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MPs approve an early general election
On Tuesday 18 April, Prime Minister Theresa May announced her intention to hold a general election on 8 June 2017. MPs approved the motion for an early general election by 522 to 13. The support of two-thirds of all MPs required for this motion to pass was reached. View Article |
House of Commons: UK must still debate EU issues up until Brexit
The European Scrutiny Committee report says that the Government must continue to consider EU proposals over the next two years, even though the UK is about to leave the EU. View Article |
Steven Maijoor delivers keynote at CMU Mid-Term Review
Topics of focus included the progress made on supervisory convergence; the need for stronger supervisory convergence powers; and ESMA's work to address the risk of regulatory arbitrage linked to the UK's exit from the EU. View Article |
Financial Times: Bank of England tells City to prepare better for ‘no-deal’ Brexit
The Bank of England is concerned the City is not doing enough to plan for a “no-deal” Brexit and has set a July deadline for all financial services companies — including European ones — to get their houses in order. View Article |
City A.M.: UK banks seeking post-Brexit licence in Europe face six month wait
UK banks that want to shift operations to the continent after Brexit will encounter a six-month waiting period before receiving their operating licence. View Article |
IRSG: Financial regulatory group calls for bespoke mutual access arrangement
The International Regulatory Strategy Group proposes that the UK and EU mutually recognise of each other’s regulatory and supervisory regimes, enabling firms based in the UK to continue trading services across the EU and vice versa, with minimal disruption to their customers. View Article |
Financial Times: City of London explores ways to access EU market after Brexit
‘Voluntarism’ sees individual firms signing up to EU rules and standards. View Article |
Bruegel: EBA relocation should support a long-term ‘twin peaks’ vision
As the Commission launches a review of European financial supervision, authors argue that Europe needs to move towards a twin peaks model – dividing supervision of prudential and conduct-of-business issues. But this is a long-term vision, and will require institution building. View Article |
Open Britain: Walking away without a deal should not be something the Government entertains
The Open Britain campaign has published a new pamphlet on post-Brexit trade policy – New Partnership, New Challenges – with contributions from six experts in the field and a foreword by Nicky Morgan MP in which she warns of the dangers of the UK leaving the EU with no deal. View Article |
AIMA: Double taxation treaty passport scheme review
HMRC published on 20 March 2017 the outcome of a consultation on revisiting the Double Taxation Treaty Passport Scheme (DTTPS). View Article |
Financial Times: France’s Sapin warns of post-Brexit trading loss for UK
France’s finance minister has warned that the City of London will lose lucrative euro-denominated trading operations after Brexit, saying that allowing them to continue there would threaten the currency bloc’s “sovereignty”. View Article |
BBC: Outlook for City after Brexit 'has improved'
The outlook for the UK financial sector has improved since Brexit was triggered, the policy chief for the City of London Corporation Mark Boleat has said. View Article |
Bloomberg: Bank Brexit exodus seen hastened by close regulator scrutiny
European and UK regulators risk inadvertently hastening the loss of some banking operations from London by pushing lenders to make detailed plans for the worst-case Brexit scenario, according to people familiar with the matter. View Article |
Open Europe: ONS study underlines importance of migrant workers in key UK industries
A new report by the Office for National Statistics (ONS) estimates that there were 3.4 million international workers in the UK in 2016, around 11% of the labour market. Of this, 2.2 million were EU nationals and 1.2 million were non-EU citizens. View Article |
The Economist: The EFTA countries show how hard Brexit will be for Britain
Striking trade deals quickly is a bonus but what really matters is the quality of the deal. View Article |
Tony Blair: The damage will be huge if we end up with 'Brexit at any cost'
The former PM calls for a way of ensuring that the Government is hold properly to account in the interests of the country, even if Theresa May secures a landslide win in the General Election that strengthens her hand as to deliver on her promise of 'walking away from a bad deal' with no deal at all. View Article |
IBTimes: 'Brexit knows no winners, all sides will lose' - German businesses warn of damage to EU and UK
Small and medium-sized firms (SMEs) in Germany could lose billions of euros in trade, should Britain be locked out of the single market, the boss of an industry body has said. View Article |
Financial Times: The pro-European hard Brexit dream
A contradictory idea is gaining traction, but agreements on 4 areas will be needed. View Article |
Hedgeweek: More than 70 per cent of institutional investors expecting ‘hard Brexit’
More than seven in 10 (73 per cent) institutional investors believe Brexit will be “hard”, including 29 per cent who believe it will be “very hard”, research by asset management group Managing Partners Group (MPG) reveals. View Article |
ACCA: UK business confidence boost as Brexit begins
The quarterly survey of global CFOs and finance professionals, conducted by ACCA and IMA has found that high consumer spending has driven UK business confidence to its highest level since the second quarter of 2015. View Article |
The Telegraph: Support for Theresa May's handling of Brexit talks hits a five-month high, with 55 per cent of UK population backing her
A new survey from Orb International shows a four per cent boost for Theresa May in days after she triggered the start of Brexit talks at the end of last month. View Article |
The Guardian: Half of young adults in the UK do not feel European, poll reveals
The poll also found that exposure to different nationalities among 18- to 30-year-olds in the UK was low, with just 13% ever having worked abroad and just one in three proficient enough to speak Spanish, French or any other foreign language at a “simple” level. View Article |
ACCA: Policymakers must return to the principles of business law as they navigate Brexit
As UK policymakers begin to detach laws and regulations from those of the EU, ACCA has published guidance on the key principles on which business law must be based. View Article |