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14 February 2019

Brexit Weekly

ESMA's Maijoor on Brexit's regulatory challenges, UK economy set for worst year since financial crisis, BofA not going back on its $400m move out of London, Germany's Scholz says finance must prepare for no deal, EU rebuffs Theresa May’s new Brexit demand, Majority of voters wants to delay Brexit.

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  Articles from 07 February 2019 - 14 February 2019

  Brexit & UK
ESMA's Maijoor: Brexit – the regulatory challenges
Steven Maijoor's speech focused on ESMA's preparations for a no-deal Brexit across a number of areas including secondary markets, clearing and settlement and cooperation agreements while also looking to the future of the European Union's market after Brexit.  View Article
The Guardian: UK economy set for worst year since financial crisis, says Bank of England
The Bank of England has warned the economy is on course for its weakest year since the global financial crisis, as evidence suggests Brexit jitters are spreading from companies to consumers.  View Article
Financial Times: BoE poll highlights deep Brexit uncertainty among UK businesses
The Bank of England’s quarterly inflation report has revealed that dozens of businesses feel they are “not ready” for the UK to leave the EU without a deal, even though most said they had an agreed contingency plan in place.  View Article
Bloomberg: Carney says UK slowdown underscores need for Brexit certainty
The UK’s slower-than-expected growth in the final quarter of 2018 underscores the need for certainty on Brexit, according to Bank of England Governor Mark Carney.  View Article
Financial Times: Bank of America says no going back on its $400m plans for Brexit move
The world’s biggest banks are warning that there will be no going back from the actions they are taking to cope with potential Brexit disruption, which is expected to cost them as much as $400m each.   View Article
Bloomberg: British and US banks are deeply divided on Brexit ties
British lenders and their Wall Street rivals are pushing widely different views on Brexit, a clash that was highlighted at a meeting last week with UK government officials, people with knowledge of the situation said.  View Article
Bloomberg: Banks fleeing post-Brexit UK face fresh regulatory scrutiny
The European Central Bank and national authorities will conduct an in-depth review of the largest firms’ balance sheets, including their most illiquid assets, Ed Sibley, a member of the ECB supervisory board, said in an interview.  View Article
Bloomberg: Germany's Scholz says finance must prepare for no deal Brexit
The financial industry needs to prepare for the ripple effects of the UK leaving the European Union without a deal that spells out its future relationship with the bloc, said German Finance Minister Olaf Scholz.  View Article
New York Times: EU rebuffs May’s new Brexit demand, but promises more talks
Prime Minister Theresa May of Britain had what was described as a “robust but constructive” talk with the president of the European Commission, Jean-Claude Juncker, as her visit to Brussels got off to a polite but cool beginning.  View Article
EurActiv: ‘Something has to give,’ Barnier tells Brexit Britain
European Union Brexit negotiator Michel Barnier said British Prime Minister Theresa May should endorse a permanent customs union with the bloc – as proposed by the opposition Labour party – to break the impasse over their looming divorce.  View Article
The Guardian: Brexit deal may not be put to MPs until late March, officials say
The Brexit negotiations are being pushed to the brink by Theresa May and the EU, with any last-minute offer by Brussels on the Irish backstop expected to be put to MPs just days before the UK is due to leave.  View Article
YouGov: Tories unlikely to gain enough seats to solve Brexit woes in event of snap election
YouGov polling of more than 40,000 people to forecast individual constituency results has the Conservatives five points clear of Labour, but only gaining four seats.  View Article
The Independent: Majority of voters want Theresa May to delay Brexit, exclusive Independent poll finds
With less than seven weeks until exit day, the exclusive survey for The Independent found 53% of voters would support postponing Britain’s departure from the European Union, opening the door to a second referendum or further talks with Brussels.  View Article
Financial Times: Brexit goes to the brink
Wolfgang Münchau remains "moderately optimistic" that a Brexit deal can be done. He writes that, "once everybody enters the hall of smoke and mirrors at the European Council meeting on March 21, things will change" and both part will strive to reach an agreement.  View Article
The Guardian: Back May’s deal, then hold people’s vote: plan to end Brexit deadlock
Theresa May could win parliament’s approval for her controversial Brexit deal in return for guaranteeing another referendum, under a new plan being drawn up by a cross-party group of MPs. The new vote would give the British people a simple choice: to confirm the decision or stay in the EU.  View Article
YouGov: Expectation of second referendum dwindles as Brexit Day approaches
The number of Brits who think being called back to the ballot box was the most likely next step in the course of Brexit has almost halved since mid-January.  View Article
Bloomberg: No-deal Brexit would be like an ‘atomic bomb,’ Maltese minister says
