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10 January 2019

Brexit Weekly

Majority of Britons back Final Say vote on deal, Labour leader Corbyn to go ahead with Brexit even if party won snap election, Tories urge May to rule out no-deal, British officials testing waters for Article 50 extension, financial regulation revving up for Brexit and more.

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  Articles from 20 December 2018 - 10 January 2019

  Brexit & UK
The Independent: Majority of Britons back Final Say vote on deal, according to largest poll since referendum
The survey, commissioned by the People’s Vote, indicated the British public would back remaining in the EU by 54% to 46% if there was a re-run of the 2016 question.  View Article
The Guardian: Most Labour members believe Corbyn should back second Brexit vote
Labour members are significantly more opposed to Brexit than Jeremy Corbyn is, with 72% of them thinking their leader should fully support a second referendum, according to a study of attitudes in the party.  View Article
The Guardian: Corbyn: Brexit would go ahead even if Labour won snap election
Jeremy Corbyn has defiantly restated Labour’s policy of leading Britain out of the European Union with a refashioned Brexit deal, shrugging off intense pressure from Labour MPs and activists for the party to throw its weight behind a second referendum.  View Article
UK in a Changing Europe: Conservative Party members do not support May’s Brexit compromise
Mrs May has failed not only to convince the country and quite probably Parliament that her Brexit deal is a good one, she has also failed to convince the party faithful. If anything grassroots Tories are even less impressed than Tory MPs.  View Article
The Telegraph: Most Tory members would choose a no-deal Brexit over Theresa May's plan, poll shows
Theresa May’s hopes of persuading Tory MPs to back her Brexit deal were dealt a bitter blow as a poll of Conservative Party members showed more than half would prefer to leave the EU with no deal.  View Article
The Independent: More than 200 MPs urge May to rule out no deal as Johnson dismisses ‘downright apocalyptic’ warnings
More than 200 MPs from across the Commons have signed a letter to the prime minister urging her to rule out a no-deal Brexit.  View Article
POLITICO: No-deal is closest to UK voters’ idea of Brexit, says Boris Johnson
A no-deal exit from the European Union corresponds most closely to the British public's idea of Brexit, according to former Foreign Secretary Boris Johnson.  View Article
The Daily Telegraph: British officials 'putting out feelers' with EU for Article 50 extension
British and European officials are discussing the possibility of extending Article 50 amid fears a Brexit deal will not be completed by March 29, the Telegraph can reveal.  View Article
Bloomberg: Brexit may not happen, Trade secretary says
The chances of the UK leaving the European Union are “50-50’’ if Parliament rejects Prime Minister Theresa May’s withdrawal agreement in January, International Trade Secretary Liam Fox said in a Sunday Times interview.  View Article
Financial Times: Amber Rudd says second vote ‘plausible’ if May Brexit deal dies
Amber Rudd, UK work and pensions secretary, has become the first cabinet minister to spell out a path to a second Brexit referendum, saying that another vote could become “plausible” if parliament rejects Theresa May’s deal with the EU in January.  View Article
UK in a Changing Europe: New survey finds 70% of MPs think Theresa May has done a poor job of negotiating Brexit
Seventy per cent of MPs think Theresa May has done a poor job of negotiating Brexit – and more Conservative MPs think she has done a bad (47%) than a good job (34%), a new survey of MPs has found.  View Article
Peter Mandelson: Theresa May’s Brexit plan reduces us to beggars in Brussels — we need another vote
Writing in the Sunday Times, Peter Mandelson, the former European trade commissioner and a vocal supporter of the EU, said that May's deal "would rob Britain of its sovereignty" and "is not what anyone voted for in 2016."  View Article
The Times: Business group ready to back new vote
An influential business body has withdrawn support for Theresa May’s Brexit deal and is prepared to advocate a second referendum.  View Article
The Guardian: UK must have second EU referendum, Chris Patten to say
Chris Patten, the former Conservative party chairman, declared support for a second referendum on the UK’s membership of the EU.  View Article
Chatham House: As Brexit deadline beckons, few signs of change in British attitudes
People appear more pessimistic about the direction of Brexit, but there is little indication that Leave voters are giving up on the idea, writes Professor Matthew Goodwin.  View Article
