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10 October 2019

Brexit Weekly

Brexit talks come to a halt, European Parliament states recent UK proposals do not offer the safeguards the EU and Ireland need, UK fund outflows accelerate, IFS warns that a no-deal Brexit would push UK debt to 50-year high, while a British government paper says red tape for trade would hit £15bn.


History is being made and the `extraordinary' sitting of Parliament on Saturday 19th October may define the next steps. The European Movement and allies will be holding a march (from noon) through London to Parliament Square that day and I look forward to seeing you (and any of your friends/family) there. But I may miss you amongst the 1million+ crowd that is expected!

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Articles 3 October 2019 - 9 October 2019


The Guardian: Brexit talks in Brussels between EU and UK come to a halt : Brexit talks have come to an abrupt halt in Brussels days after the British government demanded intensive negotiations on Boris Johnson’s proposals. View Article
European Parliament: Brexit: recent UK proposals do not offer the safeguards the EU and Ireland need : After a briefing by Michel Barnier to the Members of EP Brexit Steering group on UK government's latest proposals, MEPs agreed that the UK’s proposals fall short and represent a significant movement away from joint commitments and objectives. View Article
Boris Johnson and David Sassoli - source: SkyNews
New Europe: Sassoli: UK’s Brexit proposals are not immediately operable, long way from something European Parliament could agree to : The President of the European Parliament, David Sassoli, met with Prime Minister of the United Kingdom, Boris Johnson, and discussed the facets of a possible deal between the EU and the UK on Brexit. View Article
The Guardian: Macron gives Johnson until end of week to overhaul Brexit plan : The French president has given Boris Johnson until the end of the week to fundamentally revise his Brexit plan, in a move that increases the chances of the negotiations imploding within days. View Article
Financial Times: Scottish court delays decision over Brexit extension letter : Scotland’s highest court has suspended consideration of an attempt to force Boris Johnson to abide by a law that could force him to seek to delay Brexit, a decision backers of the effort said left a legal “sword of Damocles” hanging over the prime minister. View Article
The Times: ‘Many’ Tory MPs to quit if it comes to no-deal Brexit : Boris Johnson is facing a new cabinet rebellion over a no-deal Brexit and there are mounting concerns in Downing Street of further resignations. View Article
The Sun: Boris Johnson plans to tell Queen she can’t sack him even if he loses no confidence vote : UK Prime Minister Boris Johnson is planning to tell the Queen she cannot sack him as Prime Minister even if he loses a no confidence vote and MPs choose a caretaker replacement. View Article
Financial Times: UK set for ‘most unpredictable election’ in decades, study finds : The UK is heading into the most unpredictable and volatile general election campaign in decades, according to a major academic study of the electorate over the past 10 years. View Article
The Independent: Majority of Britons don't believe Boris Johnson can secure EU deal before 31 October as PM's approval ratings fall : Increasing numbers of voters are losing faith in Boris Johnson’s leadership, while only one in five people believe he can secure a Brexit agreement before the Halloween deadline, a poll has found. View Article
The Telegraph: Parliament and Remain MPs will be blamed more than Boris Johnson for Brexit delay, poll reveals : The public will blame Parliament, Remain MPs and Brussels more than Boris Johnson if Brexit is delayed, a poll has found, as Britain edges closer to a general election.  View Article
Financial Times: UK fund outflows accelerate as no-deal Brexit looms : Mounting fears that the UK is heading for a no-deal Brexit have prompted investors to accelerate their withdrawals from UK active equity and property funds.  View Article
EBA urges continued progress in financial institutions' preparations for the UK's departure from the EU : The EBA urges continued progress on contingency planning. Notably, to ensure that assets, appropriate staff and data are in place to support relevant authorisations and that customers are adequately informed. View Article
Bloomberg: Central banks will act if there’s a no-deal Brexit, top Goldman exec says : Goldman Sachs’ top executive in London expects UK and European authorities to support financial markets if Britain crashes out of the EU at the end of this month without a withdrawal agreement. View Article
ESMA - Update on the UK’s withdrawal from the European Union - preparations for a possible no-deal Brexit scenario on 31 October 2019 : There is still a high level of uncertainty as to the final timing and conditions of Brexit, and should these change, ESMA will adjust the approach for its IT applications and databases and will inform the public of the adjusted approach as soon as possible. View Article
Project Syndicate: Is post-Brexit London really doomed? : The Royal Bank of Scotland chairman Howard Davies wonders why, despite the likelihood of a harder-than-expected Brexit, and the certain loss of the so-called passport, the feared large-scale exodus of firms and financiers from London does not seem to be under way. View Article
