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 [...]
Brexit: UK ‘will not back down’ on fisheries policy October 28, 2020 The UK will not back down on its demands to the EU over fisheries in Brexit trade talks, Michael Gove has said, as the two sides hold crunch talks today in the hopes of hammering out a last-minute trade deal. Responding to concerns set out by Jeremy Miles, the Welsh minister for European transition, Gove [...]
Management consultancies cash in £180m for Brexit planning October 28, 2020 Management consultancies have been awarded more than £180m to deliver Brexit, as the government faces mounting criticism for handing out taxpayer cash to private firms during the pandemic. Documents released yesterday showed the government has signed six Brexit contracts each worth £30m with KPMG, McKinsey, Bain, Deloitte, Accenture and PwC. Ministers said the £180m sum [...]
EU to allow post-Brexit share trading for London-listed firms October 26, 2020 The EU markets regulator today said investors on the continent will be able to trade sterling-quoted shares of European companies listed in London after the transition period, in a bid to calm fears of post-Brexit trading jitters. The European Securities and Markets Authority (Esma) revised previous guidance that states EU shares must be traded inside [...]
Prime Minister warns “time is very short” for a Brexit deal October 26, 2020 Prime Minister Boris Johnson has warned that “time is very short” to overcome key stumbling blocks in Brexit negotiations, as EU chief negotiator Michel Barnier meets with ministers today to try and hammer out a last-minute trade deal. “There is much work to be done if we’re going to bridge what are the significant gaps [...]