Britain crashing out of the European Union without a deal would be like an “atomic bomb for everybody,” Maltese Finance Minister Edward Scicluna said as the clock ticks down toward Brexit day on March 29.  View Article
Financial Times: UK draws up secret plan to boost economy after no-deal Brexit
A secret group at the heart of the UK government is drawing up plans to kick-start the British economy in the event of a no-deal Brexit through options that range from cutting taxes and boosting investment to slashing tariffs.  View Article
Il Sole 24 Ore: Brexit and new challenges for EU
President of EU Parliament Tajani writes that UK policy-makers have underestimated the consequential damages of Brexit, especially those of a no-deal Brexit.   View Article
The Guardian: Manufacturing slump puts UK economy into reverse as Brexit looms
The British economy plunged into reverse in December, with a broad-based slump in economic output completing the weakest year for growth since 2012.  View Article
UK in a Changing Europe: UK firms investing billions abroad because of Brexit new CEP research finds
The UK government hopes that Brexit will make the UK a better place to do business, but new numbers from the Centre for Economic Performance (CEP) show that the opposite is happening. UK firms are voting with their money and offshoring new investments to the rest of the EU.  View Article
The Guardian: UK has rolled over just £16bn out of £117bn trade deals
International Trade Secretary Liam Fox has agreed deals with only seven of 69 countries covered by EU arrangements.  View Article
Financial Times: Business expresses fury at UK failure to roll over EU trade deals
The UK government has told businesses it cannot guarantee the British economy will be covered by “most” of the EU’s global network of trade agreements immediately after Brexit — even if parliament approves Theresa May’s divorce deal with Brussels.  View Article
Financial Times: No-deal Brexit risks rise as UK-Japan trade talks stall
Britain and Japan have made little progress on a new trade deal in the past 18 months, according to officials involved in the talks, with tariffs set to revert to World Trade Organization levels at the end of March unless the UK ratifies a Brexit deal.   View Article
BBC: UK signs post-Brexit trade deal with Switzerland
The UK and Switzerland have signed a deal to continue trading after Brexit as they did before it.  View Article
Financial Times: US companies warn investors of mounting Brexit risks
Corporate America is sounding an alarm over mounting Brexit risks, beefing up warnings to investors as boardrooms worry that a disorderly departure threatens international business.  View Article
POLITICO: Hard Brexit threatens 100,000 German jobs
Germany stands to be the hardest hit member of the EU if the U.K. crashes out of the bloc without a deal, Welt am Sonntag reported.  View Article
POLITICO: Dutch say hundreds of companies plotting Brexit switch
The Dutch government said it helped 42 companies move to the country in 2018 because of Brexit and is in talks with more than 250 others about a switch, according to a report. The Netherlands says it has attracted 1,923 jobs and €291 million in investment.  View Article
POLITICO: Theresa May extends Brexit olive branch to Labour
British PM Theresa May is preparing for fresh talks with Jeremy Corbyn this week after sending the Labour leader a conciliatory letter specifying areas for further negotiations between the government and the opposition, and adding the two sides should meet again “as soon as possible.”  View Article
The Times: Labour’s no-deal Brexit ambush
Labour is planning to seize control of the Brexit negotiations by forcing Theresa May to put her deal to a second decisive vote before the end of the month, shadow Brexit secretary Sir Keir Starmer told The Times.  View Article
The Guardian: Not opposing Brexit could lose Labour 45 seats, says leaked report
A trade union affiliated with the Labour party has claimed that Jeremy Corbyn’s party could lose an additional 45 seats in a snap election if it fails to take an anti-Brexit position, in a leaked report.  View Article
ISDA Response to ESMA and EC on Proposed Technical Standards on Brexit-related Novations
ISDA sent a letter to ESMA and the European Commission commenting on the proposed technical standards on Brexit-related novations.   View Article
Commercial Risk Europe: Risk managers advised to check policies as not all UK insurers have created EU ops
French and other EU-based risk managers need not panic about the continuity of their coverage with UK and London market insurers, and ability to receive claims, post-Brexit. But they are advised to check policies because not all UK insurers have created EU subsidiaries.  View Article
Commercial Risk Europe: UK insurers able to pay French claims for 12 months after no-deal Brexit
The French Government has cleared the way for UK insurers to continue paying claims on French risks should a no-deal Brexit take place, but stressed that contract renewals will be forbidden between UK carriers and French clients.  View Article
Philip R Lane: The Brexit discontinuity
Philip R Lane, Governor of the Central Bank of Ireland, focuses on some of the implications of Brexit for the Irish economy and the Irish financial system.  View Article
BBC: Brexit: 'Very real' chance of Irish unity poll if no deal
Several cabinet ministers have told the BBC a no-deal Brexit could lead to a vote on Irish unification.  View Article

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