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22 February 2018

Brexit Weekly


Brexit transition, post-Brexit trade options, bank Brexodus, David Davis' Foundations of the Future Economic Partnership Speech, Northern Ireland, 'full alignment' with EU rules and more.

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Brexit & UK   About this email

  Articles from 15 February 2018 - 22 February 2018

  Brexit & UK
 
 
Financial Times: UK heads for clash with EU on Brexit transition
Britain is on a collision course with the EU over fundamental elements of the Brexit transition, as London seeks to potentially extend the period while giving itself the power to reject new EU laws.  View Article
David Davis' Foundations of the Future Economic Partnership Speech
Brexit Secretary said that Britain wants to "lead a race to the top in global standards" and "mutual recognition" in trade.  View Article
Institute of Directors: Business leaders propose hybrid option for post-Brexit trade
Business leaders have put forward a compromise proposal for future trade with the European Union that would significantly reduce barriers to trade with the bloc while still allowing the UK to pursue trade deals with other countries.  View Article
POLITICO: Merkel: Post-Brexit trade deal need not mean ‘cherry-picking’
The U.K. and the EU can find a “fair balance” in Brexit trade talks that would not mean the U.K. “cherry-picking” the most beneficial aspects of single market access, Angela Merkel said.  View Article
Financial Times: Britain’s road to becoming the EU’s Canada
The UK government’s red lines rule out other post-Brexit trading options, writes Martin Wolf.  View Article
The Guardian: UK will have to have a customs union post-Brexit, says Corbyn
The Labour leader said that access to European markets and no hard border in Northern Ireland are key to Labour’s position.  View Article
Financial Times: Irish deputy PM accuses Brexiters of undermining peace process
Ireland’s deputy prime minister has accused “reckless” Brexit-supporting UK MPs of endangering the Northern Ireland peace process, after several suggested that the Good Friday Agreement presented a barrier to negotiations over leaving the EU.  View Article
Financial Times: Ireland steps up plans to avoid market disruption from Brexit
Ireland’s efforts to build infrastructure that will prevent its securities markets being upended by a hard Brexit were boosted after Euroclear announced plans to create a settlement system that does not rely on London.  View Article
The Guardian: Hard Brexit would cost Irish economy €18bn, says study
A new report commissioned by the Irish government estimates that a no-deal exit for UK would see economy worse off by up to 7% of GDP by 2030.  View Article
Financial Times: Deutsche Börse sets sights on quarter of euro clearing post-Brexit
The new chief executive of Deutsche Börse has said he wants the Frankfurt exchange to win at least a quarter of the market for clearing euro interest rate swaps from London by 2019 and called on politicians for more support in its efforts.  View Article
Bloomberg: Bank Brexodus gets closer as Deutsche Bank relocates booking
Deutsche Bank became the first large bank to publicly announce the beginning of a wholesale relocation of client business out of the UK in response to Britain’s vote to leave the European Union.   View Article
BBC: UK's Brexit transition plans released
The UK has published proposals for how it wants the transition period immediately after Brexit to work.  View Article
Financial Times: T Rowe Price pivots from London to Luxembourg
T Rowe Price, the $1tn US asset manager, has begun pivoting its European business away from London and towards Luxembourg, as investment companies start to put their Brexit contingency plans into action.   View Article
Bloomberg: May wants total alignment with EU data rules after Brexit
UK Prime Minister Theresa May proposed keeping Britain in total alignment with the European Union’s data-sharing rules after Brexit, something that would allow both intelligence agencies and business to continue to share information across borders.  View Article
Commercial Risk Europe: UK brokers risk missing the Brexit boat, LIIBA warns
UK brokers that fail to finalise their Brexit plans risk not being ready to trade with underwriters’ new entities, which could result in disruption to their clients, their trading partners and their own businesses, according to the authors of a new report. Many might need to form a subsidiary company in the EU.  View Article
Department for Exiting the European Union: Plans outlined to extend 'settled status' deal to citizens from Iceland, Liechtenstein and Norway
Plans to grant residents from Iceland, Liechtenstein and Norway similar rights post-Brexit as those from EU Member States, have been outlined as engagement between the UK and the EEA EFTA members intensifies.  View Article
The Guardian: May's Brexit transition demand 'would penalise EU citizens'
Theresa May’s demand that EU nationals coming to the UK during a Brexit transition deal should enjoy fewer rights than those already in the country would amount to “penalising citizens”, Guy Verhofstadt has said.  View Article
Le Figaro: Why it's not a good idea to punish the British for Brexit
Le Figaro reports how the spokesperson of the French government, Benjamin Griveaux, said that the worst reaction to Brexit would be to punish or humiliate the UK for its decision.  View Article
NIESR: Deal, or no deal? The £2,000 question
The reported magnitude of estimated aggregate effects for a ‘no-deal’ Brexit scenario is a loss in annual GDP relative to what it would otherwise have been of 7 to 8 per cent within the next 10 years. Put differently, annual income per head would be up to £2,000 less.  View Article
 

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