Blog: Death Throes Of Brexit Disaster: Liz Truss And Kwasi Kwarteng Declare Class War On British People – OpEd – Eurasia Review

Six years into the Brexit disaster, the malevolent anti-democratic forces who did so much to facilitate the success of the vote to leave the EU in June 2016 are finally where they always wanted to be: running the government, and able to implement their four prevailing obsessions: enriching the already rich at everyone else’s expense; shrinking the state (or preferably entirely obliterating the state provision of any services whatsoever); using the UK’s departure from the EU as an opportunity to scrap all the inconvenient ‘rights’ that have protected the British people and the environment from grotesque exploitation; and denying the existence of catastrophic climate change to further enrich the oil and gas companies that are driving the planet to extinction.

These anti-democratic forces, largely clustered in a handful of buildings in Tufton Street in Westminster, just a stone’s throw from Parliament, include the Institute of Economic Affairs (IEA), the Taxpayers’ Alliance, the Centre for Policy Studies and the Adam Smith Institute, all far-right ‘libertarian’ think-tanks representing “the extreme fringe of neoliberalism”, as George Monbiot explained in an article for the Guardian on Friday. Also related, though located 400 yards to the north, is Policy Exchange, another right-wing think-tank, and Tufton Street was also initially home to the Vote Leave campaign, which was registered there, as well as Leave Means Leave, which campaigned for a hard Brexit after the EU referendum. It is also currently home to the Global Warming Policy Foundation (DWPW).

This latter group has been described by climate researchers and environmental groups as “the UK’s most prominent source of climate denialism”, as was explained in an OpenDemocracy article in May, when “two MPs, three Lords members and more than 70 scientists, writers, and campaign groups” sent a letter to the Charity Commission complaining that the GWPF was “not a charity but a fossil fuel lobby group”, after evidence emerged establishing that it “had received donations from a foundation with millions of dollars’ worth of shares in oil, gas and coal companies — despite claiming it would not take cash from anyone with a fossil fuel interest.”

The funding of all of these organisations — many, absurdly, run, like GWPF, as charities — is “highly opaque”, as the investigative organisation Transparify has explained, although, as with the example provided by GWPF, it’s clear that some funding comes from the fossil fuel industry, as well as from far-right US foundations committed to climate change denial.

In his article, George Monbiot pointed out how Truss has surrounded herself with representatives of these think-tanks (and further information can be found in ‘Liz Truss: The Tufton Street Candidate’, an article by Sam Bright in Byline Times in January this year). As Monbiot explained, Truss’s senior special adviser, Ruth Porter, was the communications director of the IEA, and then became the head of economic and social policy at Policy Exchange; her chief economic adviser is Matthew Sinclair, who was formerly the chief executive of the Taxpayers’ Alliance; her interim press secretary, Alex Wild, was the research director for the Taxpayers’ Alliance; her health adviser, Caroline Elsom, was a senior researcher at the Centre for Policy Studies, and her political secretary, Sophie Jarvis, was the head of government affairs at the Adam Smith Institute.

According to Mark Littlewood, the current head of the IEA, prior to her victory in the Tory leadership contest, Liz Truss had spoken at more IEA events “than any other politician over the past 12 years”, and now that she has become Prime Minister, and has surrounded herself with staff from the Tufton Street think-tanks, their obsessions are official government policy, even though the government in question has no mandate for its extreme right-wing agenda. Truss was elected by just 81,326 members of the Conservative Party, and yet, rather than seeking approval for her plans via a General Election, she has, instead, chosen to unleash a blitz of new and almost unimaginably damaging and inappropriate policies, all bearing the hallmarks of her subservience to the Tufton Street ideology.

The energy price cap and the refusal to impose a windfall tax on energy companies

In the few hours of Parliamentary activity undertaken by the new government before the death of Queen Elizabeth II was announced, derailing Parliament for the next ten days, Truss didn’t immediately launch the kind of agenda that the think-tanks hoped for. Instead, she was obliged to announce that she was introducing an energy price cap, to prevent spiralling energy costs that otherwise looked certain to hurl two-thirds of the country into desperate and unprecedented poverty.

Had the situation been any less disastrous, she would no doubt have chosen not to do anything at all, but as the severity of the crisis managed to pierce even the dim recesses of her closed mind, she introduced a cap on energy costs for the next two years, meaning that the average household will pay about £2,500 a year rather than the endlessly spiralling costs — potentially reaching over £5,000 a year in 2023 — that would otherwise have been inflicted on consumers.

Truss also subsequently introduced a cap on the energy costs of businesses, although only, initially, on a six-month basis, which will provide little reassurance for many businesses that a viable future awaits them.

No one knows quite how much the cost of this intervention will be, but estimates from experts indicate that it will cost at least £100 billion, and maybe much more. However, while this appears generous, it is worth noting that Truss refused to fund any of it though a windfall tax on the energy companies who have seen huge and unearned profits as a result of upheavals in the energy market, no doubt to the evident satisfaction of Tufton Street’s backers. This is in marked contrast to the EU, which, on September 14, announced a windfall tax of £120 billion on the energy companies to protect its 447 million citizens from naked and unjustifiable profiteering. If Truss had done the same for the UK’s 67 million citizens, there would have been a windfall tax of £18 billion in the UK.

Instead, however, and perhaps most alarmingly — although it has barely been discussed in the media — it seems that the government intends to recoup the £100 billion it is borrowing to protect the energy suppliers through increased bills, as I explained in my article, ‘The Greatest Economic Crime in UK History? Liz Truss Caps Energy Prices By Taxing Us For Up to 20 Years Instead of Taxing Energy Companies’ Obscene Windfall Profits’, in which I suggested that, from what I was able to ascertain, we, the UK’s taxpayers, would end up paying back the loan though increased bills over the next ten to 20 years.

My conclusion was based partly on a suggestion in the Guardian, on September 6,  that the debt “would be repaid by consumers, either through a surcharge on bills or from wider taxation over a 10- to 15-year period”, although just yesterday the BBC, in an article about the cap under the sub-heading, ‘How much will the energy guarantees cost and who will pay for it?, stated, “It will be paid for through increased borrowing. This is when the government raises money by selling financial products called bonds, which have to be paid back, usually after several years, with interest. This means taxpayers ultimately pay back more than the government raised.”

Expanding fossil fuel extraction

Not content with this sleight-of-hand to burden bill-payers and tax-payers for a generation to come, to protect the colossal unearned profits of the fossil fuel companies, Truss’s new government also took advantage of the energy cost crisis to announce what Truss described, in a press release announcing the “Energy Price Guarantee for families and businesses while urgently taking action to reform broken energy market”, as a promise to ”tackl[e] the root cause of the issues by boosting domestic energy supply”, which she blamed on “[d]ecades of short-term thinking on energy”, as though, for the previous 12 years, the country hadn’t in fact been run by a succession of Conservative governments.

Truss’s solutions, of course, were designed to appeal to Tufton Street’s backers, with promises to”[l]aunch a new oil and gas licensing round”, which was “expected to lead to over 100 new licences”, and also to “[l]ift the moratorium on UK shale gas production”, otherwise known as fracking, which “will enable developers to seek planning permission where there is local support”, and which, according to the press release, “could get gas flowing in as soon as six months.”

On every front, the energy announcements were profoundly dispiriting, demonstrating contempt by the government not only for its obligations to reduce carbon emissions by 2030, but also for the British people, who have persistently expressed enthusiasm not for new fossil fuel extraction, but for wind, wave and solar power, and also demonstrating an inability to think clearly because of the inflexibility of their ideology. Fracking is disastrous in every way imaginable, but it is also ridiculous to suggest that its resumption, even if “local support” can be secured, which seems highly unlikely — would “get gas flowing in as soon as six months.” New fossil fuel extraction projects take years, if not decades to become operative, along with another pet enthusiasm of the right, new nuclear power plants.

