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07 February 2019

Brexit Weekly

ESMA issues regulation to avoid disruption in no-deal Brexit, Hammond and Hunt hint Brexit delay is possible, UK’s finance chiefs say Brexit is biggest risk, third of firms looking overseas due to Brexit, UBS clear to move $36.5 bn of assets to Germany, UK economy set for sluggish growth and more.

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  Articles from 31 January 2019 - 07 February 2019

  Brexit & UK
The Guardian: EU fears short article 50 extension will mean no-deal Brexit in June
EU officials fear Theresa May is setting the UK on course for a no-deal exit at the end of June because she will not have the political courage to ask for the longer Brexit delay they believe she needs.  View Article
Bloomberg: UK’s Hammond says Brexit delay is possible if new deal reached
Chancellor of the Exchequer Philip Hammond said the EU and UK would agree to delay Brexit if more time is needed to pass the required legislation, the clearest signal yet that Britain is contemplating an extension to the March 29 deadline.  View Article
CER: Can the UK extend the Brexit deadline?
It is becoming increasingly likely that the UK will have to request extension of the Article 50 deadline. But a longer extension, warns Agata Gostyńska-Jakubowska, might mean that the UK would have to hold European Parliament elections  View Article
The Independent: Brexit: Whitehall officials begin ‘serious work’ on UK staying in EU customs union as way to rescue deal
Whitehall officials have begun “serious work” on the UK staying in a permanent EU customs union as a route to rescuing the Brexit deal, despite Theresa May ruling out the move, The Independent can reveal.  View Article
Project Syndicate: The EU needs a Brexit endgame
Jean Pisani-Ferry writes that, to avert a disastrous "no-deal" scenario, the bloc's leaders must continue to work with British PM Theresa May on a compromise solution, whether it likes it or not.  View Article
Financial Times: The EU cannot rescue Britain from Brexit chaos
Philip Stephens writes that May’s government has shown it is not to be counted on any longer as a trusted partner by its European allies. The brakes to save Britain from the crash-out course set by the Prime Minister can be applied only by the nation’s own politicians.  View Article
Federal Trust: Brexit: Will Parliament decide in February what it failed to decide in January?
Brendan Donnelly warns that the Parliamentary vote in mid-February will be the last opportunity for the House of Commons to prevent a “no deal” Brexit. This will require considerably more radical cross-Party action than the Commons was prepared to contemplate in its most recent votes on Brexit.  View Article
Remarks by President Donald Tusk after his meeting with Taoiseach Leo Varadkar
Tusk said that "a very great number of people" wish for a reversal of Brexit, but there is "no effective leadership for remain", and wondered "what that special place in hell looks like, for those who promoted Brexit, without even a sketch of a plan how to carry it out safely."  View Article
Huffington Post: Secret no-deal Brexit plan to slash tariffs on all imports
Ministers are secretly planning to unilaterally cut tariffs on all imports to zero in the event of a no-deal Brexit, in a move that could flood the market with cheap goods and “ruin” industry, HuffPost UK has learnt.   View Article
Institute of Directors: Nearly a third of firms looking overseas due to Brexit
New figures from the Institute of Directors show that nearly one in three (29%) members could be forced to shift operations abroad due to Brexit.  View Article
Brexit Weekly
MPs back May's bid to change deal, Risk of no-deal Brexit ‘very high’, time running out to replicate more than 30 international trade deals, UK firms plan mass exodus if May allows no-deal Brexit, money flooding out of The City, Bank of America to begin Brexit job moves and more.  View Article
ESMA agrees no-deal Brexit MoUs with the Bank of England for recognition of UK CCPs and the UK CSD
ESMA agreed MoUs with the Bank of England for the recognition of CCPs and of CSDs established in the UK, that would take effect should the UK leave the EU without a withdrawal agreement, the no-deal Brexit scenario.  View Article
ESMA and EU securities regulators agree no-deal Brexit MoUs with FCA
ESMA and European securities regulators have agreed Memoranda of Understanding with the Financial Conduct Authority of the United Kingdom.  View Article
FCA approach to MiFID transparency calculations
FCA welcomes the statement published by ESMA on the use of UK data in ESMA databases and the performance of MiFID II calculations in the EU27 if the UK leaves the EU without a withdrawal agreement (a no-deal scenario).   View Article
ESMA sets out use of UK data in ESMA databases under a no-deal Brexit
ESMA published a statement on the use of UK data in ESMA databases and the performance of MiFID II calculations under a no-deal Brexit.  View Article
ICMA publishes briefing note on ESMA statement on the use of UK data in ESMA databases and performance of MiFID II calculations
ESMA published a statement on the use of UK data in ESMA databases and the performance of MiFID II calculations under a no-deal Brexit.  View Article
