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: [...]
Frankfurt boosts euro clearing incentives for banks, escalating battle with London November 3, 2020 Deutsche Boerse is increasing the incentives for banks to shift clearing of euro-denominated derivatives from London to Frankfurt, escalating a battle between the financial hubs sparked by Brexit. The exchange will strengthen Eurex Clearing’s incentive programme, designed to encourage banks to move swaps from The London Stock Exchange’s LCH unit to Frankfurt, and extend the [...]
CBI deputy: A no-deal Brexit on top of coronavirus is ‘very, very worrying’ November 2, 2020 For a while in the summer it looked as though the CBI’s annual conference – a highlight of the business calendar which kicks off today – could be celebrating an economy on its way back to health. But a surge in coronavirus restrictions and new lockdowns across the country mean it is likely to be [...]
Brexit talks: Germany ‘concerned’ over lack of progress given reliance on City October 30, 2020 A senior German government official said he was “deeply concerned” by the lack of progress in post-Brexit trade talks between the UK and EU, given the reliance of Germany companies on funding from the City. “German corporates, for all that I can tell, rely massively on wholesale financing offered from the City of London, so [...]
Liz Truss: NHS ‘off the table’ in Brexit talks with US October 29, 2020 International trade secretary Liz Truss has insisted the NHS remains “off the table” in post-Brexit trade talks with the US, as the government scrambles to shore up relations with presidential hopeful Joe Biden ahead of next week’s election. In a Chatham House address this afternoon, Truss said the UK will seek a “values-driven free trade [...]