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24 January 2019

Brexit Weekly

UK Parliament moves closer to stopping a no-deal Brexit, Liam Fox yet to seal no-deal trade agreements, UK services exports to EU soar, Economic confidence nosedives in UK boardrooms, Irish hard border ‘mandatory under no-deal Brexit’, EU split over delaying Brexit and more.

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  Articles from 17 January 2019 - 24 January 2019

  Brexit & UK
Bloomberg: UK Parliament moves closer to stopping a no-deal Brexit
The UK Parliament is moving closer to a plan to delay Brexit in order to stop the country dropping out of the European Union with no deal and avoid the risk of an economically damaging divorce.  View Article
The Guardian: No 10 hits out at MPs trying to delay article 50 to avert no deal
Downing Street has said it is “extremely concerning” that MPs could attempt to override the government to suspend or delay the article 50 process to leave the EU in their effort to prevent a no-deal Brexit.  View Article
Financial Times: Business groups call for politicians’ consensus on Brexit plan B
Business lobby groups insisted there was no point delaying the UK’s departure from the EU unless politicians forged a consensus on a Brexit plan B, as they expressed increasing concern about the risk of Britain crashing out of the bloc.  View Article
The Guardian: Philip Hammond tells business no-deal Brexit will be stopped
The chancellor, Philip Hammond, told business leaders that the threat of a no-deal Brexit would be taken off the table within days after MPs rejected the prime minister’s proposals earlier this week, according to leaked details of a conference call.  View Article
BBC: Liam Fox yet to seal no-deal trade agreements
The UK has yet to finalise agreements to replace existing free trade deals the EU has with 40 big economies if there is a no-deal Brexit.  View Article
The Guardian: The idea that Britain can develop an independent trade policy is absurd
Will Hutton warns that, when selling across borders is ever harder, life without European allies will be parlous.  View Article
Financial Times: UK services exports to EU soar in the run-up to Brexit
As the UK prepares to withdraw from the EU politicians have mostly been discussing goods-related trade deals. But the country is becoming more reliant on the bloc for its exports of services, which account for 80% of the economy and are the main driver of exports growth.  View Article
Financial Times: It will be hard to wipe Brexit blot from asset landscape
The Brexit messy political saga is hitting sterling, stocks and UK’s economic reputation, warns Michael Mackenzie.  View Article
Financial Times: Small UK banks may benefit from simpler regulation post-Brexit — BoE’s Woods
Sam Woods, the head of the Bank of England’s Prudential Regulation Authority, said that some models of Brexit might allow the UK to cut back the amount of regulations that apply to smaller lenders, in a bid to help challenger banks take on their larger rivals.  View Article
The Guardian: Shareholders received record dividends of almost £100bn in 2018
UK-listed firms paid record dividends last year, thanks to rising profits, but a report warns that shareholder payouts could take a big hit if Brexit goes badly.  View Article
Financial Times: Economic confidence nosedives in UK boardrooms
Economic confidence has nosedived and Brexit fears have escalated in the boardrooms of Britain’s largest listed companies, according to new research. More than 70% of FTSE 350 company secretaries predict damage from Brexit.  View Article
Commercial Risk Europe: AXA XL transfers European subsidiary to Dublin
AXA XL has completed the transfer of XL Insurance Company from the UK to Dublin, where it will become the company’s subsidiary for European business and solve potential problems thrown up by Brexit.  View Article
Financial Times: Irish watchdog urges UK auditors to prepare for ‘no deal’ Brexit
Ireland’s accounting watchdog has written to the UK’s largest audit firms urging them to start preparing for a “no-deal” Brexit to minimise the disruption to their businesses that could arise from March 29 onwards.   View Article
Financial Times: Dublin seeks to protect insurers in no-deal scenario
Dublin is preparing emergency laws to protect Irish insurance customers should the UK crash out of the EU without a deal amid mounting concerns over the political turmoil in Westminster.   View Article
The Guardian: No-deal Brexit 'poses threat to global stability' – CBI head
Carolyn Fairbairn warned bosses at Davos that damage caused by a disorderly exit could spread far beyond the UK.  View Article
The Guardian: Checks on both sides of Irish border ‘mandatory under no-deal Brexit’
