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14 July 2016

Brexit 'Weekly'


Brexit, Theresa May, ECON, IMF, AMF risk mapping, Bank of England, country-specific recommendations, corporate tax avoidance and more.

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  Articles from 07 July 2016 - 14 July 2016

  Grahams Articles, Comments & Speeches
 
 
Referendum on Brexit Terms: Worst-case WTO rules are the only way to avoid it
Graham Bishop sets out scenarios why the European Union Act 2011 will probably require a referendum on the UK’s exit trade deal with the EU, against a background highly influenced by the British current account deficit.  View Article
121st Brussels for Breakfast – the Blog
Organised by the Centre for the Study of Financial Innovation (CSFI) with David Reed (Kreab) and John Rega (Mlex).  View Article
 
  Political
 
 
Martin Schulz: The EU must not treat the UK as a deserter – we can negotiate without rancour
With a new British prime minister in place we can all take time out to plan the future, but talks should begin in the autumn, writes the European Parliament President on The Guardian.  View Article
Remarks by President Donald Tusk after the EU-US leaders' meeting in Warsaw
The European Council President said that "the geopolitical consequences of Brexit may be very serious" and that "there is no good alternative to trans-Atlantic cooperation."  View Article
Remarks by J.Dijsselbloem following the Eurogroup meeting
Eurogroup President summarised the main topics discussed during the meeting: the effects of the outcome of the UK referendum; Spain and Portugal's non-compliance with the deficit targets; the post-programme surveillances in Ireland and Portugal; and unblocking investment in the EU.  View Article
UK Parliament: Brexit vote could see defence budget reduced
Brexit could mean defence spending will shrink in real terms despite NATO 2% target, says National Security Strategy Joint Committee.  View Article
The Guardian view on the post-Brexit economy: fear itself
Britain remains in the EU for the moment, so little has changed for business – other than the mood. But as confidence fades and anxiety rises, the mood could count for a lot.  View Article
CEPS: Procedural steps towards Brexit
With the dust barely settled on the Brexit referendum, a messy legal picture has emerged. Among the many challenges are what, when and how exactly the UK’s withdrawal from the EU should be negotiated.  View Article
Financial Times: George Osborne pledges to safeguard City’s investment banks
British Chancellor promised leaders of the world’s biggest investment banks that he would use “every possible measure” to safeguard their industry in the aftermath of the UK’s vote to leave the EU.  View Article
City AM: Over 1,000 barristers write to Cameron branding the Brexit outcome "not legally binding"
The legal clamour against the result of the EU referendum is growing, with over 1,000 barristers branding the outcome “not legally binding” and demanding that leaving the EU be subject to an Act of Parliament.  View Article
Commercial Risk Europe: London insurers in talks to maintain EU passporting rights
Lloyd’s and the wider London market are in discussions with the UK government to maintain passporting rights with the EU to ensure they are able to deliver sizeable chunks of premium to European buyers.  View Article
Hedgeweek: UK financial sector chronically unprepared for Brexit regulatory changes
According to financial services management and technology consultancy Brickendon, the UK financial services sector’s infrastructure is chronically unprepared to deal with the regulatory changes that will come as a result of the country leaving the EU.  View Article
Brookings: After Brexit, London can kiss fintech startup growth goodbye
London’s role as Europe’s financial services center has been called into question as a result of the UK’s decision to leave the European Union – the “City’s” future in the world of finance is very much in doubt.  View Article
IPE: UK pension funds vigilant of Brexit outcomes after initial ups, downs
Britain’s larger pension funds are keeping a watchful eye for developments in the wake of the public vote for the country to leave the EU, with individual funds registering various gains and losses in the immediate market changes following the referendum.  View Article
ACCA: UK finance profession sets out priorities for the new Prime Minister’s first 30 days in office
ACCA wants to see incoming Prime Minister Theresa May act fast to restore UK business and consumer confidence.  View Article
FRC: Reminders for half-yearly and annual financial reports following the EU referendum
In light of the referendum vote for the UK to leave the EU and the consequential uncertainties in the political and economic environment, the FRC highlights some matters for directors to consider when preparing their forthcoming half-yearly and annual financial reports.  View Article
Guy Verhofstadt: Only more Europe can beat Europe’s nationalists
If British inaction causes Europe to continue to suffer economically from political uncertainty, a full separation should be carried out unilaterally, writes ALDE President on Project Syndicate.  View Article
OMFIF: Schadenfreude over British exit
Why Europe’s post-Brexit performance may be worse.  View Article
EUROPP: Theresa May has two clear options on Brexit – neither of them easy
Any attempt to rerun the vote by the new British Prime Minister would be problematic, but it is highly unlikely that Theresa May will be able to secure a deal that restricts EU free movement of persons while retaining access to the single market.  View Article
Financial Times: Brexcuses - A crib sheet for shifting blame if Brexit goes bad
If the rudderless project to divorce Europe ends in disappointment, the possible causes will be many.  View Article
 
