Brexit Weekly

25 May 2017

The European Council authorised the start of Brexit talks and adopted its negotiating directives, dispute over 'Brexit bill', euro-clearing battle, leaving the Single Market, consequences of limiting migration and more.

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Council (Art 50) authorises the start of Brexit talks and adopts negotiating directives
The Council, meeting in an EU27 format, adopted a decision authorising the opening of Brexit negotiations with the UK and formally nominating the Commission as EU negotiator. The Council also adopted negotiating directives for the talks.   View Article
European Parliament: Brexit and the EP: what does it mean for free movement?
The European Parliament Office in London held a panel debate to a full house on the impact of Brexit on freedom of movement, one of the fundamental four freedoms of the EU.  View Article
The Guardian: Brexit talks could collapse over UK divorce bill, says EU negotiator
The EU’s chief Brexit negotiator, Michel Barnier, fears the refusal of member states to soften their demands over the size of Britain’s “divorce bill” could lead to a collapse in talks and the UK crashing out of the EU without a deal, minutes of a meeting of the European commission reveal.  View Article
Theresa May: Brussels must pay its own Brexit bill of billions of pounds
Brussels must pay its own Brexit bill of billions of pounds for Britain's share of the European Investment Bank and other joint projects, Theresa May told The Sunday Telegraph.  View Article
Bloomberg: May seeks voters' permission to walk away from Brexit deal
In publishing her Conservative Party’s manifesto, Prime Minister May locked a future Tory government into backing her plans for a clean break with the EU and supporting her if talks fail.  View Article
Bloomberg: LSE raises estimate for loss of London clearing to $100 billion
Banks and investors will end up $100 billion worse off if the European Union forcibly repatriates the clearing of euro-denominated derivatives after Brexit, according to London Stock Exchange Group Plc’s Chief Executive Officer Xavier Rolet.  View Article
The Telegraph: Euronext boss: City will lose euro-clearing battle
Euronext boss Stéphane Boujnah has warned that the UK will likely lose its battle with Brussels over euro-clearing, saying that a "significant part" of the lucrative $1 trillion market is likely to relocate.   View Article
Open Britain/CEBR: Lost access to the Single Market in services could cost the UK economy £36 billion a year
A new report lays bare the potential cost to the UK economy of the Prime Minister’s decision to pull Britain out of the Single Market. If access to the market in services is restricted, the ‘upside’ scenario is a 1.4% gross loss in GDP, while the downside is a 2% gross loss in GDP.  View Article
The Guardian: German business leaders urge Tories to rethink plan to leave single market
The head of employers’ federation said that integrity of single market is more important than making good business with Britain.  View Article
Financial Times: ECB plays down Brexit threat to eurozone economy
The European Central Bank has ruled out the possibility that Brexit could pose a major threat to the euro area economy, rejecting warnings from the Bank of England that a messy UK withdrawal could leave EU companies without vital services.  View Article
Bloomberg: Bundesbank's Dombret says Brexit likely to be hard or very hard
The UK’s departure from the European Union is unlikely to go smoothly, according to Bundesbank board member Andreas Dombret.  View Article
CEBR special report: Economic consequences of limiting migration
The analysis shows the extent to which the UK economy has become dependent on migrant labour for growth and for tax revenues and the potential adjustment cost if the economy has to be weaned off migrant labour. If this does happen, both the growth and the fiscal consequences are alarming.  View Article
Global Future: The case for immigration
Meeting the Government’s target of cutting immigration to less than 100,000 will not only be extremely difficult, it is also overwhelmingly undesirable, according to research group Global Future.  View Article
Financial Times: Brussels sets rules for Brexit regulatory agencies fight
July deadline for bids for medicines and banking bodies ahead of October vote.  View Article
Ireland’s commitment to EU membership undiminished by Brexit
European Movement Ireland commissioned a survey which found that Irish citizens remain exceptionally pro-European, with almost 90% of respondents supportive of Ireland’s continued membership of the EU.   View Article
El Mundo: The winners and losers of Brexit
Spanish newspaper El Mundo highlights how UK citizens are already feeling the consequences of Brexit due to growing economic inequality.   View Article
 

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