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30 November 2017

Brexit Weekly

Bank of England's Financial stability report, Brexit, breakthrough offer on Brexit bill, MiFID II, EU clearing, post-Brexit trade, North-Ireland and more.

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Brexit & UK   About this email

  Articles from 23 November 2017 - 30 November 2017

  Brexit & UK
Financial Times: UK bows to EU demands with breakthrough offer on Brexit bill
According to several diplomats familiar with the talks, the UK would assume EU liabilities worth up to €100bn although net payments, discharged over many decades, could fall to less than half that amount.  View Article
Bank of England: Financial stability report, November 2017
The 2017 stress test shows the UK banking system is resilient to deep simultaneous recessions in the UK and global economies, large falls in asset prices and a separate stress of misconduct costs.   View Article
Financial Times: European banks slash UK-related assets by €350bn after Brexit vo
European banks have slashed their exposure to the UK since it voted to leave the European Union, removing €350bn of UK-related assets from their balance sheets in just 12 months.  View Article
POLITICO: ESMA letter reveals MiFID II concerns related to Brexit
The EU’s markets watchdog has written to the European Commission to warn on the effectiveness of new trading and transparency rules for firms outside the bloc. This is a particularly pertinent issue due to Brexit.  View Article
The Economist: In a pre-Brexit skirmish with the City, Eurex takes on LCH
Eurex’s clearing division said that so far around 20 banks, including lots of heavyweights, had joined a “partnership programme” to boost its interest-rate business.  View Article
Financial Times: EU clearing plans for City run into resistance across bloc
European Commission plans to potentially force parts of the City of London’s prized clearing business to relocate after Brexit are getting bogged down because of governments’ reluctance to accept more centralised financial services supervision within the EU.  View Article
ACCA: The impact of Brexit on financial services
EMI and ACCA discussed the impact of Brexit on the finance industry with key policy-makers and financial services experts in Brussels.  View Article
TheCityUK: Government must take action to boost legal services post-Brexit
A report by the British financial lobby argues for greater action from the government to support the primacy of English law and to secure both the sector’s continued access to European markets and its leading international position.  View Article
UK’s ex-EU ambassador: ‘No final trade deal possible before Brexit’
The best the UK can hope for is a ‘purely political’ agreement with no legal basis, said Ivan Rogers.  View Article
Bloomberg: Bank of France warns on need to avoid `cliff-edge' Brexit
Bank of France Governor Francois Villeroy de Galhau warned that the UK and European Union need to move to avoid the consequences of an abrupt separation that would pose risks to both economies.  View Article
Financial Times: OECD predicts weak economic growth for UK due to Brexit
The Organisation for Economic Cooperation and Development issued a forecast for weak economic growth in the UK over the next two years that is worse than a much reduced estimate published last week by Britain’s fiscal watchdog.  View Article
ACCA: Brexit uncertainty driving business confidence fall
Uncertainty over the outcome of Brexit negotiations is driving a fall in business confidence, according to a new members’ survey produced by ACCA.  View Article
VoxEU: Global value chains, trade shocks and jobs: An application to Brexit
Brexit cuts GDP more, and costs more jobs, if we also consider global value chains. A hard Brexit would destroy four times as much GDP, and four times as many jobs throughout Europe, as a soft Brexit.  View Article
Bloomberg: Entrepreneurs sell up over Brexit and Corbyn fears
Entrepreneurs sold their businesses in record numbers in 2016 because of growing uncertainty about the British economy, according to Barclays.  View Article
Financial Times: An Irish border solution offers a template for post-Brexit trade
The route to this is a new customs partnership between the UK and the EU, argues Niall FitzGerald.  View Article
Stephen Collins: Government needs to be more honest about prospect of hard Border
The question is whether the border will be in middle of Irish Sea or across the island landmass, writes Stephen Collins in The Irish Times.  View Article
The Guardian: Irish report shows lack of respect in EU for UK's handling of Brexit
The near contempt felt by European leaders at the British government’s management of the Brexit negotiations, and their concerns over the “unimpressive” and “surprising” behaviour of Boris Johnson and David Davis, have been revealed by a confidential report drawn up by the Irish government.  View Article
Commercial Risk Europe: Standard Club second P&I insurer to announce Dublin Brexit subsidiary
Standard Club has become the second UK protection and indemnity (P&I) insurer to announce this week that it will trigger Brexit contingency plans and establish a new base in Dublin.  View Article
Ivan Rogers: The inside story of how David Cameron drove Britain to Brexit
Cameron’s top man on Europe looks back and tells all about how a leader who wanted his party to stop banging on about Europe ended up destroying the UK’s place in the EU—and himself.  View Article

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