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 [...]
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 [...]