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2 December 1999 — Under the Good Friday Agreement, the UK Parliament transferred legislative and executive powers to Northern Ireland.
3 December 1931 — The UK Parliament passed the Statue of Westminster, under which the British Dominions of Canada, Australia, New Zeeland, South Africa and the Irish Free State and Newfoundland gained complete legislative independence.
4 December 1586 — Queen Elizabeth I conferred the death sentence on Mary Queen of Scots after discovering a plot to assassinate her.
5th December 2005 — The Civil Partnership Act came into effect in the UK. It gave same-sex couples rights and responsibilities identical to civil marriage.
6th December 1884 — The Representation of the People Act 1884 received Royal Assent. It allowed virtually all men, except domestic servants and those in receipt of poor relief, to vote in general elections.

1) Reeves’ Autumn Budget
The Budget refers to the government’s annual financial plan with regards to taxation and expenditure. The UK Autumn Budget was detailed on Wednesday, and included a pretty hefty £26 billion rise in taxation.
Key business-relevant announcements from the Budget include:
National Insurance Contributions being introduced for salary sacrifice pension schemes where contributions exceed £2,000;
tax rates on property and savings/dividend income going up by 2%;
the annual cash ISA limit being pushed down to £12,000 in 2027; and
both the minimum and national living wage going up.
For law firms, this means extra work coming their way. A pensions team may have to support businesses in reorganising their pension schemes to reconcile with what can be substantial National Insurance payments for both them and the employee. The Private Client team may need to support high net worth individuals with restructuring their portfolio in light of the higher tax rate on savings and dividend income. And finally, the Corporate teams may see greater IPO activity in the UK as the falling cash ISA limit forces people to invest their money into stocks and shares through the S&S ISA.
2) Something is brewing at Swatch
Swatch, a Swiss watchmaker known for upmarket brands like Omega and Longines faces internal angst from a discontent shareholder. Steven Wood owns shares worth only 0.5% of the voting rights in the company. Despite this, he has posited ambitions to join the company board and has more recently put forth a number of proposals for changes in the company’s governance. However, the Hayek family (with Nick Hayek running the company) has successfully blocked his efforts to join the board. This is because the company’s shareholding is split between a dual class share structure, constituting bearer shares and registered shares. Bearer shares convey weaker voting rights than registered shares, and registered shares are held by the Hayek family. Voting rights refer to the eligibility of shareholders to vote on corporate actions (like starting a merger). This means change is very difficult to drive as a bearer shareholder, even with a large shareholding.
Activists shareholders have always been an issue, but recently this is turning into a trend. As a result, more Capital Market teams may be approached to advise on how companies can structure their shareholdings strategically to prevent corporate actions being influenced by loud minorities.

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