Brexit: UK-EU trade talks unlikely to yield breakthrough by this week’s deadline November 11, 2020 The UK and EU are reportedly not on track to hit this week’s deadline to seal a post-Brexit trade deal. Sources close to the negotiations told Reuters that talks are set to drag into next week, despite both sides’ commitment to “redouble” efforts, as disagreements on fisheries and state aid policy continues to prevent serious [...]
Ministers to block foreign takeovers of UK firms under new law November 11, 2020 The government will today unveil legislation which will enable ministers to intervene and block firms in hostile states from taking over UK companies. Under the National Security and Investment Bill, it will be mandatory for deals involving firms in 17 sectors deemed of strategic importance to be notified to officials. In addition, the government will [...]
90 per cent of UK trade not covered by free trade deals post-Brexit November 10, 2020 Only 10 per cent of all UK cross-border trade will be covered by current free-trade agreements after 31 December, City AM understands. Fifty-two countries currently have free trade deals in place with the UK for the end of the Brexit transition period. These agreements account for only 10 per cent of the UK’s total cross-border [...]
New law to probe foreign takeovers to be unveiled this week November 10, 2020 A new law which will enable ministers to scrutinise foreign takeovers of companies deemed of national importance will be published on Wednesday. Sky News reported that the National Security and Investment Bill will list 17 sectors of strategic significance that will need governmental approval for transactions. Sources told Sky that these would include nuclear energy, [...]
City is in denial about post-Brexit trading: MHA MacIntyre Hudson November 10, 2020 With less than two months until the Brexit deadline, Alison Horner, indirect tax partner at MHA MacIntyre Hudson, believes trading with Europe after Brexit, deal or no deal, will be more challenging than many businesses are currently realise or even willing to admit. “Due to Covid-19 the majority of British companies involved in exporting to [...]
House of Lords defeats Boris Johnson’s controversial Brexit bill November 10, 2020 The House of Lords has rejected Boris Johnson’s controversial Brexit bill that could potentially breach the Brexit Withdrawal Agreement and break international law. Peers voted to remove two clauses from the Internal Market Bill, which deal with the status of Northern Ireland after the Brexit transition period ends on 31 December. The legislation will now [...]
Auto industry pleas for zero-tariff deal as Brexit prep bill passes £735 million November 10, 2020 The UK auto industry has issued a last-chance plea for a zero-tariff, zero-quota trade deal, as the UK-EU free trade talks enter the final stretch. The plea comes as a survey from the Society of Motor Manufacturers and Traders (SMMT) has revealed the cost to the sector for preparing for Brexit has surpassed £735 million [...]
Rishi Sunak announces post-Brexit outline for City of London November 9, 2020 Rishi Sunak has outlined the City of London’s future after Brexit, which will aim to provide stability for EU financial services firms operating in the UK while also trying to open up the sector to more international markets. Sunak said the Treasury today was unliterally publishing “a set of equivalence decisions for EU and EEA [...]
Brexit: EU negotiator Michel Barnier outlines three ways to close trade deal November 9, 2020 Chief Brussels negotiator Michel Barnier has said a post-Brexit UK-EU trade deal can be done if there is bilateral respect for each other’s sovereignty and autonomy as he arrives in London for new talks. Barnier and chief UK negotiator David Frost agreed to “redouble” efforts this week in order to get a deal done as [...]
Joe Biden ‘will not prioritise’ UK-US trade deal November 9, 2020 Joe Biden will reportedly not prioritise UK-US trade deal discussions in the first 100 days of his presidency. The president-elect has shown little interest in the talks and will focus instead on domestic legislation, an adviser to his campaign told the Telegraph. The Democrat would also face hurdles appointing his US trade representative to lead [...]