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08 November 2018

Brexit Weekly

Brexit financial services talks, cross-border insurance continuity after divorce, poll predicts 8-point victory for Remain in second Brexit vote, Bank of England may not cut interest rates after no-deal Brexit, UK's top lawyers and business leaders want second vote, reduction of FDI and more.

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  Articles from 01 November 2018 - 08 November 2018

  Brexit & UK
Financial Times: Unlikely consensus reigns in Brexit financial services talks
While Brexit negotiators are still struggling to overcome differences over customs, goods trade and Northern Ireland, financial services issues are all but settled, according to EU diplomats.  View Article
ISDA: Hard Brexit relief welcome, but detail needed
ISDA Chief Executive Officer Scott O'Malia warned that market participants need time to adapt their strategies to prepare for a potential cliff-edge Brexit.  View Article
EIOPA calls for immediate action to ensure service continuity in cross-border insurance
To date, 124 undertakings from the United Kingdom and Gibraltar with cross-border business in EEA30 jurisdictions have no or insufficient contingency plans in place to ensure service continuity in case of a withdrawal without an agreement between the United Kingdom and the European Union.   View Article
Bloomberg: Alarm raised by EU loyalist over ‘cliff edge’ facing banks
A key concern if the UK crashes out without a deal is that the EU still doesn’t have a tenable plan to ensure banks maintain access to vital financial infrastructure in the form of London-based clearing services, according to Prime Minister of Denmark Lars Lokke Rasmussen.  View Article
Chartered IIA: Brexit preparedness
With the UK committed to leaving the EU in March 2019, organisations need to ensure they understand how their business will be impacted and put plans in place to manage or mitigate this where necessary. The Chartered IIA has attempted to provide an overview of organisations’ preparedness for Brexit.  View Article
POLITICO: UK poll predicts 8-point victory for Remain in second Brexit vote
UK voters would vote to remain in the EU by a majority of 54% if a referendum were held today, according to a poll of 20,000 people across every constituency in the country.  View Article
The Guardian: Tony Blair urges MPs to vote down any Brexit deal and push for people's vote
Tony Blair is urging all MPs to vote down whatever Brexit deal Theresa May presents to parliament and to push instead for another referendum, warning that if they fail to do so there will be a backlash from voters that will last a political lifetime.  View Article
POLITICO: Most British voters want Brexit compromise, but Tories don’t
New poll for POLITICO highlights Theresa May’s domestic dilemma: The UK is ready to compromise on Brexit. Conservative voters are not.  View Article
The Guardian: Majority in all Labour seats back second referendum, study says
A majority of voters in all seats held by Labour support a second referendum on Brexit, according to an analysis released by the People’s Vote campaign as it steps up its lobbying of opposition MPs.  View Article
The Guardian: Bank may not cut interest rates in support of no-deal Brexit, says Carney
The Bank of England has warned that there is no guarantee it would cut interest rates to support growth and jobs under a disorderly Brexit and said it might have to raise borrowing costs instead.  View Article
The Guardian: UK's top lawyers urge Theresa May to back second Brexit vote
More than 1,500 of the UK’s top lawyers have urged Theresa May and MPs to back a second Brexit referendum, saying that “democratic government is not frozen in time”.  View Article
The Guardian: Business leaders join call for second vote on Brexit
More than 50 business leaders have signed a letter advocating a second vote on Brexit. The letter warns of the economic damage being wrought by “either a blindfold or a destructive Brexit”.  View Article
The Guardian: UK services growth hits seven-month low amid Brexit uncertainty
The risk of a disorderly Brexit and growing signs of weakness in the world economy are combining to drag several UK business sectors close to stalling point in the final months of the year.  View Article
UK in a Changing Europe: Not Backing Britain: Brexit vote has reduced foreign direct investment to the UK by 19 per cent
Research finds that overseas investment to the UK may be some 19 per cent lower because of the vote to leave the EU. Despite a buoyant 12 months for the world economy in 2017, inflows of Foreign Direct Investment (FDI) to the UK have continued to decline since reaching a peak in 2015.  View Article
Bruegel: Post-Brexit transfers of personal data: The clock is ticking
Talks have yet to even commence on a future data-sharing relationship, and a landmark European Court of Human Rights ruling in September bodes poorly for the UK's future status under the EU’s General Data Protection Regulation.  View Article
POLITICO: Michel Barnier: UK could reapply for EU membership once it is ‘a third country’
If the UK changes its mind about Brexit once it has left the EU, it can reapply for membership “like a third country,” the bloc’s chief Brexit negotiator Michel Barnier said.  View Article
Financial Times: Britain faces a bumpy road ahead at the WTO
In the FT's View, Britain’s road to being a functioning independent economy in the global trading system will be long, arduous and to an unnerving extent dependent on the kindness of others.   View Article
Bloomberg: UK ‘almost certain’ to end up with hard Brexit, Mandelson says
Veteran Labour politician Peter Mandelson expects the U.K. to end up with only loose ties to the European Union after leaving the bloc.  View Article
The Guardian: Theresa May's chances of striking Irish border deal '50-50', say EU officials
The chances of Theresa May striking a deal with Brussels on the Irish border that she can sell to the cabinet and parliament are said by EU officials to be “50-50” as the fraught talks enter their final stretch.  View Article
The Guardian: Leo Varadkar: Brexit has undermined Good Friday agreement
Brexit has undermined the Good Friday agreement that brought peace to Northern Ireland and has strained relations between Britain and Ireland, the Irish prime minister has said.  View Article
Financial Times: France and Italy dangle juiciest EU tax breaks for Brexit bankers
France and Italy are offering the most generous tax breaks to London bankers moving to the European continent after Brexit, research hows.  View Article
Bloomberg: France’s top 3 banks prepare to cut UK staff because of Brexit
BNP Paribas, Credit Agricole and Societe Generale are preparing to move about 500 positions from London, mostly to Paris. The three already have investment-banking hubs in France, and a presence in many parts of Europe, to take on the incoming employees.  View Article
Bloomberg: A $240-billion-a-day market is leaving London ahead of Brexit
CME Group Inc. is moving its European market for short-term financing, the largest in the region, out of London because the exchange operator wants to guarantee continental firms can continue to use it if there is a no-deal Brexit.  View Article
Financial Times: French region calls for EU help for no-deal Brexit
The president of the French region closest to the UK has warned that a no-deal Brexit would bring much of northern Europe to its knees, as he called for more help from both Brussels and Paris to deal with the risk.  View Article

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