Instead, the immediate solutions are to hand — the wind, wave and solar power generation that Truss’s government and Tufton Street despise, despite their popular support and their practicality. What is also urgently required is investment in insulating the UK’s insanely leaky homes, but on renewables and insulation Truss’s choice as Business and Energy Secretary, the execrable Jacob Rees-Mogg, is silent, preferring instead to try to hoodwink Parliament into accepting fracking as both safe and necessary, as he did on Thursday, to derision not only from his political opponents, but also from many of his own backbenchers.

The ‘mini-budget’ delivering tax cuts for the rich

On Friday, the government’s arrogant, contemptuous disregard for everyone except the rich manifested itself via an extraordinary ‘mini-budget’ delivered by the new Chancellor, Kwazi Kwarteng.

The centrepiece of Kwarteng’s ‘mini-budget’ was the £45 billion of tax cuts that were the relentless focus of Liz Truss’s campaigning during the dismal Tory leadership campaign of the summer, even though they were derided by her challenger, Rishi Sunak, the now-deposed Chancellor under Boris Johnson, who “consistently made the case that permanent, unfunded tax cuts would cause significant damage to the public finances and push inflation up higher”, as the Guardian explained in August, as inflation reached an eye-watering 10%, and after the independent Institute for Fiscal Studies had published a report criticising Truss’s tax cutting proposals.

Truss and Kwarteng, however, ignored all the warnings, obsessed with the deluded notion of “trickle-down economics”, which first emerged in the 1980s, and which falsely alleged that, by making the rich richer, the benefits would ‘trickle down’ to the poor. Experience has demonstrated, convincingly and repeatedly, that the ‘trickle down’ effect is an illusion — and not even its most ardent admirers ever argued that cutting taxes during a recession made economic sense.

However, when the time came for Kwarteng to endorse Truss’s deranged proposals, he went even further than expected, permanently cutting the top rate of tax from 45% to 40%, which, along with the scrapping of Sunak’s proposed national insurance rise, and a meagre 1% tax cut for lower earners, meant that, as the barrister Jolyon Maugham explained, “those earning a million a year will have £54,400 extra in their pockets after tax and NICs”, while, “[f]or those earning £25,000, the equivalent figure is about £280.”

As if this wasn’t bad enough, Kwarteng also confirmed that the cap on bankers’ bonuses, which, as the Guardianexplained, was “imposed after the 2008 financial crash”, and which “capped bonuses at twice an employee’s salary”, would be scrapped, as ”part of what he calls ‘Big Bang 2.0’, a post-Brexit deregulation drive to make the City more competitive”, and also announced that he was shelving plans, introduced by Rishi Sunak, to raise corporation tax to 25% from its current rate of 19%, as well as raising the threshold at which stamp duty is paid, from £125,000 to £250,000, presumably to enable more of the newly enriched to buy second or third homes, or more buy-to-let properties with which to fleece those trapped in the private rental market.

And just to make sure that no one was in any doubt about whose side the new government is on, Kwarteng also announced that “the unemployed will see their benefits slashed if they can’t prove they’re searching for more work”, as Jonathan Freedland explained in a powerful article for the Guardian, adding that, “even though the trade unions have a fraction of their former strength”, Kwarteng also “promised legislation to shrink workers’ ability to act together yet further.”

The creation of “investment zones”

While Kwarteng’s desperate appeal to attract investors to the City and Canary Wharf ignored the damage caused by Brexit, another announcement — establishing new ”investment zones” across the country — was clearly designed to capitalise on the bonfire of workers’ rights, planning regulations and environmental concerns that the most hardcore Brexiteers always intended to impose on the UK as they delighted in cutting us off from all EU protections.

As the Guardian explained, “Businesses will receive big tax cuts and relaxed planning restrictions” in the new “investment zones”, adding, “Stamp duty will be abolished, employment taxes will be slashed, planning rules will be swept aside and companies will be able to completely write off investments in plant and machinery in the zones as part of the plans”, which are also “thought to include removing restrictions on height limits” in new developments, and “potentially ditching requirements for affordable housing alongside developments, as well as other regulations such as environmental rules.” Unmentioned, but also implicit in the plans, is the notion that workers in these “investment zones” won’t have any quaint protections against any kind of exploitation.

Since the announcement, however, the most fervent criticism of the proposals has come from environmental groups, with the RSPB leading the charge against the carving of over half of England’s land mass into “investment zones”, described as “[p]laces where anything could be built anywhere.” The RSPB also identified another future battleground, the Retained EU Laws Bill, introduced on September 22, in which “all remaining retained EU Law will either be repealed, or assimilated into UK domestic law” by the end of 2023, which “could see the end of basic protections known as the Habitat Regulations — laws that protect our birds and animals, everywhere from forests to our coasts,” As the RSPB added, “Where you live, the wildlife and places you love, from the shires to the cities — all under threat from bulldozers, from concrete.”

The full horrors of the Retained EU Laws Bill — including its assault on “important workers’ rights like holiday pay” — will hopefully be exposed and fought over in the coming months, but for now the “investment zones” plan needs tackling by those parts of the country threatened with the establishment of a kind of unfettered free market feudalism. In seeking to justify its plans, the government claimed that it “is talking to 38 local authorities in England about the plans, with 24 sites already earmarked as prospects”, including “sites at Coventry and Somerset that are hoping to attract investments in ‘gigafactories’ to make car batteries, industrial areas around existing car plants in Ellesmere Port and Sunderland, airports at Teesside and Newquay, and urban centres ranging from Blackpool and Plymouth to Workington.”

Ignored in all of this feeding frenzy is, yet again, the spectre of Brexit, which has made the UK into a profoundly unattractive place for inward investment because it is so difficult to successfully trade with the EU, with whose 27 countries the UK used to undertake half its business, but while a battle against the proposed “investment zones” is clearly required, the most immediate fallout from this hideous ‘mini-budget’ is its immediate effect on widening inequality in one of the most unequal of all the world’s supposed ‘developed’ economies, and its reception by the ultimate judges of governments’ success or failure — voters on the one hand, and the markets on the other.

Damning criticism of the ‘mini-budget’, and the reaction of the markets

Criticism of the ‘mini-budget’ was more comprehensive and damning than anything I have ever seen in response to a government’s implementation of economic policies. In his Guardian article, which he helpfully entitled, ‘Liz Truss and Kwasi Kwarteng have made a declaration of class war’, the normally sober Jonathan Freedland pulled no punches. “Liz Truss has embarked on an ideological project so extreme that the de facto budget announced by her chancellor … amounts to a declaration of class war”, he declared, adding, “It was a reverse Robin Hood: taking from those who have least, lavishing gifts on those who have most. It is morally indefensible, economically reckless and so politically risky as to suggest a death wish.”

From the US, the former US Treasury Secretary Larry Summers told Bloomberg, “It makes me very sorry to say, but I think the UK is behaving a bit like an emerging market turning itself into a submerging market. Between Brexit, how far the Bank of England got behind the curve and now these fiscal policies, I think Britain will be remembered for having pursuing the worst macroeconomic policies of any major country in a long time.”

As for voters, Byline Times’ Adam Bienkov noted that a snap YouGov poll found that 63% of voters believed that the ‘mini-budget’ “will mainly benefit the wealthy, compared to just 3% who say it will benefit poorer people more”, and that “[o]nly 19% agree it will help to grow the economy.”

More importantly, however, the markets responded with horror, with the pound falling three and a half cents to $1.09, its lowest rate against the dollar since 1985, leading Larry Summers to declare, “It would not surprise me if the pound eventually gets below a dollar, if the current path is maintained”, and adding, in a final condemnation of the government’s idiocy, “This is simply not a moment for the kind of naïve, wishful thinking, supply-side economics that is being pursued in Britain.”

The damage caused by Truss and Kwarteng also has longer-term impacts, as the Treasury now has to pay for these deranged policies by somehow persuading international investors to buy £234.1 billion of government bonds, an increase of £72.4 billion on the already eye-watering £161.7 billion planned by the Debt Management Office in April. In a sign that investors are understandably wary, as the Guardian explained, “Borrowing costs on 10-year bonds rose by more than 0.2 percentage points to trade close to 3.8%, continuing a dramatic climb under way since Liz Truss took over as prime minister.” Since the start of September, the newspaper added, “yields on benchmark UK sovereign debt have risen by almost one percentage point, significantly more than for comparable advanced economies.”

