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31 May 2018

Brexit Weekly

UK post-Brexit economic partnership with the EU, customs union, second Brexit transition period until 2023, Bank of England policy after Brexit, second vote to stop Britain withdrawal, Euro Clearing and more.

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Brexit & UK   About this email

  Articles from 24 May 2018 - 31 May 2018

  Brexit & UK
Bloomberg: UK sees close EU ties post-Brexit with similar rules enduring
The UK set out its goals for the post-Brexit economic partnership with the European Union, calling for the future trade deal to break new ground and allow mutual recognition of each other’s rules.  View Article
Extending the customs union could be only viable option, says Committee
The Exiting the European Union Committee publishes its latest report on the progress of the UK’s negotiations on EU withdrawal and highlights significant issues yet to be resolved in the remaining five months of negotiations.  View Article
The Times: May seeks new Brexit transition to 2023
Theresa May will ask the European Union for a second Brexit transition period to run until 2023 to avoid a hard border in Ireland, according to people with knowledge of the matter.  View Article
POLITICO: Barnier tells UK to accept ECJ jurisdiction
The EU’s chief Brexit negotiator, Michel Barnier, warned the UK that it must accept the jurisdiction of the European Court of Justice in order to achieve a successful withdrawal treaty and transition period when leaving the EU. Barnier compared British delays to ‘a game of hide and seek.’  View Article
The Guardian: Stop Brexit blather and face reality on trade, says ex-EU ambassador
Britain must face reality on post-Brexit trade rather than continue the “buccaneering blather” of hard Brexiters, the UK’s former chief EU diplomat Sir Ivan Rogers has said.  View Article
Financial Times: A Brexit compromise for frictionless goods trade
Martin Sandbu writes that what is emerging is that the UK may end up seeking a long-term relationship with the EU based on a customs union and accepting single market rules and jurisdiction for the production and trade in fish, agricultural and industrial goods but not services.  View Article
Financial Times: BoE's Carney issues stark warning on post-Brexit policy
A “disruptive” Brexit could force the Bank of England to choose between tolerating higher inflation or putting the brakes on economic activity, Bank of England's governor Mark Carney warned.  View Article
Financial Times: Treasury and BoE clash over City of London regulation after Brexit
Chancellor Philip Hammond wants to keep Britain close to the EU rule book after Brexit to ensure maximum access for City of London institutions to the European market, while the Bank of England is opposing any compromise that would leave it as “a rule taker”.  View Article
Financial Times: Second vote to stop Brexit is credible, says Article 50 author
The People’s Vote campaign for a second referendum offers a credible route to stop Brexit, according to John Kerr, a former UK representative to the EU and crossbench member of the House of Lords.  View Article
The Guardian: Soros-backed campaign to push for new Brexit vote within a year
A campaign to secure a second Brexit referendum within a year and save the UK from “immense damage” is to be launched in days, the philanthropist and financier George Soros has announced.  View Article
Prospect Magazine: New polling analysis reveals that a second referendum would swing to Remain
One million Labour voters who backed Brexit two years ago are having second thoughts. A special analysis of YouGov surveys conducted this year shows that significant numbers of younger Leave voters, as well as those supporting Labour in the last election, no longer think Brexit is right for Britain.  View Article
City AM: Fintech leaders join business group backing second Brexit referendum
Over 80 UK tech leaders have signed up as supporters of a new business group called Tech For UK that’s calling on the government to back a second referendum on the terms of Brexit, including an option to remain in the EU.  View Article
ECB's Mersch: Euro Clearing – the open race
Yves Mersch said that "EU authorities must continue to be able to not only closely monitor UK CCPs but ensure they comply with EU regulations" after Brexit. Mersch outlined the rationale behind the change of the ECB's Article 22 to confer the bank bigger powers to supervise clearing houses.  View Article
BIS: Ed Sibley: The provision of financial services in Ireland and from Ireland after Brexit
The Deputy Governor of the Central Bank of Ireland addresses the impact of Brexit on the Irish financial services system and on financial services firms. Sibly says his approach has to recognise that it is still plausible that there will be a "hard Brexit" less than year from now.   View Article
European Payments Council publishes position paper on Brexit and UK PSPs’ participation in SEPA schemes
On the occasion of the start of the second phase of the Brexit negotiations, in particular the negotiations on a transition period and the scoping of the future relationship between the EU and the UK, the European Payments Council (EPC) publishes a position paper on the subject.  View Article
POLITICO: UK economic model ‘wrong for Scotland’ post Brexit: report
The UK’s economic model is “wrong for Scotland,” a report commissioned by the ruling Scottish National Party and published Friday said, arguing independence would create “new opportunities” to keep Scotland in the European single market.  View Article
Financial Times: Italian deadlock sets stage for fierce battle over the EU
Tony Barber writes that populists in Italy will fight a snap election on the choice between local control and the ECB, and the campaign battleground promises to be Italy’s eurozone membership.  View Article
The Times: Brussels and Brexiteers united in anger over budget extension
Britain will help to determine the EU’s £1 trillion budget up to 2027 after European countries defied Brussels and invited UK officials to take part in negotiations.  View Article
Financial Times: Britain’s plans for ‘no-deal’ Brexit have ground to a halt
The UK government’s preparations for a “no deal” Brexit in March 2019 have largely ground to a halt, making it almost impossible for Theresa May to walk out of negotiations with the EU in the next 10 months, according to people with close knowledge of the situation.  View Article
The Guardian: Majority of EU27 favour 'simple' approach on Britons’ residency
A majority of the EU27 do not plan to force UK nationals living within their borders to apply for a special residency status after Brexit, in contrast to the UK government’s treatment of EU nationals.  View Article

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