Brexit onslaught: A third of all British business owners is not sure their company will still exist in a year’s time January 23, 2022 Nearly one in three fear their company will close before the end of this year, primarily as the long-term effects of Brexit start to bite, according to alarming data shared with City A.M. this week. A slightly bigger number, 37 per cent, don’t think their business will survive until the end of 2027, as more [...]
Post-Brexit move to replace EU state aid rules clears first hurdle January 20, 2022 A post-Brexit move to replace EU state aid rules has cleared its first hurdle in the House of Lords. The Subsidy Control Bill received an unopposed second reading by peers. The legislation sets out how central government, devolved administrations, local authorities and other public bodies should make decisions to award subsidies. The new regime replaces [...]
Brexit: Sigh of relief in the City as Brussels extends clearing deadline for EU banks and finance firms until 2025 January 19, 2022 Brussels has climbed down from a deadline to pull European finance firms’ access to London clearing houses, the bloc’s finance chief announced today. Europe is planning on extending temporary permits allowing banks, brokers and fund managers on the Continent to use UK clearing houses until June 2025. The news was first reported by the Financial [...]
€200bn moved across Irish Sea since Brexit: Balance sheets of global banks in Dublin swell to record €500bn January 19, 2022 The Irish balance sheets of a range of global banks that run international operations from Dublin has ballooned to more than half a billion euros. As a result, Dublin is gradually becoming a major banking hub within the EU, adding as much as €200bn to banks’ balance sheets since the UK voted to leave the [...]
Trade with Ireland takes a £3bn Brexit hit as UK exports drop by more than a fifth in less than a year January 18, 2022 Exports from the UK to the Republic of Ireland crashed by more than a fifth since Brexit, according to new figures coming from Dublin. Numbers published by Ireland’s Central Statistics Office (CSO) show that the value of goods imports from Great Britain fell by almost £3bn from January to November last year. The drop in [...]
Record waiting time: Brexit triggers tsunami of trade mark applications as UK firms rush to protect intellectual property January 17, 2022 Brexit has triggered a record number of applications for trade marks in the UK, with 195,000 registered in the past year, up 54 per cent from 127,000 the year before, according to data shared with City A.M. today. Waiting times for trade mark applications reached three to four months in the early part of 2021, [...]
UK farmers face bankruptcies and closures as £1.8bn in EU cash stops with MPs warning ‘blind Brexit optimism’ may lead to higher food prices January 16, 2022 Direct agriculture funds of around £1.8bn per year will be cut by half in 2025 and completely dry up by 2027, under new government plans. As the EU’s Common Agricultural Policy (CAP) no longer applies to British farmers following the UK’s departure from the EU, MPs warn in a new report for ‘blind Brexit optimism’ [...]
Northern Ireland Protocol is unique opportunity for businesses, says expert January 12, 2022 An international trade expert has encouraged UK businesses to capitalise on Northern Ireland's continued EU access post-Brexit.
Turn around: Steep rise in EU nationals refused entry into UK as Brexit controls tighten with Romanians half of all who are stopped at border January 11, 2022 The number of EU nationals who have been prevented from entering the UK has risen by a third, according to new data shared with City A.M. this morning. As the Home Office is stepping up controls, the number of European nationals stopped at the border climbed to 5,266 in the third quarter of last year, [...]
Growing Brexit headache for UK businesses as strict new import rules lay bare British traders lack the skills January 10, 2022 With Britain’s businesses having to declare imports of all EU goods as of 1 January, experts have told City A.M. UK firms lack the skills and expertise to handle the increase in declarations. Their warning is underpinned by the Institute of Export & International Trade, saying it reported a 379% increase in enquiries to its technical helpline last [...]