Brexit Weekly

15 June 2017

Euro-derivatives clearing, CMU, UK General Election, Brexit talks, migration and more.

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  Articles from 08 June 2017 - 15 June 2017

  Brexit & UK
 
 
Commission proposes more robust supervision of central counterparties
The European Commission is proposing targeted reforms to further improve the financial stability of the European Union.  View Article
EUbusiness: Brexit spurs reboot of EU's capital markets union
As Europe faces up to the departure of its biggest financial centre, the European Commission moved to strengthen its Capital Markets Union project to unlock funding for growth in Europe.  View Article
POLITICO: Theresa May under pressure as UK returns a hung parliament
A general election that was supposed to settle political and constitutional questions thrown up by Britain’s exit from the European Union failed — answering none, raising more and leaving no party with a majority in parliament.  View Article
Financial Times: EU reacts with consternation to UK election as Brexit talks loom
European politicians fear the negotiations will now be more complicated.  View Article
Bloomberg: Four ways the General Election result could impact Brexit
The UK’s approach to leaving the European Union ran into fresh turbulence as Prime Minister Theresa May’s bid to win a stronger hand for the looming negotiations backfired.  View Article
Financial Times: No time to waste in Brexit talks, Michel Barnier warns UK
Britain risks crashing out of the EU in March 2019 without a deal on future relations if it “wastes” more of the limited time available for Brexit talks, the union’s chief negotiator has warned.  View Article
Financial Times: David Cameron calls on Theresa May to embrace ‘softer’ Brexit
Former British prime minister David Cameron has added to pressure on Theresa May to adopt a “softer” Brexit, saying she should talk to the Labour opposition to develop a more consensual approach.  View Article
The Times: Drop Brexit trade plan, Philip Hammond tells Tories
Philip Hammond is preparing to lead a battle within the government to soften Brexit by keeping Britain inside the EU customs union, The Times has learnt.  View Article
IoD: Hung parliament causes plunge in business confidence, but little appetite for another election
The first poll of business leaders since the General Election reveals a dramatic drop in business confidence and huge concern over political uncertainty, and its impact on the UK economy.   View Article
Resolution Foundation: New survey shows businesses are totally unprepared for a new era of lower migration
Employers are totally unprepared for the fall in migration that the new government has pledged to deliver once Britain leaves the EU, according to a new survey commissioned by the Resolution Foundation.  View Article
BBC: Business and City leaders call for reassurance
Politicians must act fast to reassure businesses in the wake of the election result, according to business leaders.  View Article
OMFIF: Time for UK to practise humility
The UK election result – a lost majority for the Conservative party, with Theresa May as a tarnished prime minister possibly heading for an exit – may increase the chances of a 'softer' withdrawal from the European Union, writes Joergen Oerstroem Moeller.  View Article
BBC: UK election result 'may delay Brexit talks'
The UK general election result could delay Brexit talks and be negative for the economy, credit ratings agencies Moody's and S&P have warned.  View Article
The Independent: Nearly half of British public think Theresa May should resign, polls show
Nearly half of Britons think Theresa May should stand down as Prime Minister, according to polls conducted since the general election.  View Article
Lord Ashcroft: How did this result happen? My post-vote survey
Lord Ashcroft surveyed over 14,000 people on election day who had already cast their vote to help understand how the General Election unexpected result came about.  View Article
ACCA comments on UK general election 2017
ACCA looks forward to working with the new government in an advisory capacity as Britain enters the new parliament. It is now more important than ever for government to focus on securing long-term stability for the UK’s wealth generating businesses in the years to come.  View Article
WAZ: Germany reacts to the results
The German paper WAZ collects reactions from politicians and economists to the Tories’ loss of their majority in parliament.  View Article
NCR: Further instability could lead to Hard Brexit
Following the UK election outcome, the Dutch newspaper NCR expects the Brexit negotiations to get even more complicated than they already are and suggests an increased risk of a ‘hard Brexit’.  View Article
Le Monde: Voters favour domestic issues over complicated Brexit
Le Monde interviewed voters in both a staunchly pro-Brexit constituency and an area which voted heavily in favour of Remain, but found that Britain’s pending exit from the EU had little influence at the ballot box.   View Article
POLITICO: Macron: ‘Door still open’ for UK if it changes mind on Brexit
French President Emmanuel Macron said that while the “door is still open” for the UK to remain in the EU, it would be “much harder” to reverse the Brexit process once it has started.  View Article
The Guardian: Perks will stop if UK ends up staying in EU, says Guy Verhofstadt
Britain is free to change its mind and stay in the EU, but would have to give up special perks including the hard-fought budget rebate, the European parliament’s coordinator on Brexit has said.  View Article
OMFIF: Brexit: a dreadful experiment
Perhaps the UK’s main error in its plans for leaving the European Union is the belief that the EU has to grant it a ‘fair deal’ which satisfies at least half of British demands.  View Article
Commercial Risk Europe: Market tries to allay buyers’ fears it won’t be ready for Brexit
A clear majority of UK risk managers are worried that the insurance market is not prepared for Brexit and that they will face problems as a result, according to a snap poll carried out during the main panel debate at the Airmic annual conference.  View Article
Commercial Risk Europe: No Brexit boost for risk managers
Risk managers are helping their companies manage risks associated with the UK leaving the EU, but Brexit is not proving a springboard to board recognition.  View Article
SPIEGEL: Europeans 'must learn world affairs'
In an interview with DER SPIEGEL, European Commission President Jean-Claude Juncker, 62, discusses the EU's growing self-confidence, its differences with President Trump and Brexit negotiations in the wake of an unclear election outcome in Britain.  View Article
 

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