defined.

Ruth Johnson 2018-10-12
img

Has the Northern Powerhouse run out of steam?

Emma Revell, communications officer at the Centre for Policy Studies, says YES.

The Northern Powerhouse hasn’t quite run out of steam but it’s certainly not firing on all cylinders.

Rail infrastructure improvements have been shelved, the architects of the Northern Powerhouse (most notably George Osborne and Jim O'Neill) have left government, and mayor Andy Burnham seems keener on playing politics than working with Westminster to use his devolved powers to benefit Manchester.

Some regional mayors have delivered tangible benefits for their communities.

But other parts of the north – especially rural areas – have been left behind by infrastructure delays, and appear to have been abandoned.

Paul Jennette 2017-12-07
img

Former chancellor George Osborne says Labour would be 20 points ahead in polls and “on the cusp of power” if Jeremy Corbyn were not leader.

The Evening Standard editor told a Commons press gallery lunch he believed the Islington MP remained the party’s biggest obstacle to winning an election - while lamenting the state of the Conservative government.

He said: “If the party was led by a more moderate social democrat, of even middling ability, they would now be 20 points ahead in the polls and on the cusp of power.

“Instead the Labour movement is consumed by an internal battle for its soul.”

He said the paper he now edits was giving “extensive coverage” to Labour councillor selection battles in London was because he believed the issue was of national importance.

“It’s not just a London story, it is a national story,” he said.

Annie Kelley 2019-02-04
img

Fintech startup Bud has closed a $20m (£15.3m) funding round from investors such as HSBC, Goldman Sachs and former Man Group boss Lord Stanley Fink.

Other investors included Investec’s INVC fund, ANZ Bank, the corporate venture arm of Banco Sabadell and 9 Yards, the venture capital firm which lists former chancellor George Osborne among its advisers.

Bud is used by banks and financial firms to take advantage of Open Banking regulations and create apps that allow customers to view their financial lives in one place.

Clients include HSBC, Aviva’s Wealthify, Hiscox and online broker AJ Bell.

The Shoreditch startup said it will use the funding to double its headcount to more than 120 staff by the end of the year, and expand into new markets.

The round takes Bud’s funding to date to $32m.

Donald Broussard 2018-01-04
img

A rapid increase in the UK 'living wage', a concept initially floated by former Chancellor George Osborne, could result in more jobs being replaced by robots over the medium term, according to a new report published on Thursday (4 January).

In its latest assessment of the jobs market dynamic, the Institute For Fiscal Studies said more jobs may be at risk of automation, with the country's hourly minimum wage rate set to rise above £8.50 per hour by 2020.

The think tank report's author Agnes Norris Keiller said: "Beyond some point a higher minimum wage must start affecting employment.

We do not know where that point is.

"The fact there seemed to be a negligible employment impact of a minimum [wage] at £6.70 per hour - the 2015 rate - does not mean the same will be true of the rate of over £8.50 per hour that is set to apply in 2020."

The IFS report added that firms are increasingly likely to invest in automation via robots and computerised systems if the alternative is higher labour costs.

Randy Rowald 2016-11-29
img

Silva joined the Treasury after graduating from university and became a policy advisor to David Cameron and George Osborne

while they were in opposition.

Then he converted a former

carpet factory off Brick Lane into a futuristic office space

filled with 2,000 plants and a 1.5 tonne U-shaped table that can

rise and fall as needed.

Harold Roscoe 2021-04-27
img

You’re reading The Waugh Zone, our daily politics briefing. Sign up now to get it by email in the evening.

Drip, drip, drip. The Boris Johnson sleaze bucket keeps on filling up, as the leaks continue their relentless progress. The latest plip-plopping sound is the revelation that the PM was given a loan by the Tory party to pay the initial bills for the renovation of his and partner Carrie’s flat in Downing Street. 

It seems as if No.10 is almost complicit in the drip-feed of information that keeps this water torture of a story running. Today, a political spokesperson (separate from the civil service’s official spokesperson) issued this update: “Any costs of wider refurbishment this year beyond those provided for by the annual allowance have been met by the prime minister personally. Conservative party funds are not being used for this.”

The statement prompted yet more eye-rolls within and without the party, as it signally failed to deny the central claim that Conservative Party Campaigns Headquarters had indeed directed a loan to Johnson. Yes, he may eventually have paid the bill himself, but only after he was caught (and suspicions were hardly eased when he smuggled out that fact on Friday evening). Every other day, No.10 has an iteration, rather than a full and frank explanation.

It’s still unclear who actually donated the money to the party, and for what precise purpose. Exactly why the PM, who earns a salary of £161,000, is so short of cash will baffle many of the public. His messy divorce, the costs of his children’s private education and the loss of his £250,000 Telegraph column (which he once joked was “chickenfeed”) may not earn public sympathy either. 

But given that his whole approach to life is “act now, think later”, it seems that Johnson went ahead with his expensive new wallpaper and furnishings without nailing down the tricky business of who was paying the bill. It also appears that some chatter about a charitable trust vehicle got bogged down, not least as cabinet secretary Simon Case pointed out yesterday, because such trusts are normally for renovations of parts of a building open to visitors and not for private rooms.

