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01 February 2018

Brexit Weekly


General Affairs Council (Art. 50), Leaked Government Brexit analysis, Brexit trade deal for UK financial services sector, Britons favouring second referendum, Bank of England, Brexit transition and more.

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Brexit & UK   About this email

  Articles from 25 January 2018 - 01 February 2018

  Brexit & UK
 
 
Main results of the General Affairs Council (Art. 50) of 29 January
EU27 ministers adopted negotiating directives for the Brexit negotiations detailing the EU27 position on the transition period.  View Article
BuzzFeed News: Leaked Government Brexit analysis says the UK will be worse off in every scenario
BuzzFeed News has seen a new Brexit impact assessment, which says leaving the EU will adversely hit almost every sector and every UK region.  View Article
Financial services industry needs clarity on post-Brexit market access, says Committee
The EU Financial Affairs Sub-Committee reports on their inquiry into Brexit: the future of financial regulation and supervision. Graham Bishop took part in the inquiry as a Witness.  View Article
Financial Times: EU rejects Brexit trade deal for UK financial services sector
EU Brexit negotiators have set out a tough line on financial services, ruling out an ambitious trade deal for the lucrative sector and arguing that Europe would benefit from a smaller City of London, according to confidential discussions among the other 27 EU member states.  View Article
Bloomberg: EU is refusing to budge on post-Brexit financial services
UK banks will have limited access to the European Union’s single market after Brexit if the government refuses to weaken its red lines, the European Commission told diplomats, according to two people familiar with private discussions in Brussels.  View Article
UK in a Changing Europe: Research finds impact of Brexit on financial services will be negligible
The research found that financial services is one of the least vulnerable sectors to Brexit as much of the sector is already highly globalised and therefore displays a low dependence on EU markets.  View Article
Financial Times: Hammond calls for soft Brexit to safeguard economy
Philip Hammond, the chancellor, made a dramatic call for a soft Brexit that involved “very modest” changes to the UK’s relationship with the EU.  View Article
Labour Campaign for the Single Market/Open Britain: Busting the Lexit Myths
The report, published with Open Britain, considers the arguments - myths about state aid, renationalisations and trade deals - that are often advanced by those within the Labour Party about why staying in the Single Market is not the answer.   View Article
The Guardian: Brexit: Britons favour second referendum by 16-point margin – poll
A Guardian/ICM survey finds rising interest in vote on final deal as concerns mount over EU talks.  View Article
Bloomberg: Barclays Chief told May to sacrifice single market access
Barclays Plc Chief Executive Officer Jes Staley told British Prime Minister Theresa May to be prepared to sacrifice access to the single European market after Brexit if it means gaining control of its own financial rules, people with knowledge of the discussions said.  View Article
Bloomberg: UK may get ‘Norway plus’ Brexit, Irish Prime Minister says
The UK may end up in a ‘Norway plus’ style relationship with the European Union after Brexit, according to Irish Prime Minister Leo Varadkar, who pointed to “different perspectives” within the bloc on a future deal with Britain.  View Article
Bloomberg: Fox won't accept Brexit deal that keeps UK in EU customs union
Trade Secretary Liam Fox, a veteran Brexit campaigner, warned he will not accept a deal with the European Union that stops the U.K. signing trade accords with other countries, as the government continues to debate what kind of relationship it wants with the bloc.  View Article
Financial Times: UK interest rate rises tied to Brexit talks, BoE signals
The rate of UK interest rate rises over the next year will depend heavily on Britain’s Brexit negotiations with the EU, Bank of England governor Mark Carney said at the World Economic Forum.  View Article
David Davis’ Speech: Implementation Period – A bridge to the future partnership between the UK & EU
Speech in Teesport by the Secretary of State for Exiting the European Union.  View Article
Financial Times: British demand to vet legislation threatens Brexit transition talks
Britain is seeking powers to vet new EU laws agreed by the rest of the bloc during the transition period after Brexit day in a demand that risks setting the UK on a collision course with Brussels.  View Article
Department for Exiting the EU: Open letter to business on Implementation Period
Secretary of State for Exiting the EU David Davis, Chancellor Philip Hammond, and Business Secretary Greg Clark have written to businesses setting out the UK’s ambitions for an implementation period following Brexit.  View Article
Bloomberg: EU is open to Brexit transition lasting beyond 2020, sources say
As the European Union presents its plan for the UK’s Brexit transition, many governments are willing to push the expiration date beyond the December 2020 deadline they’ll set out as their official stance.  View Article
Financial Times: Two-year transition for hard Brexit ‘practically impossible’
The UK proposals for a two-year Brexit transition will not work if London presses ahead with its plan to abandon the EU’s single market and customs union when leaving the bloc, Ireland’s junior finance minister has warned.  View Article
City of London Corporation's Catherine McGuinness: No Brexit trade deal is complete without an immigration policy to keep EU talent
The City of London Corporation analysed ONS data which reveals how vital European workers are to the Square Mile: With 18 per cent of the City’s entire workforce coming from parts of Europe, it’s the highest figure ever recorded in the 13 years we have requested the data.  View Article
LSE: The UK needs to clarify what ‘full regulatory alignment’ means before the next phase of the Brexit talks
Anthony Costello argues that it is still unclear how the UK can leave the EU’s customs union, pursue its own trading arrangements with other countries, and yet avoid the creation of a hard Irish border.  View Article
Two thirds of Ipsos MORI Captains not confident in Government's ability to negotiate with the EU
An Ipsos Mori survey finds that more than two-thirds of companies are pessimistic about the outcome of the Article 50 negotiations.  View Article
CBI/PwC poll: Financial services see two years of falling optimism, but activity holds up moderately
Optimism in the financial services sector fell for the third consecutive quarter in 2017 in the three months to December, rounding off two years of continuous flat or worsening sentiment, but business conditions saw moderate improvement, according to the latest CBI/PwC Financial Services Survey.  View Article
The Telegraph: London should remain Europe's financial centre after Brexit to 'balance' New York, says UBS
Swiss investment bank UBS has said it wants London to remain Europe’s financial hub and it will try to keep as many staff in the City as possible after Brexit.  View Article
The Telegraph: JP Morgan boss warns it could move 4,000 jobs without Brexit progress
JP Morgan chief executive Jamie Dimon has warned more than a quarter of the US investment bank’s staff in the UK may have to leave for mainland Europe if there is no deal on Brexit.  View Article
City AM: Brexit spurs more UK startups to set up in Europe
One in four British firms will launch their business outside the UK, but will remain headquartered in the country, up from the one in five who said the same last year, according to an annual survey of more than 1,000 startups by Silicon Valley Bank.  View Article
The Irish Independent: Are Irish SMEs prepared for Brexit?
The Irish Independent writes that according to a recent survey, over half of Irish small and medium sized enterprises (SMEs) have already been affected by Brexit.  View Article
EU (Withdrawal) Bill needs amending to make it constitutionally acceptable
Ahead of the second reading of the European Union (Withdrawal) Bill in the Upper House, the House of Lords Constitution Committee calls on the Government to amend the Bill.  View Article
 

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