Brexit Weekly

25 January 2018

Post-Brexit City deal, second EU referendum, future EU budget and more.

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The Guardian: Macron rebuffs post-Brexit City deal unless UK pays into EU budget
French president Emmanuel Macron has rejected the idea of a tailored Brexit deal for the City, insisting Britain will not be allowed full access to European Union markets, including financial services, unless it pays into the EU budget and accepts all its rules.  View Article
Commercial Risk Europe: Financial services ‘in the dark’ over UK Brexit trade plans after position paper shelved
The UK government has backtracked on a promise to publish a Brexit position paper for financial services trade, amid reports that the paper has been shelved. The move has been heavily criticised by both politicians and representatives of the sector.  View Article
Financial Times: On the City of London and Brexit, silence is not golden
In the FT's view, the UK government needs to state its priorities for trade in services.  View Article
AFME - Brexit: Key cliff edge risks in wholesale financial services
AFME's paper highlighting some of the potential cliff edge risks that Brexit could create for market efficiency and financial stability.  View Article
Financial Times: Asset managers fear delegation changes post-Brexit
The industry is fretting over the loss of talent to rival financial hubs, London’s diminished appeal as a European gateway for non-EU investors and lower inward investment as foreign companies abandon or delay spending plans due to Brexit uncertainty.  View Article
Financial Times: EU’s Swiss proposal could serve as Brexit blueprint
Brussels has proposed giving the European Court of Justice a big role in settling EU trade disputes with Switzerland in a move that could serve as a blueprint for a Brexit deal, despite many UK politicians’ mistrust of the tribunal.  View Article
CBI: Evidence not ideology: Why a customs union is best for Britain
A comprehensive customs union, after transition, is a 'practical, real-world answer' that could help resolve some of the complex issues raised by the UK's Exit from the EU, says CBI's Director-General Carolyn Fairbairn.  View Article
The Independent: Brexit: UK has already 'agreed in principle' with EU to Norway-style transition
The UK has already “agreed in principle” to a Norway-style Brexit transition period in which it accepts all EU rules with no power to shape them, a senior figure in Brussels said.  View Article
Financial Times: May urged to secure EU trade deal with ‘Norway-style’ payments
Cabinet ministers who backed Remain are urging Theresa May to explore whether the UK can secure a Brexit trade deal with the EU by making “Norway-style” payments to the bloc to help fill a looming €15bn hole in its budget.  View Article
CER: Holding out hope for a half-way Brexit house
The UK is considering 'managed divergence' from EU rules, which the 27 will reject. A better strategy would be to remain in the customs union and single market for goods, write John Springford and Sam Lowe.  View Article
IB Times: Top Remainer admits UK well-placed to benefit from Brexit thanks to global trade growth
Lord Jim O'Neill says that rising growth across China, the US and Europe means that Britain is on course for a stronger-than-expected economic performance this year.  View Article
CER: Of transition and trade deals
The UK will not be able to replicate the EU’s free trade agreements ready for March 30th 2019. The only solution is to ask the EU for help, writes Sam Lowe.  View Article
UK in a Changing Europe: The Brexit-sized hole in the future EU budget
Following Brexit, the loss of UK contributions will therefore likely require either a reduction in overall spending, or for the remaining member states to pay more into the budget. Iain Begg explains the impact this shortfall might have.  View Article
RTL Z: The Netherlands won’t fill the Brexit budget gap
Speaking to the business news channel RTL Z, the Dutch Finance Minister, Wopke Hoekstra, stated that the Netherlands will not be willing to make up any shortfall in the EU budget after the departure of the UK.   View Article
The Guardian:OECD chief: We have to make Brexit as smooth as possible
Ángel Gurría, the head of one of the west’s leading thinktanks and one of the most prominent supporters of remain during the EU referendum campaign, has said it is time to move on and ensure that Brexit is a success.  View Article
Financial Times: What will the EU look like after Brexit?
According to data by the Commission and FT analysis, the UK’s departure is likely to translate into higher growth figures for the bloc as well as stronger export figures and savings rates. But Brexit would also leave the EU poorer and more afflicted by joblessness and low productivity than before.  View Article
Laburnum Consulting: The Brexit Negotiations move to Phase 2
As Phase 2 of the negotiations start, John Nugée suggests that a reality check is in order, and warns that the negotiations in Phase 2 are likely to make those in Phase 1 look simple by comparison.  View Article
Commercial Risk Europe: London market readies for raft of new regulation in 2018
Regulatory developments are at the top of London market companies’ priorities in 2018, according to the International Underwriting Association (IUA). The IUA says that while preparations for Brexit will continue to take up management time, firms will have to adapt to several other big changes in the supervisory environment this year.  View Article
Andrew Duff : Brexit: What if Britain changes its mind?
Andrew Duff's paper assesses the terms and conditions that would apply to the UK's renewed membership in case it decides to halt Brexit.  View Article
Fed Trust: A new referendum, but this time about reality?
In his latest blog, the Fed Trust director Brendan Donnelly explains why he thinks why there will be and should be another referendum before Britain leaves the European Union.  View Article
Government responds to Brexit: UK-EU movement of people report
The Committee's report examines the possible arrangements for migration of EU citizens to the UK after the UK has left the EU with a view to identifying the main choices available to the Government and their likely implications – including for UK citizens wishing to move to the EU in future.  View Article
Chatham House: Transatlantic Relations: Converging or Diverging?
While the path may be rocky in the short term, the longer-term fundamentals of the transatlantic relationship remain strong, writes Xenia Wickett.  View Article
 

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