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28 September 2017

Brexit Weekly

UK PM's Florence speech, inquiry into no Brexit deal, Brexit bill, transition period, EU citizens' rights, support for second Brexit vote on the rise and more.

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  Articles from 21 September 2017 - 28 September 2017

  Brexit & UK
UK PM's Florence speech: a new era of cooperation and partnership between the UK and the EU
Prime Minister Theresa May set out her vision of "how the UK will be the strongest friend and partner to the EU after we leave the EU."  View Article
Remarks by President Donald Tusk after his meeting with Prime Minister of the UK Theresa May
European Council President said there isn't "sufficient progress" yet but that he feels "cautiously optimistic about the constructive and more realistic tone" of the Prime Minister's speech in Florence.  View Article
Brexit: deal or no deal - UK Lords' EU Committee launches inquiry
This inquiry will examine the key components of any implementation, or transition period, including its legal basis, the institutional structures that will be needed to support it, and the likely cost to the UK, particularly in form of ongoing budgetary contributions.   View Article
The Telegraph: Civil servants 'highlighting Brexit concerns in official emails to guard against Chilcot-style inquiry'
Officials at the Department for Exiting the European Union have reportedly started setting out concerns about the lack of work being done to prepare Britain for a “no deal” scenario with Brussels.  View Article
The Guardian: Davis and Barnier at odds over Brexit bill and transition period
The Brexit secretary, David Davis, and the EU’s chief negotiator, Michel Barnier, have clashed over the UK’s exit bill and Britain’s request for a transition period after Theresa May’s speech in Florence last week failed to unlock the stalemate in negotiations.  View Article
Bloomberg: Brexit negotiators fight over rising EU bill as liabilities grow
Documents show that the EU’s liabilities grew by almost 4 percent in 2016, with the cost of pensions for EU officials and lawmakers rising more than 5 percent.   View Article
POLITICO: Michel Barnier’s private Brexit road show
The EU’s chief negotiator tells audiences a bespoke customs deal sought by UK will take a lot longer than divorce talks.  View Article
Bloomberg: Davis says top EU court jurisdiction to end when UK exits
Brexit Secretary David Davis said the jurisdiction of the European Court of Justice will end when the UK exits the bloc in 2019, redrawing a red line that had been left vague by Prime Minister Theresa May’s Florence speech.  View Article
Bloomberg: May hit by credit rating blow as she reboots UK Brexit plan
The UK had its credit rating cut by Moody’s Investors Service, which blamed Brexit, a sluggish economy and Theresa May’s weakened political position.  View Article
Business Insider: Brexit could be the unlikely trigger of the next financial crisis, warns Deutsche Bank
There's a small chance that Brexit could be the catalyst for the next global financial crisis if things don't go as planned, according to a report by Deutsche Bank analysts.  View Article
OECD sees synchronised momentum for global economy, but urges further policy action to ensure sustainable and inclusive medium-term growth
The world economy has picked up momentum, as expanding investment, employment and trade support synchronised growth across most countries, according to the OECD’s latest Interim Economic Outlook. In the UK, growth slowdown is expected to continue through 2018.  View Article
IRSG: A new basis for access to EU/UK financial services post-Brexit
This report makes detailed proposals on the terms of a free trade agreement under which financial services suppliers in the EU and UK would have access to each others' markets after Brexit.  View Article
Bloomberg: Brexit puts trillions of pounds of contracts at risk, BOE says
The Bank of England said an agreement is needed as part of the Brexit process to protect the “long-term validity” of 20 trillion pounds of existing derivative contracts.  View Article
Financial Times: UK banks told to increase consumer credit safety buffers by £10bn
The Bank of England warned banks that they had been too lax in provisioning for potential losses on consumer credit. Lenders were also warned that if no action was taken to mitigate Brexit risks on continuing cross-border insurance and derivative contracts, the £20tn market might seize up.  View Article
The Irish Times: Irish Stock Exchange seeks partner to lure Brexit business
