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11 January 2018

Brexit Weekly

137th Brussels for Breakfast, ‘no deal’ Brexit, post-Brexit trade, asset management becoming key issue after withdrawal, calls for second Brexit referendum and more.

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  Articles from 21 December 2017 - 11 January 2018

  Brexit & UK
Reuters: Barnier says EU may treat some UK financial rules as equivalent after Brexit
The European Union could treat some British financial regulation as equivalent to EU law after Brexit, but would not give financial firms a general “passport” to do business in the single market, the EU’s chief Brexit negotiator said.  View Article
The Bank of England’s approach to the authorisation and supervision of international banks, insurers and central counterparties
As discussions on the UK’s future relationship with the EU continue the Bank of England announced that it is consulting on an updated approach to authorising and supervising international banks and insurers, and it issued guidance on its approach to international central counterparties (CCPs).  View Article
FCA statement on EU withdrawal
The European Council confirmed that sufficient progress had been made to move to the second phase of negotiations related to transition. The FCA welcomes the progress that has been made and is supportive of open markets and free trade in financial services underpinned by strong regulatory standards.  View Article
François Villeroy de Galhau: Europe, France and the United Kingdom - facing our common economic challenges
De Galhau elaborates on two challenges: the need for good national economic policies, pro-business and long-term oriented; and the need for active multilateralism to face our global challenges. He also dwells on a difficult challenge: the Europe's future relationship and Brexit.   View Article
Financial Times: Brussels warns UK companies of shut-out in event of no-deal Brexit
The EU is systematically warning UK companies of a regulatory chill after Brexit as it seeks to accelerate the private sector’s preparations for a no-deal UK exit, according to recent legal notices reviewed by the Financial Times.  View Article
The Times: Officials told to be ready for ‘no deal’ in Brexit negotiations
Ministers have been advised to try to negotiate a transition period if talks with the EU end without a deal to give Britain more time to prepare for a hard Brexit.  View Article
BBC: EU's Juncker: Don't believe Brexit won't happen
European Commission chief Jean-Claude Juncker says he believes Brexit will go ahead and the EU should tackle its looming budget shortfall.  View Article
Bloomberg: EU risks global bank crisis if it blocks Brexit deal, UK warns
The European Union risks opening the door to another global financial crisis if it refuses to give London’s bankers a good trade deal, Chancellor Philip Hammond and Brexit Secretary David Davis wrote in a German newspaper, as the finance industry emerged as a key battleground for Brexit talks.  View Article
Financial Times: Brussels brushes off UK charm offensive aimed at EU banks
Brussels has brushed off UK proposals to smooth the way for European financial institutions to stay in the City of London after Brexit, arguing that the British plans fall short of the EU’s own market access provisions.  View Article
Financial Times: UK should not exclude possibility of a Brexit with no banking deal
The City should not tangle itself in red tape to preserve its business that is EU-facing, writes Jonathan Ford.  View Article
The Guardian: David Davis says EU cannot 'cherry pick' terms of free trade deal
Britain wants “the full sweep of economic cooperation” and financial services must not be excluded from any agreement, Davis said.  View Article
Financial Times: Switzerland accuses EU of bias in finance dispute
The EU's equivalence decision on Swiss share trading venues, which is being closely watched in the UK, shows the uncompromising stance Brussels has taken on giving non-EU member states access to its markets if they do not accept the bloc’s regulations or recognise the validity of ECJ judges.   View Article
Financial Times: Fox moves to take trade disputes power from EU
Liam Fox, the trade secretary, will legislate next month to take back powers from Brussels to deal with trade disputes, in a move that will force Westminster politicians to grapple with exporters such as China.  View Article
Die Welt: Former Treasury Minister slams UK’s "fantasy“ approach to post-Brexit trade
Lord O’Neill condemned the Prime Minister’s failure to build strong relationships with important economies, particularly China.  View Article
Financial Times: UK looks to join Pacific trade group after Brexit
Britain has held informal talks about joining a flagship Pacific trade group, in an audacious bid to kick-start exports after Brexit. The proposal would make the UK the first member of the Trans-Pacific Partnership that does not border the Pacific Ocean or the South China Sea.  View Article
Financial Times: Philip Hammond broaches customs union deal with EU
Chancellor Philip Hammond has left open the possibility of the UK joining a new customs union with the EU — a move that would ease commerce with the bloc but limit Britain’s ability to strike free-trade agreements with other countries.  View Article