  Financial
 
 
ECON Committee is satisfied that Vice-President Dombrovskis is in a position to assume the Financial Stability, Financial Services and CMU
Following a hearing at the ECON Committee, a large majority of Coordinators were satisfied that Vice-President Dombrovskis is in a position to assume the portfolio that is transferred to him and look forward to a strong leadership in a key file for the stability of the EU.  View Article
The AMF publishes its 2016 risk mapping
Brexit-related uncertainty, effects of a low interest rate environment, risk of a sharp re-pricing of assets, structural changes in markets: AMF has drawn up a mid-2016 current state assessment of the main risks to markets, retail investment, collective investment and the financing of the economy.  View Article
 
  Economic
 
 
Financial Times: Focus on Bank of England’s policy response to Brexit
The Monetary Policy Committee of the Bank of England will formally meet on July 14 for the first time following the EU referendum result and, given the expected negative shock to growth, it is less a question of “whether?” and more a question of “how?” they choose to ease monetary policy.  View Article
Corporate tax avoidance: New rules adopted by the European Council
The Council adopted new rules addressing some of the practices most commonly used by large companies to reduce their tax liability.   View Article
Economic, employment and fiscal policies: Council issues country-specific recommendations
The Council issued recommendations on economic, employment and fiscal policies planned by the member states.   View Article
Excessive deficit procedure: Council finds that Portugal and Spain have not taken effective action
The Council confirmed that the two countries will not reduce their deficits below 3% of GDP by the recommended deadline. And in both cases, it found the fiscal effort to fall significantly short of what was recommended. The decisions will trigger sanctions under the excessive deficit procedure.  View Article
FEE´s proposal for public country-by-country reporting on disclosing tax information
FEE has created a template that outlines the basic information for such companies to disclose when issuing a public country-by-country report so as to provide useful information to stakeholders whilst minimising the costs of preparation and the risk of disclosing economically sensitive information.  View Article
ECIIA: The challenge of tax reporting
According to speakers at a recent co-hosted ECIIA event at the European Parliament, internal auditors can provide boards with help and assurance that the EU’s new rules on tax reporting have been properly implemented in their enterprises.  View Article
European Council: EU and Monaco sign deal on automatic exchange of tax data
The agreement will contribute to efforts to clamp down on tax evasion, by requiring the EU member states and Monaco to exchange information automatically. This will allow their tax administrations improved cross-border access to information on the financial accounts of each other's residents.   View Article
IMF Executive Board Concludes 2016 Article IV Consultation on Euro Area Policies
The recovery has strengthened recently. However, inflation and inflation expectations remain very low. Euro area GDP growth is expected to decelerate to 1.4 percent in 2017, mainly due to the negative impact of the UK referendum outcome.  View Article
ECB's Constâncio: Challenges for the European banking industry
ECB Vice-President Constâncio spoke about FinTech, challenges relating to the low interest rate environment, low profitability environment banks operate in, the prospects for bank consolidation, or the regulatory measures still to come.  View Article
 
  Budgetary
 
 
MEPs and Euro group ministers debate path to a Euro zone budget
Members of Parliament’s Budgets and Economic and Monetary Affairs committees debated the need for a euro area budget with finance ministers.  View Article
ECA: Implementing the EU budget through financial instruments
ECA has published a special report on implementing the EU budget through financial instruments – lessons to be learnt from the 2007-2013 programme period. The ECA’s special report set out the results of its performance and compliance audits of specific budgetary areas or management topics.  View Article
 

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