End this government now!

It’s difficult to see how Liz Truss’s government can survive this self-imposed disaster on every front, and it’s impossible, frankly, not to conclude that they deserve to be removed from office at the first available opportunity. Their failure is the sternest of rebukes to the coterie of self-satisfied, arrogant ideologues in Tufton Street, whose adherence to the most extreme form of neoliberalism is evaporating on contact with reality, and showing them all up for what they are: immature poseurs, and the prostitutes of big business.

Furthermore, as Truss and Kwarteng represent the third scraping of the bottom of the barrel since the Brexit vote (the first two scrapings producing the hapless Theresa May and the disturbingly narcissistic Boris Johnson), it’s also important to remember how all of the misery we have been enduring over the last six years is because of Brexit, and the refusal to acknowledge that it was the single most stupid act of unprovoked economic suicide by any nation in history.

Not only has it crippled British businesses, cutting them off from their largest trading partners, and led to a haemmoraging of the EU workers necessary to make Britain work, it also delivered us Boris Johnson, the only knave arrant enough to lie that he would ‘Get Brexit Done’, who then proceeded to destroy whatever integrity remained in a Tory government by lying about everything as a matter of course, and leaving the UK largely as a rudderless theme park of decline fronted by a clown.

Moreover, when Johnson was finally undone by the breadth of his casual corruption, his political demise has only served to deliver us the hard Brexiteers’ most fervent dream: pliable idiots fixated with enriching the already rich, enslaving the poor, wrecking the environment, ignoring or denying climate change, and somehow thinking that they will get away with it. Hubris — and, presumably, significant doses of sociopathy — have brought us to this point; now it is time for it all to be brought crashing down, whether through the ballot box or out on the streets.

Blog: 55 Tufton Street: The other black door shaping British politics – BBC

“As a minister, if you’re going to advance a difficult or a controversial idea, it’s no surprise that before you announce such a thing, what you try to aim for is that phrase ‘rolling the pitch’. You’ve got people outside saying, ‘this is what we need’. So when you announce it, one hopes that it’s going to be well received.”

Blog: Brits to receive post-Brexit residency cards by end of year – Portugal Resident

Minister predicts 36,000 Brits will have residency card by 2023

Portugal’s Minister of Internal Administration said today that he expects the 36,000 British citizens living in Portugal to have the new post-Brexit residence card by the end of the year.

“By December 31, we really hope to have responded to these 36,000 British citizens,” José Luís Carneiro said during a visit to the British citizens’ service desk at the Lisbon regional office of the immigration and borders service (SEF).

With two counters exclusively for Brits, the new post in Lisbon is the fifth to open in the country for the collection of biometric data for the issue of the new residence permit, under the agreement of the United Kingdom’s exit from the European Union.

This phase of the process started in February in the autonomous regions of the Azores and Madeira and from July in the municipalities of Cascais and Loulé, with two other posts scheduled to open in October in Porto and Quarteira.

“We are fulfilling the commitments we have made, with a view to guaranteeing the rights, freedoms and guarantees of British citizens who seek our country as a country of residence, investment, and living,” the minister told journalists.

Following the United Kingdom’s exit from the European Union, British citizens already living in Portugal when the transition period ended at the end of 2020 were able to apply for a new residence permit. By September, there were around 36,000 registered applications.

Meanwhile, and until the definitive card is issued, British citizens have a provisional document issued when they register on the SEF’s Brexit Portal, in digital format with a QR code that serves as an official residence document.

However, according to José Luís Carneiro, this document does not ensure the right to access Portugal’s national health service, the services of the tax authority and the ministry of labour, solidarity and social security, nor the right of movement within the Schengen area.

“This service point aims to respond to that need,” he added.

The minister also announced the opening of 13 more service points for British citizens from next month, in coordination with the Agency for Administrative Modernisation (AMA) and the Institute of Registration and Notary Affairs (IRN).

The new posts will open in Lisbon, Faro, Marinha Grande, Pombal, Coimbra, Castelo Branco, Porto, Seixal, Santarém, Beja and Lagos.

Questioned as to whether they will be permanent posts, the interior minister began by stating that at the moment “a very specific response” is being created.

He also said this experience of extending the SEF response to the IRN, to the municipalities, as well as to the AMA Citizen Spaces, will “allow us to extend the posts to the entire country, from the municipalities, where immigrant citizens can go to deal with their essential documents”.

Also present at the visit, the British consul in Portugal, Simona Demuro, said that the opening of the post in Lisbon is a “very important” step that will allow many British citizens living in the country to obtain the new residence card.

Source: Lusa

Blog: Femi rants that Brexit is ‘threat’ to human rights, claims he values ‘democracy’ – Express

Truss warned EU will ‘retaliate’ against hated Brexit deal

Brexit is a “threat” to human rights, according to prominent Remainer Femi Oluwole. He took to Twitter to claim his constant battling against Brexit was about supporting human rights.

Mr Oluwole said: “For the record: When I started opposing Brexit, I was working for European Centre for Democracy and Human Rights, advocating human rights and democracy.

“So my not liking Brexit isn’t the reason I fight for human rights (e.g fair voting).

“I fought Brexit because I support human rights, and saw Brexit as a threat.”

Brexit is a ‘threat’ to human rights, according to Remainer Femi Oluwole

Brexit is a ‘threat’ to human rights, according to Remainer Femi Oluwole (Image: GETTY)

‘I fought Brexit because I support human rights, and saw Brexit as a threat’

‘I fought Brexit because I support human rights, and saw Brexit as a threat’ (Image: TWITTER)

Anne-Marie Trevelyan announced free trade negotiations between the UK and the Gulf Cooperation Council

Anne-Marie Trevelyan announced free trade negotiations with the Gulf Cooperation Council (Image: GETTY)

In August, Politico reported that UK ministers are quietly stepping away from an EU principle of including human rights clauses in trade deals.

Rosa Crawford, trade policy lead at the Trades Union Congress, told Politico: “Loose ethics and a willingness to overlook egregious human rights and labor rights abuses to secure trade deals have been a steadfast feature of the government’s approach to trade.”

In a letter to MPs seen by the Independent, Ms Truss’ successor as trade secretary, Anne-Marie Trevelyan, confirmed that human rights issues would be led by the Foreign, Commonwealth and Development Office and kept out of trade talks. 

FTAs, she insisted, “are not generally the most effective or targeted tool to advance human rights issues.”

READ MORE: Pound LIVE: Sterling plunges to all time low against dollar

The GCC’s demand is expected to grow rapidly to £800 billion by 2035, a 35 percent rise

The GCC’s demand is expected to grow rapidly to £800 billion by 2035, a 35 percent rise (Image: GETTY)

In June, Brexit Britain announced free trade negotiations between the UK and the Gulf Cooperation Council, made up of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

Ms Trevelyan started talks on June 22, with the GCC bloc’s demand for international products and services expected to grow rapidly to £800 billion by 2035, a 35 percent increase.

The trade secretary said: “Today marks the next significant milestone in our five-star year of trade as we step up the UK’s close relationship with the Gulf.

“Our current trading relationship was worth £33.1 billion in the last year alone. From our fantastic British food and drink to our outstanding financial services, I’m excited to open up new markets for UK businesses large and small, and supporting the more than ten thousand SMEs already exporting to the region.

“This trade deal has the potential to support jobs from Dover to Doha, growing our economy at home, building vital green industries and supplying innovative services to the Gulf.”


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Emily Thornberry said the FTA’s ‘doing untold damage to our reputation around the world’

Emily Thornberry said the FTA’s ‘doing untold damage to our reputation around the world’ (Image: EXPRESS)

A Department for International Trade (DIT) source argued it was wrong to say human rights and rule of law had been dropped, as their inclusion as options in the consultation did not necessarily mean they would become objectives.

Emily Thornberry, Labour’s shadow international trade secretary, said: “Yet again, we have a Government acting as though human rights and the rule of law are optional extras, to be discarded at will, rather than principles and values that are fundamental to what we stand for as a country.

