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02 May 2019

Brexit Weekly

Brexit will slow UK economy for rest of 2019, Business investment ‘significantly’ lower, warns Philip Hammond, Brexit threatens pound’s status as global currency, public thinks EU referendum was bad idea, FCA's Bailey says UK's financial regulation would differ than EU's and more.

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Brexit & UK   About this email

  Articles from 18 April 2019 - 02 May 2019

  Brexit & UK
The Guardian: Brexit will slow UK economy for rest of 2019, forecaster warns
The slow-burn impact of Brexit on the British economy will be a drag on growth for the rest of 2019, blocking the Bank of England from raising interest rates, the EY Item Club has warned.  View Article
Politics Home: Business investment ‘significantly’ lower due to Brexit uncertainty, warns Philip Hammond
The Chancellor said it was “definitely the case” that the Brexit impasse had impacted the economy as businesses hold back from spending.  View Article
Bloomberg: More UK businesses are facing distress on economic uncertainty
The number of companies in the UK classed as being in “critical distress,” often a precursor to insolvency, rose 17 percent in the first quarter from a year earlier, data compiled by financial adviser Begbies Traynor Group Plc show.   View Article
Financial Times: Brexit threatens pound’s status as global currency, survey says
Brexit is likely to threaten the pound’s status as a global reserve currency according to a survey of central bank money managers who say Britain’s departure from the EU will alter their views on sterling.  View Article
The Guardian: Public thinks EU referendum was bad idea, says poll
More than half the public – 55% – now think it would have been better never to have held the EU referendum given the difficulties of reaching an agreement on Brexit, according to the latest Opinium/Observer poll.  View Article
FCA's Bailey: The future of financial conduct regulation
Andrew Bailey, Chief Executive of the FCA, spoke at at Bloomberg's offices about the need for a debate about the future of regulation "but this needs to be in a public interest framework."   View Article
Bloomberg: Brexit ‘rules of the game’ urgently needed, UK's Bailey says
UK’s financial regulator said British and European Union negotiators need to undertake “a big debate” over post-Brexit oversight to allow for open markets and resolution of disputes.  View Article
Commercial Risk Europe: UK risk and compliance roles increasingly under threat from Brexit
More and more UK financial services firms are making job cuts because of Brexit, with risk and compliance roles among those most under threat, according to analysis by Talent Ticker, which monitors staffing trends.  View Article
BaFin: Insurers: New agreement for supervisory cooperation after Brexit
In preparation for Brexit, BaFin concluded an agreement with the PRA in the UK. The agreement supplements the Multilateral Memorandum of Understanding between the supervisory authorities in the UK and the national insurance supervisors of the 27 remaining EU member states together with the EIOPA.  View Article
ESMA updates publication schedule for transparency calculations in May and June 2019
ESMA considers that, following the extension of Article 50(3) in relation to the United Kingdom’s withdrawal from the European Union, it is necessary to provide clarity to stakeholders that transparency calculations due in May and June as well as in the following months will now be published.  View Article
Financial Times: Juncker questions UK staying in single market
Jean-Claude Juncker has said the UK has no prospect of staying in the EU single market as part of any cross-party compromise between the Conservatives and Labour parties unless MPs first pass a Brexit divorce deal.  View Article
The Guardian: Brexit has trapped UK in no man's land, warns top economist
Britain’s economy is trapped in “no man’s land” by Brexit and the next decade could be the weakest for growth since the second world war, a former senior Bank of England policymaker has warned.  View Article
Bloomberg: UK's Brexit woe is an extreme microcosm of global trade war
According to calculations by Bloomberg Economics, close to $2 trillion - some 2.3 percent of global GDP - is tied to trade flows that are at risk from greater protectionism. BOE Governor Mark Carney sees Britain's departure from the European bloc as an ‘acid test’ for the new world order.  View Article
POLITICO: Brexit boosts support for Scottish independence to 49 percent
Support for Scottish independence has risen to 49 percent, its highest level since 2015, according to a YouGov poll.  View Article

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