City of London to be shut out of EU with no equivalence deal from January November 12, 2020 Brussels looks set to lock the City of London out of European markets from 1 January, with the EU not planning on granting regulatory equivalence for the whole bloc before the end of the Brexit transition period.
UK must ‘knuckle down’ to get EU trade deal, says Irish PM November 12, 2020 The UK must “knuckle down” to secure a post-Brexit trade deal with the EU, the Irish prime minister has said. Taoiseach Michael Martin said failing to reach an agreement would be “very, very damaging all round”. The UK is running out of time to secure a trade deal with the bloc before the transition period [...]
Customs chaos looms as ‘haulier’s handbook’ delayed for a month November 11, 2020 Hauliers will have just three weeks to familiarise themselves with the new regulations for transporting goods into the EU from 1 January, it was revealed today. The so-called “Hauliers’ handbook” had been due to be released at the beginning of November but will now be unveiled in full on 7 December. Speaking to the Parliamentary [...]
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 [...]