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19 October 2017

Brexit Weekly

EBA guidance on Brexit relocations, OECD Economic Survey of the United Kingdom, Article 50 negotiations, Germany, 'no deal' Brexit, transition deal and more.

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  Articles from 12 October 2017 - 19 October 2017

  Brexit & UK
EBA provides guidance to authorities and institutions on Brexit relocations
The EBA published an Opinion on Brexit to ensure the consistent application of Union legislation to businesses seeking to establish or enhance their EU27 presence in order to retain access to the EU Single Market. The Opinion aims at providing greater certainty to firms and ultimately at ensuring a level playing field.   View Article
OECD Economic Survey of the United Kingdom: Maintain close ties with EU to meet challenges of Brexit
The UK economy has weakened in the aftermath of the decision to leave the European Union. Maintaining close ties with the EU and implementing policies to boost productivity will be crucial for maintaining future living standards, according to a new report from the OECD.  View Article
Rabobank: Hard Brexit to cost UK economy £400bn by 2030
Leaving the EU without a trade agreement would cost the UK economy £400bn by 2030, according to new research from Rabobank.  View Article
Press statement by Michel Barnier and David Davis following the fifth round of Article 50 negotiations with the United Kingdom
Barnier warned that talks over the so-called 'Brexit bill' have reached a deadlock, while Davis said that to "provide certainty we must talk about the future".  View Article
Bloomberg: Brexit talks deadlocked as both sides prepare for cliff edge
The European Union said talks hit an impasse over what the UK owes when it leaves, increasing the chances of a messy departure as time is running out to clinch a deal.  View Article
Bloomberg: Germany drafts outline of EU-UK ties post-Brexit, paper shows
Germany is working on proposals for the European Union’s future relations with the UK that include calls for a “comprehensive free-trade accord” with the British government, according to a draft paper prepared by the Foreign Ministry in Berlin.  View Article
Bloomberg: Germany favors UK banks gaining transitional EU access
Germany wants the European Union to be prepared to grant UK financial companies transitional access to the EU if the Brexit process drags on, according to a government strategy document.  View Article
Financial Times: EU leaders to block Brexit transition talks at this month’s summit
EU leaders will refuse to open talks with the UK on post-Brexit transition at next week’s summit because of the lack of progress on a divorce settlement, dealing a blow to British efforts to break a deadlock in negotiations.  View Article
The Times: Britain must pay EU debts to avoid Brexit cliff edge, warns Juncker
Britain must pay budget liabilities estimated at up to £47 billion if it wants to begin transition and trade talks to prevent a Brexit cliff edge in 2019, Jean-Claude Juncker has said.  View Article
POLITICO: Antonio Tajani slams Theresa May’s €20B offer as ‘peanuts’
‘The problem is 50, 60, this is the real situation,’ European Parliament president says in interview.  View Article
Reuters: Chance of 'no deal' Brexit rises to 1-in-4 - JPMorgan
The probability that Britain exits the European Union without having agreed a divorce deal has risen to 25 percent, compared with 15 percent previously, JPMorgan said.  View Article
Steven Maijoor on the State of European Financial Markets
Steven Maijoor focused on three key issues in his speech: building a Capital Markets Union,; a strong convergent European supervisory culture including Brexit; and improving the understanding of trends, risks and vulnerabilities in financial markets.  View Article
Investment & Pensions Europe: Brexit threat to international accounting standards convergence
Three of the UK’s leading insurers have lobbied government to block the International Accounting Standards Board’s (IASB) new insurance standard, IFRS 17.  View Article
The Guardian: Time running out for Brexit transition deal, Bank of England warns
Mark Carney told MPs that without a transitional deal banks would need to start moving staff and setting up offices in the EU from as early as the first three months of next year, given it would take at least 18 months to make the changes.  View Article
TheCityUK: Value of a transition deal disappearing by the day
Ahead of this week’s European Council meeting, TheCityUK has issued a clear warning that the value of a transitional deal is disappearing by the day. It calls on the UK government to make rapid progress on setting out the detail of transition and for the EU to respond quickly and positively.  View Article
Financial Times: EU power grab risks disenfranchising national regulators
Kevin Murphy writes that proposed reforms to Paris-based ESMA will upend regulatory landscape.  View Article
Financial Times: Citigroup picks Luxembourg for EU private banking hub
The US bank confirmed the Luxembourg move in a statement to the Financial Times. It declined to detail the number of jobs to be moved or created.  View Article
Financial Times: European business group warns on slow pace of UK Brexit talks
BusinessEurope has written an open letter to EU president Donald Tusk ahead of this week’s EU summit saying that companies need swift progress to be made on the terms of the transition period that will apply after Britain leaves the EU in March 2019.  View Article
CFA: Drop in EU nationals 'a huge loss' for UK investment sector
The UK investment management sector could lose a significant amount of its EU workforce post-Brexit, according to a poll by the CFA. The professional standards body found that less than half – 42% – of EU nationals who responded to the survey and currently worked in the UK planned to stay after Brexit, and 16% planned to leave the country.   View Article
Financial Times: UK venture capital firm aims to fill hole left by EU
Draper Esprit has backed two venture capital firms that missed out on EU funding after the UK issued its formal notification to leave the bloc, as part of a new strategy of investing in funds as well as companies.  View Article
Commercial Risk Europe: Risk transfer partners prepare for Brexit
Insurers and brokers are restating their commitment to the European and UK markets in the wake of Brexit negotiations, but with many issues still up in the air it remains a little unclear exactly how this will be achieved.  View Article
The Guardian: Ministers warned of constitutional crisis risk over EU withdrawal bill
Ministers have been warned they must amend the EU withdrawal bill to curtail any possibility of a power grab away from the Scottish and Welsh devolved administrations or risk a constitutional crisis.  View Article
Financial Times: Irish central bank warns of Brexit no-deal disruption
Ireland’s central bank has warned of acute disruption in Dublin’s financial sector if the UK crashes out of the EU without a Brexit deal, saying many banks, insurers, investment firms and funds face damaging curbs on their ability to trade in both countries.  View Article
The Guardian: Unimaginable for UK to leave EU without a deal, says IMF chief
Christine Lagarde says quicker progress is needed in talks over Britain’s EU exit and people must be put before business.  View Article
Paul N. Goldschmidt: The Brexit Process is stalling! It is high time to be thinking “out of the Box”.
The ideas expressed recently in Brussels by the former Irish Prime Minister John Bruton deserve careful consideration. His proposal is to trigger immediately the clause of Art. 50 of the Treaty that allows prolonging the initial two year negotiating period by a further 4 years.  View Article
European Parliament: Over half of Brits believe the UK has benefitted from EU membership
The share of all EU citizens who believe that their country has benefitted from EU membership is 64%, an increase of four percentage points compared to 2016, according to the Parlemeter. 55% of Britons say their country has benefitted from EU membership.  View Article
The Guardian: Labour flags up Brexit poll suggesting public regrets decision
A YouGov survey found that only 42% of respondents think it is right to leave the EU, compared with 47% who think it is wrong. This is the biggest gap in favour of remaining in the EU since the referendum in June.  View Article

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