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21 December 2017

Brexit Weekly


Commission's draft negotiating directives for next phase of the Article 50 negotiations, Impact of a No-Deal Brexit on the Cleared Derivatives Industry, Canada-style Brexit deal, Brexit transition arrangements and more.

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  Articles from 14 December 2017 - 21 December 2017

  Brexit & UK
 
 
Brexit: European Commission recommends draft negotiating directives for next phase of the Article 50 negotiations
Following the guidelines adopted by the European Council (Art 50) on 15 December, the European Commission has today sent a Recommendation to the Council (Art 50) to begin discussions on the next phase of the orderly withdrawal of the United Kingdom from the European Union.  View Article
European Council (Art. 50) guidelines for Brexit negotiations
The European Council (Art. 50) on 15 December 2017 adopted guidelines for the second phase of the Brexit negotiations.  View Article
The Guardian: UK cannot have a special deal for the City, says EU's Brexit negotiator
Britain cannot have a special deal for the City of London, the European Union’s chief Brexit negotiator has told the Guardian, dealing a blow to Theresa May’s hopes of securing a bespoke trade agreement with the bloc.  View Article
FIA publishes white paper on the Impact of a No-Deal Brexit on the Cleared Derivatives Industry
The purpose of the white paper is to promote a better understanding of the impact of Brexit on cleared derivatives in the event of a no-deal. The paper also considers ways to mitigate the impacts of a no-deal scenario during a transition period.  View Article
Financial Times: Brussels signals tough stance on UK bank bonuses after Brexit
Investment banks in Britain would have to stick closely to EU rules on issues such as bonus caps after Brexit, under proposals the European Commission is set to make.  View Article
Financial Times: Bank of England to shield European banks from tougher post-Brexit rules
The Bank of England will not force all European-headquartered investment banks to ringfence their capital and liquidity in the UK after Brexit, allaying concerns that banking supervisors would require investment banks such as Deutsche Bank to establish expensive new subsidiaries.  View Article
Financial Times: Why UK bank ring-fences don’t make everyone safer
In among all the tribulations of Brexit — and the structural gymnastics that banks are going through to prepare for life outside the EU — another looming feat of bank acrobatics has been publicly neglected.  View Article
The Guardian: UK banks tell May: a Canada-style Brexit deal is not good enough
Britain’s banks have written to Theresa May and Philip Hammond warning that a Canada-style free trade agreement with the EU post-Brexit is not ambitious enough and that alignment with EU rules on finance is crucial.  View Article
Financial Times: Investment banks split on shifting assets ahead of Brexit
The world's biggest investment banks are split on whether they have to move hundreds of billions of clients’ assets ahead of Brexit, with some planning to begin “novating” assets to EU entities while other want to leave existing trades where they are even after the UK leaves the EU.   View Article
Financial Times: London fund managers warn of a ‘sneaky’ Brexit
The £8tn UK asset management industry is more vulnerable to Brexit than it seems, fund managers have warned, as they abandon or delay investment and talent bleeds to rival financial hubs.  View Article
Commercial Risk Europe: LMA supports ‘urgent’ Brexit transition deal amid fears of lost business
The Lloyd’s Market Association (LMA) has backed a cross-party UK member of parliament report that calls on its government to deliver an “urgent” Brexit transition deal with the European Union.  View Article
Bloomberg: EU aiming for post-Brexit trade deal to be ready by January 2021
The European Union expects the UK’s post-Brexit transition period to last until the end of 2020 and is aiming for a trade deal to kick in immediately after that, according to a European Commission official.  View Article
Financial Times: The real price of Brexit begins to emerge
FT research shows that the weekly hit to the British economy could be the same £350m that Leave campaigners promised to claw back.  View Article
Financial Times: Brexit uncertainty hurting UK economy, says IMF
The International Monetary Fund says that Britain’s vote to leave the EU is already damaging the UK despite a strong recovery in the world economy, and warned that losses in tax revenues could exceed any gains from ceasing net contributions to Brussels.  View Article
Institute for Government: Government must urgently put forward proposal on EU trade
The report Trade after Brexit: Options for the UK’s relationship with the EU shows that the EU can be flexible when it needs to be. Its agreements with Ukraine and Switzerland show that partial integration into the Single Market is possible and there is room for creativity.  View Article
BBC: IPPR proposes creation of ‘shared market’ for UK and EU
A think tank is proposing a post-Brexit trading deal based on the UK and the EU sharing each other's markets.  View Article
Fed Trust: Grade inflation? Brexit and Canada +++
The Secretary of State for Exiting the European Union, David Davis, has described his plans for a future trading arrangement with the EU as ‘Canada plus plus plus’. But what precisely does this expression mean, if anything, and what are the trade and political implications?  View Article
UK sanctions policy faces uncertain future, warns Committee
This report concludes that the effectiveness of UK sanctions will be undermined unless the UK can quickly agree arrangements for future sanctions policy co-operation with the EU.   View Article
La Libre Belgique: Charles Michel hopes for inspiration from Canada
In a Belgian Parliament meeting, the Prime Minister Charles Michel said he hopes that Brexit negotiations will result in the UK having a ‘CETA plus plus’ trade deal, citing the recently agreed Canadian deal as a good source of inspiration.  View Article
La Libération: Deciphering the Brexit deal
The Behind Brussels' Blog of La Libération writes how the EU-UK agreement was less of an agreement than an unconditional surrender of London and offers to decipher the 15-page Brexit deal.  View Article
Fed Trust: Brexit is a blank sheet of paper that can never be filled in
If the Commons attempts to reject the agreement reached by May in the autumn of next year, a number of options would be open, such as a new referendum for the voters to choose between accepting the result of the government’s Brexit negotiations or remaining in the EU, writes Brendan Donnelly.  View Article
BMG/Independent Poll: Shift towards Remain at height of Brexit negotiation tensions
With an eleven-point lead for Remain, when we include those who are leaning one way or the other, and excluding those who are undecided, BMG’s latest poll for the Independent shows the largest Remain lead in any of BMG’s monthly tracking polls conducted since the Referendum in June 2016.  View Article
The Guardian: Lib Dems call for second EU referendum in December 2018
Britain could have a second EU referendum as an early Christmas present in 2018, the Liberal Democrats have said, proposing a lengthy 12-week campaign starting in September to give the UK the option to accept a deal or stay in the EU.  View Article
Bloomberg: Centuries-old Gibraltar dispute threatens Brexit progress
UK officials fear Spain will threaten to veto a Brexit transition phase if the British prime minister refuses to negotiate a separate deal with the government in Madrid that covers the disputed territory of Gibraltar.  View Article
 

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