“It is wrong, it is immoral, and it is doing untold damage to our reputation around the world.”

Truss’s Govt. will relax immigration rules to ease labour shortages and boost business growth

Truss’s Govt. will relax immigration rules to ease labour shortages and boost business growth (Image: EXPRESS)

It comes as Ms Truss’s Government will relax immigration rules to ease labour shortages and boost business growth.

Downing Street did not deny the Prime Minister was planning to liberalise routes to allow foreign workers to move to the UK, as first reported in The Sun.

A No 10 source told the outlet: “We need to put measures in place so that we have the right skills that the economy, including the rural economy, needs to stimulate growth.

“That will involve increasing numbers in some areas and decreasing them in others. As the prime minister has made clear, we also want to see people who are economically inactive get back into work.”

Blog: OZOP ENERGY SOLUTIONS, INC. : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K) –

Item 7.01 Regulation FD Disclosure.

The Company issued press releases on August 9, 2022, September 7, 2022, and
September 21, 2022. Copies of the press releases issued by the Company are
attached as Exhibits 99.1, 99.2, and 99.3 to this Current Report on Form 8-K,
which are incorporated by reference solely for purposes of this Item 7.01

Exhibits 99.1, 99.2, and 99.3 contain forward-looking statements. These
forward-looking statements are not guarantees of future performance and involve
risks, uncertainties and assumptions that are difficult to predict.
Forward-looking statements are based upon assumptions as to future events that
may not prove to be accurate. Actual outcomes and results may differ materially
from what is expressed in these forward-looking statements.

The information set forth under this Item 7.01, including Exhibits 99.1, 99.2,
and 99.3 is being furnished and, as a result, such information shall not be
deemed “filed” for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities
of such Section, nor shall such information be deemed incorporated by reference
in any filing under the Securities Act of 1933, as amended, or the Exchange Act,
except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number   Description
99.1               Press Release dated August 9, 2022
99.2               Press Release dated September 7, 2022
99.3               Press Release dated September 21, 2022
                 Cover Page Interactive Data File (embedded within the Inline XBRL
104              document)

© Edgar Online, source Glimpses

Blog: Household Finances: Treasury Promises To Put Flesh On Bones Of Growth Plan – Forbes

Latest information on the cost of living crisis as it affects households and individuals across the UK

26 September: Update On Fiscal Statement Accompanies Bank Bid To Cool Markets

Following the ‘mini-Budget’ fiscal statement on Friday 23 September by Kwasi Kwarteng, Chancellor of the Exchequer, the Treasury today issued an explainer setting out how the government’s controversial Growth Plan will be realised, writes Kevin Pratt.

The news came on the same afternoon as a statement by Andrew Bailey, governor of the Bank of England, saying that the Bank is monitoring the volatile performance of sterling on international currency markets, and that its Monetary Policy Committee will not hesitate to raise interest rates to control inflation at its next scheduled meeting on 3 November.

There had been speculation that the Bank would be forced into unscheduled emergency action to prop up the pound after it took a battering in Asian markets and hit a 50-year low against the US dollar on Monday morning.

Taken together, the statements from the Treasury and the Bank look like a concerted effort to calm markets, with commentators concerned that negative reaction to Friday’s statement is having a deeply damaging effect on the UK economy.

The Treasury says ministers will announce detailed measures in October and early November, including changes to the planning system, business regulations, childcare, immigration, agricultural productivity, and digital infrastructure.

In October, the Chancellor will outline regulatory reforms to ensure the UK’s financial services sector remains globally competitive. On Friday, he raised hackles in some quarters by abolishing the cap on banker bonuses (see coverage below).

There will be another statement from Mr Kwarteng – dubbed a Medium-Term Fiscal Plan – on 23 November. This will set out further details of the government’s rules for managing its finances, including ensuring that debt falls as a share of gross domestic product in the medium term.

The government has stated it will stick to departmental spending settlements for the current spending review period.

The Chancellor has told the Office for Budget Responsibility (OBR) to provide a full forecast for the nation’s finances to accompany this statement.

There will then be a full-blown Budget in the Spring, with a further OBR forecast.

Mr Kwarteng responded to criticism of his Friday statement by doubling down on his tax-cutting agenda, saying that further changes would be made to the tax regime in a bid to stimulate growth at a trending rate of 2.5% per annum.

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23 September: Chancellor Promises ‘New Approach For New Era, Focused On Growth’ In Controversial Mini-Budget

Increases to Stamp Duty allowances and cuts to income tax featured prominently in today’s fiscal statement by Kwasi Kwarteng MP, Chancellor of the Exchequer.

He also confirmed the package of measures designed to reduce the impact of rising energy bills for households and businesses. He said the action to control prices would cost £60 billion over six months.

Yesterday, the Treasury released details of how the increase to National Insurance Contributions (NICs) imposed earlier this year will be reversed from 6 November. And the planned introduction of an income tax levy to fund health and social care in April 2023, which would have replaced the temporary NICs hike, will no longer happen (see story below).

Mr Kwarteng said the government will pursue economic growth at an annual rate of 2.5%, saying the government is adopting “a new approach for a new era”. Growth in the second quarter of 2022 was minus 0.1%, and yesterday the Bank of England said Q3 growth is also likely to be negative.

Two successive quarters of negative growth is taken to signal a recession.

To fuel growth, the government is proposing almost 40 new low-tax investment zones across England, and says it will work with devolved authorities in Scotland, Wales and Northern Ireland, to extend the scheme across the country.

The planned increase in Corporation Tax from 19% to 25%, slated for April 2023, has been pulled. The Chancellor said the move will ensure the rate will continue to be the lowest in the G20 group of nations.

Mr Kwarteng is also removing the cap on banker bonuses to encourage growth in the financial services sector. The cap says a bonus cannot be higher than twice a banker’s salary without shareholders’ agreement.

Here are other main points from today’s event:

  • Basic rate of income tax to fall from 20% to 19% next April, a year ahead of schedule. The move will save someone earning £40,000 around £560 a year
  • Additional tax rate of 45% on earnings over £150,000 per annum to be scrapped from April, benefiting an estimated 630,000 taxpayers. Someone earning £200,000 a year will save around £4,300
  • Exemption from Stamp Duty in England and Northern Ireland will apply to first £250,000 of property value, up from £125,000
  • First-time buyers will be exempt from Stamp Duty on first £425,000, up from £300,000
  • First-time buyer property value to be eligible for exemption up from £500,000 to £625,000
  • As announced, Energy Price Guarantee will limit average household energy bills to £2,500 per annum for two years from 1 October 2022
  • Every household in the UK will receive a £400 discount off their electricity bills between October and March 2023
  • Energy Bill Relief Scheme will provide equivalent relief to businesses, charities and public sector organisations such as schools and hospitals
  • Planned alcohol duty increases will be scrapped
  • VAT-free shopping for tourists to the UK will be introduced via a digital scheme
  • Universal Credit will be reformed to encourage recipients to look for paid employment.

Stamp Duty

The Chancellor revealed a package of major cuts to Stamp Duty Land Tax (SDLT) in England and Northern Ireland with immediate effect. Scotland and Wales have their own property purchase tax regimes.

The SDLT nil-rate band – the threshold below which Stamp Duty does not need to be paid – will be doubled from £125,000 to £250,000. It means that 200,000 more people every year can buy a home without paying any property tax at all, according to Mr Kwarteng.

Given the previous rate of 2% charged between £125,000 and £250,000, it means the maximum that can be saved is £2,500.

First-time buyers, who currently do not pay SDLT on the first £300,000 on homes costing up to £500,000, will see the nil-rate band extended to £425,000 on homes costing up to £625,000.

Rightmove said that, by raising the tax-free threshold to £250,000, 33% of all homes currently for sale on its portal in England will be completely exempt from the property tax, a steep increase from 7%. It says that, within an hour of the announcement, traffic to its website jumped by 10%.

The 3% SDLT loading which applies to the purchase of additional properties such as holiday homes or buy-to-let will remain.

