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03 November 2016

Brexit 'Weekly'

CMU, internal governance, Brexit, UK trade surplus, CETA, US presidential election, CCCTB and more.

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  Articles from 27 October 2016 - 03 November 2016

The City UK: UK financial industry hits new trade surplus record
A new TheCityUK report reveals the UK’s trade surplus in financial services has reached a record high, up £185m year-on-year to reach £63.4bn in 2015.  View Article
ESMA sets enforcement priorities for listed companies’ 2016 financial statements
The ESMA has published its annual Public Statement on European Common Enforcement Priorities which identifies enforcement priorities for listed companies’ 2016 financial statements and highlights the need for transparency in disclosing the potential impact of Brexit on issuers’ financial statements.  View Article
Bloomberg: Banks likely to lose passporting with Brexit, official says
Global banks will probably lose their current legal rights to provide services in the European Union after Brexit, the UK’s trade minister said in the most detailed outline yet of the government’s thinking.  View Article
Bloomberg: BoE buys about 2 billion pounds of company debt in Brexit buffer
The Bank of England bought almost 2 billion pounds of corporate bonds in the first month of a purchase program, marking a rapid start in an initiative designed to support the UK economy following the Brexit vote.  View Article
NIESR: Nissan, Brexit and "industrial strategy"
The prospect that the UK will actively seek to promote exports through direct, company-specific measures is unlikely to make it easier for Britain to reach a comprehensive trade agreement with either its EU partners or third countries, writes Jonathan Portes.   View Article
NIESR: The UK economy will grow 2% in 2016 before slowing to 1.4% in 2017
The British economy will grow 2 per cent in 2016 before slowing to 1.4 per cent in 2017: with the triggering of Article 50 there are downside risks to next year’s outlook, says the National Institute of Economic and Social Research.  View Article
YouGov: “Hard” Brexit talk sees consumer confidence stumble
The crash in the pound and discussions about foregoing the single market are taking a toll on consumers, a new YouGov poll says. Overall confidence has fallen because of a decline in people’s household financial situations.   View Article
The Guardian: Sadiq Khan warns hard Brexit will cost millions of jobs across UK
London mayor told a City of London banquet that leaving the single market is economic self-sabotage as policy chief admitted job losses inevitable. City of London Corporation's Boleat named New York as "the biggest beneficiary" of banking shifts.  View Article
Bloomberg: Danish ATP fund sees London banking ‘dismantled’ by Brexit
The chief executive officer of Denmark’s biggest pension fund is preparing for a so-called hard Brexit he says will force banks to take “near-term” steps that will be costly for counterparties, such as the fund he runs.  View Article
Bank of England: Governor Mark Carney makes announcement on his term
In a letter to the Chancellor, the Governor said he would extend his term to the end of June 2019.  View Article
European Council: 16th EU-Canada summit - Joint declaration
Donald Tusk, President of the European Council, Jean-Claude Juncker, President of the European Commission, and Justin Trudeau, Prime Minister of Canada, signed the EU-Canada Comprehensive Economic and Trade Agreement (CETA) and the Strategic Partnership Agreement (SPA).  View Article
Paul Goldschmidt: The European Union – Wallonia and the CETA
The kerfuffle surrounding the signature of the FTA with Canada is the latest example of the paralysis inhibiting the EU from playing its part, even in a domain in which the Treaty conferred on it specific responsibilities and powers, writes Paul Goldschmidt.  View Article
EUROPP: What will the US presidential election mean for Europe?
Simon Reich examines what the result of the election could mean for Europe. He writes that although Clinton has far more support among Europeans, both candidates may well continue the trend of pivoting away from Europe in their efforts to shape global foreign policy.  View Article
CEPS: Eliminating the cost of non-Europe in capital markets
Karel Lannoo calls upon the European Commission to undertake a radical upgrade of the Capital Markets Union, along the lines of the Single Supervisory Mechanism, but with a focus on strengthening the role of ESMA and the European supervisory authorities.  View Article
Investment & Pensions Europe: European Commission re-launches rules to make corporate tax fairer
The European Commission has unveiled a set of common rules across the European Union to make corporate taxation fairer and to combat tax evasion and avoidance, setting the rules out in a directive entitled a ‘Common Consolidated Corporate Tax Base’ (CCCTB).  View Article

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