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27 October 2016

Brexit 'Weekly'


CETA, Brexit, Theresa May, UK's banking results, sterling, Single European Market, CCCTB, EU 2017 budget and more.

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  Articles from 20 October 2016 - 27 October 2016

  Political
 
 
Report by President Donald Tusk to the European Parliament on the European Council meeting
Council President reported on the main issues discussed during the EU leaders meeting, namely trade (especially CETA, about which Tusk said that "talks continue in Belgium"), Russia and migration. Tusk reminded that the UK could still be in the Single Market if it accepted "all four freedoms."  View Article
Remarks by President Donald Tusk after the European Council meeting
Council President spoke about CETA. Tusk had previously said EU leaders would also discuss Russia and its role in Europe, and welcomed Prime Minister Theresa May saying she would not be entering "the lion's den", but "a nest of doves" because the EU is "the best company in the world."  View Article
Financial Times: Wallonia’s stand on trade spells trouble for Brexit
Parliamentary votes on EU-Canada deal have set an ominous precedent for the far more complex set of negotiations that has yet to begin, over the terms of Britain’s EU exit.  View Article
BBA's Anthony Browne: Brexit politicians are putting us on a fast track to financial jeopardy
The chief executive of the British Bankers’ Association warns in The Observer that major players are already planning to relocate from Britain.  View Article
CER: Sterling slump won't rescue the British economy
John Springford and Simon Tilford warn that the falling pound will not produce the export boom Brexiteers hope for, while British consumers will become poorer as the price of imports rise.  View Article
LSE: The Great ‘Repeal’ Act will leave Parliament sidelined and disempowered
The author argues that the Great ‘Repeal’ Act will collapse the distinction between EU and national law, creating powers never expressly granted by Parliament. It will probably also enable the government to amend primary legislation without a parliamentary vote.  View Article
Financial Times: Brexit threatens UK fund management’s global influence
EY’s Julian Young says leaving the EU is about more than passporting rights.  View Article
The Independent: Philip Hammond faces £84 billion black hole in public finances without 'fiscal reset', economists warn
An analysis by the Resolution Foundation think-tank found that changes in the economic outlook since the EU referendum mean a significant “deterioration in the public finances”.  View Article
Financial Times: UK trade sector warns of Brexit customs disruption at borders
Business is warning of the risk of “major disruption” at the UK’s borders as Britain struggles to upgrade a troubled new computer system to cope with a huge increase in customs declarations expected after Brexit.  View Article
City of London Corporation report: Regional Visas - A unique immigration solution?
This report by PwC, commissioned by the City of London Corporation, explores the possibility of creating a ‘regional visa’ for non-UK nationals.   View Article
Bloomberg: Britons happy to sacrifice trade for fewer foreigners, poll says
As Britain prepares to exit the EU, over half of adults polled cite an influx of foreigners as more worrisome than losing EU trade benefits, said the poll conducted by Survation Ltd for ITV plc.   View Article
BBA: Three reasons to see banking results in context
Taken together, this week's publication of Q3 results for three high street banks are likely to continue to show that the effects of the referendum vote are still unclear but that banks are operating in a very challenging environment.  View Article
PubAffairs Bruxelles: A lose-lose game? The ‘Brexit effect’ in the UK and the EU
PubAffairs Bruxelles hosted a debate on the effects of Brexit on the UK and the EU, with Ms Julie Girling MEP (ECR, UK), Mr Frank Engel MEP (EPP, LU) and Mr Seb Dance (S&D, UK). The event was moderated by Graham Bishop, Leading Expert in EU and UK Economic, Financial and Government Affairs.  View Article
Open Europe: How the UK’s financial services sector can continue thriving after Brexit
Open Europe has published a new report looking at the value of the EU financial services ‘passport’ and considering what alternative arrangements the UK should pursue as part of the upcoming Brexit talks with the EU-27.  View Article
Financial Times: Britain and Europe share an interest in an amicable split
For the British, it would make sense to fast-track a free-trade agreement, writes Wolfgang Münchau.  View Article
The Economist: Brexit à la carte
It will be hard to win unfettered access to the single market for specific sectors.  View Article
Bruegel: Beyond hard, soft and no Brexit
There is still a certain degree of fuzziness about what the different degrees of Brexit entail. Bruegel experts attempt to fill this gap by setting out the options for the future EU-UK relationship.  View Article
 
  Financial
 
 
Nicolas Véron: Breaking the vicious circle
Véron writes in Financial World arguing that EU banking union can only be complete if the vast amounts of domestic sovereign debt held by many banks are reduced.  View Article
Eleventh Meeting of the Financial Stability Board Regional Consultative Group for Europe
The group discussed current global and regional vulnerabilities. In particular, they considered the impact of low interest rates on asset prices and bank profitability in Europe.  View Article
 
  Economic
 
 
CEPS: Thirty Years of the Single European Market
This paper reviews the main developments in Single European Market (SEM) legislation and regulatory activities over the past three decades; it summarises the results of the SEM programme in market integration; and discusses the impact of economic integration within the SEM.  View Article
Reuters: ECB keeps rates, guidance unchanged
The European Central Bank left interest rates unchanged as expected and maintained the key parameters of its 1.74 trillion euro asset buying scheme as it tries to lift growth and inflation.  View Article
MEPs welcome Commission’s corporate tax proposals
MEPs welcomed the EU Commission proposal for a common consolidated corporate tax base (CCCTB) in a debate with Commissioner Pierre Moscovici.  View Article
ACCA welcomes the publication of the ‘C(C)CTB revival’ proposals but warns for caution
ACCA has been a strong supporter of the CCCTB proposal since its inception. Under the current situation, the coexistence of 28 tax systems - offering sometimes very diverse tax exemptions and deductions - makes it difficult to calculate the tax base of companies operating on a cross border basis.  View Article
ACCA and IMA: Global business confidence holding up ahead of US elections
The latest Global Economic Conditions Survey (GECS) from ACCA and IMA shows that global business confidence is at its highest in 12 months, with the US continuing a stable recovery.  View Article
 
  Budgetary
 
 
EU 2017 budget: Council cannot accept EP amendments
The Council informed the European Parliament that it cannot accept all its amendments for the 2017 EU budget, adopted the same day.  View Article
 

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