Reaction to today’s SDLT relief announcement has been mixed. Tomer Aboody, director of property lender MT Finance, said: “The Stamp Duty relief will bring the buzz back to the housing market by helping first-time buyers get on the ladder, allowing them to offset the higher cost of mortgages with the savings.”

But other commentators have warned that the cuts will fuel rising house prices, as sellers add more onto asking prices in the knowledge that buyers are making a saving elsewhere.

Ben Merritt, director of mortgages at Yorkshire Building Society, said: “Instead of focusing solely on tax cuts, it’s crucial we look at finding other solutions specifically for downsizers – those looking to move into smaller properties – to try and stimulate a stunted market.”

The building society’s research showed that, while 19% of homeowners looking to downsize see Stamp Duty as a barrier to moving, almost a quarter (23%) say it’s the insufficient supply of appropriate housing that prevents them from moving.

However the Chancellor said he intends to tackle property supply shortage by ‘increasing the disposal of surplus government land’ on which to build new homes.

Help to Buy – a government scheme which offers an equity-linked loan of up to 20% of the property value to – applies only to new-build properties.

Universal Credit

Mr Kwarteng announced changes to the Universal Credit (UC) scheme designed to encourage more claimants into work. 

The Administrative Earnings Threshold — the amount UC recipients must earn before being moved from the Intensive Work Search regime to the Light Touch regime — is set to be raised from its current value of £355 a month for individuals or £567 a month for couples. 

The new threshold, which builds on an increase already planned for 26 September, will be 15 hours per week at National Living Wage for individuals (approximately £617.50 per month) and 24 hours a week (approximately £988 per month) for couples. It will come into effect from January 2023.

Following the change, roughly 120,000 Universal Credit claimants will be moved into the Intensive Work Search Regime, which requires them to take actions such as attending appointments with a work coach and submitting job applications. If these criteria are not met, claimants’ benefits are cut.

Claimants over 50 are also set to receive additional tailored support provided through job centres, with the aim of boosting earnings prior to retirement.


Reforms are to be brought forward that will change the pensions regulatory charge cap — the maximum fee occupational defined contribution pension schemes can charge savers who are in default arrangements. The fee currently sits at 0.75% of funds under management. 

With this reform, the government aims to encourage pension funds to invest in innovative UK businesses while spurring higher returns for savers. 

Alongside charge cap reforms, the newly announced Long-Term Investment for Technology & Science (LIFTS) competition is designed to stimulate further investment in tech businesses. It will provide up to £500 million of support to new funds investing in UK science and technology companies.

Investment zones

The Treasury has issued plans for the introduction of low-tax investment zones across the UK, with 38 locations in England listed so far.

The zones will see planning regulations relaxed, with businesses in the areas set to benefit from lower taxes in an effort to boost investment, industrial growth, employment rates and home ownership.

In relation to the move the Chancellor said: “To support growth right across the country, we need to go further, with targeted action in local areas.

“We will cut taxes. For businesses in designated tax sites, for 10 years, there will be accelerated tax reliefs for structures and buildings and 100% tax relief on qualifying investments in plant and machinery.”

Businesses in these locations will benefit from full Stamp Duty relief for land and buildings for commercial use or residential development. 

The local authorities listed are: 

  • Blackpool Council 
  • Bedford Borough Council 
  • Central Bedfordshire Council
  • Cheshire West and Chester Council 
  • Cornwall Council 
  • Cumbria County Council 
  • Derbyshire County Council 
  • Dorset Council 
  • East Riding of Yorkshire Council 
  • Essex County Council
  • Greater London Authority 
  • Gloucestershire County Council 
  • Greater Manchester Combined Authority 
  • Hull City Council 
  • Kent County Council 
  • Lancashire County Council 
  • Leicestershire County Council 18. 
  • Liverpool City Region 
  • North East Lincolnshire Council 
  • North Lincolnshire Council 
  • Norfolk County Council 
  • North of Tyne Combined Authority 
  • North Yorkshire County Council 
  • Nottinghamshire County Council 
  • Plymouth City Council 
  • Somerset County Council 
  • Southampton City Council 
  • Southend-on-Sea City Council 
  • Staffordshire County Council
  • Stoke-on-Trent City Council 
  • Suffolk County Council 
  • Sunderland City Council
  • South Yorkshire Combined Authority 
  • Tees Valley Combined Authority
  • Warwickshire County Council 
  • West of England Combined Authority 
  • West Midlands Combined Authority 
  • West Yorkshire Combined Authority.

Business investment

The Chancellor announced further backing for schemes that support investment in start-up businesses and an increase in the Company Share Option Plan (CSOP), which allows firms to offer employees share options.

The schemes, including the Seed Enterprise Investment Scheme (SEIS), offer perks to investors in businesses that are deemed vital to the economy, including tax reliefs. 

From April 2023:

  • companies will be able to raise £250,000 in SEIS investment – an increase of 66%
  • the cap on gross assets will be increased to £350,000 and the age limit from two to three years to enable more companies to use the scheme
  • the annual investor limit will double to £200,000.

This will help the 2,000 companies which use the scheme each year, according to the Treasury.

While changes to similar schemes, the Venture Capital Trusts (VCT) and Enterprise Investment Scheme (EIS), have not yet been outlined, the government said that it ‘sees the value’ in extending these schemes in the future.

The share option plan limit will also double in April 2023, from £30,000 to £60,000 per individual director or employee.

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September 22: Kwasi Kwarteng Reverses NIC Hike, Scraps Health & Care Levy Due Next April

Ahead of Friday’s mini-Budget, the Chancellor has announced that the 1.25 percentage point increase in National Insurance contributions (NICs) introduced last April, and partially reduced in July, will be fully reversed in November.

The government says most employees will receive a cut to their NICs directly via payroll in their November pay. Some will receive it in December or January, depending on their employer’s payroll software.

The NIC payment thresholds which were raised in July to remove 2.2 million lower-paid workers from paying any NICs will remain in place at today’s levels. For people on pay of less than £12,570, this means they will still not pay any tax on their earnings.

The higher NIC rates were due to return to 2021-22 levels in April 2023, when a separate Health and Social Care Levy was due to take effect, adding 1.25% to income tax bills. 

Chancellor Kwasi Kwarteng MP has now pulled the plug on the Levy, which would have raised £13 billion annually. However, he has said funding for health and social care services will be protected and will remain at the same level as if the Levy were in place.

The costs will be met from general taxation.

The government says that, taken together, the changes will mean almost 28 million people will pay £135 less this tax year and £330 less in 2023/24, with 920,000 businesses saving an average of £10,000 in 2023 as they will no longer pay a higher level of employer National Insurance.

The Chancellor’s statement tomorrow – dubbed his ‘growth plan’ – is expected to confirm that increases to dividend tax rates will be scrapped from April 2023. 

Income tax on dividends was increased by 1.25 percentage points in April 2022 so that those receiving dividend income also helped fund health and social care. Removing the increase will, says the government, save those who pay tax on dividends an average of £345 next year.

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16 September: More Households Feeling Squeeze As Costs Rocket

A survey of 4,963 households the Office for National Statistics has confirmed that 90% of Brits are seeing their cost of living increase, with four in five adults worried about the impact of higher bills.

The survey, covering the period 31 August to 11 September, found:

  • 87%) adults reported that their cost of living had risen over the past month (91% in the previous period, 17 to 29 August)
  • when the question was first asked in November 2021, the figure was 62%
  • 82% adults reported being very or somewhat worried about rising costs of living 81% in the previous period)
  • when the question was first asked in April 2022, the figure was 74%
  • 48% of adults who pay energy bills found it very or somewhat difficult to afford them (45% in the previous period)
  • 29% of adults reported that they found it very difficult or difficult to pay their usual household bills in the last month compared with a year ago, while just over 21% stated this was very easy or easy.
  • 26% of adults reported being unable to save as much money as usual when asked about how their household finances have been affected in the past 7 days.

The main reasons reported for the rise in the cost of living were:

  • increased price of food shopping (95%)
  • higher gas or electricity bills (78%)
  • the higher price of fuel (71%).

