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16 November 2017

Brexit Weekly

Citizens’ rights proposals, Article 50 negotiations, Brexit bill, post-Brexit transitional deal on financial services, CCPs, Northern Ireland and more.

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  Articles from 09 November 2017 - 16 November 2017

  Brexit & UK
Brexit: EP outlines its red lines on latest UK citizens’ rights proposals
Major issues still need to be addressed to secure equal and fair treatment for EU citizens in the UK after Brexit, stresses EP steering group.  View Article
Speech by Michel Barnier at the "Obbligati a crescere – l'Europa dopo Brexit" conference, Rome
The EU's top Brexit broker praised the European unity and its response to nationalism, populism and terrorism, and described the way forward for EU reform. Barnier also outlined the three key elements for the conclusion of an ambitious partnership with the United Kingdom.  View Article
Speech by Michel Barnier and David Davis following the sixth round of Article 50 negotiations
Barnier reminded the UK that settling a Brexit bill is "an essential condition to reach sufficient progress in December", while Davis insisted in the need to move "discussions onto our future relationship".  View Article
Financial Times: EU gives UK up to 3 weeks to make Brexit bill offer
Brussels is giving Britain two to three weeks to set out how much it is prepared to pay in the Brexit divorce settlement, warning that the EU will otherwise struggle to prepare this year for a transition deal the UK badly wants.  View Article
POLITICO: UK’s Brexit bill should be "at least €60 billion," says Tajani
The President of the European Parliament said "The problem is not us. The EU speaks with one voice".   View Article
EurActiv: UK no closer to revealing Brexit bill offer
Brexit minister David Davis said Britain will not offer a figure or a formula for how much it believes it owes the European Union  View Article
House of Commons: 'Catastrophic' if viable customs system not in place at Brexit
The Public Accounts Committee report warned that the Government must do more to work with businesses and ensure contingency option in place well before January 2019.  View Article
EU Financial Affairs Sub-Committee calls for urgent post-Brexit transitional deal
In a letter to the Chancellor of the Exchequer, the UK House of Lords' EU Financial Affairs Sub-Committee is calling for urgent agreement of a post-Brexit standstill transition period for the financial services sector.  View Article
City A.M.: David Davis sets out post-Brexit vision for financial services
David Davis has committed to protecting talent within financial services after Brexit.  View Article
ECB's Mersch: Evolving regulatory environment for CCPs – the perspective of a Central Bank
Yves Mersch backed strengthening the role played by the EU's central banks of issue in the regulatory framework, as the authorities responsible for the implementation of monetary policy.  View Article
CEPS - Derivatives Clearing and Brexit: A comment on the proposed EMIR revisions
This contribution analyses the changes that have taken place in EU OTC derivatives markets since the new rules were adopted.  View Article
Theresa May: I am determined to give our country the best possible Brexit
The UK's Prime Minister writes in The Telegraph that her Government has set a date for the effective departure from the EU, therefore closing the door to a further extension of the transition period.  View Article
Joe Egerton: Fixing the exit date: A terrible gamble
The proposal to amend the European Union Withdrawal Bill to specify the date and time on which the United Kingdom will leave the European Union – 11.00PM on 29th March 2019i- is a terrible gamble, writes Joe Egerton.  View Article
POLITICO: Bill to enshrine Brexit deal in law not enough for Tory rebels
A group of Conservative MPs who hold the power of a parliamentary defeat in their hands argue that the Government's promise to give MPs and peers a vote on the final Brexit deal is effectively a rubber-stamp vote on something that is already an inevitability.   View Article
Financial Times: UK can ignore Brexit and stay in EU, Article 50 official says
Lord Kerr claims that the exit process is reversible without losing Britain’s budget rebate.  View Article
Bloomberg: Carney says Brexit implications for interest rates are ambiguous
The Bank of England may have to be ready to move either direction on monetary policy come March 2019, when the UK is due to formally leave the European Union.  View Article
