Brexit Weekly

12 July 2018

May gains backing for ‘soft Brexit’, Davis and Johnson resign, no mutual recognition for financial services, investments in UK slide and more.

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Financial Times: Theresa May gains backing for ‘soft Brexit’ plan
Theresa May won approval at an all-day Chequers summit for a pro-business plan to keep Britain intimately bound to the EU single market and customs union, beating back Eurosceptic cabinet opposition to her new “soft Brexit” strategy.  View Article
The Guardian: Brexit secretary David Davis resigns plunging government into crisis
David Davis has resigned as Brexit secretary, shattering the hard-won consensus around Theresa May’s Chequers deal and plunging her government into crisis. His resignation was swiftly followed by his deputy, and Boris Johnson quit as foreign secretary too.   View Article
Speech by Michel Barnier at the European American Chamber of Commerce
The top EU Brexit negotiator reminded that "the UK needs to understand that the EU cannot accept [mutual recognition] without all the safeguards that underpin it," which "would go against all our objectives," and made the case for equivalence as a reliable system for financial trade after Brexit.  View Article
EBA peer review shows competent authorities have robust and consistent procedures to comply with RTS on passport notifications
The EBA published the final peer review Report on the Regulatory Technical Standards (RTS) on the information to be notified when exercising the right of establishment and the freedom to provide services for credit institutions. The Report summarises the main findings of the peer review exercise.  View Article
POLITICO: Michel Barnier: EU won’t break the single market for Brexit UK
We will bend the EU’s rules for the sake of Ireland, but don’t think for a minute that we will unravel the single market for a departing UK, said EU chief negotiator in a speech with a clear subtext for Theresa May as she attempted to win agreement among her divided Cabinet over Brexit.  View Article
Financial Times: Brussels downplays BoE warnings on Brexit risk to derivatives
The EU Commission has downplayed warnings from the Bank of England that the validity of vast numbers of financial services contracts could be put at risk if regulators do not put special measures in place before Brexit, saying the market should be able to deal with most of the problems itself.  View Article
Bloomberg: Brexit delivers blow to British finance as investments slide
Britain’s financial-services industry is suffering a drop in foreign investment while some of its European counterparts enjoy big gains, according to a new study that shows the starkest indication yet of Brexit’s impact on the sector.  View Article
BBC: Bank of England governor Mark Carney upbeat on UK growth
The Bank of England governor now has more confidence in the UK economy, in a speech which could stoke expectations of an interest rate rise in August.  View Article
The Guardian: German businesses 'reluctant' to invest in UK over Brexit uncertainty
German business leaders have issued a strongly worded statement warning they are reluctant to invest in Britain because of Brexit uncertainty.  View Article
Bloomberg: UK Labour open to Brexit referendum if May's deal fails
Tom Watson, deputy leader of the UK opposition Labour Party, said he thought another Brexit referendum could be necessary if Theresa May’s proposed Brexit deal can’t get support.  View Article
ORB monthly Brexit Tracker (July 2018)
Approval of the Brexit negotiations has seen a significant fall in July – now the lowest on record, shows the latest ORB Brexit tracker.  View Article
ACCA: UK small businesses need to go global
According to the ACCA´s report, as the Government enters the final months of Brexit preparations, it’s more imperative than ever that UK small businesses utilise available support and finance to internationalise.  View Article
Financial Times: Bank of England’s Mark Carney warns of hit from global trade war
The UK’s experience of Brexit should serve as a warning to global political leaders about the costs of putting up trade barriers, the Bank of England’s governor said.  View Article
 

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