The ONS, the UK’s official data-gatherer, also asked the survey sample about the ways their household finances have been affected in the past seven days. It found:

  • 26% reported being unable to save money as usual 
  • 18% stated that they had to use savings to cover living costs
  • 17% said they had less money available to spend on food
  • 17% reported their savings value is being affected by economic instability.
  • 35% of adults reported that their household finances had not been affected in the past 7 days.

On Friday 23 September, Kwasi Kwarteng MP, Chancellor of the Exchequer, will deliver a mini-Budget setting out how the government plans to tackle the cost of living crisis in general and the impact of rising energy bills in particular.

More detail is expected on the Energy Price Guarantee, announced by the Prime Minister on 8 September, in particular the help to be provided to businesses. We already know that the Guarantee will cap average household bills at £2,500 a year for two years from 1 October.

The Chancellor is also expected to announce a series of tax-cutting measures, including a reduction in national insurance contributions.

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1 August: City Watchdog Bolsters Stance Against Misleading Financial Promotions  

The UK’s financial regulator has finalised tougher rules for the marketing and promotion of high-risk investments, writes Andrew Michael.

Under its new, more robust set of rules, the Financial Conduct Authority (FCA) says that firms approving and issuing marketing material “must have the right expertise”.

The regulator added that firms marketing some types of high-risk investments “will need to conduct better checks to ensure consumers and their investments are well matched”.

According to the FCA, firms also “need to use clearer and more prominent risk warnings”. In addition, certain incentives to invest, such as ‘refer a friend bonuses’, have now been banned.

As part of its Consumer Investments Strategy, the FCA says it wants to reduce the number of people who are investing in high-risk products that do not reflect their risk appetite. In other words, taking out investments that are inappropriate for a certain individual’s financial situation.

Although the FCA warns consumers regularly about the financial dangers of investing in cryptocurrencies, the regulator’s new rules will not actually apply to cryptoasset promotions.

But the FCA said that once the UK government has confirmed in legislation how crypto marketing is to be brought within its remit, it will then publish final rules on the promotion of cryptoassets.

These are expected to follow the same approach as those for other high-risk investments.

FCA director Sarah Pritchard said: “We want people to be able to invest with confidence, understand the risks involved, and get the investments that are right for them which reflect their appetite for risk.”

“Our new simplified risk warnings are designed to help consumers better understand the risks, albeit firms have a significant role to play too. Where we see products being marketed that don’t contain the right risk warnings or are unclear, unfair or misleading, we will act,” Pritchard added.

Nathan Long, senior analyst at the investment platform Hargreaves Lansdown, said: “With a sharp focus on understanding consumer behaviour, the FCA is introducing pragmatic rule changes to clamp down on retail investors buying high risk investments.”

Long added: “The attention has rightly been placed on improving consumer understanding at the point of their decision making.”

29 July: More Protection For Funeral Plan Customers As Regulation Gets Underway 

Companies that offer pre-paid funeral plans will be regulated by the Financial Conduct Authority (FCA) from today, offering greater protection to customers. 

Funeral plans are designed to cover the main costs of cremation or burial, so that your family are not left with the bill after you die. Plans can be paid for upfront, as a lump sum or in monthly instalments of between one and 10 years. 

Regulation will ban firms from cold calling potential customers, and from making commission payments to intermediaries such as funeral directors. 

Providers will also be required to deliver funerals to all customers, unless they pass away within the first two years of taking out the plan, in which case a full refund must be offered.

FCA regulation also brings funeral plans under the Financial Services Compensation Scheme (FSCS), meaning consumers can now claim back their money up to £85,000 if a provider goes bust, while recourse will be available under the Financial Ombudsman Service (FOS) if a customer believes they have not been treated fairly by a provider.

Complaints about issues that occurred prior to FCA regulation can be raised, so long as the provider was registered with the Funeral Planning Authority (FPA) at the time.

Majority of market now regulated

So far, 26 funeral plan providers have been authorised by the FCA, including the UK’s largest providers, Co-Op Funeral Plans Limited and Dignity Funerals Limited. 

These newly-authorised firms account for 1.6 million plans — 87% of the UK market. Providers that have not been authorised have until 31 October 2022 to either transfer plans to an authorised firm, or refund customers. 

Emily Shepperd, executive director of authorisations at the FCA said: “We have worked tirelessly to assess funeral plan providers, under our robust authorisation process. We are pleased that 87% of the market is now under regulation. 

“With our new rules in place, consumers will be better protected when they need it the most.”

The FCA advises customers to check whether their provider has been authorised. If not, they should get in touch with the provider to inquire about their plan.

27 July 2022: FCA Consumer Duty Rules Tighten Protections, End ‘Rip-Off’ Charges

UK regulator, the Financial Conduct Authority (FCA), is introducing rules designed to protect customers from being ripped off and to ensure they are treated fairly and get the support and service they need.

The FCA says its new Consumer Duty “will fundamentally improve how firms serve consumers. It will set higher and clearer standards of consumer protection across financial services and require firms to put their customers’ needs first.”

It will require firms to: 

  • end rip-off charges and fees 
  • make it as easy to switch or cancel products as it was to take them out in the first place 
  • provide helpful and accessible customer support, not making people wait so long for an answer that they give up 
  • provide timely and clear information that people can understand about products and services so they can make good financial decisions, rather than burying key information in lengthy terms and conditions that few have the time to read 
  • provide products and services that are right for their customers  
  • focus on the real and diverse needs of their customers, including those in vulnerable circumstances, at every stage and in each interaction.

Among the effects of the new requirements, which will be phased in from July 2023, will be firms being obliged to offer all customers their best deals, rather than using them to tempt new customers. This rule is already in place for car and home insurance.

The reverse will also be true in that firms will be expected to make their best deals available to new customers.

The Duty is made up of an overarching principle and new rules that will mean consumers should receive communications they can understand, products and services that meet their needs and offer fair value, and they get the customer support they need, when they need it. 

The FCA says the new environment should foster innovation and competition. It says it will be able to identify practices that don’t deliver the right outcomes for consumers and take action before practices become entrenched as market norms. 

Sheldon Mills at the FCA said: “The current economic climate means it’s more important than ever that consumers are able to make good financial decisions. The financial services industry needs to give people the support and information they need and put their customers first. 

“The Consumer Duty will lead to a major shift in financial services and will promote competition and growth based on high standards. As the Duty raises the bar for the firms we regulate, it will prevent some harm from happening and will make it easier for us to act quickly and assertively when we spot new problems.”

6 July 2022: Struggling Households Must Seek Help – As Worse To Come

Households struggling financially as a result of the deepening cost of living crisis, are failing to seek available support due to lack of understanding or feelings of embarrassment.

Worry, shame and fear

According to a report published today by the financial regulator, the Financial Conduct Authority (FCA) and MoneyHelper, a government-back online advice service, 42% of borrowers who had ignored their lenders’ attempt to contact them had done so because they felt ‘ashamed’.

It also found that two-in-five (40%) people who were struggling financially mistakenly thought that talking to a debt advisor would negatively impact their credit file.

Other reasons for failing to address financial problems included doubts about the value of contacting lenders, with 20% believing it would not be of any help, and negative perceptions about the potential outcome – with 18% worried about losing access to existing credit and 16% worried about gaining access to credit in the future.

The FCA urged consumers who are struggling to keep on top of their finances to contact lenders to discuss available options, such as a potential payment plan – and to seek free advice from MoneyHelper.

More than half (52%) of borrowers in financial difficulty waited more than a month before seeking help and, of these, 53% regretted not doing it sooner.

Sheldon Mills, executive director of consumers and competition at the FCA, commented, “Anyone can find themselves in financial difficulty, and the rising cost of living means more people will struggle to make ends meet. 

“If you’re struggling financially the most important thing is to speak to someone. If you’re worried about keeping up with payments, talk to your lender as soon as possible, as they could offer affordable options to pay back what is owed.”

Debt advice charities such as StepChange or Turn2Us are also independent and free of charge, and making contact will not damage – or even be visible – on your credit file.