European Union and World Trade Organization checks would be mandatory on both sides of the Irish border in the event of no-deal Brexit, one of the world’s leading experts on customs has said.  View Article
Bloomberg: EU presses Ireland for no-deal Brexit border plan, source says
The European Commission is pushing the Irish government to lay out its plans for the border in the event of a no-deal Brexit, a person familiar with the matter said.  View Article
Financial Times: France launches contingency plans for hard Brexit
France has announced a €50m contingency plan for its ports and airports to cope with a possible “no-deal” Brexit in March and said it would allow UK companies and professionals to continue operating on French soil.   View Article
Financial Times: Chaotic Brexit would shake German business, industry group warns
A disorderly Brexit would hit economic growth in Germany and leave businesses “staring into the abyss”, the country’s powerful industry federation warned.  View Article
Financial Times: The self-fulfilling prophecy of a no-deal Brexit
Wolfgang Münchau contends that that the probability of a no-deal Brexit is much higher than anyone thinks. He goes on to point out that the EU will not bend on the withdrawal deal, even through fear of disruption.   View Article
LSE: New tricks for an old hand: Getting Brexit through Parliament
There are three avenues available: to make piecemeal modifications to the initial Brexit agreement, to try to conduct a substantive renegotiation with the EU, or to reach out to the opposition and attempt to secure a compromise that can overcome the adversarial structure of British   View Article
Financial Times: If parliament cannot resolve Brexit, a new referendum is needed
MPs should extend Article 50 and test support for other exit options, the FT suggests.  View Article
Financial Times: UK can delay Brexit without holding Europe elections, say lawyers
Britain can extend its EU membership beyond the summer of 2019 without taking part in European elections or undermining the European Parliament, lawyers have advised the assembly.   View Article
Bloomberg: EU is split over delaying Brexit by as much as a year, diplomats say
European Union governments disagree over how long they think the UK should delay Brexit, with some pushing for an extension of as much as a year, diplomats said.  View Article
Paul N. Goldschmidt: “Brexit”: Breaking the deadlock!
Paul N. Goldschmidt writes that the the EU should abandon its dogmatic stance that it is impossible to negotiate a “bespoke deal” with the UK, and suggests offering a deal inspired by the Norwegian model with a series of specific adaptations.  View Article
Bloomberg: Merkel warns EU compromise is needed to avert harmful Brexit
German Chancellor Angela Merkel pledged to work until the “last day” to ensure an orderly Brexit and signaled that responsibility for a successful withdrawal doesn’t lie solely with Theresa May.  View Article
POLITICO: Support for staying in EU at highest level since referendum
Support among Brits for remaining in the EU has reached its highest level since the 2016 referendum, according to a new poll. 56% of Brits say they would choose to remain in EU.  View Article
The Guardian: Voters would back remaining in EU over May's Brexit deal
An opinium poll for the Observer finds that only 35% of voters would back Theresa May’s deal if remain was an option.  View Article
The Guardian: Ministers agree to consider Lib Dem plans for new referendum
Cabinet ministers involved in cross-party talks on how to break the Brexit deadlock have given the first indication that they are prepared to examine plans for a potential second referendum on the UK’s departure from the EU, according to the Liberal Democrat leader, Sir Vince Cable.  View Article
The Guardian: More than 170 business leaders join call for second Brexit referendum
More than 170 business leaders, including Terence Conran and Norman Foster, have thrown their weight behind the campaign for a second referendum on Brexit.  View Article
The Guardian: Voters less likely to back Labour with 'stop Brexit' policy, leaked poll suggests
A leaked poll commissioned by the pro-EU Best for Britain campaign suggests that voters would be less likely to back Labour if the party was committed to stopping Brexit.  View Article
La Nouvelliste: Say goodbye to special treatment
Hostage-taking' is the expression the Swiss newspaper La Nouvelliste borrows from a European diplomat to describe Switzerland's situation with regard to Brexit.  View Article
UK in a Changing Europe: New report reveals Brexit identities stronger than party identities
The UK is increasingly polarized by Brexit identities and they seem to have become stronger than party identities, a new academic report finds.  View Article

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