Financial Times: No-deal Brexit poses unknown risks of disruption, warns financial watchdog : The Financial Conduct Authority’s Brexit chief has warned there are still unknown risks of disruption to the financial sector should the UK crash out of the EU without a deal. View Article
Commercial Risk Europe: Trade credit insurers reducing exposure and raising rates over no-deal Brexit fears : The heightened risk of a no-deal Brexit is fuelling demand for trade credit insurance, but insurers are taking action to reduce their exposure to UK corporates and raising rates. View Article
PLSA: Pension schemes well-prepared for the potential impact of Brexit : Pension schemes have stepped up Brexit preparations significantly over the last 12 months. Nine out of 10 (88%) trustee boards have discussed impact of Brexit on their scheme. Two-thirds (63%) have formally assessed Brexit risks. View Article
City of London Corporation: Employment trends in financial services and beyond in the City, London and Great Britain : City of London jobs reached a record high, although growth was slower than in the previous year, according to new data. View Article
BBC: No-deal Brexit would push UK debt to 50-year high, says think tank : Even a "relatively benign" no-deal Brexit would push UK debt to its highest since the 1960s, the Institute for Fiscal Studies (IFS) has said. View Article
Financial Times: Red tape bill for EU-UK trade in no-deal Brexit to hit £15bn : Businesses would be hit with an annual £15bn bill for filling in customs forms for trade between the UK and the EU in the event of a no-deal Brexit, according to a British government paper.  View Article
Financial Times: Warning of threat to UK-EU trade deal from US food demands : Ministers have been warned that the UK’s efforts to strike a US trade deal after Brexit could “severely limit” Britain’s ability to negotiate an equivalent agreement with the EU, according to a leaked government paper. View Article
The Independent: Boris Johnson moves to scrap environment safeguards to get deal with Trump : Boris Johnson is scrapping a commitment by Theresa May to stick to EU rules on the environment, safety standards and workers’ rights – to raise his chances of getting a trade agreement with Donald Trump. View Article
Financial Times: The EU should think twice before rejecting Boris Johnson’s proposal : Negotiators could extend the Brexit deadline for a final time to work on technical details, in Wolfgang Münchau's view. View Article
Paul Goldschmidt: The UK and the EU must bring “Brexit” to a final conclusion now! : Brexit is doing untold harm to countless EU and UK citizens whose livelihood is – or will be – adversely affected, by prolonging unnecessarily the current destabilizing uncertainty. It is time to focus on a proposal that hopefully brings this tragic saga to a conclusion, writes Goldschmidt. View Article
BBC: Brexit boosting independence support, Plaid Cymru MP claims : Brexit will do for independence what Thatcherism did for devolution, one of Plaid Cymru's MPs has said. View Article
Graham Bishop #FBPE retweeted
<a href=FT Brussels" src="" /> FT Brussels
Juncker and Barnier still hopeful for a Brexit agreement with Boris Johnson
Graham Bishop #FBPE retweeted
Sky News Sky News
The EU's chief negotiator @MichelBarnier has said it is "very difficult, but possible" to strike a #Brexit deal before next week's deadline. To read the full story, click here:
Graham Bishop #FBPE Graham Bishop #FBPE
Delighted to announce that I have been re-elected to the Board of the Kangaroo Board – after a decade and half of service! #KangarooGroup #EU
Graham Bishop #FBPE Graham Bishop #FBPE
Read my CPD Notes on the latest 155th Brussels for Breakfast debate! A lively exchange with Avisa Partners' Jacques Lafitte about the latest EU developments: #Brexit #AML #GreenDeal #MEPshearings #ECB
Graham Bishop #FBPE retweeted
Donald Tusk Donald Tusk
.@BorisJohnson, what’s at stake is not winning some stupid blame game. At stake is the future of Europe and the UK as well as the security and interests of our people. You don’t want a deal, you don’t want an extension, you don’t want to revoke, quo vadis?
Graham Bishop #FBPE retweeted
BBC Business BBC Business
IMF boss Kristalina Georgieva warns of 'painful' Brexit
Graham Bishop #FBPE retweeted
Bloomberg Markets Bloomberg Markets
Kristalina Georgieva, in her first major address as head of the International Monetary Fund, painted a downbeat picture of the world economy and said a more severe slowdown could require governments to coordinate fiscal-stimulus measures
Graham Bishop #FBPE retweeted
New Europe New Europe
Sassoli: UK’s Brexit proposals are not immediately operable, long way from something European Parliament could agree to
Graham Bishop #FBPE retweeted
Robert Peston Robert Peston
Downing St has tonight said explicitly that EU governments which oppose a Brexit delay will be rewarded by Boris Johnson, and that if the EU approves a delay Johnson will do his damnedest to sabotage the functioning of the EU, pending Brexit. This is the most explosive...
Graham Bishop #FBPE retweeted
Bloomberg Brexit Bloomberg Brexit
BREAKING: Boris Johnson tells Angela Merkel a Brexit deal is “essentially impossible” if the EU demands Northern Ireland stay in the bloc’s customs union
Graham Bishop #FBPE retweeted
Paul Johnson Paul Johnson
Economy - and hence our living standards - is 2.5-3% (£55-£66bn) smaller than it would have been without Brexit vote. We have lost out on 3 years of global economic growth. Citi analysis in @TheIFS Green Budget published today…
Graham Bishop #FBPE retweeted
The Guardian The Guardian
Macron gives Johnson until end of week to overhaul Brexit plan…

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