Brexit Weekly

10 May 2018

MPs vote on remaining in single market, customs union post-Brexit, Brexit transition must be extended, solutions to the Irish border and more.

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  Articles from 03 May 2018 - 10 May 2018

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The Guardian: Theresa May forced to give MPs single market vote after shock defeat
MPs will have a vote on remaining in the European Economic Area – effectively a vote on the single market – after a shock defeat for the government in the Lords.  View Article
The Guardian: Brexit: jobs at risk without frictionless trade, warns Greg Clark
Tory Brexit moderates and business groups have made a last-ditch attempt to push for Theresa May’s preferred customs plan, with the business secretary warning that thousands of jobs would be at risk unless there is frictionless trade.  View Article
Daily Mail: Foreign Secretary warns the customs partnership would leave Britain tied to EU with 'new web of bureaucracy'
Boris Johnson branded the proposed customs partnership ‘crazy’ and claimed it would create ‘a whole new web of bureaucracy’. The Foreign Secretary added it would not meet the key test of Britain ‘taking back control’, and would restrict the UK's ability to strike trade deals.  View Article
Financial Times: George Osborne stands by warnings on long-term Brexit impact
George Osborne has warned that his predictions about the economic impact of Brexit are starting to come true.  View Article
UK Trade Policy Observatory: Backstop v2: A solution to trade with the EU post-Brexit
Dr Michael Gasiorek argues that a possible alternative is that the UK signs a free trade agreement with the EU but that it commits to applying the same external tariff as the EU on a temporary basis and for as long as it takes to reach further agreement.   View Article
House of Lords' EU Justice Sub-Committee: Committee publishes report on dispute resolution and enforcement post Brexit
The EU Justice Sub-Committee calls on the Government to propose an effective system for dispute resolution and enforcement in respect of both the proposed withdrawal agreement and the future UK-EU relationship in its report 'Dispute resolution and enforcement after Brexit'.  View Article
Bloomberg: Brexit transition must be extended, according to UK officials
The Brexit transition period will need to be extended potentially for years because any new customs regime will not be ready to come into force in time, according to senior British officials.  View Article
The Guardian: Brexit 'impossible challenge' for environment and trade departments
The environment and trade departments do not have a clear plan of Brexit priorities and must explain what they will not be delivering, according to the public accounts committee.  View Article
The Guardian: Brexit plan drawn up for border checks between NI and rest of UK
A backup plan to impose border checks on trade between Northern Ireland and the rest of the UK at ports and airports to avoid a hard border with the Republic of Ireland after Brexit has been drafted by senior civil servants.  View Article
The Times: EU backs Irish right to veto Brexit trade deal
Ireland has the backing of European leaders to collapse Brexit trade talks next month if Theresa May fails to force through a customs pact that avoids a hard border in Northern Ireland.  View Article
Policy Exchange: Getting Over the Line: Solutions to the Irish border
Policy Exchange’s Chief Economic Adviser, Dr Graham Gudgin and former Irish diplomat Ray Bassett call for the so-called ‘Max Fac option’ to be pursued by the UK Government.  View Article
The Irish Independent: Merrill Lynch to move 125 jobs to Dublin after Brexit
Bank of America Merrill Lynch will relocate 125 jobs to Dublin as it overhauls its banking business in the UK and Europe in preparation for Brexit.  View Article
The Independent: Support for Ireland staying in the EU hits record high of 92%, latest poll shows
Support for Ireland remaining in the European Union has reached near-unanimous levels in the Republic, with a solution to the Brexit border problem looking further off than ever.  View Article
Banque of France's Villeroy de Galhau: Beyond Brexit, our common challenges and our common answers
The Governor of the Bank of France urged all actors to commit to the implementation of Basel III, because "diluting financial regulation would pave the way for the next financial crisis," and welcomed the UK commitment to not following the path of de-regulation post-Brexit.  View Article
Financial Times: Goldman to treble Swedish office as post-MiFID equities hub
Goldman Sachs plans to more than treble the size of its Swedish office to use the country’s financial technology expertise to bolster its European equities trading as well as find new homes for bankers ahead of Brexit.   View Article
Financial Times: Brexit and bankruptcies to raise UK trade credit insurance prices
Brexit and a string of bankruptcies are driving up the cost of UK companies protecting against their customers going out of business, the head of the world’s largest credit insurer has said.  View Article
EUROPP: Reforming immigration for a post-Brexit reality
What impact could lower levels of immigration in the UK following Brexit have on the country’s economy? Lisa Laird and Otto Ilveskero write that the UK faces a challenge in retaining a controlled flow of both high and lower-skilled workers to fill gaps in the domestic workforce.  View Article
 

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