The Irish Stock Exchange is understood to be on the lookout for another bourse operator to join forces with, marking a departure from its prized independence. The move comes as the firm seeks to position itself for opportunities after Brexit.  View Article
Financial Times: UK to diverge from EU on financial services rules after Brexit
The UK government has told the financial services industry that Britain will seek to develop a distinct regulatory framework from the EU after Brexit in an effort to secure a long term competitive advantage for banks, fund managers and insurers.  View Article
Reuters survey: 10,000 UK finance jobs affected in Brexit's first wave
Around 10,000 finance jobs will be shifted out of Britain or created overseas in the next few years if the UK is denied access to Europe’s single market, according to a Reuters survey of firms employing the bulk of workers in international finance.  View Article
Business Insider: 15% of eurozone companies plan to move everyone out of the UK after Brexit
UBS' latest Evidence Lab survey, which surveyed senior figures in 1,200 major corporations across the eurozone, found that almost half have plans to shift a majority of the British staff out of the country, with 28% reporting that they will remove "a large amount" of capacity.  View Article
The Telegraph: Foreign investors back Brexit Britain
At least 130 financial firms are expected to apply for a UK licence ahead of Brexit, a top Bank of England official has said.   View Article
Financial Times: Quiet drift of banking jobs to the EU27 is already under way
While politicians wrangle, executives are moving back-office roles away from the UK, writes Patrick Jenkins.  View Article
The Independent: Majority of British people believe UK should stay in the EU, finds latest poll
British people have turned their backs on Brexit, according to a new poll released just as Theresa May prepares to give a make-or-break speech on her plans for EU withdrawal.  View Article
The Guardian: Britons in EU tell May: 'Don't throw us under Brexit bus'
Letter from British in Europe coalition seeks assurances over rights of Britons in mainland Europe and EU citizens in the UK.  View Article
La Stampa: Italy's priorities for Brexit
La Stampa published an op-ed by Sandro Gozi, Italy's State Secretary for European Affairs, in which he presents his country's priorities for the Brexit negotiations.   View Article
The Guardian: EU citizens will not be fingerprinted or need ID cards, say officials
Senior officials also told activists who head the3million campaign group that EU citizens already in the UK will not have to meet a minimum income threshold or have private health insurance to stay in the country after Brexit.  View Article
The Guardian: New Brexit rules ‘could lead to unskilled workforce crisis’
IPPR thinktank warns UK may suffer if rules for non-EU migrant workers are extended to EU citizens for access to jobs market.  View Article
Bloomberg: Brexit drags UK below Turkey and Poland in expatriate ranking
The UK dropped behind Poland, South Africa and Turkey to 35th in HSBC’s annual rankings by expatriates as Brexit drained confidence in the country’s political and economic prospects.  View Article
The Telegraph: Immigration to fall by hundreds of thousands as the UK becomes less attractive
Annual immigration into the UK is expected to fall by 100,000 even if a smooth deal is agreed very quickly in the Brexit talks, according to economists at Bank of America Merrill Lynch (BAML) as a stronger eurozone economy encourages EU workers to stay put.  View Article
City AM: Hard Brexit will cost the European Union twice as many jobs as UK
Up to 1.2m jobs could be lost in the European Union, with up to 526,000 being lost in the UK, said researchers from the University of Leuven.  View Article
POLITICO: Support grows for second Brexit vote
Support for a second referendum on Brexit is growing among British voters, amid diminishing optimism about the UK’s future outside the European Union and waning confidence in London and Brussels’ handling of the divorce negotiations, according to a detailed new poll shared exclusively with POLITICO.  View Article
InFacts: What Macron’s speech means for Brexit
French President Emmanuel Macron set out sweeping ambitions for much closer European integration after Brexit and said he hoped the UK would eventually find its own place in “a refounded Europe”.   View Article
Bloomberg: A Trump-led Brexit wouldn't be glorious
The UK's foreign minister is dreaming if he thinks the US will give Britain a better deal, writes Lionel Laurent.  View Article

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