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17 November 2016

Brexit 'Weekly'

Brexit, Donald Trump, Germany's banking sector, money laundering, EU budget and more.

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  Articles from 10 November 2016 - 17 November 2016

Speech by the President of the Eurogroup, Jeroen Dijsselbloem, at the UBS in London
Dijsselbloem said Brexit "is a lose-lose situation, which we must manage as well as possible", and talked about the achievements of the Banking union project so far and how it is to be developed further.  View Article
Pricewaterhousecoopers: Economic prospects after Brexit
PwC projects UK growth to slow to around 1.2% in 2017 due to the drag on business investment from increased political and economic uncertainty following the Brexit vote, but says there will be no recession next year. Britain may borrow £100bn more than previously forecasted over the next five years.  View Article
Financial Times: UK faces Brexit bill of up to €60bn as Brussels toughens stance
The EU’s Brexit negotiators are pushing for a draft UK exit deal by mid-2018 as part of a narrow, divorce-first negotiating approach that would demand an exit bill of as much as €40bn-€60bn.  View Article
Mandelson: Hard Brexit will lead to £1.2 billion bombshell for British businesses
New research for the Open Britain campaign shows the cost of the UK losing access to the European Union’s Free Trade Agreements (FTAs) with over 50 countries across the world. Importers in the UK would face an additional £1.2 billion in the costs of importing goods from these countries.  View Article
Hitachi Capital: Businesses abandon £65.5bn of investments due to Brexit
A third of all British businesses have abandoned investments totalling £65.5 billion as a result of the Brexit vote, according to Hitachi Capital and the CEBR in a study into British businesses.  View Article
Financial Times: Losing euro-denominated clearing would cost London 83,000 jobs
A private report by EY has been circulated among UK lawmakers and government estimating 83,000 related job losses over the next seven years if euro-denominated clearing is forced out of London into continental Europe.  View Article
Comments by ECB's Mersch at Financial Services summit
Yves Mersch said the prospect of the UK’s exit from the EU creates uncertainty regarding the future of the supervision of non-euro area CCPs that clear significant amounts of euro currency.  View Article
The Guardian: S&P predicts hard Brexit and fresh downgrade for UK
In a blunt assessment the ratings agency calls UK a deeply divided, diminishing economic power on verge of losing the right to freely export to the EU.  View Article
The Guardian: Brexit leaves London-based banks facing 'nightmarish' choices
Loss of London’s euro-clearing rights would mean business being transferred to Frankfurt or Paris, said Japanese ambassador.  View Article
Bloomberg: Post-Brexit London takes step forward with Shanghai stock link
London Stock Exchange Group Plc took a small step forward with the Shanghai Stock Exchange as they develop common operations between the markets.  View Article
NatCen: Voters want UK to stay in the EU single market but be able to control immigration
Almost everyone (90%) supports remaining part of the European single market, regardless of how they voted in the EU Referendum, according to a new report published today by NatCen Social Research.  View Article
Financial Times: London-only work visa plan laid out for Brexit Britain
Under the proposals from the London Chamber of Commerce and Industry, businesses in the UK capital would be able to sponsor skilled workers with a job offer for a visa.  View Article
The UK in a changing Europe: Brexit and beyond: How the United Kingdom might leave the European Union
The report investigates in detail the way Brexit might happen, and considers the role and influence Parliament can have on the negotiations.  View Article
EurActiv: EU membership must matter
As the United Kingdom, a member state of over 40 years, opts for exit over voice and loyalty, it is opportune to address the question of EU membership and how it matters, writes Brigid Laffan.  View Article
ICAEW: Financial reporting in a post Brexit world
The ICAEW has published the FRC’s Paul George talks to Nigel Sleigh-Johnson and Eddy James about the future of corporate reporting in the UK.  View Article
LSE blog: Europe in the Age of Trump: A more uncertain and unstable continent
A major repositioning of US foreign policy under Trump could lead to a rise in uncertainty and instability across Europe, while his victory itself could increase the likelihood of further blows to the status quo in the upcoming Italian referendum and French and German elections.  View Article
Financial Times: Trump win raises question of Europe’s financial security
Will the US president-elect ditch rule-maker Dan Tarullo, member of the FSB board, in favour of a deregulator?  View Article
CEPS: Trump’s election foreshadows further divisions in Europe
The victory of Donald Trump has sent shockwaves throughout Europe. The author argues that, under President Trump, US domestic and foreign policies can be expected to become more volatile and less predictable.  View Article
OMFIF: Rerun of dollar unilateralism
Donald Trump’s ascent seems likely to unleash on Europe a new and damaging form of dollar unilateralism – a peril the old Continent has periodically suffered since the 1960s, but has lain dormant for much of the past 35 years.  View Article
Deutsche Bundesbank's Dombret: What's the state of play in Germany's banking sector?
Andreas Dombret unveiled the Financial Stability Review 2016 and warned that persistently low interest rates are encouraging the build-up of risks that could threaten financial stability.  View Article
European Parliament: Beneficial company owners register vital to combat money laundering, experts say
The EU needs a European register of beneficial owners of companies, consistent definition - and handling - of suspicious transactions and enforced transnational cooperation like the US Financial Investigation Unit, experts on anti-money laundering enforcement told Panama Papers Inquiry Committee.  View Article
ECB's Constâncio: Euro Area: Economic Outlook and Financial Sector Challenges
The Vice-President of the ECB warned of the economic and political risks from Donald Trump's win in the US election.  View Article
Financial Times: The end of the era of central bank independence
Trump and May will start subverting system by appointing politically compliant governors, warns Wolfgang Münchau.  View Article
European Council: Deal reached on 2017 EU budget
The Council and European Parliament reached agreement on a 2017 EU budget which strongly reflects the EU's main policy priorities. Total commitments are set at €157.88 billion and payments at €134.49 billion.   View Article

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