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20 December 2018

Brexit Weekly

European Commission implements “no-deal” Contingency Action Plan, UK Cabinet 'ramps up' no-deal planning, EU27 not helping Theresa May further, MPs to vote in January 14th, support in Parliament for a second referendum growing, EBA, ESMA calls on firms to provide more info to customers on Brexit.

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Brexit & UK   About this email

  Articles from 13 December 2018 - 20 December 2018

  Brexit & UK
Brexit: European Commission implements “no-deal” Contingency Action Plan in specific sectors
Given the continued uncertainty in the UK surrounding the ratification of the Withdrawal Agreement and last week's call by the European Council (Article 50) to intensify preparedness work at all levels and for all outcomes – the EC has started implementing its “no deal” Contingency Action Plan.  View Article
BBC: Brexit: Cabinet 'ramps up' no-deal planning
The cabinet has decided to "ramp up" preparations for a no-deal Brexit amid uncertainty over the fate of Theresa May's proposed EU exit deal.  View Article
Bloomberg: EU to rule out ‘managed no-deal’ as bloc boosts Brexit planning
The European Union stepped up pressure on Britain to approve its Brexit deal by ruling out the prospect of piecemeal negotiations on aspects of the divorce to avoid the UK crashing out without an agreement.  View Article
European Council (Art. 50) conclusions
The European Council (Art. 50) on 13 December 2018 adopted conclusions on Brexit.  View Article
BBC: Theresa May sets January date for MPs' Brexit vote
MPs will vote on the UK's Brexit deal in the week beginning 14 January, Theresa May has told Parliament.  View Article
BBC: Delay to Brexit if UK wants new deal, says Irish minister
Brexit may have to be delayed if the UK submits an "entirely new" proposal on its withdrawal from the EU, the Irish foreign affairs minister has said.  View Article
Financial Times: UK justice secretary suggests he would quit over no-deal Brexit
In an interview with the Financial Times, David Gauke warned that the pursuit of this outcome was not a decision the prime minister “can responsibly take” given the economic carnage that would ensue.  View Article
POLITICO: British officials line up for second referendum: reports
Theresa May, the British prime minister, faces renewed domestic pressure over Brexit after a series of high-profile U.K. politicians threw their support behind a second referendum, according to media reports.  View Article
BBC: New Brexit referendum logical, says Tony Blair
MPs could end up supporting another Brexit referendum if "none of the other options work", Tony Blair has said.  View Article
The Federal Trust: Brexit: A national government or "no deal"
In his latest blog, the Federal Trust Director Brendan Donnelly argues that a People’s Vote may well be the only alternative to a “no deal” Brexit and that only a cross-Party national government will be able to carry out this People’s Vote.  View Article
Paul Goldschmidt: The “Yellow Jackets” recast the geopolitical consequences of “Brexit”
Paul Goldschmidt writes that the absolute priority must be to ensure that the UK remains a Member of the Union, using the opportunity resulting from the ECJ’s decision to allow the UK to rescind unilaterally Article 50 and restoring the situation to the status quo ante.  View Article
OMFIF: Power vacuum points to no-deal Brexit
Joergen Oerstroem Moeller warns that a power vacuum seems likely to arise in London. Unless May miraculously reimposes her will over the Conservative party and convinces parliament of the value of her deal, Britain will drift towards a no-deal Brexit.  View Article
Bruegel: How a second referendum could be the best way to overcome Brexit impasse
A new vote based on the revocation (or not) of Article 50 would give the UK government a clear signal to proceed in one direction or another, and thus trim down the number of options being touted – most of which are unworkable as things stand, write Maria Demertzis and Nicola Viegi.  View Article
Financial Times: The nightmare of a no-deal Brexit looms and must be prevented
The UK and the EU are sleepwalking towards a no-deal Brexit. Theresa May’s survival as leader of the Conservative party does not alter that fact. This outcome would be a disaster for the UK, but also bad for the rest of the EU. The alternative, writes Martin Wolf, is a second referendum.  View Article
The Guardian: Brexit 'delusions' risk putting UK into crisis, warns Ivan Rogers
Theresa May has been accused of failing to be honest with the public about Brexit by the UK’s former ambassador to the European Union, who warned that “fantasies and delusions on all sides” risk plunging the UK into a democratic crisis.  View Article
LSE: A way out of the Brexit chaos? Parliament should install a national government
Is there a way out of the Brexit chaos, asks Iain Begg (LSE)? With still no solution in sight for Brexit, the time has come for a more imaginative approach, he writes.   View Article
EBA calls for more action by financial institutions in their Brexit-related communication to customers
As a follow up to its June 2018 Opinion on financial institutions' preparedness for the UK withdrawal from the EU, the EBA reminds affected financial institutions to maintain their efforts in effective contingency planning and to increase their efforts in communicating to customers.   View Article
ESMA is ready to review UK CCPs’ and CSDs’ recognition applications for a no-deal Brexit scenario
ESMA Board of Supervisors supports continued access to UK CCPs, in order to limit the risk of disruption in central clearing and to avoid any negative impact on the financial stability of the EU.  View Article
ESMA tells firms to provide clients with information on the implications of Brexit
The statement is addressed to UK firms that provide services in EU27 Member States, as well as EU27 firms that deal with clients based in the UK.   View Article
Financial Times: UK toppled as Europe’s biggest private equity market
The UK has lost its crown as Europe’s biggest private equity market by deal value for the first time since 2011, as buyout executives have postponed big investments while they await greater clarity surrounding Brexit.  View Article
Financial Times: Credit Suisse advises clients to consider moving assets out of UK
Private bankers at Credit Suisse have advised clients to consider moving assets out of the UK because of a lack of clarity around Brexit.  View Article
Bloomberg: Deutsche Bank, Commerzbank test Frankfurt swaps move
Deutsche Bank AG and 16 other lenders recently tested moving interest-rate swap positions from London to Frankfurt, according to people familiar with the matter, a signal that financial firms are pushing ahead with preparations for a no-deal Brexit.  View Article
Financial Times: EU bank watchdog warns e-money firms not all ready for cliff-edge Brexit
With just over three months to go until the UK is due to leave the European Union, smaller financial institutions and e-money firms are not doing enough to prepare for a cliff-edge Brexit, Europe’s watchdog of watchdogs has warned.  View Article
ICAEW: Brexit - removal of audit rights in Ireland
ICAEW received an indication from the Irish audit authorities that they interpret the Audit Directive to mean that non-Irish resident accountancy firms currently on the Irish Audit register are unlikely to retain automatic audit rights in Ireland after 29 March 2019 in the event of a no-deal Brexit.  View Article
ACCA: More support needed for SMEs with new online VAT
The Government must address the concerns of small businesses with the potential for a no-deal Brexit set to clash with the introduction of HMRC’s new online VAT system in April 2019, Making Tax Digital (MTD), according to the ACCA.  View Article
The Guardian: British economy forecast to fall in GDP rankings
Britain’s stalled economy will fall back in the international rankings next year to sit in seventh place behind India and France, according to a report by consultants at PwC.  View Article
BCC Forecast: Business investment deep freeze to continue in 2019
Uncertainty over the UK’s future relationship with the EU is one of many factors that has weakened the outlook for business investment, according to the latest forecast by British Chambers of Commerce (BCC).  View Article
The Guardian: Britain's goods exports 'collapse' to three-year low amid Brexit unease
Britain’s goods exports have “collapsed” to levels not seen for three years in response to growing Brexit uncertainty and slowdowns in the Chinese and the US economies, according to a quarterly trade monitor.  View Article

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