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27 June 2019

Brexit Weekly

Johnson and Hunt head-to-head in race to be next UK leader, EU has run out of patience with the UK over Brexit, impact of Brexit on UK Financial Services nears £4 billion, Hammond to overhaul post-Brexit City regulation, UK FDI falls to lowest level in six years and more.

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  Articles from 20 June 2019 - 27 June 2019

  Brexit & UK
Bloomberg: Johnson and Hunt go head-to-head in race to be next UK leader
The public face of Brexit, Boris Johnson, will fight former Remainer and Foreign Secretary Jeremy Hunt to become Britain’s next prime minister in a critical contest for the country and the European Union.  View Article
The Guardian: Tory faithful trust Johnson more than Hunt, says poll
Boris Johnson is more trusted by Tory members to make big decisions and negotiate with the EU than Jeremy Hunt – as well as being regarded as more competent than the current foreign secretary – according to the latest Opinium poll for The Observer.  View Article
YouGov: Forget renegotiating Brexit: a quarter of Tory members want to chart a course straight for no-deal
The results of a new YouGov poll of Conservative party members show the majority view among members, held by 59%, is that the new Prime Minister should take another stab at getting the EU to agree to better terms, but if they refuse to do so then we should leave without a deal in October.  View Article
The Guardian: Brexit: Carney rejects Boris Johnson's no-deal trade claim
The Bank of England governor, Mark Carney, has said that the UK would be hit automatically by tariffs on exports to the EU in a no-deal Brexit, rejecting a claim made by Boris Johnson that this could be avoided.  View Article
The Irish Times: EU has run out of patience with the UK over Brexit – Varadkar
Taoiseach Leo Varadkar has warned that the EU has run out of patience with the UK and that there is “enormous hostility” among European leaders to any further Brexit extension beyond October.  View Article
BBC: Brexit would 'diminish' UK, says Dutch PM Mark Rutte
Mark Rutte told the BBC the UK, outside the EU, would not be "big enough" to play a role on the world stage.  View Article
BBC: Brexit: Survival of UK in doubt, Gordon Brown warns
The ex-prime minister said the United Kingdom risked "unravelling" due to Brexit and the "narrow nationalism" of the Conservative and SNP governments.  View Article
EY Financial Services Brexit Tracker: Impact of Brexit on UK Financial Services nears £4 billion despite sector pausing job and asset moves
Since the EU Referendum, UK Financial Services Firms have disclosed £1.3bn of relocation costs, legal advice, contingency provisions, plus an additional £2.6bn for capital injections to scale new non-UK headquarters.   View Article
Bloomberg: Hammond lays ground for overhaul of post-Brexit City regulation
In his annual Mansion House speech, Hammond said he is launching a review into how financial regulators work together after Britain leaves the European Union, in response to calls from businesses for more “air traffic control” to coordinate the new environment.   View Article
Bloomberg: BOE sees rising no-deal Brexit worry in tension with markets
The Bank of England acknowledged rising concerns over a no deal Brexit as it kept interest rates on hold and cut its near-term economic growth forecast to zero.  View Article
The Guardian: UK finances forecast to suffer under most forms of Brexit
Most forms of Brexit will worsen the country’s finances and reduce space for new initiatives to address child poverty, social care and left-behind communities that some argue drove the Brexit vote, a report has found.  View Article
Financial Times: Foreign investment into UK falls to lowest level in six years
Foreign investment into the UK’s most productive industries has plunged since the 2016 Brexit referendum, official data showed, suggesting that uncertainty over future trading arrangements with the EU is stopping businesses from committing to the country.   View Article
OMFIF: Swiss-EU row offers taste of Brexit
A stand-off between Switzerland and the European Union has left Swiss stock exchanges facing a shutout from trading across Europe, a foretaste of what could befall the City of London under many Brexit scenarios.  View Article

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