Bloomberg: Haldane says UK inflation to exceed target for next few years
The Bank of England chief economist said the UK inflation is likely to remain above the target for the next few years.  View Article
The Times: Wall Street braced for ‘disorderly Brexit’, warns City
A “disorderly Brexit” is now seen as almost inevitable by the world’s biggest banks — ranking on a par with a global cyber-attack as a threat to the international financial system, the City of London Corporation has warned.  View Article
Financial Times: Citigroup among those looking to ‘branch-back’ by using EU offices
Big US banks are drawing up “stop gap” Brexit plans, in an attempt to avoid moving hundreds of jobs out of London once the UK leaves the EU and before they have had time to recruit specialist staff in the European bloc.  View Article
Bloomberg: Deutsche Bank needs Brexit clarity by early 2018 - Matherat
“It’s the very beginning of next year when we need to have a clear view on what’s going to happen” when the UK leaves the European Union, Chief Regulatory Officer Sylvie Matherat said at a conference in Frankfurt.  View Article
Financial Times: May’s Brexit transition ‘impossible to achieve’, says Starmer
Keir Starmer, Labour’s Brexit spokesman, argued that the PM lacks the authority in her own party to deliver a transitional arrangement and avoid an economic cliff edge.  View Article
The Irish Times: Norway facing ‘hard Brexit’ without transitional deal
Norway would face a “hard Brexit” if the European Union and the United Kingdom were to agree a transitional deal on the single market that excluded the Nordic state, the country’s EU minister has said.  View Article
Bloomberg: 50% chance of deal in December, Brexit secretary Davis tells business leaders
According to European business leaders briefed in Downing Street, Brexit Secretary David Davis reckoned it’s as close as 50-50 whether he gets a breakthrough in divorce talks by December.  View Article
Gideon Rachman: Brexit Britain is at Europe’s mercy
It seems increasingly likely the UK government will simply be politically and technically incapable of delivering a negotiated Brexit. As a result, the likeliest outcome is that, late in the day — perhaps in January 2019 — the EU will present Britain with a “take it or leave it” deal.  View Article
Financial Times: UK has 2 weeks to clear Brexit logjam, say EU business leaders
May urged to come up with "concrete and clear" proposals and agree transitional deal as ‘time is short’  View Article
Bloomberg: Brexit dilemma hurtles toward Ireland: to veto or not
The border issue has given the Irish government an effective veto over the first phase of Brexit talks - a power it will lose once negotiations move on to the future trade deal.   View Article
Financial Times: Ireland dispute stokes concerns about no deal on Brexit
Dublin has toughened its stance on the border issue but has much to lose if EU-UK talks fail.  View Article
The Telegraph: Brexit talks thrown into chaos after Ireland makes fresh border demands in leaked document
British hopes of opening Brexit trade and transition talks this December were thrown into renewed doubt as it emerged that Ireland is making fresh demands over the Northern Ireland border question, the Telegraph can reveal.  View Article
The Times: EU wants to split Northern Ireland from Britain
The European Union is pressing the government to give Northern Ireland “Hong Kong-style” autonomy after Brexit.   View Article
Financial Times: UK Brexit minister insists Northern Ireland must leave customs union
The UK’s Brexit minister has rejected EU warnings that Northern Ireland may need to remain in Europe’s single market and customs union after Brexit, saying the government will not accept any solution to the border issue that threatens Britain’s “constitutional and economic integrity”.  View Article
Financial Times: Loss of skilled EU workers threatens UK growth, says PwC
A sharp decline in EU migration after Brexit could dent Britain’s gross domestic product by 1.1 per cent, or £22bn, in 2030, according to an analysis published by PwC, the consultancy.  View Article
POLITICO: Brexit Britain is in denial over immigration
Since Brexit referendum, debate has failed to tackle the key motivator behind the Leave campaign, immigration.  View Article
Business Insider: A majority of British people now think it was 'wrong' to vote for Brexit
According to YouGov, the pro-leave majority has crumbled in the last few months and most British people would now rather remain in the EU.  View Article

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