UK missed out on £110bn of services exports after Brexit referendum, say wonks June 1, 2021 The UK has lost out on more than £110bn of services exports as a result of the 2016 Brexit referendum, according to a new study from Birmingham’s Aston University. Academics said services exports were £113bn lower between 2016 and 2019 than they would have been if the UK had not voted to leave the EU. [...]
Brexit: £20bn UK-Norway trade deal implodes over British beef and cheese as crucial deadline passes May 28, 2021 A wide-ranging free trade pact between the UK and Norway will have to be pushed back as Norway’s coalition government failed to reach an agreement today. The three governing parties had until today to reach consensus over fears that a free trade deal would hit farmers in Scandinavia’s richest country too hard. The Christian Democrats [...]
Hungary PM seeks UK allyship post-Brexit ahead of Downing Street meeting May 28, 2021 Hungary has been missing the UK post-Brexit, as the country’s Prime Minister said this morning it ‘suffers’ from Britain’s absence and wants to build new bilateral ties. “We agreed on many things, which created a sort of balance in the EU,” prime minister Viktor Orban said ahead of his meeting with Boris Johnson later today.. [...]
Exclusive: Meet the former UBS and JPMorgan heavyweights shaking up private banking May 28, 2021 As the economy is slowly switching into recovery gear, activity in the City and beyond is starting to pick up again. That is also the case for Vestrata, a relatively new fintech player that is taking the wealth management and private banking space by storm by bring machine learning and automated risk metrics into the [...]
Global Britain: China overtakes Germany as UK’s biggest import market post-Brexit May 27, 2021 Germany is no longer Britain’s most important import market. For the first time since modern records began, the UK imported more goods from another country: China. During the first quarter of this year, the UK spend £16.9bn on Chinese goods, a jump of 66 per cent in the last three years, according to newly released [...]
Post-Brexit: One in three UK businesses lost £66k in cross-border payments so far May 27, 2021 More than one in three UK businesses have lost revenue from cross-border card payments post-Brexit. New data shared with City A.M. reveals that the average revenue lost from cross-border card payments post-Brexit is £66,812. Just under one in five businesses lost between £10,000 and £50,000, while one in ten lost up to £1m, according to [...]
Brexit: ECB to crack down on ‘desk mapping’ in London to drive more bankers and capital to the EU May 27, 2021 The European Central Bank is ramping up efforts to push more management and capital out of the City and Canary Wharf, into the EU. The central banking authority plans to scrutinise and crack down on so-called ‘desk mapping’ – or ‘back-to-back booking’ – to determine whether banks’ key staff, capital and book trades used by [...]
Home Office loses immigration data case against 3.6m EU citizens in UK May 26, 2021 Campaigners have won a Court of Appeal challenge over an “unlawful” exemption to data protection rules in immigration cases. The Open Rights Group and the3million said the “immigration exemption” introduced in the Data Protection Act (DPA), which came into force in May 2018, denies people access to their personal records in immigration cases. The exemption [...]
Switzerland heads for Brexit-like EU clash with €227bn at stake from today May 26, 2021 From today, Swiss medical-technology companies will no longer be allowed to export duty-free to the European Union as Bern and Brussels failed to agree to a long-anticipated political treaty that would cover trade between the two countries. The goods-trading relationship at risk is worth $278bn, with medical-technology companies being the latest casualty of a deteriorating [...]
Martin Gilbert: UK good place to invest but global scene reminds me of 1999 May 25, 2021 City grandee Martin Gilbert has warned global stock markets remind him of 1999 – when the dot.com bubble burst in spectacular fashion. The founder of Aberdeen Asset Management and now Revolut chair said during a panel discussion that active rather than passive investing would come to the fore over the coming years. “When we eventually [...]