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14 September 2017

Brexit Weekly

EU-UK Customs after Brexit, Ireland and Northern Ireland status post-Britain withdrawal, Euro clearing, New EU-UK Economic Partnership, European Union Withdrawal Bill, Brexit transition and more.

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  Articles from 07 September 2017 - 14 September 2017

  Brexit & UK
Position paper transmitted to EU27 on Customs related matters needed for an orderly withdrawal of the UK from the Union
The principles outlined in this paper by the European Commission aim to ensure an orderly withdrawal of the United Kingdom from the Union in respect of customs related matters.  View Article
Institute for Government: Implementing Brexit: Customs
Introducing customs declarations after Brexit would affect up to 180,000 UK traders and could cost traders over £4 billion a year, according to the IfG analysis paper Implementing Brexit: Customs.   View Article
European Commission publishes guiding principles on Ireland and Northern Ireland
The paper states that the Good Friday Agreement should continue to be protected and strengthened in all its parts after the UK's withdrawal from the EU. The continuation of the Common Travel Area, which facilitates the interaction of people in Ireland and the UK, should also be recognised.  View Article
Government responds to Brexit: UK-Irish relations report
The UK Government has responded to the report of the European Union Committee on Brexit: UK-Irish relations.  View Article
AFME: Impact of Brexit on cross-border financial services contracts
The Association of Financial Markets called for "early action" to provide the necessary clarity that cross-border financial services contracts will continue following the exit of the UK from the EU.  View Article
Best’s Special Report: Location, Location, Location – Insurers Unveil Choices for European Offices
A.M. Best has analysed companies’ announcements as they provide details of their contingency plans to reassure their clients in the rest of the EU that they will continue to be able to provide insurance services after Brexit.  View Article
The Times: London remains top for financial services
London has held on to its position as the world’s most attractive financial centre, while New York has fallen amid concerns about President Trump’s trade policy.  View Article
Bloomberg: UK's bid to retain Euro clearing after Brexit gains EU allies
Sweden said a European Union proposal to allow authorities to force the biggest foreign derivatives-clearing firms to set up shop in the bloc could prove excessive, according to a document that summarizes the positions of 10 national governments.   View Article
Financial Times: US derivatives regulator warns EU over clearing plans
The top US derivatives regulator has issued a stark warning to the European Union against changes to the way it oversees foreign clearing houses, warning that a unilateral move by the bloc would be “a violation of trust and co-operation.”  View Article
US Chambers of Commerce: Priorities for a New EU-UK Economic Partnership
As the Brexit negotiations continue, the US business community is eager to ensure that economic disruptions are minimized. The report states that EU-UK economies would be hit hard by a “cliff edge” scenario, with an immediate return to WTO tariffs and regulatory uncertainty.  View Article
Department for Exiting the European Union: Brexit legislation passes Second Reading
Following two days of extensive debate in the House of Commons, the European Union (Withdrawal) Bill, has passed its Second Reading by 326 votes to 290.  View Article
AFME: The need for early clarity on a Brexit transition
Faced with no clarity on the future relationship between the EU and the UK, market participants are having to take important decisions amid considerable uncertainty.  View Article
POLITICO: European Parliament leaders decry ‘lack of clarity’ on Brexit from UK
Leaders of the European Parliament warned in a joint statement that it was “unlikely” there would be sufficient progress in the Brexit negotiations by October to move on to the second phase of talks.  View Article
The Telegraph: Leaked memo from City's Brexit envoy reveals ‘sobering’ analysis of EU stance
Brussels shows no interest in finding “long-term solutions” to Brexit and could ignore the interests of European Union business, a leaked memo to financial leaders has warned.   View Article
Financial Times: UK businesses say they need to know Brexit transition plan
More than two-thirds of UK businesses say they need to know the details of any transition arrangement after Brexit by June 2018 — just nine months from now — in order to plan properly.  View Article
POLITICO: Jeremy Corbyn wants ‘full access’ to single market after Brexit
Labour leader promised ‘fair rules and reasonable management’ of migration.  View Article
The Guardian: Brexit: workers' rights best secured by staying in single market, says TUC chief
Frances O’Grady’s speech at TUC’s annual congress is expected to increase pressure on Labour to shift its policy on Brexit.  View Article
The Economist: A hung Parliament means problems for Brexit-related laws
A key reason for leaving the European Union was to restore parliamentary sovereignty. So it is ironic that this week’s debate over the EU withdrawal bill, formerly known as the Great Repeal Bill, should centre on claims that the executive is usurping parliamentary powers.  View Article
BCC forecast: Fall in sterling failing to lift UK growth
The British Chambers of Commerce has slightly downgraded its medium-term outlook for the UK economy over the next few years. Its growth expectations for 2018 and 2019 have been cut from 1.3% to 1.2%, and 1.5% to 1.4% respectively.  View Article
The Guardian: UK exports outside EU fall despite weak pound
Exports of British-made goods to EU increase by £1.3bn, underlining country’s reliance on trade with continental Europe.  View Article
Irish Examiner: UK citizens face second-class status under Brexit, barristers warn
British citizens risk being reduced to a second-class status by controversial Brexit legislation, the Bar Council has said.  View Article
CEPS: Brexit transitional period: The solution is Article 50
Authors argue that the only workable way forward now is an extension of the two-year negotiation period. The political and procedural complexities of possible bespoke transitional arrangements are a minefield and would necessitate a feat of legal acrobatics.  View Article
Tony Blair: We don't have to leave the EU to control immigration
This Tony Blair Institute for Global Change paper suggests ways in which the UK could limit or control freedom of movement without abandoning the basic principle.  View Article
Commercial Risk Europe: Chubb chooses Paris as post-Brexit EU headquarters
Chubb plans to locate its EU headquarters in Paris if the UK leaves the EU as expected in March 2019. The insurer said the move would allow it to continue to serve continental European clients whatever the terms of Brexit.  View Article
ORB: Approval of Government’s Brexit Negotiations falls further
August's Brexit tracker suggests the damage from a poor election result is continuing to cast doubt over Brexit. Approval of the Government's handling of the negotiations has fallen again since last month.   View Article
Business Insider: Bank of England has 'significant concern' over post-Brexit approval for Deutsche Bank's UK branch
Supervisors at the Bank of England expressed "significant concern" to Deutsche Bank in a letter concerning its UK branch authorisation ahead of Brexit, according to a leaked internal document from the German lender.   View Article
Commercial Risk Europe: German buyers keeping one eye on Brexit repercussions
German risk managers are not overly worried about the disruptive impact Brexit could have upon the London market and continuity of coverage, but concerns persist, according to Alexander Mahnke, president of the German risk and insurance management association GVNW.  View Article
POLITICO: Why Berlin won’t come to UK’s rescue on Brexit
The economic case for Germans to back a soft exit is not as strong as Brits think, writes CER's Christian Odendahl.  View Article
Open Europe: How the German elections may affect Brexit
Leopold Traugott assesses the possible outcomes of the election, and how they may influence Berlin’s position in negotiations over Brexit and future UK-EU relations.  View Article
POLITICO: MEPs propose cut in their ranks after Brexit
MEPs want to shrink the size of the European Parliament after Britain leaves the EU, and opened the door for a future pan-European list of lawmakers, according to a draft report obtained by POLITICO.  View Article

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