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09 November 2017

Brexit Weekly

EU banking licences after Brexit, Bank of England's interests hike, Brexit bill, trade post-Brexit, EU citizens' rights and more.

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  Articles from 02 November 2017 - 09 November 2017

  Brexit & UK
ECB’s Nouy: Around 20 banks applied for EU licences after Brexit
The European Central Bank’s chief banking supervisor has said that about 20 banks have applied for European banking licences in the wake of the UK’s decision to quit the European Union.  View Article
Financial Times: Brexit most likely cause of rate path adjustment – BoE
The central bank warned Brexit was having a “noticeable impact” on the UK’s economic outlook as it increased interest rates for the first time in a decade, with “considerable risks” for how households, businesses and financial markets respond to Britain’s withdrawal from the trading bloc.  View Article
The Guardian: EU warns UK it has less than a month to make concessions
Senior officials in Brussels say the EU is unlikely to agree to trade talks in December unless the UK offers more on the Brexit divorce settlement.  View Article
The Times: Theresa May kickstarts trade talks by accepting £53bn bill
European Union negotiators have started drawing up the outlines of a future trade deal with Britain after receiving signals from the government that it would agree to pay more than €60bn (£53bn) for the “Brexit bill”.  View Article
Martin Wolf: Britain has to offer more money for a smooth Brexit
The UK needs to make a generous offer, which specifies the nature of its obligations, with final agreement on exact sums conditional on progress on trade, argues Martin Wolf.  View Article
Bloomberg: A Brexit glitch that could hurt Europe
Few doubt that the British economy will be severely hurt if the UK leaves the European Union without a new agreement on trade and regulation. But there are risks for the EU, too. One that's received too little attention concerns bank resolution.  View Article
BBC: UK Ministers publish post-EU trade legislation
The Government said the Trade Bill includes provisions for the UK to implement existing EU trade agreements and help ensure firms can still access £1.3tn worth of foreign government contracts.  View Article
Britain’s post-Brexit bind on trade
The UK is likely to find itself squeezed by both the EU and US on regulation, writes Alan Beattie.  View Article
CIPS: EU businesses say goodbye to UK suppliers as Brexit bites into key relationships
Nearly two-thirds (63%) of EU businesses who work with UK suppliers expect to move some of their supply chain out of the UK as a result of Brexit according to a survey from the Chartered Institute of Procurement & Supply (CIPS).  View Article
Financial Times: Whitehall tensions on trade defence
UK industry could be left exposed if Britain fails to adopt a tougher approach to anti-dumping after Brexit.  View Article
Financial Times: Wall Street warns Trump team of Brexit ‘point of no return’
A group of large financial institutions with big London operations, led by Wall Street’s biggest banks, have told the US commerce secretary that Britain’s unstable government and slow progress in Brexit planning may force them to start moving thousands of jobs out of the City in the near future.  View Article
IBTimes: Swiss bankers dismiss 'overtly pessimistic' UK finance job loss scenarios post-Brexit
Anecdotal evidence given to IBTimes UK suggests the country's banks are looking to hire more employees in London.  View Article
CBI's Drechsler: No more Brexit soap opera: Time to unite to achieve best deal
The CBI’s President issues a call for unity, to enable business, the Government and the European Union to achieve the best Brexit deal to protect the UK’s economy.  View Article
The Telegraph: UK trade deficit has widened, as businesses seek to sell services beyond Europe
France, Germany, Ireland, and the Netherlands were the most important eurozone markets for UK services in the first half of the year, new official data has revealed.  View Article
Bloomberg: Paris, Frankfurt try to grab lucrative legal action from London
As Brexit looms, European cities move to poach corporate litigation from the UK.   View Article
La Croix: Belgium's new English-language commerce court
The French newspaper La Croix comments on the Belgian government approving the creation of an English-speaking court in Brussels to settle international business disputes between companies after Brexit.  View Article
UK Government's initial proposals for scrutiny of Brexit-related delegated legislation inadequate
The Procedure Committee calls for a new and effective "sifting committee" to be set up to determine which proposed pieces of delegated legislation need detailed scrutiny by MPs as EU law is transferred into UK law.  View Article
Financial Times: Dublin calls for 5-year Brexit transition period
Ireland has called for a transition period of up to five years after the UK leaves the EU in March 2019, in a sign of Dublin’s mounting concern that it will suffer collateral damage from Brexit.  View Article
Fed Trust: “Hard Brexit or no Brexit?”, that is the question
The inability of the Brexit negotiating team to make the hoped-for progress in the discussions does not stem from May’s tactical ineptitude, but rather from the traumatic confrontation between the collective fantasy of the government, and the economic and political realities represented by the EU.  View Article
Andrew Duff: Brexit: Terra Nova to explore together
If a provisional political agreement on the nature of the future relationship between the UK and the EU cannot be found, there is a serious risk that the negotiation talks will result in a purely technical treaty of secession, reverting the UK to third country status.  View Article
The Guardian: UK has conceded on cut-off date for EU nationals, say Brussels sources
Sources close to Brexit talks say collapse in number coming to UK has sunk case for earlier date on protected rights.  View Article
Department for Exiting the EU: More detail provided on new settled status for EU citizens
A new document sets out how EU citizens will be supported through an application process which is streamlined and easy to use.  View Article
ORB Brexit Confidence Poll: only 34% approve of the Government’s handling of Brexit negotiations
Approval of the way in which the negotiations are being handled is now the lowest it has ever been: two in three respondents (66%) to a ORB survey disapprove.   View Article

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