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22 November 2018

Brexit Weekly

Draft Withdrawal Agreement, BoE, EEF, IoD and CBI endorse May's Brexit plan but people reject it, several ministers resign, transition could be extended to 2022, Spain threatens to rebuff deal over Gibraltar, uncertainty has reduced investment and employment and more.

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  Articles from 15 November 2018 - 22 November 2018

  Brexit & UK
Theresa May: Current proposal is "not the final deal"
The Prime Minister, Theresa May, made a statement to the House of Commons on the EU exit negotiations on 15 November 2018.  View Article
Press statement by Michel Barnier following the General Affairs Council (Article 50)
The top EU negotiator for the Brexit talks noted that Ministers had supported the overall package, in particular, the draft Withdrawal Agreement. Barnier urged all parts to "stay calm" for the UK to leave the EU "in an orderly fashion."  View Article
Bloomberg: Carney backs May's Brexit plan with case for longer transition
Mark Carney gave his seal of approval to the transition deal agreed by Prime Minister Theresa May with the European Union, and signaled that he would welcome even longer for the UK to adjust.  View Article
EEF: UK-EU Withdrawal Agreement delivers on key outcomes for Industry
EEF, the manufacturers’ organisation has welcomed the Withdrawal Agreement agreed by EU and UK negotiating teams, believing it safeguards the key outcomes that will enable manufacturers to plan for the future with a far greater degree of certainty.  View Article
The Guardian: CBI president to endorse Theresa May's draft Brexit deal
The president of Britain’s most powerful employers’ body, the CBI, is to endorse Theresa May’s draft European Union withdrawal agreement, arguing that while not perfect it opens “a route to a long-term trade arrangement”.  View Article
New IoD survey shows business leaders back withdrawal deal
The first poll of business leaders since the publication of the draft Brexit Withdrawal Agreement reveals directors back getting a deal approved.  View Article
YouGov: Britain does not back Theresa May's Brexit deal
By more than two to one, Britons oppose the agreed plan for Brexit as it stands, polster YouGov found.  View Article
Sky News: Majority of Brits now against Brexit and back second EU referendum - Sky Data poll
Three in 10 (31%) Brits think Theresa May is the best person to lead the country through Brexit, ahead of Jeremy Corbyn on 24%.  View Article
Jeremy Corbyn: Theresa May has finally united the country on Brexit - everyone dislikes her deal
Writing in Monday's Daily Mirror, Labour leader Jeremy Corbyn insists that the deal on the table "is an unparalleled and unacceptable loss of sovereignty, which Labour will not accept on behalf of our country"  View Article
Sky News: Jeremy Corbyn and Nicola Sturgeon team up in bid to block draft Brexit deal
The Labour leader and Scottish First Minister met members of smaller parties to discuss blocking a "blind" separation from the EU.  View Article
Brexit Weekly
EU and UK negotiators agree on a Brexit real, May gets backing from her cabinet but the text leaves The City as a rule-taker, Graham Bishop warns. Plus EU guidance in case of no deal, ESMA and ECB ruling on financial services regulation post Brexit and more.  View Article
The Guardian: Brexit transition could be extended to 2022, says Barnier
Europe’s chief Brexit negotiator, Michel Barnier, has raised the prospect of the UK remaining under EU control until the end of 2022, a proposal that would cost billions and infuriate Tory Brexiters.  View Article
BBC: Spain Brexit: PM Sánchez threatens to vote no over Gibraltar
Prime Minister Pedro Sánchez has said Spain will reject the draft Brexit withdrawal deal without a clarification of the text on future talks on the status of Gibraltar.  View Article
The Federal Trust: Brexit: The Beginning of the End?
Director Brendan Donnelly argues that the Prime Minister’s proposed Withdrawal Agreement and Political Declaration need to be read together. When they are read together they demonstrate the weakness and incoherence of Mrs May’s negotiating position and make a People’s Vote more likely.  View Article
CER: What happens if Parliament rejects May's Brexit deal?
Theresa May's deal on Brexit is heading for defeat in Parliament. That could lead to no deal, the negotiation of a different deal, a general election, a second referendum – or MPs swallowing the package at the second attempt, writes Charles Grant.  View Article
Bloomberg: Merkel casts doubt on Brexit summit as Germany says no new talks
German Chancellor Angela Merkel stepped up pressure on the U.K. government to back a draft Brexit deal, suggesting a European Union summit would fall apart if Prime Minister Theresa May reopened the accord.  View Article
POLITICO: Amber Rudd: UK parliament will block no-deal Brexit
The UK work and pensions secretary says that if MPs vote down the deal, ‘Brexiteers may lose their Brexit.’  View Article
Bloomberg: Goldman sees pound gains as no-deal Brexit least likely scenario
The pound could actually strengthen against the euro next year if the U.K. achieves a Brexit deal, according to Goldman Sachs Group Inc.  View Article
François Villeroy de Galhau: Challenges and opportunities in Europe and beyond
The Governor of the Bank of France sees "an integrated polycentric network of financial centres" in Europe post-Brexit, which will "improve the circulation of the abundant savings in the euro area towards equity financing and innovation," with Paris well qualified to become its market hub.  View Article
ISDA - Hard Brexit: An impact assessment for US entities registered with the CFTC
This paper highlights the issues that must be addressed in the case of a ‘hard’ Brexit.  View Article
Bloomberg: Brexit means EU needs bank champions, German regulator says
The UK’s impending exit from the European Union has increased the need for banking giants in the bloc that can rival those in London and New York, according to Germany’s central bank.  View Article
Vox EU: Rising Brexit uncertainty has reduced investment and employment
This column finds that Brexit uncertainty has already reduced growth in investment by 6 percentage points and employment by 1.5 percentage points, and is likely to reduce future UK productivity by half of a percentage point.  View Article
Financial Times: UK government fails to block Brexit hearing at ECJ
The UK government has failed in its attempt to block a court case going to the European Court of Justice on the question of whether the UK can unilaterally revoke its decision to leave the EU.  View Article
YouGov: Remain voters convinced they would win a second Brexit referendum
Three quarters of Remain voters think they would win in a second vote, compared to only half of Leave voters, a survey by YouGov found.  View Article
Financial Times: Senior City figures call for second Brexit vote
Some senior financiers are advocating a “people’s vote” on Theresa May’s Brexit deal, exposing a sharp split with much of the City of London, which last week backed the prime minister’s blueprint for Britain’s relationship with the EU.  View Article

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