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14 March 2019

Brexit Weekly

MPs vote to reject no-deal Brexit, reject May's deal again, EU Presidency and Parliament reach provisional deal on clearing house rules, ESMA sets out its approach to several MiFID II/MiFIR and BMR provisions under a no-deal Brexit, Asset managers urged to implement ‘no-deal’ Brexit plans and more.

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  Articles from 07 March 2019 - 14 March 2019

  Brexit & UK
BBC: MPs vote to reject no-deal Brexit
MPs have voted to reject leaving the EU without a withdrawal agreement.  View Article
BBC: Brexit: MPs reject Theresa May's deal for a second time
Theresa May's EU withdrawal deal has been rejected by MPs by an overwhelming majority for a second time, with just 17 days to go to Brexit.  View Article
Financial Times: Theresa May’s Brexit deal is dead — MPs must now take over
The FT argues that Parliament must avoid political chaos and create space to explore other exit options.  View Article
Bloomberg: UK business cries ‘enough’ as yet another Brexit deal fails
Frustration among UK businesses is reaching boiling point after Prime Minister Theresa May’s latest attempt to get Parliament to back her exit deal from the European Union failed again.   View Article
Capital markets union: Presidency and Parliament reach provisional deal on clearing house rules
The Presidency and the Parliament reached today a provisional agreement on how EU and third country clearing houses should be supervised in the future, taking into particular account the effects of Brexit on the European financial system.  View Article
Financial Times: BoE tightens bank liquidity buffers before Brexit
The Bank of England has told some UK lenders to triple their holdings of easy-to-sell assets in the run-up to Brexit to cope with the market meltdown forecast if the UK crashes out of the EU without a deal later this month.  View Article
ESMA sets out its approach to several MiFID II/MiFIR and BMR provisions under a no-deal Brexit
ESMA published a statement on its approach to the application of some key MiFID II/MiFIR and Benchmark (BMR) provisions should the United Kingdom leave the European Union under a no-deal Brexit.   View Article
Investment & Pensions Europe: Asset managers urged to implement ‘no-deal’ Brexit plans
The UK’s asset management trade body has urged its 200-strong membership to enact their contingency plans for the country exiting the EU without a withdrawal agreement.  View Article
Investment & Pensions Europe: UK companies to keep EU accounting standards post-Brexit
The UK parliament’s upper chamber has warned the country’s business minister to ensure the audit regulator is able to scrutinise international accounting standards after Brexit.  View Article
European Payments Council's decision paper on Brexit and UK PSPs’ participation in SEPA schemes
In consideration of the expected withdrawal of the UK from the EU the UK payment service providers (PSPs), represented through ‘UK Finance’, filed an application with the EPC to be able to maintain the participation of the UK in the EPC’s SEPA schemes in the event of a no-deal Brexit.  View Article
POLITICO: Michel Barnier: Brexit extension ‘for what?’
The Brexit negotiation is "over" and the U.K. must now tell the EU what relationship it wants before asking for an extension to Article 50, the bloc's negotiator Michel Barnier told MEPs  View Article
The Guardian: Donald Tusk: UK must have a credible reason to delay Brexit
Donald Tusk has warned after the second big defeat of Theresa May’s deal that he expects a credible reason for any delay to Brexit.  View Article
The Times: EU planning for year-long extension, diplomats say
The EU is preparing for a delay to Brexit of at least a year, senior officials and diplomats have said.  View Article
The Independent: Britain does not want long delay, reveals poll on eve of votes
Some 52 per cent of people do not want a delay to last more than six months, the survey by BMG Research for The Independent indicated.  View Article
The Telegraph: Public swinging behind no deal Brexit, as Tories and DUP urge May to invoke plan B
Support for a no-deal Brexit is growing in the face of the EU's refusal to help salvage Theresa May's deal, according to a new poll.  View Article
Bloomberg: French minister says decision, not more time, needed for Brexit
A decision is needed by Britain on its exit from the European Union, French European Affairs Minister Nathalie Loiseau said on Sunday, adding that extending the March 29 deadline for leaving the bloc would lead to uncertainty and worry.  View Article
Open Europe: Under which conditions would the EU27 agree to an Article 50 extension?
Open Europe has looked at the statements and positions of all remaining 27 EU member states to assess which conditions they may demand in exchange for agreeing an extension.  View Article
Remarks by President Jean-Claude Juncker at the joint press conference with UK Prime Minister Theresa May
The President of the European Commission stated that "it is this deal or Brexit might not happen at all."  View Article
UK in a Changing Europe: How do Brits think the EU sees them? It depends how old they are
The identity gap between Leavers and Remainers has quickly established itself as one of the most important phenomena in British politics today. But the generation gap also matters – and, when it comes to Europe, it matters a lot.  View Article
FCA statement on various MiFID obligations and benchmarks regulation if the UK leaves the EU without an implementation period
The opinions are relevant for a no-deal scenario and may change depending on the final timing and nature of Brexit.  View Article
The Guardian: May wins ‘improved’ Brexit deal but it may not be enough for MPs
Theresa May has called for MPs to “come together” to back her deal after claiming to have secured the legally binding changes parliament wanted to ensure the EU cannot trap the UK in the Irish backstop and a permanent customs union.  View Article