Bloomberg: US urges UK to cut EU rules after Brexit to boost trade
The US wants Britain to cut European Union regulations after Brexit to boost the chances of striking a free-trade deal between the two countries.  View Article
Financial Times: Goldman Sachs eyes Dublin for European asset management unit
Goldman Sachs has picked Dublin as a post-Brexit administrative centre for its European asset management business and will move about 20 people to the Irish capital, according to two people familiar with the bank’s plans.   View Article
Financial Times: Milan moves to lure London asset managers after Brexit
Italians have make tax changes to tempt fund company executives and portfolio heads. The Italian financial hub hopes that up to 1,500 asset management and investment banking jobs will move from London.  View Article
Financial Times: Britain braced for Brexit raid on asset management
Theresa May is braced for a possible French raid on Britain’s £8tn asset management industry, amid fears the sector might be the most exposed part of the City after Brexit.  View Article
The Telegraph: Emmanuel Macron warns against 'prisoner's dilemma' splits in EU over Brexit negotiations
President Emmanuel Macron of France has warned of the risk of splits emerging between EU states over Brexit negotiations in an implicit admission that Europe's "united front" over phase two of talks is under threat.  View Article
EIOPA: Insurance companies urged to make sufficient and timely preparation to ensure service continuity upon the UK’s withdrawal from the EU
The European Insurance and Occupational Pensions Authority has issued an Opinion on service continuity in light of the withdrawal of the United Kingdom from the European Union.  View Article
Commercial Risk Europe: Travelers goes for Dublin subsidiary to ‘seamlessly’ serve customers post Brexit
Travelers Europe, the European arm of the huge US-based insurance group, will apply to the Central Bank of Ireland for authorisation of a new, wholly owned insurance subsidiary incorporated in its country.  View Article
Brexit sectoral analyses published by Committee on Exiting the EU
Following its evidence session with the Secretary of State, the Committee on Exiting the European Union published material from the documents provided by the Department for Exiting the European Union.  View Article
The Guardian: UK companies will face huge new VAT burden after Brexit
More than 130,000 UK firms will be forced to pay VAT upfront for the first time on all goods imported from the European Union after Brexit, under controversial legislation to be considered by MPs.  View Article
The Guardian: Businesses ‘dismayed’ at Brexit division in Westminster
British Chambers of Commerce says that the lack of leadership is putting economy at risk and that patience among businesses is ‘wearing thin’.  View Article
Financial Times: Confidence drops among UK small business owners
One in seven small business owners plan to downsize, close or sell their companies during the next three months, according to a survey that showed a key confidence index turning negative for only the second time in five years.  View Article
The Telegraph: UK businesses warn: We are suffering from fall in EU immigration
British businesses are already suffering from a lack of workers as EU staff quit their jobs and leave the country, and continental sources of labour dry up.  View Article
Financial Times: Economists still gloomy on post-Brexit economy
The majority of economists surveyed by the FT remain gloomy about Britain’s economic prospects outside the EU, with the recent conclusion of withdrawal negotiations having done little to reassure them that Britain will be able to maintain sufficiently close trade links with the bloc after Brexit.  View Article
Financial Times: Brexit casts a shadow on the UK’s economic future
The damage was visible in 2017 and might become worse next year, in the FT's view.  View Article
IFS: Firms’ supply chains form an important part of UK-EU trade: what does this mean for future trade policy?
Over half of the UK’s imports from the EU are of intermediate goods and services, as are nearly 70% of British exports to the EU. As a result, even if the UK decides to make its own way in striking future trade deals, it will still pay to coordinate its efforts with others – including the EU.  View Article
The Guardian: May urged to stay in single market by 20 British MEPs
In a letter that lays down a challenge for the prime minister but also the Labour leader, Jeremy Corbyn, the group claims the case for staying in the internal market has become stronger since the referendum.  View Article
Business Insider: Nomura: Shifting public opinion could force the UK into a 2nd Brexit referendum in 2018
There's a real chance that Britain will hold a second referendum on leaving the European Union next year, if public opinion continues to shift against Brexit, Japanese bank Nomura believes.  View Article
Financial Times: Tony Blair calls on Labour leaders to back call for second Brexit referendum
Speaking on the BBC Today programme, the former prime minister said voters were “entitled to think again, if the circumstances changed”.  View Article

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