In PMQs, Keir Starmer may prefer to focus on Johnson’s crass line that he would rather “pile up the bodies” or let Covid “rip” (an allegation No.10 failed to deny today) than impose a third lockdown. Yet with the Downing Street refurb coming up unprompted on the doorsteps of Hartlepool, the Labour leader may well also ask, in true Mrs Merton style: just what did the millionaire Tory donor think they would get in return for rescuing the PM from the social hell of Theresa May’s John Lewis furnishings?

The suspicion of owing someone a favour is, after all, precisely why we have a register of donations and interests in the first place. Yet we are still waiting for the latest register of ministerial interests, and Labour suspects the delay is to avoid the May 6 local elections. Today, No.10 came up with the latest lame excuse: it hasn’t yet appointed an independent adviser on ministerial interests and that adviser’s remit includes publishing the list.

Of course, the reason no adviser is in post is because Sir Alex Allan quit in exasperation at the PM’s failure to uphold his finding that Priti Patel’s bullying of staff breached the ministerial code. That particular narrative is not yet over, as the FDA civil service union today succeeded in getting permission to launch a judicial review of the prime minister’s decision. It could be a hell of a court case.

George Osborne used to claim that Labour failed to fix the roof while the sun was shining on the public finances. As the No.10 flat fiasco suggests, the problem for the PM is his innately chaotic personal and political life was always going to leave some gaping holes in his own finances. The wider issue of his failure to uphold standards in public life was perhaps just as inevitable, given the gaping holes in his morality. And that’s much harder to fix than a flat in need of a refurb.

William Figueroa 2017-03-17
img

We just had to check it's not the first of April, because George Gideon Osborne – Cameron's Chancellor, sacked by May – has been declared the new Editor of London's Evening Standard.

“I am proud to have an editor of such substance, who reinforces the Standard’s standing and influence in London and whose political viewpoint – socially liberal and economically pragmatic – closely matches that of many of our readers.

George is London through and through and I am confident he is the right person to build on the fantastic legacy of Sarah Sands.”

In fairness, he attempted journalism before becoming an MP, but if being Gideon – son of Sir Peter George Osborne, 17th Baronet of Ballentaylor, and Felicity Loxton Peacock, daughter of artist Clarisse Loxton Peacock – a privately-educated Oxford graduate and a Bullingdon Club member is "London through and through" – well, that's a London I've never been to.

The City of London, maybe.

Jacqueline Cleghorn 2016-10-18

WIRED Security is a new one-day event from WIRED, curated to explore, explain and predict new trends, threats, and defences in cyber security.

To find out more and to book tickets, click here.

The Doughnut – GCHQ's vast, Cheltenham-based nerve centre – is a building straight from the pages of a spy novel.

Visitors are seldom allowed inside the building which, Edward Snowdon's NSA leaks, is the centre of government mass surveillance in the UK.

There's even going to be a Shake Shack on the ground floor.

Announced by then-chancellor George Osborne in November 2015, the NSCS is the first government agency devoted solely to cyber security.

Frederick Jones 2017-01-28
img

Funding of £13m has been awarded to compound semiconductor research - the technology behind smartphones, tablets and satellite communications.

The EU grant will help to build, equip and run a "state-of-the-art" clean room at Cardiff University's Institute for Compound Semiconductor.

Its research will be developed into new products and services.

The university said it would "generate prosperity in south Wales through industrial innovation".

The centre, set up by the university and St Mellons-based hi-tech company IQE in 2015, brings together scientists and businesses to work on innovations.

In January 2016, the then Chancellor George Osborne revealed plans to invest £50m in the "ground-breaking new innovation centre".

Richard Baty 2016-07-18
img

Theresa May's reshuffle last week resulted in higher pile of bodies than a Game of Thrones wedding.

Among a number of big hitters to be axed, including George Osborne, was digital and cultural minister Ed Vaizey.

Vaizey had held that position since 2010 and is succeeded by former Cabinet Office minister Matt Hancock.

He was subsequently unceremoniously booted onto the backbenches as MP for Wantage, Faringdon and Didcot.

Vaizey, a vocal Remainer, tweeted: "Looking forward to supporting the government from the backbenches vexit"

On the face of it, a move to the Department for Culture, Media and Sport DCMS from his perch in the Cabinet Office looks like a demotion for Hancock.

Larry Armitage 2019-04-09
img

Indian payment and banking technology startup Cashfree raised US$5.5 million in a series A round led by Korea’s Smilegate Investment.

The funding included participation from existing investor Y Combinator, according to a statement by the company.

George Osborne, former Finance Minister of UK, and Vellayan Subbiah, former Managing Director of Cholamandalam Investment also took part in the investment.

The payment gateway, which focuses on helping businesses make bulk payments, said it plans to use proceeds from the funding to expand its team and speed up development for new use cases.

It claims to be growing 25% month-on-month.

One of its key products is Payouts, an API that automates payments to bank accounts and ewallets.