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06 April 2017

Brexit 'Weekly'

UK notification of withdrawal from EU handed to Council President Tusk, the UK Government Great Repeal Bill White Paper, an interim EU trade deal, euro clearing likely to move to the mainland, the Brexit bill, Scotland and Catalonia, May's suggested extension of free movement and more.

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  Articles from 30 March 2017 - 06 April 2017

  Brexit & UK
Remarks by President Donald Tusk on the next steps following the UK notification
The European Council President outlined the main elements and principles of his proposed draft negotiating guidelines on Brexit which have been sent to the remaining 27 EU leaders. Tusk said that "the EU27 will not pursue a punitive approach" because "Brexit in itself is already punitive enough."  View Article
MEPs agree on key conditions for approving UK withdrawal agreement
MEPs stress the importance of securing equal and fair treatment for EU citizens living in the UK and British citizens living in the EU. They also point out that the UK remains an EU member until its official departure: this entails rights but also obligations, including financial commitments.  View Article
Statement by Michel Barnier at the plenary session of the European Parliament
The EU top Brexit negotiator said that the Resolution voted by MEPs will be the first political stand taken by a European Institution following the notification letter sent by Theresa May to the President of the European Council.   View Article
Financial Times: EU officials set sights on ‘orderly withdrawal’
The EU’s negotiating guidelines are devoted to explaining the benefits and obligations of EU membership, and what is lost when Britain becomes, in the language of the guidelines, simply “a third country”.  View Article
Le Soir: Tusk: "We miss you already."
Le Soir offers a view from Brussels, after the President of the European Council Donald Tusk received Theresa May's notification to trigger Article 50.  View Article
Berliner Zeitung: EU to find its balance again
Berliner Zeitung published an opinion piece in time for May's official divorce notification, calling it, like many, a dark day for Europe.   View Article
The Great Repeal Bill: White Paper
The Great Repeal Bill White Paper sets out the government’s proposals for ensuring a functioning statute book once we have left the EU.  View Article
UK Commons' Exiting the EU Committee: 'No deal is better than a bad deal' claim unsubstantiated
The report concludes that the Government's assertion that "no deal is better than a bad deal" is unsubstantiated without an economic assessment of "no deal" having been done and without evidence that steps are being taken to mitigate what would be the damaging effect of such an outcome.  View Article
POLITICO: Interim EU trade deal to hit UK services hard
Diplomatic momentum is growing in Brussels for an interim trade deal with the U.K. that sets no tariffs on manufactured goods and food but restricts British services such as aviation and finance.  View Article
The Guardian: Up to 100,000 UK jobs at risk as Merkel and Juncker ally warns on euro clearing
EU lawmaker Manfred Weber says sector must relocate out of City of London after Brexit.  View Article
IB Times: 'No major opportunities' for Britain's long-term economic growth, says Berenberg report
Among the other issues flagged by the report, Brexit: key issues and facts as Britain heads for exit, was the position of strength of the EU compared to the UK in the negotiations process and the possibility of a split by Scotland from the UK.  View Article
EurActiv: Luxembourg stakes claim for EU banking body post-Brexit
Luxembourg has claimed the legal right to host the London-based European Banking Authority after Brexit, a government spokeswoman said.  View Article
The Independent: Theresa May’s timeline for EU talks is unrealistic, warns Germany’s foreign minister
In an exclusive interview with The Independent, Sigmar Gabriel said new trade relations would be "a laborious endeavour", suggesting the UK may have to settle for simply getting "as far as we can" in the two years allowed for talks.  View Article
Bruegel: Divorce settlement or leaving the club? A breakdown of the Brexit bill
To bring transparency to the debate on the Brexit bill and to foster a quick agreement, the authors of this Working Paper make a comprehensive attempt to quantify the various assets and liabilities that might factor in the financial settlement.  View Article
The Guardian: Spain drops plan to impose veto if Scotland tries to join EU
Spain has said it would not veto an attempt by an independent Scotland to join the EU, in a boost to Nicola Sturgeon’s campaign for a second independence referendum and the clearest sign yet that Brexit has softened Madrid’s longstanding opposition.  View Article
Bloomberg: Hammond says some on British side don’t even want a Brexit deal
Chancellor of the Exchequer Philip Hammond said some within the U.K.’s governing party oppose reaching an agreement with the European Union as he gears up for conflict at home and abroad in the Brexit talks.  View Article
BBC: Theresa May suggests free movement extension
The prime minister said there would be an "implementation" phase once an exit deal had been struck, with business and governments needing a "period of time" to adjust to any new restrictions.  View Article
KPMG: UK remains attractive place to do business but loses ground over Brexit
The UK retains its position as the 2nd most competitive tax regime, but it has dropped to 5th amongst the non-UK companies surveyed. Research points to possible net outflows of business functions. Executives cite Brexit as having the greatest impact on investment and business activities in 2017.  View Article
Financial Times: Euronext to move derivatives clearing business from LSE to ICE
Euronext put pressure on the London Stock Exchange Group to reopen talks over the sale of the LSE’s French clearing house by unveiling plans to move its derivatives and commodities business from the unit to rival Intercontinental Exchange.  View Article
Investment & Pensions Europe: How Brexit could affect investment fund 'passports'
UK-based asset managers are not expecting major upheavals to EU-domiciled funds from the country’s departure from the EU, according to experts.  View Article
