The trust then issues depository receipts, which have economic rights mirroring those of the underlying shares.The depository-receipt holder can tell the trust how to vote.
The government, which has acknowledged receipt of the claim lodged on 28 June, is expected to argue that a prime minister can use powers based on the royal prerogative to trigger article 50.
Those steps, plus the increase in tax receipts, which have reduced the need for borrowing, will delay a crisis by about a month — to August from July.
One such measure would be another round of aid to beleaguered state and local governments, which have seen their tax receipts plunge and which, unlike the federal government, can't borrow to cover a temporary shortfall.
Eager to improve their tax receipts, which have dwindled as companies have piled on losses and unemployment rose during the recession, governments have pledged to recoup payments for assets held by their citizens abroad.
The severe drop in audits of corporations raises questions about corporate income tax receipts, which have fallen to historically low levels when counted as a portion of the economy.
Such a fall (exacerbated by deflation) has hit tax receipts, which have fallen by 22% since 1997, leading to a doubling of the government's debt.At a time of stagnant wage growth, few consumers will relish the prospect of paying up to 5% more for everything they buy.
But that increase has been more than offset by a fall in spending by state and local governments, which have been squeezed by weak tax receipts.
American depositary receipts of Beijing-based rival Baidu, which have rallied recently, were flat Monday morning.
Greece is a prime example of the disease in the euro zone, said Mr. Tilford, the economist in London, made worse by political mismanagement; the global recession, which has hit tax receipts; and the impossibility of devaluing a shared currency.
