Brexit Weekly

17 May 2018

Brexit white paper, EU customs deal, European Economic Area, UK fund management and more.

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  Articles from 10 May 2018 - 17 May 2018

  Brexit & UK
 
 
Main results - General Affairs Council (Art. 50)
EU27 ministers discussed the state of play of Brexit negotiations with the UK on the draft withdrawal agreement and on the framework for future EU-UK relations.  View Article
Financial Times: Theresa May to publish Brexit white paper ahead of June summit
Prime minister Theresa May has announced plans to publish a Brexit white paper ahead of a key European Council meeting next month, setting out for the first time in detail what Britain is seeking from its future relationship with the EU.  View Article
The Telegraph: Theresa May hits wall over EU customs deal as she admits both her current options are unworkable
Theresa May has admitted to Conservative MPs that Brexit negotiations are at an impasse because neither of her current options for a customs deal with the EU will work.  View Article
The Times: Theresa May warned her Brexit customs plan might not be legal
David Davis has told the prime minister that her favoured plan for a customs partnership with the EU could be illegal under international trade law, The Times has learnt.  View Article
The Guardian: Customs union only way to prevent hard border in Ireland, says Major
Sir John Major has warned that a hard border in Ireland will be unavoidable unless Brexiters start to take on board the “collateral damage” that exiting the EU will cause in Northern Ireland.  View Article
Financial Times: Oslo thaws on UK joining EEA after Brexit
Norway is open to the UK joining the European Economic Area, its prime minister has said, signalling a thawing in Oslo’s attitude to Britain taking the “Norway option” where it would be outside the EU but inside the single market.  View Article
Bloomberg: Banks planning Brexit move may get more time to build EU units
The European Central Bank said that it recognizes the challenges firms face as they relocate from the UK, and will provide flexibility as they build up their operations.  View Article
The CityUK's report on UK fund management
UK fund managers’ assets under management grew to a record £8.1trn in 2016, up 17.4% year on year. This growth was, in part, driven by an increase in the value of overseas assets, which benefited from the weakening of sterling versus other major currencies following the Brexit referendum.  View Article
Bloomberg: UK's retired sun seekers risk losing pensions after Brexit
There are 38 million people living in Europe outside Britain who have policies with U.K. insurers. That includes many expatriates with private pensions who are covered under so-called passporting rules for financial companies that probably won’t survive the cut after Britain leaves.   View Article
The Guardian: Morgan, Miliband and Clegg launch cross-party campaign on Brexit bill
The Conservative MP Nicky Morgan has joined forces with David Miliband and Sir Nick Clegg in a cross-party campaign to persuade parliament to support some of the House of Lords amendments to the Brexit bill on the single market and customs union.  View Article
The Guardian: One million students join calls for vote on Brexit deal
Student organisations representing almost a million young people studying at UK universities and colleges are joining forces to demand a referendum on any final Brexit deal, amid growing fears that leaving the EU will have a disastrous effect on their future prospects.  View Article
Financial Times: Thomson Reuters to move forex derivatives out of London after Brexit
Thomson Reuters is planning to transfer its widely used foreign exchange derivatives trading from London to Dublin to be ready for the UK’s departure from the EU next year.  View Article
Investment & Pensions Europe: Legal & General sets up Irish base for post-Brexit business
Legal & General Investment Management (LGIM) has become the latest UK-based asset manager to set up a presence in Ireland ahead of the UK’s exit from the EU. The Central Bank of Ireland has authorised LGIM’s Dublin-based management company, LGIM Managers (Europe) Limited.  View Article
Bloomberg: UK hiring problems are widening as EU workers stay away
The Bank of England cited the loss of European Union workers as it warned that British companies are facing a mounting labor shortage.  View Article
 

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