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14 June 2018

Brexit Weekly


EU/UK customs arrangement after Brexit, MiFID equivalence, euro clearing, Regulatory Competition and Legal Innovation in Private Law post-Brexit, foreign investment in UK, second Brexit referendum and more.

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  Articles from 07 June 2018 - 14 June 2018

  Brexit & UK
 
 
UK Government: Technical note on temporary customs arrangement
This document sets out the UK’s proposal for a ‘backstop’ customs arrangement between the UK and EU.  View Article
The Guardian: Barnier criticises May's UK-wide Brexit backstop plan
Michel Barnier has warned that Theresa May’s backstop solution to avoid a border on the island of Ireland raises “more questions than answers” as he ruled out the whole of the UK staying in the customs union and key parts of the single market after Brexit.  View Article
House of Lords: UK and EU need to compromise for a fruitful post-Brexit relationship
The European Union Committee publishes its report ‘UK-EU relations after Brexit', identifying the high-level benefits that could derive from a new UK-EU relationship and the associated compromises.  View Article
Bloomberg: MiFID equivalence won't work for Brexit Britain, MEP says
The UK shouldn’t rely on the European Union’s “equivalence” rules to do business after Brexit, according to Britain’s most senior financial-services lawmaker in the European Parliament.  View Article
Financial Times: Germany’s Olaf Scholz suggests euro clearing be moved to Frankfurt
Olaf Scholz, Germany’s finance minister, has called for London’s euro clearing business to be relocated after Brexit. He suggested Frankfurt.  View Article
Financial Times: Two big UK banks shift some euro clearing from London to Frankfurt
Barclays and HSBC are two of the major banks now clearing more of their euro interest rate derivatives in Frankfurt, underlining how Deutsche Börse has established a foothold in a market that has become hotly-contested since the UK’s Brexit vote.  View Article
ECGI: Collateral Damage - Brexit's Negative Effects on Regulatory Competition and Legal Innovation in Private Law
Professor Dr Horst Eidenmüller attempts to assess the consequences of Brexit for English and European private law. More specifically, Dr Eidenmüller is interested in how the level of legal innovation in private law will be influenced by Brexit.  View Article
Reuters: Bankers to ask Theresa May why they should stay after Brexit
The bosses of some of Europe’s biggest banks will ask Britain’s Prime Minister Theresa May on Thursday to give them a reason to stay in the City of London after Brexit now that hopes are fading for a generous EU trade deal. Features quotes from Graham Bishop.  View Article
The Guardian: Germany and France close gap on UK for foreign investment
The UK remains Europe’s top destination for inward investment, but its star is waning as Brexit uncertainty allows Germany and France to close the gap, an EY survey has found.  View Article
ITV News: Post-Brexit trade deals must include services, says Barclays chairman
The UK’s competitive advantage in the financial services sector must be protected in trade deals even if that hits manufacturing, Barclays chairman John McFarlane has indicated.  View Article
Aftenposten: Norway's Superpower Status at Risk
Norway’s Aftenposten reports that the country's superpower status in EFTA may be threatened post-Brexit, should the UK enter.   View Article
Financial Times: CBI warns UK car industry faces ‘extinction’ on exit from customs union
Speaking to BBC Radio 4’s Today programme, the president of the CBI Paul Dreschler said remaining in the EU customs union was crucial for British car manufacturers, and said there was “zero evidence” that trade deals with non-EU countries would provide economic benefits to the UK.   View Article
Financial Times: UK business angered by lack of input on post-Brexit links with EU
Leading UK business groups have expressed fury at the government over what they see as ministers’ failure to consult companies over Britain’s post-Brexit relationship with the EU.  View Article
The Observer: Leave voters losing faith in Tories' handling of Brexit, poll suggests
Leave supporters are losing faith in the Conservatives to lead the Brexit negotiations, according to the latest Opinium poll for the Observer.  View Article
The Guardian: Best for Britain recruits MPs to back second Brexit referendum
Best for Britain has lined up a group of MPs to put down an amendment in parliament this autumn calling for a second referendum on the country’s membership of the EU once Theresa May has obtained a final exit deal.  View Article
The Independent: Brexit causes surge in support for united Ireland, poll finds
A poll by YouGov commissioned by the BBC found that a referendum or “border poll” on whether to leave the UK would now be a close-run result, with undecided voters having the casting vote.  View Article
Bloomberg: Brexit divides Scots with more warming to economics of independence
Britain’s decision to leave the European Union has entrenched divisions among voters in Scotland, though more are warming to the economic argument for pursuing independence from the UK, according to new research.  View Article
The Guardian: 'Catastrophic' no-deal Brexit a real possibility, says Vince Cable
A “potentially catastrophic” no-deal Brexit is becoming ever more possible, Vince Cable has warned, saying that if this happened it would be an unprecedented policy disaster.  View Article
Bloomberg: Morgan Stanley CEO says bank will move up to 500 jobs from U.K.
Morgan Stanley Chief Executive Officer James Gorman said the bank expects to move 400 to 500 jobs out of the U.K as the nation breaks from the European Union.  View Article
Financial Times: Big fund managers cagey on revealing post-Brexit plans
Nearly two years after Britain’s vote to leave the EU and with the departure date just months away, most large fund companies have still to unveil contingency plans.  View Article
Bloomberg: UK offers new visa to attract entrepreneurs deterred by Brexit
The UK will offer visas to immigrants looking to start new businesses as it seeks to attract tech entrepreneurs, amid reports they are being deterred by Britain’s vote to leave the European Union.  View Article
Le Vif: French companies to tackle Brexit billions
Le Vif discusses the results of a recent survey entitled “French companies face Brexit”.  View Article
 

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