Goldman Sachs to shift $60bn of assets to Germany ahead of Brexit November 7, 2020 Goldman Sachs is set to shift as much as $60bn (£45.5bn) of assets to Germany, as the banking giant becomes the latest City stalwart to beef up EU operations ahead of Brexit. The Wall Street bank, which has previously warned that a “difficult” Brexit would impact its investment plans in the UK, will shift between [...]
Boris Johnson says UK ‘well prepared’ for no-deal Brexit November 6, 2020 The prime minister said today he hoped a post-Brexit trade deal with the European Union could be agreed, but the country was well prepared if final-stage talks with the bloc did not succeed. “I very much hope that we will [get a deal], and obviously that depends on our friends and partners across the Channel,” [...]
Watchdog slams Number 10 for failing to prepare Brexit borders November 6, 2020 The UK faces “widespread disruption” after the government failed to prepare for post-Brexit border controls for British businesses, the public spending watchdog has warned. In an 85-page document released today, the National Audit Office (NAO) slammed the government for insufficient customs brokers, unprepared border sites and failure to develop adequate customs software. The report found [...]
EU Commissioner: ’50/50 chance’ UK and EU will strike Brexit deal November 6, 2020 There is a “50/50” chance that Britain and the European Union will be able to reach a deal over the terms of Britain’s exit from the bloc, a member of the European Commission said earlier this morning. “We are extremely clear on the conditions and the access to our European market,” EU Internal Market Commissioner [...]
Michel Barnier tells EU that UK has ‘blocked’ Brexit trade deal progress November 6, 2020 The European Union’s chief Brexit negotiator Michel Barnier reportedly told the bloc’s diplomats that the UK has “blocked” progress in key areas of trade deal talks. At a confidential meeting yesterday afternoon, Barnier briefed representatives from the EU’s 27 member states, saying that “fundamental differences” remain between the two sides, Sky News reported. According to [...]
Building business resilience for a better future November 5, 2020 | City Talk The standout figure from EY’s latest profit warning analysis is the 34% of companies that have issued a profit warning in the first nine months of 2020. That’s over a third of companies that have materially downgraded their earnings forecasts at least once, compared with 23% in the whole of 2001 and 18% in 2008. [...]
HMRC urges traders to prep for end of Brexit transition period to avoid disruption November 5, 2020 HMRC has sent 250,000 letters and emails to traders urging them to act now to avoid Brexit-related disruption when the transition period comes to an end. New border controls will come into force at the end of the transition period on 1 January 2021. Some customs processes are complicated and can take several weeks to [...]
Brexit: UK and EU clash on share trading rules November 4, 2020 Square Mile banks and asset managers can use exchanges from the European Union to trade shares from January, creating a cross-border clash in securities rules for investors.
Four things to watch as the Bank of England sets interest rates November 4, 2020 The Bank of England’s group of interest rate-setters will announce their latest monetary policy decision tomorrow, albeit virtually. Since the last meeting in September, the government has announced a new month-long lockdown for England amid soaring coronavirus cases. Most analysts expect the Bank to launch more stimulus to support the economy during the winter. Here [...]
Fish Scupper: EU and EU fail to bridge gaps on fisheries November 3, 2020 The UK and European Union have so far failed to reach agreements on the three most contentious issues in their ongoing trade talks, both sides said. The pair have not been able to reach agreements on fisheries, the so-called level playing field, and settling future disputes between Britain and the EU. Read more: CBI deputy: [...]