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21 June 2018

Brexit Weekly


Brexit and the financial services industry, financial contracts affected by British withdrawal, euro-derivatives clearing post-Brexit, UK as ‘third country’ in asset management, UK set for weakest year of GDP growth and more.

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  Articles from 14 June 2018 - 21 June 2018

  Brexit & UK
 
 
Sir Mark Boleat: Brexit and the financial services industry – the future of the City
The former Policy Chairman at the City of London Corporation says that "the issue is not about whether Brexit is good or bad, but rather what is the best sort of Brexit for Britain and for the financial services industry, and what are the likely implications of Brexit for the City."  View Article
Financial Times: Time runs out for £26tn financial contracts affected by Brexit
Banks and insurers do not now have time to rewrite all of the £26tn of derivatives and 36m insurance policies that may be disrupted by Brexit, a report by TheCityUK warns.  View Article
Bloomberg: ECB poised for power over euro-derivatives clearing post-Brexit
The European Central Bank edged closer to gaining power over financial clearing, a lucrative business dominated by London and a flash point in the Brexit negotiations.  View Article
Financial Times: UK as ‘third country’ is a worry for asset management professionals
More than four out of five asset management professionals believe that Brexit will affect their ability to serve European clients if the UK becomes a “third country” after it leaves the EU.   View Article
Financial Times: Fund managers and regulators thrash out post-Brexit path
Leaders of the UK’s £8tn asset management industry met in London as anxiety grew over how Brexit will disrupt their European operations, causing damage to profits and jobs.   View Article
Financial Times: Brexit contingencies: asset managers put plans into action
Asset managers are losing patience with politicians over the slow pace of Brexit negotiations, with several deciding it is better to assume the worst and fire the starting gun on their contingency plans.  View Article
European Commission and United Kingdom publish Joint Statement outlining further progress in Article 50 negotiations
The European Commission and the United Kingdom published today a Joint Statement outlining the progress that has been achieved on the terms of the draft Withdrawal Agreement since the negotiation round that took place on 16-19 March 2018.  View Article
Financial Times: EU prepares call to speed up plans for no-deal Brexit
EU leaders are to call on member states, companies and organisations to step up preparations for a no-deal Brexit amid concerns that the UK has made “no substantial progress” on the Irish border, the biggest sticking point in the talks.  View Article
BBC: Guy Verhofstadt warns MPs of 'two decade' Brexit ratification
Brexit could take as long as two decades to get EU approval unless the two sides agree a "precise" blueprint in October, Guy Verhofstadt told the UK Parliament.  View Article
BCC Economic Forecast: UK set for weakest year of GDP growth since 2009
The British Chambers of Commerce (BCC) has slightly downgraded its growth expectations for the UK economy, forecasting GDP growth for 2018 at 1.3% (from 1.4%) which, if realised, will be the weakest calendar year growth since 2009, when the economy was in the throes of the global financial crisis.   View Article
Financial Times: Brexit fears forcing companies to shift investments offshore
UK companies are shifting investments of tens of millions of pounds offshore as a result of Brexit, the outgoing president of the CBI has said.  View Article
Financial Times: Logistics industry warns of Brexit gridlock ‘catastrophe’
The logistics industry has warned of gridlock on roads and shortages in shops if frictionless trade is not maintained between the UK and EU after Brexit.  View Article
Bloomberg: UK companies face pre-Brexit tax bombshell from EU
The European Union is on course to hand dozens of U.K.-based companies a pre-Brexit tax bombshell, according to people familiar with a state-aid probe that could lead to bills exceeding 1 billion pounds.  View Article
Financial Times: Single market in goods will come at a price for Brexit Britain
The Centre for European Reform's Director Charles Grant argues that, only if the UK also remained in the EU’s single market for goods (and VAT area)- apart from staying in a customs union - would the need for frontier controls disappear.  View Article
VoxEU: The impact of non-tariff barriers on EU goods trade after Brexit
This column explores how increased documentary compliance and border delays will affect EU members’ exports to the UK. Based on current trade composition, Latvia, Ireland, and Denmark are the trading partners that will be most affected.  View Article
Financial Times: ‘No deal’ Brexit would cost UK households £1,000 a year
A “no deal” Brexit could cost UK households £1,000 a year, with the impact disproportionately felt by poorer households, according to new research.  View Article
The Times: Two thirds of voters think Theresa May is making a mess of Brexit
The public think that Theresa May is handling Brexit more badly than at any point since she became prime minister, according to a new poll for The Times.  View Article
 

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