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Euro area economy showed resilience after UK referendum, Mario Draghi tells MEPs
The recovery in the euro area is expected to continue at slower pace than envisaged in June due to a lower foreign demand outlook, ECB's Draghi told ECON members. The euro area economy showed resilience to global and political uncertainty, notably following the UK referendum outcome. View Article |
World Economic Forum: What impact will Brexit have on the UK’s competitiveness?
The WEF analysis is that there is a clear downside risk to the UK economy from leaving the European Union, with only limited potential for upside, at least in the short term. View Article |
Financial Times: City’s special relationship with EU finance system revealed
Banks that use the UK as a gateway to the EU employ more than 590,000 people, have more than £7.5tn of assets and make annual profits of more than £50bn, according to Companies House data analysed by the FT. View Article |
Bloomberg: Most UK CEOs say they would consider moving after Brexit
The UK’s vote to leave the European Union has left more than three-quarters of chief executive officers saying they would consider moving their headquarters or operations outside Britain, according to a survey of 100 business leaders by the accountancy firm KPMG. View Article |
Financial Times: City of London fears May government is shifting towards ‘hard’ Brexit
Leading bankers who have held talks with government ministers have told the Financial Times they believe Theresa May, the prime minister, will end up taking Britain out of the EU’s single market and customs union. View Article |
Hedgeweek: Brexit allows Malta to consolidate UK relationship
Some jurisdictions have been quick to seize the initiative on the back of the uncertainty that UK firms face after Brexit – especially as it relates to passporting for London's much lauded financial services industry – Malta is focusing on maintaining the harmonious relationship it has with the UK. View Article |
Bloomberg: Fox says UK will ‘uphold’ WTO Commitments after Brexit
Trade Secretary Liam Fox said the UK will “continue to uphold” its commitments to the World Trade Organization even after it leaves the European Union, drawing praise from pro-Brexit economists and alarm from those seeking a softer withdrawal from the bloc. View Article |
Financial Times: Confidential report reveals Brexit threat to consumer banking
The consumer-facing side of British banking will be hit by Brexit, with services like credit cards, private banking and digital payments all facing disruption, according to a confidential industry report. View Article |
Bloomberg: Banks said to plan for loss of euro clearing after Brexit
Executives at global investment banks in London expect France and Germany will prevail in a tussle over the clearing of $570 billion of euro derivatives and are making plans to deal with the fallout. In Graham Bishop's view - quoted in the article-, the ECB “has no choice but to take clearing away." View Article |
Reuters: European firms offer Britain scant support in divorce talks
More than 20 European business associations and companies interviewed by Reuters say they back their government's position that Britain's banking sector can only enjoy EU market access post-Brexit if the country still follows the bloc's rules. View Article |
The Guardian: Brexit anxiety taking its toll on financial services sector, CBI finds
Optimism dropped for the third consecutive quarter in the three months to September, according to the research jointly produced by the CBI business lobby group and the accountancy firm PwC. View Article |
The Telegraph: US bank bosses from Goldman Sachs, Morgan Stanley and BlackRock threaten Theresa May with relocation
The bosses of several of America’s biggest banks and corporations have warned Theresa May they will pre-emptively shift operations into Europe unless she can provide early clarity on the future shape of EU-UK relations, The Telegraph has learned. View Article |
City AM: Lloyd's of London could announce Brexit restructure plans before Christmas
Specialist insurance market Lloyd's of London is close to announcing whether it is considering relocating part of its operations if the UK loses vital passporting rights as a result of the Brexit vote. View Article |
British Bankers Association: Cross-border financial services in the spotlight
Following the Brexit vote the topic of cross-border activity has been thrust into the limelight. It is important not to underestimate the complexity of cross-border business which can be related to the export of services, the sale of a product abroad or an investment on a foreign regulated market. View Article |
City AM: City finance jobs tumble after Brexit vote
Job openings in the City dried up over the summer as finance firms put hiring on hold while they assess the damage of the UK's vote to leave the EU, according to new research. View Article |
Financial Times: A hard Brexit is far from inevitable
There is room for compromise on both sides, writes Peter Mandelson. View Article |
CEPS: The Economics of Brexit: It’s not about the Internal Market
The United Kingdom’s vote to ‘Brexit’ the European Union is on course to become the year’s biggest non-event. Beyond a weaker pound and lower UK interest rates, the referendum has not had much of a lasting impact. Have the costs of Brexit been overblown? Not exactly. View Article |
Open Europe: Political creativity needed for ambitious Brexit deal may be in short supply
Stephen Booth argued that the biggest challenge in delivering an “ambitious” new relationship with the EU, will be navigating the increasing political volatility within and between the other 27 EU member states. View Article |
CER: Brexit Britain: The poor man of Western Europe?
Contrary to much of the received wisdom, Britain has not been one of Europe’s economic stars over the last 15 years. And Brexit is set to exacerbate the economy’s underlying weaknesses, writes Simon Tilford. View Article |
POLITICO: Germany preparing Deutsche Bank bailout: report
Germany is drawing up plans to rescue Deutsche Bank if its $14 billion (€12.5 billion) fine from U.S. authorities plunges it into further financial difficulty, according to a report in Die Zeit. View Article |