House of Commons: Technical solution to border possible with trust and goodwill, finds Committee
The Northern Ireland Affairs Committee publishes a report on the backstop and the implications of a hard border, in which it concludes that a world-first technical solution to the Northern Ireland border would be possible if all sides adopt a shared position of trust and goodwill.  View Article
The Telegraph: Minister claims 'only two' Cabinet members support Theresa May as she faces growing pressure to quit over Brexit
Theresa May is facing increasing pressure to resign within weeks after it was claimed she has lost the backing of all but two of her Cabinet ministers.  View Article
POLITICO: Half of UK voters want Theresa May to resign: poll
British voters want Theresa May to resign as prime minister following the humiliating defeat for her Brexit deal and for MPs to block no deal while voting to extend Article 50, according to an exclusive snap poll.  View Article
The Independent: No majority support for Theresa May's deal in any constituency, poll analysis reveals
No majority of voters in any of the 632 constituencies in England, Scotland and Wales want their MP to back Theresa May's Brexit deal, according to a fresh polling analysis released just days before a major parliamentary vote.   View Article
YouGov: Deal, no deal or delay: what the public thinks
Anthony Wells sees where the public stands on the possible outcomes of Theresa May's forthcoming Brexit votes.  View Article
The Guardian: Three-quarters of newly eligible voters would back remain in second poll
Some 74% of people who were too young to cast a ballot in the 2016 Brexit referendum but have since reached voting age would back remain if a second public vote were called, according to a new poll.  View Article
Bloomberg: Brexit uncertainty ‘devastating’ UK’s economic relations
Brexit-related uncertainty is “devastating” the U.K.’s economic relations with European partners and many buyers of British goods are actively looking for alternative sources of supply, according to a leading German business lobby.  View Article
Bloomberg: UK cuts growth forecast amid Parliament’s Brexit chaos
Chancellor of the Exchequer Philip Hammond issued a fresh warning that leaving the European Union without a deal would damage the UK economy and leave people less well off.  View Article
New Financial: Brexit & the City – the impact so far
This report finds that more than 250 firms in banking and finance have moved or are moving business, staff, assets or legal entities away from the UK to the EU – and these numbers are likely to increase significantly in the near future.   View Article
Philip Stephens: After Brexit, Britain will be a rule-taker
Britain is not big enough to insist others meet its standards. Outside the EU, its only real choice will be between whether it should accept rules from Brussels or elsewhere.  View Article
Bloomberg: UK unveils tariffs for a no-deal Brexit ahead of key vote
The UK will avoid imposing tariffs on most imported goods in the event of a no-deal Brexit, though officials said prices of key European Union products including beef, cheese and cars will rise.  View Article
Bloomberg: Europe trade czar warns of ‘tariffs on day 1’ after hard Brexit
The European Union’s top trade official warned that the UK’s impending exit from the bloc risks being “chaotic’’ with some of the EU’s other member states still not prepared for the practical realities of a no-deal Brexit that may be just three weeks away.  View Article
Bloomberg: Murk surrounding no-deal Brexit tariffs confounds business
Confusion around which goods will be subjected to UK import tariffs in a no-deal Brexit is exasperating companies as they seek to finalize preparations for the split.  View Article
CBI: Northern Ireland businesses voice fears of 'no deal' Brexit
With less than a month to prevent the UK leaving the EU with no deal, Northern Irish businesses have written an open letter to MPs warning them of the dangers of failing to unite behind a way forward that avoids a hard border and protects peace and economic progress in Northern Ireland.  View Article
Business Europe: EU and UK business - no deal Brexit is a no-win outcome that must be avoided
With less than 20 days remaining, European businesses are calling for a no deal Brexit to be averted immediately to avoid major disruption of supply chains across all industries and to protect jobs.  View Article
Financial Times: Low business investment set to persist, says BoE
Business investment in the UK risks staying low because of sustained uncertainty around Brexit, a member of the Bank of England’s interest rate setting committee said.  View Article
Wolfgang Münchau: Norway shows the UK a better way to Brexit
Author writes in the FT that, if May’s deal is defeated again, this option at least offers a smooth transition.  View Article
Kevin Rudd: Think the Commonwealth can save Brexit Britain? That’s utter delusion
The former prime minister of Australia writes in The Guardian that Australians want the UK to do well, but there’s no way free trade with us or others can make up for the hit of leaving the EU.  View Article
The Guardian: Most EU treaties won’t be replicated in UK by 29 March, says minister
The UK will have replicated less than half the international agreements the EU has in place with other countries by Brexit day, the government has confirmed.  View Article
IB Times: Brexit Britain's weakness exposed in US trade deal documents
The US has published its objectives for a proposed trade agreement with the UK – and its thinking highlights just how weak Britain's bargaining position will be in the post-Brexit global economy.  View Article
Financial Times: Fear of Brexit disruption stalks Turkey-UK trade ties
Turkey’s status as a customs union partner but a non-EU state means that its hands are tied until the EU has itself struck a deal with the UK, experts said.  View Article

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