Financial Times: UK financial services sector shifts £800bn in assets to Europe
Financial services companies have moved almost £800bn in staff, operations and customer funds to Europe since the Brexit referendum, according to a report from consultancy EY.  View Article
Financial Times: US creates Brexit market safety net with German clearing permit
US derivatives markets regulators have offered an olive branch to Europe in their stand-off over clearing oversight, allowing Deutsche Börse to handle trillions of dollars of deals from big American asset managers.  View Article
BoE: UK withdrawal from the EU: Further changes to PRA Rulebook and Binding Technical Standards and Resolution Binding Technical Standards
The UK’s withdrawal from the European Union requires changes to be made to UK legislation to ensure that it remains functional. This Consultation Paper contains two consultations to fix deficiencies arising from the UK’s withdrawal from the EU.  View Article
FCA: Brexit: further proposals to prepare the UK's regulatory regime
The FCA published two consultations to prepare for the UK’s exit from the EU: proposals to introduce the financial services contracts regime (FSCR) as well as proposed fees for regulating securitisation repositories.  View Article
Financial Times: London’s financial sector will take a knock in 2019
With or without a Brexit deal, the City’s pre-eminence will be shaken, warns the FT.  View Article
Financial Times: Norway-style Brexit would allow UK to shape rules on finance
Chair of the House of Commons Treasury select committee Nicky Morgan writes that, inside EFTA and EEA, the British would have a voice, a vote and right to reject regulations.  View Article
Insurance Journal: Chubb European Group completes redomicile to France in preparation for Brexit
Chubb European Group announced it has redomiciled its businesses from London to France, effective Jan. 1, consistent with its previously announced Brexit preparations.  View Article
BBC: Bank cuts growth forecast amid Brexit worries
The Bank of England has cut its UK growth forecast and warned a lack of Brexit clarity is hitting the economy.  View Article
Bloomberg: UK economy under pressure as Brexit deadline approaches
The first week of the new year brought a slew of bleak reports for the UK economy, highlighting the scale of the challenges to come as Britain prepares to leave the European Union.  View Article
POLITICO: World Bank warns no-deal Brexit risks wider economic impact
The impact of a no-deal Brexit would be felt from Eastern Europe to North Africa, the institution says.  View Article
Financial Times: Brexit will test the resilience of the British economy
Chris Giles reckons that uncertainty over how Britain leaves the EU will not be enough to cause a downturn.  View Article
Financial Times: Business leaders fear deteriorating economic conditions in UK
The majority of the UK’s 500 largest companies say they expect Britain’s economic condition to decline over the next 12 months as uncertainty over Brexit continues to undermine business confidence.  View Article
Financial Times: Brexit ‘bad or awful’ for UK prospects in 2019, say economists
Uncertainty will hobble UK business investment and depress consumer spending in 2019, stunting long-term growth even if Britain manages to avoid a disorderly Brexit, according to a poll of more than 80 leading economists.  View Article
YouGov: UK consumer confidence slumps as unpredictable Commons Brexit vote approaches
Confidence continues waning trend of recent months by dropping 2.5% in December, analysis from YouGov and the Centre for Economics and Business Research finds.   View Article
BBC: Brexit: US ambassador to UK Johnson warns on trade deal
Donald Trump's offer of a "quick, massive, bilateral trade deal" will not be possible if Theresa May's EU withdrawal agreement is approved, the US ambassador to the UK has warned.  View Article
EPC: Brexit: How the Political Declaration can rescue the Withdrawal Agreement
In his latest paper on Brexit, Andrew Duff argues that Mrs May has little chance of getting the Withdrawal Agreement ratified unless she begins to appeal to pro-European MPs on a cross-party basis.   View Article
LSE: Brexit: On being more or less semi-detached
Martin Westlake writes that despite Brexit, internal and external forces are driving European states towards ever closer relations. The UK will remain an integral part of an ever-closer Europe, whatever the fine detail of its relations with the EU.  View Article
Bloomberg: Brexit saga pushes Danish support for EU to highest in 30 years
Danish support for EU membership has reached a three-decade high in the wake of Brexit.  View Article

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