Bloomberg: UK finance chiefs’ optimism highest since 2015, Deloitte says
Almost one-third of CFOs said they are more optimistic about prospects for their company than they were three months ago, according to Deloitte’s first-quarter survey. That’s up from 3 percent immediately following the June Brexit vote.   View Article
Bloomberg: May's team said to plan for banks not getting Brexit trade deal
U.K.-based financial services could be left out of the main Brexit negotiations as British government officials fear it will be too difficult to reach a deal in the two-year time frame for talks.  View Article
Financial Times: The single market offers the UK a way to regain balance
Conservative MP Anna Soubry writes that the UK "must leave the EU but stay in the European Economic Area — that is, the single market."  View Article
Financial Times: Central banks cut euro exposure and favour sterling long-term
Central banks are dumping euros amid concerns over political instability, weak growth and the European Central Bank’s negative interest rate policy — and favour sterling as a long-term, stable alternative.  View Article
Bundeskanzlerin: The British and the EU should "remain close partners"
The Chancellor said that the German government will do all it can to ensure that the consequences of Brexit on EU citizens living in the United Kingdom are kept to a minimum.  View Article
Carnegie Europe: Germany after Brexit
Britain’s decision to withdraw from the European Union will have a profound effect on the bloc’s realignment, starting with Germany.  View Article
Commercial Risk Europe: Lloyd’s chooses Brussels as EU hub
Lloyd’s will establish a new European subsidiary in Brussels to protect its EU business after Brexit. The announcement came just one day after the UK triggered Article 50 of the Lisbon Treaty that marks the start of a complex two-year negotiation on leaving the EU.  View Article
City AM: Frankfurt lobby group expects thousands to move there as interest in the German city rises as a result of Brexit
Frankfurt hasn't been quiet about hoping to reap some rewards from Brexit, and now one lobby group has said moves had already started as the City faces competition for jobs.  View Article
The Telegraph: Jamie Dimon admits 'not many' JP Morgan jobs will leave UK in major Brexit U-turn
The head of JP Morgan has admitted he will not move many jobs out of Britain in the next two years as a result of Brexit, in a U-turn on his pre-referendum warning that a vote to leave the European Union could mean as many as 4,000 jobs moving across the Channel.  View Article
Bloomberg: Brexit won't hurt London bankers at top Norway lender, CEO says
The chief executive officer of DNB ASA has no plans to adjust the London operations of Norway’s biggest bank in response to Britain’s decision to leave the European Union.  View Article
Financial Times: Gazprom reviews London operations after Brexit
Gazprom, Russia’s state-run gas group, is considering moving its trading and marketing operations out of the UK after the country leaves the EU amid fears of losing preferential access to the European market as a result of a “hard” Brexit.  View Article
Financial Times: Singapore is not quite what Brexiteers think it is
Rather than a model of laissez-faire capitalism, the state is highly interventionist, writes James Crabtree.  View Article
Financial Times: EU markets regulator tightens rules on credit-ratings groups
The European Union’s markets watchdog has tightened up its rules around credit-rating agencies in what could be a significant move for the UK once it leaves the bloc.  View Article
BIBA calls for urgent progress with new EU free trade agreement as Article 50 is invoked
Following Theresa May’s announcement invoking Article 50, the British Insurance Brokers’ Association (BIBA) has warned that having no clear agreement in place for the right to carry out cross border trade with the EU as is currently possible, creates huge uncertainty for the UK market.  View Article
Commercial Risk Europe: Brexit should have minimal impact on insurance buyers says Airmic
As the UK triggers the process of leaving the EU, its insurance and risk management association Airmic has said there should be only a minimal impact on insurance buyers.   View Article
ICGN expresses caution over the long-term effects of Brexit on corporate governance in the EU
The ICGN Viewpoint “Brexit: what are the governance implications for the EU and the UK?” was published shortly after UK Prime Minister Theresa May presented EC Council President Donald Tusk a letter triggering Article 50 of the Lisbon Treaty to set in motion the UK’s exit from the EU.  View Article
NatCen: I’ll have what she’s having: Scots share PM’s vision for Brexit deal
Despite voting very differently in the EU Referendum, a new report from the National Centre for Social Research (NatCen) reveals that when it comes to the UK government’s Brexit deal Scottish voters have largely similar expectations to voters across Britain as a whole.  View Article
Ipsos Mori: Public concern about Europe/Brexit rises to a new high and becomes the top issue facing Britain
The March 2017 Ipsos MORI/Economist Issues Index shows a new record in the proportion who see the EU/Brexit as one of the biggest issues facing Britain. Half (51%) now cite it as an issue, six percentage points higher than February and the highest score since records began in September 1974.   View Article
The Guardian: At least two thirds of voters would oppose paying EU 'exit bill' of £10bn or more, poll suggests
Although voters would find some potential compromises acceptable, they are strongly opposed to others - particularly those involving making multi-billion pound payments to the EU to leave.  View Article
Die Presse: The consequences for Austria
Die Presse writes about the effects the divorce between the UK and the EU would have on Austria, highlighting the Austrian sectors that would be most affected by Brexit.  View Article
Le Monde: A French Q&A on Brexit
Le Monde explained that for the moment, the consequences of Brexit may be much greater for Northern Ireland than for Scotland with an Irish reunification likely to become an issue in the future.   View Article

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