ESMA clarifies the reporting and handling of derivatives data in case of no-deal Brexit
ESMA issued a public statement on how derivatives data reported under EMIR, should be handled in the event of the UK leaving the EU without a withdrawal agreement, the no-deal Brexit scenario.   View Article
Financial Conduct Authority outlines how it would use the temporary transitional power
The FCA has set out how it would use the temporary transitional power in the event the UK leaves the EU without an agreement. The Treasury has put forward draft legislation that would temporarily empower UK regulators to make transitional provisions if the UK leaves the EU without a withdrawal agreement.   View Article
Bloomberg: UBS clear to move $36.5 billion of assets to Germany over Brexit
The impact of Brexit on London’s financial sector came into stark relief as a judge approved plans by a UBS Group AG unit to shift some of its U.K. business -- involving assets valued at more than 32 billion euros - to Germany.  View Article
Financial Times: Investors fret about dual-listed shares under a hard Brexit
European investors are urging regulators to protect their ability to buy the London-listed shares of several major companies, including Royal Dutch Shell, Unilever and Ryanair, should the UK leave the EU abruptly at the end of next month.  View Article
Bloomberg: UK economy set for sluggish growth even if Brexit goes well
UK growth is set to be sluggish for the next few years even if a Brexit deal is secured, according to the National Institute of Economic and Social Research.  View Article
Bloomberg: Services bring UK economy to a near-halt ahead of Brexit
The UK economy is at risk of stalling after growth in the services sector came close to a standstill, with firms growing increasingly anxious about Brexit.  View Article
Financial Times: Weak EU economies will push for Brexit deal, asserts Liam Fox
International trade secretary Liam Fox has suggested “weakness” in some of the EU’s largest members’ economies will push Brussels to renegotiate the Brexit deal with the UK as “quickly as possible”.  View Article
Bloomberg: Merkel, Japan's Abe seek to avoid chaos from no-deal Brexit
German Chancellor Angela Merkel and Japanese Prime Minister Shinzo Abe said they want to head off a no-deal Brexit that could rattle their economies, as both braced against the UK’s increasingly chaotic course toward an exit from the EU.  View Article
The Guardian: Japan's EU deal 'threatens post-Brexit UK industry'
Experts have warned that a new EU-Japan trade deal could pose a post-Brexit threat to British industry in the wake of Nissan’s decision to backtrack on expanding its Sunderland plant.  View Article
Financial Times: UK’s finance chiefs say Brexit is biggest risk to business
Finance chiefs at UK companies believe that Brexit presents the biggest risk to their business, with almost 80% predicting a worsening corporate environment after the country leaves the EU, according to new survey data.  View Article
Bloomberg: UK consumers are most pessimistic on economy in seven years
UK consumers are the least optimistic about the economic outlook in seven years as a lack of clarity over the nation’s exit from the European Union leaves them worried about Britain’s prospects.  View Article
Bloomberg: The Brexit bill: Here’s the damage so far
Britain’s vote to leave the European Union has already come at a cost regardless of where Brexit goes from here. Some of the damage is tangible, such as jobs, investment and capital; some of it less so, like international clout and talent.   View Article
Bloomberg: Brexit Irish border fears spur warning on US-UK trade talks
Prime Minister Theresa May’s efforts to renegotiate the terms of Britain’s exit from the European Union to alter how it would address the issue of the Irish border has drawn warnings from Washington that the push could jeopardize UK trade talks with the US.  View Article
The Guardian: Brexit could put 1.7 million people around globe into extreme poverty – study
Simulations run by the German Development Institute show that the impact could be disastrous also outside Europe, pushing millions of people in developing countries into extreme poverty.  View Article
Post: Brexit made the EU stronger
In this article in the Italian newspaper Post, the author summarises the theses that circulate on the state of the European Union: it has never been so united.   View Article
Eurotrack: German and French public don’t think EU should give way on Brexit date
By 41% to 34% the French want the EU to refuse an extension. Germans feel the same, with 43% saying the EU should not agree to any movement on the deadline, compared to 38% who think they should.  View Article
The Guardian: Labour slump gives Tories biggest lead since general election
The Conservatives have recorded their biggest lead since the last general election after support for Labour slumped by six points, according to the latest Opinium poll for the Observer.  View Article
YouGov: Brexit indecisiveness is seriously damaging Corbyn
Despite riding high in the aftermath of the 2017 general election, the Labour leader's favorability rating has returned to its pre-election doldrums and Brexit is a big part of the reason why.  View Article

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