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20 July 2017

Brexit Weekly

ESMA principles on relocations from the UK, banks' Brexit exodus, Repeal Bill and more.

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  Articles from 13 July 2017 - 20 July 2017

  Brexit & UK
ESMA issues sector-specific principles on relocations from the UK to the EU27
ESMA published three Opinions setting out sector-specific principles in the areas of investment firms, investment management and secondary markets, aimed at fostering consistency in authorisation, supervision and enforcement related to the relocation of entities and functions from the UK.  View Article
Department for Exiting the European Union: The Repeal Bill
The Government took the next step in returning power from Brussels to the UK by introducing the European Union (Withdrawal) Bill.  View Article
The Guardian: Labour threatens to defeat Theresa May over 'great repeal bill'
Conservatives risk defeat over bill that unbundles EU laws if they do not make concessions to opposition parties, warns Keir Starmer.  View Article
Scottish Government and Welsh Government statement on EU (Withdrawal) Bill
Responding to the introduction of the European Union (Withdrawal) Bill, First Minister of Scotland Nicola Sturgeon and First Minister of Wales Carwyn Jones issued a joint statement.  View Article
Bloomberg: Citigroup chooses Frankfurt as new European trading hub
Citigroup Inc. has chosen Frankfurt as its newest trading hub in the European Union and plans to present that option to its board of directors this week for approval, according to a person with knowledge of the decision.  View Article
Reuters: Time running out to prevent banks' Brexit exodus - City of London boss
Britain must negotiate a staggered departure from the European Union in the next few months or risk seeing thousands of finance jobs move overseas, the policy chief of London's financial district told Reuters.  View Article
The Guardian: 'City will have to launch Brexit plans if there is no transitional deal' - FCA
Major City firms will start implementing their Brexit contingency plans at the end of the year unless there is an agreement about the UK’s transition terms for exit from the EU, according to the City regulator.  View Article
Less than one third of businesses have made formal Brexit plans, says ICAEW
Less than one third of UK businesses (29%) have made Brexit plans, while less than one half (43%) have held meetings to discuss the opportunities and risks presented by leaving the European Union, according to recent ICAEW research.   View Article
Bloomberg: Substantial risk of Brexit talks failing, Moody’s says
The risk that the UK will tumble out of the European Union in two years without a Brexit deal is “substantial,” Moody’s Investors Service said.  View Article
Financial Times: France wants hardest Brexit, says City envoy to EU
France favours the “hardest Brexit” and is “seemingly happy” for an outcome detrimental to London, according to a leaked memo written by the City’s envoy to the EU.  View Article
Reuters: EU and Britain to present post-Brexit plan on WTO membership
The European Union and Britain plan to put forward a joint proposal for reform of the terms of their World Trade Organization (WTO) membership in September or October, an EU source said, as London negotiates to leave the EU.  View Article
OMFIF: Folly of leaving EU customs union
Of the many claims about Britain’s exit from the EU, the most odd is that leaving the EU customs union opens the door to a massive expansion of exports and will allow the UK to create new trading alliances around the globe.   View Article
Bloomberg: UK's customs revamp may not be ready by Brexit, watchdog says
The National Audit Office said there is no guarantee the government’s new customs system will be operational by the time of Brexit, potentially complicating the country’s future trade with the European Union.  View Article
Brexit 'a fundamental challenge' to the future of the UK say Lords
The European Union Committee publishes its report on Brexit and devolution, concluding that on the day of Brexit, all powers currently exercised by the EU will 'by default, be exercised in accordance with… pre-existing statutory provisions'.  View Article
The Guardian: Big majority of Labour members 'want UK to stay in single market'
Support for Britain to remain in the EU single market and customs union is overwhelming among Labour party members, according to a poll showing that more than eight out of 10 think the UK should stay in Europe’s key trading blocs.  View Article
The Guardian: Majority of Brexiteers would swap free movement for EU market access
YouGov poll shows the public is keen to compromise on immigration as trade-off for access to single market.  View Article
ACCA: Business confidence sinks as UK faces slowdown in economic growth
The UK General Election has had an adverse impact on business confidence, with the country facing heightened uncertainty and a slowdown in economic growth according to the latest edition of the Global Economic Conditions Survey.  View Article
Financial Times: Why a short-term transition deal is no easy Brexit solution
Any attempt to agree UK-EU transition terms boils down Brexit’s political dilemmas to their essence. The Financial Times looks at several constraints on reaching a transition deal to smooth the country’s way out of the EU.   View Article
Financial Times: Author of Article 50 calls for Brexit to be stopped
The author of the Article 50 clause that allows Britain to leave the EU has called for the Brexit process to be halted, saying that the “disastrous consequences” are “becoming ever clearer”.  View Article
Bloomberg: Theresa May launches business group to build trust over Brexit
UK Prime Minister Theresa May will launch a new business advisory group, her office said, as her government tries to build bridges with financial and trade bodies during Brexit negotiations.   View Article
Tony Blair: Europe willing ‘to accommodate Britain’
The UK could stay in a reformed European Union despite the Brexit vote, according to former Prime Minister Tony Blair.  View Article
Politics: Brexit's toll on foreign policy: Losing our reputation day after day
Whether through arrogance or incompetence, the UK government is trashing Britain's reputation by the day. That's not good for business - and it's certainly not good for influence, writes Jonathan Lis.  View Article
El Mundo: The King's speech
The Spanish royals arrived in the UK for their first state visit since 1986. Their trip will be indelibly marked by Brexit, as the main purpose of the visit is to transmit a message of support and solidarity to the large population of Spanish nationals in the UK.  View Article
ACCA: Export finance deal good news for SMEs but awareness is now key
ACCA has welcomed the partnership between UK Export Finance (UKEF) and major banks, which will allow greater access to export finance for the country’s small businesses.  View Article

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