Labour ‘very supportive’ of post-Brexit overhaul of EU Solvency II rules February 21, 2023 Labour is “very supportive” of the government’s plans to overhaul EU rules that govern Britain’s insurance sector, shadow chancellor Rachel Reeves said. The government is eager to overhaul the EU-era Solvency II rules, which govern the sums of money insurers must hold on their balance sheets to protect themselves against bankruptcy, in a bid to [...]
Brexit: City’s top man says firms grew ‘complacent’ prior to split from EU February 21, 2023 The Lord Mayor has said British businesses got “complacent” prior to Brexit – and will now need to work harder to develop relationships across the world. In an interview with the Sydney Morning Herald ahead of a trip to Australia this week, Nicholas Lyons said there would need to be an “enormous step up from [...]
Concerns raised with EU’s new clearing regulations as it aims to lure market to bloc February 20, 2023 Experts have warned that financial institutions operating in the clearing market are likely to face increasing costs as the EU brings in new regulations to grow its domestic clearing market. Under proposals announced in December, central counterparty clearing houses (CCPs) – an institution that helps manage the risks that might arise if one counterparty defaults [...]
‘Great mistake’: Boris Johnson warns Rishi Sunak over post-Brexit Northern Ireland protocol February 19, 2023 Boris Johnson has warned Rishi Sunak it would be a “great mistake” to drop the Northern Ireland protocol amid speculation a deal between the UK and the EU is close. It comes as a new post-Brexit trading arrangement for Northern Ireland is expected to emerge within days after the Prime Minister met with Stormont leaders [...]
Brexit: Sunak holding urgent talks with Northern Ireland’s leaders amid speculation protocol deal is close February 17, 2023 Prime Minister Rishi Sunak is holding talks with Stormont leaders as speculation mounts that a deal on the Northern Ireland Protocol could be close. Sunak and Northern Ireland Secretary Chris Heaton-Harris are meeting the politicians near Belfast to discuss the contentious post-Brexit trading arrangements. Following his visit to Northern Ireland, Sunak is set to join [...]
Brexit is ‘only thing’ that divided Corbyn and Starmer in shadow cabinet, Diane Abbott says February 16, 2023 Jeremy Corbyn “in his heart of hearts is a Brexiter”, one of his longest-standing allies has said, backing up a suspicion critics held during the EU referendum. Diane Abbott, who served as his shadow home secretary, said on Wednesday that Mr Corbyn is “anti-EU” and saw it as “a conspiracy of business people”. He followed [...]
Rolls-Royce, Airbus pen deal with Air India for 250 planes in boost for UK manufacturing February 14, 2023 Rolls-Royce and Airbus have signed multi-billion pound deal to build 250 new planes for Air India, which is set to create hundreds of new jobs in the UK. The wings will be designed in Filton and assembled in Broughton, creating 450 manufacturing jobs and bringing in more than than £100m of investment to Wales. Meanwhile, [...]
Brexit delivered £1,000 blow to every UK household, Bank of England rate setter Haskel claims February 13, 2023 The sharp reduction in business investment after Brexit has dealt a £1,000 blow to every UK household, a rate setter at the Bank of England has claimed. Speaking to The Overshoot, Jonathan Haskel, an external member of the monetary policy committee (MPC), said that the “productivity penalty” caused by a huge drop in capital spending [...]
Former negotiator Lord Frost urges UK to ‘fully and enthusiastically embrace advantages of Brexit’ February 13, 2023 The UK’s former chief Brexit negotiator has urged the Government to “fully and enthusiastically embrace the advantages of Brexit” as he warned of a plot to undermine the agreement. Lord Frost referred to a “secret” cross-party gathering on foreign affairs, which was held at the Ditchley Park retreat in Oxfordshire last week, as “a further [...]
Brexit: Signs of progress suggest hope NI Protocol row could finally end February 11, 2023 The UK Government and the EU have reiterated their commitment to finding “joint solutions” to differences around the post-Brexit Northern Ireland Protocol. Foreign Secretary James Cleverly and Northern Ireland Secretary Chris Heaton-Harris held a video call with European Commission vice president Maros Sefcovic on Friday. The protocol was agreed by the UK and EU in [...]