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24 November 2016

Brexit 'Weekly'


Brexit, Autumn Statement, Donald Trump, TPP, Italy's referendum, capital requirements, bank resolution, CMU, EU budget and more.

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  Articles from 17 November 2016 - 24 November 2016

  Political
 
 
CBI annual conference 2016: Prime Minister's speech
Prime Minister Theresa May spoke at the CBI annual conference to set out her vision for UK business including a modern Industrial Strategy.  View Article
CBI's response to Prime Minister Theresa May's speech at #CBI2016
Carolyn Fairbairn, CBI Director-General, responded to Prime Minister Theresa May’s speech to the CBI Annual Conference in London.  View Article
HM Treasury Autumn Statement 2016: Philip Hammond's speech
The Chancellor of the Exchequer presented his Autumn Statement to Parliament and reported the latest OBR forecasts.  View Article
Wolfgang Schäuble: Britain can’t lower corporation tax
London is still bound by European law and can’t significantly lower corporation tax to attract investment, Germany’s finance minister warned, according to German magazine Der Spiegel.  View Article
Financial Times: Wolfgang Schäuble sets out tough line on Brexit
German minister warns UK faces stiff rules on tax breaks and prolonged EU payments.  View Article
City AM: The EU parliament's Brexit negotiator warns that talks must close by the middle of 2019
Speaking after a meeting with UK Brexit secretary David Davis, Guy Verhofstadt said officials had just less than a year and a half to reach a deal if, as expected, Prime Minister Theresa May launches divorce proceedings in early 2017.  View Article
Financial Times: Brexit Britain faces threat of higher EU barriers
Regulatory fragmentation presents a risk to City of London even before the negotiations begin.  View Article
The Telegraph: Heavyweight Brexiteers among 60 Tory MPs to demand clean break from the EU
Sixty Tory MPs including seven ex-Cabinet ministers have demanded Theresa May pulls Britain out of the single market and customs union amid fears her Brexit stance could be watered down.  View Article
BBA's Anthony Browne Speech
The BBA Chief executive told bankers to stop grieving over Brexit and to "roll up their sleeves" and make it work for British financial services sector. An "early agreement on transition" is the industry's top priority, Browne said.  View Article
Bloomberg: Brexit banks told to relax: ECB won’t give first-mover advantage
Finance executives planning to shift operations out of the U.K. because of Brexit have been told by European Central Bank officials not to rush as there will be no first-mover advantage when it comes to gaining regulatory approvals, according to people briefed on the discussions.  View Article
Financial News: Deloitte mulls moving workers from UK
Accountancy giant Deloitte has said it will move business from the UK if the government cracks down too strongly on immigration.  View Article
Financial Times: UK trade deal far from top priority for Canada
Finance minister says EU, China and US have greater importance.  View Article
Financial Times: ‘Many ways’ Brexit may go to EU courts, top ECJ judge says
There are “many, many different ways” Britain’s departure from the EU could end up before the European Court of Justice, the president of the EU’s highest court has said, underlining the institution’s potentially pivotal role as Brexit unfolds.  View Article
City AM: Investor confidence in UK shares falls and "nervousness" is likely to grow around Brexit
Lloyds’ Investor Sentiment Index for November found sentiment to UK shares was 11.3 per cent, down 4.5 percentage points on October and 14.9 on November last year.  View Article
Institute for Economic Affairs: Free to move - The costs & consequences of restrictions on migration
The IEA report stated that openness to migration actually brings big economic benefits, because "migration is, in effect, a form of international trade which similarly raises productivity and living standards."  View Article
Bertelsmann Stiftung: Brexit has raised support for the European Union
Since the referendum in which Britons voted against remaining in the EU, the Union's approval ratings have risen almost everywhere – including Britain.  View Article
Financial Times: Bankers predict Trump will not reshape regulatory agenda
Leading bankers on both sides of the Atlantic have played down expectations that Donald Trump’s administration will make drastic changes to both the US and international regulatory agenda.  View Article
POLITICO: Trump’s UK allies put Remain MPs in their sights
A new populist, anti-establishment movement will launch early next year, the millionaire UKIP donor Arron Banks said, with a plan to target the least popular, pro-EU MPs and take their seats.  View Article
The Telegraph: Donald Trump's abandonment of TPP free trade deal may hand economic power to China
Donald Trump’s pledge to pull out of the planned Trans-Pacific Partnership (TPP), a free trade deal with 12 nations on both sides of the Atlantic, could give China more power in determining the future of the global economy, analysts believe.  View Article
Financial Times: Italy’s referendum holds the key to the future of the euro
After Brexit and Donald Trump, prepare for the return of the eurozone crisis, writes Wolfgang Münchau. If Italian PM Matteo Renzi loses his constitutional referendum on December 4, a sequence of events that would raise questions of Italy’s participation in the eurozone might be unchained.  View Article
 
  Financial
 
 
Commission proposes new rules on banks and announces further measures to fine-tune the EU financial regulatory framework
The new proposals amend the rules on capital requirements and on bank recovery and resolution.  View Article
ESMA Chair says safeguarding investors is key to Capital Markets Union’s success
ESMA's Maijoor gave a speech entitled "Safeguarding investors is key to ensuring the Capital Markets Union’s success" at the Börse Stuttgart MiFID-Kongress.  View Article
ACCA response to the new European Commission Directive on preventive restructuring frameworks and second chance for entrepreneurs
ACCA generally supports the second chance approach to insolvency, but calls for clearer definitions and a balanced approach.   View Article
BIS' Caruana: Markets are signalling banks face challenges other than financial reforms
Regulatory reforms alone cannot explain the challenges facing the banking sector, Bank for International Settlements General Manager Jaime Caruana said. Mr Caruana said markets reflect an array of challenges facing banks.  View Article
VoxEU: The current state and future challenges of financial regulation
This column argues that improved capital requirements, liquidity requirements, bank resolution and cross-border regulatory cooperation are welcome, but that unresolved problems remain.  View Article
 
  Economic
 
 
ECB's Draghi: The state and prospects of the euro area recovery
Speech by Mario Draghi, President of the European Central Bank (ECB), in which he explains the factors that have put the euro area economy on a stronger footing, but also the reasons why ECB cannot yet drop its guard.  View Article
Avoiding austerity: EU economic priorities debate
Various ways to avoid or cushion the negative impact of austerity were discussed by Commission Vice-President Valdis Dombrovskis in a debate on EU economic priorities in 2017 and yearly “European Semester” economic policy coordination work.  View Article
Tax evasion: MEPs back automatic exchange of bank data to track account owners
The new rules will enable and oblige tax authorities with anti-money laundering responsibilities in any EU country to automatically share information such as bank account balances, interest income and dividends, with their counterparts in other member states.  View Article
 
  Budgetary
 
 
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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