Economic outlook

The FCA’s advice has coincided with a Bank of England report, also published today, which warns that people with high levels of debt will find themselves ‘most exposed’ to further price rises of essential goods such as food and energy – especially if costs continue to climb quicker than expected, or it becomes more difficult to borrow.

The Bank’s Financial Stability Report found that day-to-day living costs have risen sharply in the UK and across the rest of the world, while the outlook for growth has worsened.

It points the blame largely at Russia’s illegal invasion of Ukraine; both countries produce significant proportions of the world’s wheat supply, along with other staples such as vegetable oil, resulting in high  food prices and high levels of volatility in the commodity markets.

The Bank said that ‘like other central banks around the world’ it has increased interest rates to help slow down price rises. However, costs are still soaring with annual inflation – 9.1% for May – at the highest level for 40 years.

Combined with tightening borrowing conditions, repaying or refinancing outstanding debt will become harder, said the Bank. It expects households and businesses to become further stretched in the next few months, while being ‘vulnerable to further shocks’.

Both reports land against the backdrop of a political crisis in which two of the Government’s most senior cabinet members – the Chancellor of the Exchequer, Rishi Sunak and Health Secretary, Sajid Javid – both resigned over lack of faith in the Government’s leadership.

Former education secretary, Nadhim Zahawi has now taken up the reins as Chancellor but will inherit ongoing problems including soaring petrol, energy and food prices as well as the plummeting value of the pound.

Blog: ADIAL PHARMACEUTICALS, INC. : Regulation FD Disclosure, Other Events, Financial Statements and Exhibits (form 8-K) –

Item 7.01. Regulation FD Disclosure.

On September 26, 2022, Adial Pharmaceuticals, Inc. (the “Company”) issued a
press release announcing that Purnovate, Inc. (“Purnovate”), a subsidiary of the
Company, achieved positive in vivo data for PNV-5030 as a potential treatment
for chronic pain.

The information in this Item 7.01 and in the press release furnished as Exhibit
99.1 to this Current Report on Form 8-K shall not be deemed to be “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2)
of the Securities Act of 1933, as amended and shall not be incorporated by
reference into any filing with the U.S. Securities and Exchange Commission made
by the Company, whether made before or after the date hereof, regardless of any
general incorporation language in such filing.

The press release furnished as Exhibit 99.1 to this Current Report on Form 8-K
includes “safe harbor” language pursuant to the Private Securities Litigation
Reform Act of 1995, as amended, indicating that certain statements contained
therein are “forward-looking” rather than historical.

Item 8.01. Other Events.

On September 26, 2022, the Company issued a press release announcing that
Purnovate achieved positive in vivo data for PNV-5030 as a potential treatment
for chronic pain. The study was conducted in four groups of ten rats, which
underwent surgical injury of the sciatic nerve. After ten days of recovery,
mechanical allodynia (measured in grams of pressure) was performed using a 50%
withdrawal threshold, an accepted animal model for measuring pain.

Certain highlights of the study included the following:

? PNV-5030 treatment was administered orally with a 15mg/kg dose.

? At 30 minutes post dose, PNV-5030 reduced pain by 43% compared to the control

group, while acetaminophen (APAP) doses did not have a significant effect (4.7g

vs 2.7g, respectively, p<0.05). PNV-5030 also demonstrated a 49% improvement in

pain reduction over acetaminophen (APAP-25mg/kg) (4.7g vs 2.4g, respectively,


? At 60 minutes post dose, PNV-5030 reduced pain by 76% compared to the control

group (5.3g vs 1.8g, respectively, p<0.05). PNV-5030 also demonstrated a 53%

improvement in pain reduction over acetaminophen (APAP-25mg/kg) (5.3g vs 2.4g,

respectively, p<0.05).

? At 120 minutes post dose, PNV-5030 reduced pain by 62% compared to the control

group, while acetaminophen (APAP) doses did not have a significant effect (4.7g

vs 1.8g, respectively, p<0.05).

? At 180 minutes post dose, PNV-5030 reduced pain by 56% compared to the control

group (3.4g vs 1.5g, respectively, p<0.05). PNV-5030 also demonstrated a 56%

improvement in pain reduction over acetaminophen (APAP-25mg/kg) (3.4g vs 1.5g,

respectively, p<0.05).

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Number    Description
99.1        Press Release of Adial Pharmaceuticals, Inc. dated September 26,
104       Cover Page Interactive Data File (the cover page XBRL tags are embedded
          within the inline XBRL document)


© Edgar Online, source Glimpses

Blog: ZYMEWORKS INC. : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K) –

ITEM 7.01 Regulation FD Disclosure

On September 26, 2022, Zymeworks Inc. (the “Company” or “Zymeworks”) issued a
press release announcing that independent proxy advisory firm, Institutional
Shareholder Services (“ISS”), recommended that shareholders of the Company vote
in favor of a resolution to approve a series of transactions, including a
corporate redomicile, at the Company’s upcoming special meeting of
securityholders to be held on October 7, 2022.

On September 26, 2022, the Company filed a press release regarding the
recommendation by ISS with the Canadian securities regulatory authorities on the
System for Electronic Document Analysis and Retrieval at
(“SEDAR”). A copy of this press release is attached as Exhibit 99.1 hereto.

The information under this Item 7.01 of this Current Report on Form 8-K and
Exhibit 99.1 attached hereto are being furnished and shall not be deemed “filed”
for the purposes of Section 18 of the Securities Exchange Act of 1934 (the
“Exchange Act”), or otherwise subject to the liability of that section, nor
shall such information be deemed incorporated by reference in any filing under
the Exchange Act or the Securities Act of 1933, as amended (the “Securities
Act”), regardless of the general incorporation language of such filing, except
as shall be expressly set forth by specific reference in such filing.

Important Information for Investors and Securityholders

This communication is not intended to and does not constitute an offer to sell,
buy or exchange or the solicitation of an offer to sell, buy or exchange any
securities or the solicitation of any vote or approval in any jurisdiction, nor
shall there be any sale, purchase, or exchange of securities or solicitation of
any vote or approval in any jurisdiction in contravention of applicable law. In
connection with the proposed redomicile (the “Redomicile”), Zymeworks has caused
its subsidiary Zymeworks Delaware Inc., a Delaware corporation (“New
Zymeworks”), to file a registration statement on Form S-4, which includes New
Zymeworks’ prospectus as well as Zymeworks’ proxy statement (the “Proxy
Statement/Prospectus”), with the U.S. Securities and Exchange Commission (the
“SEC”) and the appropriate Canadian securities regulatory authorities. Zymeworks
has mailed the Proxy Statement/Prospectus to its shareholders and holders of its
warrants and outstanding equity awards in connection with the proposed
securityholders are able to obtain free copies of the Proxy Statement/Prospectus
and other documents filed with the SEC by Zymeworks or New Zymeworks through the
website maintained by the SEC at (“EDGAR”). Investors and
securityholders are also able to obtain free copies of the Proxy
Statement/Prospectus and other documents filed with Canadian securities
regulatory authorities by Zymeworks, through the website maintained by the
Canadian Securities Administrators on SEDAR. In addition, investors and
securityholders are able to obtain free copies of the documents filed with the
SEC and Canadian securities regulatory authorities on Zymeworks’ website at or by contacting Zymeworks’ corporate secretary.

Participants in the Solicitation

Zymeworks and certain of its directors, executive officers and employees may be
considered participants in the solicitation of proxies in connection with the
proposed Redomicile. Information regarding the persons who may, under the rules
of the SEC, be deemed participants in the solicitation of the securityholders of
Zymeworks in connection with the proposed Redomicile, including a description of
their respective direct or indirect interests, by security holdings or
otherwise, is included in the Proxy Statement/Prospectus described above.
Additional information regarding Zymeworks’ directors and executive officers is
also included in Zymeworks’ Amendment No. 1 to the Annual Report on Form 10-K/A,
which was filed with the SEC and Canadian securities regulatory authorities on
May 2, 2022. This document is available free of charge as described above.


