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04 May 2017

Brexit Weekly

European Council guidelines for Brexit negotiations, Merkel warning against UK ‘illusions’, Brexit ‘bill’, euro-clearing market, Gibraltar, Ireland, immigration, JPMorgan, Standard Chartered and more.

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Brexit & UK   About this email

  Articles from 27 April 2017 - 04 May 2017

  Brexit & UK
European Council (Art. 50) guidelines for Brexit negotiations
The EU27 leaders agreed to "proceed according to a phased approach giving priority to an orderly withdrawal" and highlighted that "the Union's overall objective in these negotiations will be to preserve its interests, those of its citizens, its businesses and its Member States."  View Article
Remarks by President Tusk on the Special European Council (Art.50)
The European Council President underlined the "outstanding unity of all the 27 leaders" on the guidelines for negotiations with the UK. Tusk said they were "adopted immediately", which gives EU institutions "a strong political mandate for these negotiations."  View Article
Speech by Michel Barnier at the press conference on the adoption of the Commission's recommendation on draft negotiating directives
The EU chief negotiator said ‘There is no punishment. There is no Brexit bill’ — but the negotiations will be long and tough. Barnier outlined the three main issues in the forthcoming first phase of UK/EU talks: citizens' rights, the financial settlement and the new external borders.  View Article
Bloomberg: Merkel warns against UK ‘illusions’ in hard-line Brexit speech
German Chancellor Angela Merkel laid down a tough line for Brexit talks with the UK, reminding Britain it can’t expect preferential treatment as she warned that some officials in London were harboring “illusions.”  View Article
Financial Times: Brussels hoists gross Brexit ‘bill’ to €100bn
The EU has raised its opening demand for Britain’s Brexit bill to an upfront gross payment of up to €100bn, according to Financial Times analysis of new stricter demands driven by France and Germany.  View Article
Financial Times: UK hits out at European Commission after Brexit meeting leak
The British government has accused the European Commission of seeking to “punish” the UK over Brexit after the leaked account of a private dinner raised tensions between London and Brussels. The Report said Juncker was ‘10 times more sceptical’ after last week’s Downing Street dinner.  View Article
Financial Times: Brussels set for power grab on London’s euro-clearing market
Brussels is rushing out proposals to impose EU control on the City of London’s lucrative euro-clearing market, forcing UK operators to either relocate or be policed by European authorities.  View Article
Bloomberg: London Stock Exchange attacks EU grab for clearing post-Brexit
London Stock Exchange Group Plc warned against a move from the European Union to limit euro clearing in its home city, saying the attempt would put investors and financial firms at risk.  View Article
El País: Spain won’t allow Gibraltar to exercise “unfair competition” after Brexit
Foreign Ministry report describes the Rock’s position within EU as “unjustified privilege”.  View Article
Irish Government Statement on Brexit Preparations
The Irish Government welcomed the outcome of the weekend's European Council meeting and the overall approach to the forthcoming Brexit negotiations set out in the Guidelines adopted.   View Article
Carnegie Europe: Brexit and the Irish Question
Britain’s decision to leave the European Union could spur the unification of Ireland and the breakup of the United Kingdom, writes Judy Dempsey.  View Article
BCC election manifesto: Brexit and Beyond
The British Chambers of Commerce manifesto calls for the new government to provide business communities with clear answers to the pragmatic and practical questions around how Brexit will affect their day-to-day operations, including hiring, customs procedures and regulation.  View Article
Open Europe: How should a truly Global Britain seek to upgrade its trade relationships beyond the EU?
Open Europe’s new Global Britain report has identified the markets in which the UK should seek to deepen its trade relationship and where it should seek to exploit opportunities to improve its export performance.  View Article
IfG: Implementing Brexit: Immigration
A new immigration system will not be ready by the time we formally leave the EU, argues this report. The UK could therefore be forced to keep the controversial ‘free movement of people’ for several years post-Brexit.  View Article
Ipsos MORI: Most think Theresa May will not achieve her target to cut net migration to the “tens of thousands”
New polling by Ipsos MORI shows UK public support for visas for EU citizens working in high skilled jobs – but not the “barista visa”. If prices do increase from cutting immigration, there's public split on whether that’s a price worth paying in order to reduce immigration.  View Article
European Parliament: Britons want to see more cooperation with EU in security and fighting terrorism new poll finds
In the eyes of a growing number of all EU citizens, belonging to the Union is a good thing. The new Eurobarometer survey also reveals which aspects of EU membership are most important to Britons.  View Article
Bloomberg: JPMorgan to move hundreds of staff to three EU offices on Brexit
JPMorgan Chase & Co. plans to move hundreds of London-based bankers to expanded offices in Dublin, Frankfurt and Luxembourg as it prepares for the UK to lose easy access to the European Union’s single market after Brexit, the firm’s head of investment banking said.  View Article
Financial Times: Standard Chartered picks Frankfurt for post-Brexit EU subsidiary
Standard Chartered has announced plans to establish a new EU subsidiary in Frankfurt, becoming one of the first banks to select Germany’s main financial centre as its alternative European hub to cope with the disruption of Brexit.  View Article
The Telegraph: Belgian finance minister warns EU: change or die
Brexit has “shattered” the principle of ever closer union in the EU, according to the Belgian finance minister, who warned that the bloc had to transform itself to survive.  View Article

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