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07 December 2017

Brexit Weekly

UK and EU fail to reach Brexit deal, Ireland, UK growth to stay steady but subdued, plan to scrap EU bonus-cap rules after Brexit and more.

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  Articles from 30 November 2017 - 07 December 2017

  Brexit & UK
POLITICO: UK and EU fail to reach Brexit deal after crunch Brussels meeting
The EU and U.K. failed to reach an agreement on sufficient progress towards a Brexit deal Monday following a key lunch between Theresa May and Commission President Jean-Claude Juncker.  View Article
The Guardian: Brexit puts special rights for Irish citizens in UK ‘at risk’
Irish citizens in Britain could lose their right to live, work and get NHS services in the country after Brexit, according to a new report that warns that the special status enjoyed by thousands of Irish in the UK is far from secure.  View Article
FedTrust: Ulster and Brexit: The shape of things to come
The debate over the Irish border may well come to be seen in retrospect as simply a precursor of other even more intractable dilemmas thrown up by the self-contradictions of the whole Brexit project.  View Article
Andrew Duff: Brexit: Launching Satellite Britain
Ahead of the 14-15 December European Summit, Andrew Duff explores the tough issues that will be at the heart of the second phase of the Brexit negotiations, the setup of a new privileged partnership between the UK and the EU.   View Article
Nicola Sturgeon: To limit the harm done by Brexit, stay in the EU single market
Nicola Sturgeon writes in The Guardian that, instead of appeasing the arch-Brexiteers, Theresa May should confront them to protect hundreds of thousands of jobs.  View Article
The Times: Brexit not a threat to peace deal, says Foster
Arlene Foster has told the heads of the European Union’s member states to ignore claims that Brexit presents a threat to the peace process.  View Article
UK growth to stay steady but subdued - CBI economic forecast
UK economic growth is expected to stay steady but subdued over the next couple of years, according to the latest CBI Economic Forecast.  View Article
The Telegraph: London named Europe’s top performing city in study
London has topped an influential Europe-wide study of top-performing cities - with the UK claiming three spots in the top 10 and five out of the top 20. The potential impact of Brexit, which has not been fully factored in to the data, was flagged.  View Article
Bruegel: Brexit: When the banks leave
More than a tenth of the City’s business is now bound to go, but how much worse could things get?, Nicolas Véron wonders in this opinion piece.  View Article
TAZ: London's loss is Frankfurt's gain
TAZ reflects on how citizens and financial experts in the German banking capital perceive the future impact of Brexit on the city.  View Article
Investment & Pensions Europe: Hard Brexit impact on derivatives could cost schemes 'hundreds of millions'
A hard Brexit could cost Dutch pension funds hundreds of millions of euros to rearrange derivatives transactions currently cleared through London, consultancy Cardano has suggested.  View Article
Bloomberg: Brexit may leave banks on the hook for impossible contracts
As far as Brexit headaches go, Barclays Plc’s John McFarlane says that while his bank is on top of job relocations, he’s more concerned about rewriting “hundreds of thousands” of contracts.  View Article
Financial Times: FCA chief throws support behind plan to scrap EU bonus-cap rules after Brexit
The head of the UK’s financial regulator threw his weight behind a plan to scrap European Union bonus-cap rules after Brexit, arguing it is not a “sensible” policy.  View Article
UK Finance: Rapid action needed to safeguard UK & EU businesses and consumers following UK’s exit from the EU
techUK and UK Finance detail how mutual adequacy agreements between the UK and EU, preceded by a transition period maintaining current arrangements for a set period, would preserve the strong working relationships already in place and offer businesses much-needed regulatory certainty.  View Article
Commercial Risk Europe: London insurers propose plan to ensure buyers can access EU and UK markets post-Brexit
The London insurance market has proposed a solution to ensure buyers in both Europe and the UK can continue to access insurers on the other side of the Channel post-Brexit. Handing over the proposals to the UK government, the London Market Group (LMG) said commercial buyers must be given uninterrupted access to London’s specialty risk markets.  View Article
FRC: A sharper UK Corporate Governance Code to achieve long-term success and trust in business
The FRC publishes proposals for a revised UK Corporate Governance Code to reflect the changing business environment and help UK companies achieve the highest levels of governance. The Code is shorter and sharper and builds on the findings from the FRC’s Culture Report published in 2016.  View Article
FRC: Strategic report guidance to follow government legislation
The Non-Financial Reporting Regulations which implemented the EU Directive on disclosure of non-financial and diversity information became effective on or after 1 January 2017. In August 2017, the FRC published a consultation proposing amendments to the Guidance on the Strategic Report.  View Article
Bloomberg: With Brexit talks torpedoed, Hammond makes a pitch for finance
As the U.K. races the clock to save Brexit talks, Chancellor of the Exchequer Philip Hammond tried to reassure the world of finance about his government’s aim to preserve London as a world-leading financial center.  View Article
The Telegraph: Whitehall warned it is falling behind in the race to secure post-Brexit free-trade agreements
The government is falling behind in the race to replicate the European Union’s existing network of free trade agreements for use by the UK after Brexit, trade groups and leading analysts have warned.  View Article
EurActiv: Customs officers: Huge increase in capacity needed to prepare for Brexit
£300 million will be needed to finance 5,000 extra customs officials to deal with post-Brexit border controls, the UK's top customs official has warned.  View Article
La Libre Belgique: No trade deal, no big deal?
La Libre ran a story about how if the UK didn’t manage to agree a trade deal with the EU it wouldn’t be the end of the world.  View Article
El Pais: Record drop of immigration to the UK
El Pais reports how net immigration to the United Kingdom has suffered the largest annual decline since records began, with the number of foreign arrivals to UK dropping from 336,000 to 230,000 since the vote to leave in June 2016.  View Article
The Guardian: Tony Blair confirms he is working to reverse Brexit
Former PM argues that the claims made by leave campaign now have proven to be clearly untrue and so British voters deserve a second referendum.  View Article
National Centre For Social Research: Voters more pessimistic about the outcome of Brexit, but have not changed their minds about what Brexit
A new report reveals that the UK public, including those who voted Leave in the EU referendum, have become more critical of the way the negotiations are being handled and more pessimistic about what the consequences of Brexit will be.   View Article
Mail: The £50 billion Brexit backlash: Voters say it is too high a price to pay as majority now back a SECOND referendum on final deal
According to a Survation study for The Mail on Sunday, a total of 43% said the EU had got the best deal of the first round of negotiations– only 16% said the UK had come out on top. And they believe the £50 billion bill has more to do with vindictiveness than fairness.  View Article

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