Cautionary Note Regarding Forward-Looking Statements

This communication includes “forward-looking statements” or information within
the meaning of applicable securities legislation, including Section 27A of the
Securities Act, and Section 21E of the Exchange Act. Forward-looking statements
in this communication include, but are not limited to, statements that relate to
expected benefits of the Redomicile; opportunities to enhance long-term value
for securityholders as a U.S. corporation; opportunities to expand the
institutional investor base; ability to commercialize its products in the United
States; and other information that is not historical information. When used
herein, words such as “intention”, “subject to”, believes”, “propose”, “will”,
“future”, “may”, “anticipates”, “pending”, “plans”, “potential”, and similar
expressions are intended to identify forward-looking statements. In addition,
any statements or information that refer to expectations, beliefs, plans,
projections, objectives, performance or other characterizations of future events
or circumstances, including any underlying assumptions, are forward-looking. All
forward-looking statements are based upon Zymeworks’ current expectations and
various assumptions. Actual results could differ materially from those described
or implied by such forward-looking statements as a result of various factors,
including, without limitation: the impact of the COVID-19 pandemic on Zymeworks’
business, research and clinical development plans and timelines and results of
operations, including impact on its clinical trial sites, collaborators, and
contractors who act for or on Zymeworks’ behalf, may be more severe and more
prolonged than currently anticipated; the ability to receive, in a timely manner
and on satisfactory terms, the required securityholder, stock exchange and court
approvals; the anticipated last day of trading Zymeworks common shares on the
NYSE and the anticipated trading of shares of common stock of New Zymeworks
following the completion of the Redomicile; and assumptions in corporate
guidance. Risks and uncertainties include, but are not limited to: the
anticipated benefits of the Redomicile may not be achieved; the receipt of
securityholder, stock exchange and court approvals and satisfaction of other
conditions in connection with the Redomicile may not be obtained; the
anticipated tax consequences and impact of the Redomicile to Zymeworks
securityholders, Zymeworks and New Zymeworks may not materialize; risks relating
to New Zymeworks following the Redomicile, including triggering provisions in
certain agreements that require consent or may result in termination; publicity
resulting from the Redomicile and impacts to the company’s business and share
price; risks that the description of the transactions in external communications
may not properly reflect the underlying legal and tax principles of the
Redomicile; the benefits of being a U.S. corporation on efforts to commercialize
zanidatamab may not be realized; changes in or interpretation of laws or
regulations may prevent the realization of anticipated benefits from the
Redomicile; risks associated with existing or potential lawsuits and regulatory
actions; the impact of disputes arising with partners; and other risks and
uncertainties as described in Zymeworks’ Annual Report on Form 10-K, as amended,
and Quarterly Report on Form 10-Q and as described from time to time in
Zymeworks’ other periodic filings as filed on SEDAR and EDGAR.

Although Zymeworks believes that such forward-looking statements are reasonable,
there can be no assurance they will prove to be correct. Investors should not
place undue reliance on forward-looking statements. The above assumptions, risks
and uncertainties are not exhaustive. Forward-looking statements are made as of
the date hereof and, except as may be required by law, Zymeworks undertakes no
obligation to update, republish, or revise any forward-looking statements to
reflect new information, future events or circumstances or to reflect the
occurrences of unanticipated events.


(d) Exhibits

  No.     Description

99.1        Press Release dated September 26, 2022.

104       Cover Page Interactive Data File (embedded as Inline XBRL document).



© Edgar Online, source Glimpses

Blog: Tunisia promises democratic reform in UN address – Arab News

LONDON:  Tunisia is working on democratic reforms through parliamentary elections in the wake of months of civil unrest, the country’s foreign minister told the UN General Assembly on Monday.

Othman Jerandi said Tunisia’s development goals remain in line with UN ambitions, describing the organization’s agenda as a “ray of hope” for the international community.

A key focus for the country is to restructure debt and create projects that will generate wealth, he added.

“Democracy for Tunisia is a national choice — one that it will not deviate from. We are working on a reform process through parliamentary elections,” said Jerandi.

“This is the will of the people of Tunisia, who are committed to preserving freedom, constitutional rights, rule of law and sovereignty. Tunisia is always on the side of our universal common principles.”

But he warned that amid spiraling global crises — including climate change, migration, food insecurity and natural disasters — each country “has its own challenges, own problems and own characteristics,” and that “one-size-fits-all models” are unfit for purpose.

Jerandi said it is “regrettable that millions of people around the world are being threatened with being left behind because of the imbalance in the international economic system and a lack of solidarity.”

He highlighted the urgency of energy and food crises felt worldwide, saying the COVID-19 pandemic, supply chain issues and the Russia-Ukraine conflict have exacerbated economic woes.

“This is a critical point in our common destiny and history. We must find transformative, radical solutions that allow us to overcome our circumstances and strengthen durability and resilience,” he added.

“Our peoples are watching us and wondering whether the international community will be able to find these transformative solutions, and whether they will show the required political will to overcome these global crises that continue to worsen.”

Jerandi described the process of finding solutions as a constant concern, adding that “at each (UN) session, new issues are added to those that remain.”

He said: “Crises must be addressed from the roots — if not, it is but a temporary solution. We must find new, just solutions as proposed in our common agenda.”

Jerandi listed a series of proposals to the UNGA, saying solutions “can only be developed through multilateral action and in the spirit of solidarity in coordination with the UN.”

He said: “There must be an economic model created that focuses on quality as opposed to the speed of growth — in particular through investment in modern technology and science.” He noted Tunisia’s hosting of a summit on digital development to achieve national goals.

He added: “It is time to move forward on debt management through new approaches. We must adapt the international monetary order and financial systems, which must be based on national specifics and national needs — in particular in developing countries and in Africa.

“These countries have not found the support they expected to overcome challenges and promote growth as well as achieve the (UN) SDGs (Sustainable Development Goals).

“Peoples must be able to regain the resources that have been stolen from them. Africa must achieve equal partnerships, equality and better development.”

Jerandi spoke about the Palestinian issue, which he said “requires the end of occupation and the creation of an independent Palestinian state with Jerusalem as its capital.”

He added: “We must work to overcome disputes through peaceful means, end absurd conflicts and find solutions to just causes.

“We must move beyond analysis and toward actions. Our peoples no longer want to hear empty promises.”

Blog: HELIX ENERGY SOLUTIONS GROUP INC : Change in Directors or Principal Officers, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K) –

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(d) At its meeting on September 20, 2022, the Board of Directors (the “Board”)
of Helix Energy Solutions Group, Inc. (“Helix”), pursuant to Helix’s By-Laws,
increased the size of the Helix Board from six to eight directors, and also
elected each of Diana Glassman and Paula Harris as a director, both effective as
of September 20, 2022.

Ms. Glassman will serve as a Class II director whose term will expire at Helix’s
2024 Annual Meeting of Shareholders. Ms. Glassman also was appointed by the
Board to serve on the Board’s Corporate Governance and Nominating Committee.
Ms. Harris will serve as a Class III director whose term will expire at Helix’s
next Annual Meeting of Shareholders. Ms. Harris also was appointed by the Board
to serve on the Board’s Compensation Committee. Neither Ms. Glassman nor
Ms. Harris was selected as a director pursuant to any arrangements or
understandings between either of them, Helix or any other person. In addition,
there are no related party transactions between Helix and either Ms. Glassman,
Ms. Harris or their respective immediate families.

In connection with their respective appointments and consistent with Helix’s
current independent director compensation program, each of Ms. Glassman and
Ms. Harris was awarded 9,664 shares of restricted Helix common stock. The number
of shares was determined based on the closing price of Helix common stock on
September 20, 2022, and the shares will vest on the one-year anniversary of the
date of the grant. For their service on the Helix Board and its committees,
Ms. Glassman and Ms. Harris will also receive retainer and other fees in
accordance with Helix’s independent director compensation program.

Item 7.01. Regulation FD Disclosure.

Additional information with regard to Ms. Glassman and Ms. Harris is included in
the press release attached hereto as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Number        Description
99.1            Press Release of Helix Energy Solutions Group, Inc. dated
              September 26, 2022 announcing the appointment of Diana Glassman and
              Paula Harris.
104           Cover Page Interactive Data File (embedded within the Inline XBRL

© Edgar Online, source Glimpses