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20 September 2018

Brexit Weekly

Salzburg summit, no-deal threat to UK economy, Roadmap to a People’s Vote, EU migrants after Brexit, Deutsche plans to shift more assets from London and more.

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Brexit & UK   About this email

  Articles from 13 September 2018 - 20 September 2018

  Brexit & UK
Bloomberg: October is ‘moment of truth’ for Brexit, EU’s Barnier tells UK
The UK and the European Union signaled their readiness to work to break the deadlock in Brexit talks as Prime Minister Theresa May prepared for a crucial summit aiming to persuade EU leaders to back her plans.  View Article
BBC: Theresa May says it's Chequers or no deal
Theresa May has told the BBC that MPs will have a choice between her proposed deal with the EU - or no deal at all.  View Article
Bloomberg: May will fight off rivals to deliver Brexit, academics predict
Prime Minister Theresa May is likely to survive in power to deliver the UK’s exit from the European Union in March, according to a poll of academics, even as Brexiteers led by Boris Johnson try to kill off her plans.  View Article
The Guardian: No-deal Brexit could be as bad as 2008 financial crash, Carney says
The governor of the Bank of England has warned the cabinet that the impact of a no-deal Brexit could be as catastrophic as the financial crisis that crippled the UK economy a decade ago.  View Article
BBC: No-deal Brexit would hit UK economy, says IMF
The International Monetary Fund has warned that a "no-deal" Brexit on World Trade Organization terms would entail "substantial costs" for the UK economy.  View Article
Financial Times: The risk of a UK recession is growing
The UK faces the highest risk of recession of any of the 13 economies for which The Conference Board tracks business cycles and their leading economic index suggests the British economy may start shrinking over the course of the next year.  View Article
BCC: UK growth forecasts downgraded as Brexit uncertainty hits investment and trade
The British Chambers of Commerce has downgraded its growth expectations for the UK economy, forecasting GDP growth for 2018 at just 1.1% (down from 1.3%). The BCC has also downgraded its GDP growth forecast for 2019 from 1.4% to 1.3%.   View Article
EPC: The road to nowhere? Prospects for a post-Brexit trade deal
In this Policy Brief, Fabian Zuleeg assesses the prospects for a post-Brexit trade deal between the UK and the EU.  View Article
The Guardian: Right-wing think tanks unveil radical plan for US-UK Brexit trade deal
A radical blueprint for a free trade deal between the UK and the US that would see the NHS opened to foreign competition, a bonfire of consumer and environmental regulations and freedom of movement between the two countries for workers, is to be launched by prominent Brexiters.  View Article
Verfassungsblog: WTO option in practice: How a no-Deal Brexit would seriously damage key UK industries
The British Government confidently claims that WTO Law ‘will form the bedrock’ of future trade relations. It should not, however, underestimate both the challenges it will face in the transition to trading under WTO Law as well as WTO Law’s unsuitability to compensate for EU membership.  View Article
The Investment Association: Growing European investment in UK asset management industry underlines importance of a Brexit deal
The UK asset management industry grew to a record £7.7 trillion, maintaining its standing as the second largest asset management centre in the world, according to the latest figures published by the Investment Association, the trade body that represents UK asset managers.  View Article
BBC: People's Vote says 'multiple opportunities' for Brexit referendum
MPs will have "multiple" opportunities to give the public the final say over whether the UK leaves the EU, the People's Vote campaign group has said in a new report that sets out "The Roadmap to a People’s Vote."  View Article
BBC: London mayor Sadiq Khan calls for second Brexit vote
London mayor Sadiq Khan has called for a second EU referendum, criticising the government's handling of Brexit negotiations with the EU.  View Article
The Guardian: Vince Cable calls on Lib Dems to liberate Britain from 'Brexit nightmare'
Vince Cable has urged Liberal Democrat activists to lead a “crusade” to liberate Britain from the “Brexit nightmare”, by making common cause with moderates from other parties.  View Article
The Observer view: we must give voters a chance to deliver their verdict on Brexit terms
The British newspaper says that the only way out of the current democratic conundrum is for MPs to force the government to put its final Brexit deal to the electorate.  View Article
Open Reason: Delaying Brexit - What would it mean for the 2019 European Parliament elections?
Nick Clegg's office draws attention to the legal problem of extending Article 50 beyond the date of the European Elections in May 2019: the UK will be under a treaty obligation to hold elections to the European Parliament whilst it is a Member of the EU.  View Article
The Telegraph: EU migrants worth more to public finances than UK-born, study claims
EU migrants pay more tax than the average British adult, leaving the UK’s public finances at risk and making post-Brexit tax hikes more likely, according to Oxford Economics.  View Article
Bloomberg: UK urged to end privileged access to European migrants
The UK shouldn’t favor EU workers in the post-Brexit labor market, the government’s immigration adviser said, urging ministers to prioritize skilled workers who bring clear benefits to the economy.  View Article
El País: Spain wants a special chapter on Gibraltar in Brexit agreement
PM Pedro Sánchez will meet with EU chief negotiator Michel Barnier to push for an annex addressing cross-border workers, tax evasion and smuggling in the British territory.  View Article
Financial Times: Deutsche plans to shift more assets from London
Deutsche Bank has scaled up plans to shift hundreds of billions of assets from London to Frankfurt after coming under increasing pressure from European regulators over the size and complexity of its UK operations after Brexit.  View Article
Investment & Pensions Europe: First State to transfer up to £4.3bn to Ireland as part of Brexit prep
European investors in 18 of the firm’s UK OEIC range will be automatically transferred to an equivalent Dublin-domiciled UCITS vehicle in the first quarter of next year, subject to the approval of investors and regulators, the company said.  View Article

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