Brexit: Forced relocation of derivatives clearing from City to Frankfurt would only hurt EU, LSE warns June 7, 2021 In case the European Union does press ahead with the forced relocation of Euro derivates clearing from London to European capitals, costs for customers will jump and would ultimately put EU firms at a competitive disadvantage compared to their international rivals, according to the London Stock Exchange. “Restricting access to the EU economy and the [...]
Business confidence soars to seven-year high amid vaccine rollout success June 7, 2021 Business confidence in May hit its highest point since June 2014, driven by the rollout of the vaccine programme and further easing of lockdown restrictions. The BDO Optimism Index, which quizzes businesses to calculate optimism, jumped from 99.85 in April to 109.71 the following month, above the long-term average of 100. May’s optimism marked the [...]
City bankers would rather quit than move to European capitals following Brexit June 6, 2021 Bankers in the City of London are prepared to quit their jobs rather than move to other European cities following Brexit. A banker at JP Morgan told the Daily Mail that people were not willing to relocate abroad. “There have been problems – people don’t, and won’t, go to Frankfurt or Paris,” they said. “It’s [...]
EU not needed: Germany, France and Italy vying for post-Brexit deals with UK June 5, 2021 The EU’s three biggest countries – France, Italy and Germany – have started negotiations with the UK aimed at striking bilateral post-Brexit security and intelligence agreements. Discussions are taking place at ambassadorial and ministerial level, focusing on defence cooperation and intelligence sharing, according to multiple news reports in Germany and France, as well The Guardian. [...]
Brussels to break down Northern Ireland barrier to UK medicines, sources say June 4, 2021 Brussels is eyeing Northern Ireland’s barriers to British medicine supplies, looking to remove them in a bid to ease Brexit border negotiations, according to reports. The Northern Ireland Protocol has been wreaking havoc on negotiations, but the European Union is expected to offer an ‘olive branch’ in London on Wednesday, The Telegraph first reported. [...]
Post-Brexit: UK inks £21bn trade deal with Norway, Iceland and Liechtenstein June 4, 2021 The UK has inked a new trade deal with Norway, Iceland and Liechtenstein, which will see some tariffs on British exports, which were as high as 277 per cent, slashed. The deal is the first the three European countries have dedicated chapters to digital trade and small businesses. “Today’s deal will be a major boost [...]
UK car sales up eightfold as market recovers from last year’s skid June 4, 2021 UK car sales increased eightfold last month compared to a year ago as customers continued to return to showrooms and garages. There were 156,737 new cars sold in May, up from a mere 20,247 in the same month in the previous year, when showrooms were closed due to lockdown. However, the statistics, which are compiled [...]
UK-Norway trade deal set to be done by Saturday with tariffs slashed on British agriculture June 3, 2021 The UK and Norway are set to strike a £20bn trade deal within the next two days, with both sides very close to an agreement. A source close to international trade secretary Liz Truss told City A.M. the deal will likely slash Norwegian tariffs on British agricultural exports, like beef and cheese, and provide more [...]
Mullins in private equity talks that could value Pimlico Plumbers at £100m June 3, 2021 Pimlico Plumbers boss Charlie Mullins is in talks to sell off part of his company, in a move that could value the business at £100m. Mullins is in talks with private equity firms about a deal, and has hired Cavendish Corporate Finance to advise on the sale, Bloomberg first reported. It is understood a number [...]
Mayfair restaurant Le Gavroche shuts for lunch indefinitely, citing Brexit-driven staffing shortage June 2, 2021 Mayfair restaurant Le Gavroche will only open for dinner service until further notice, with the restaurant highlighting a “major” lack of well-trained hospitality staff due to a combination of Brexit and the pandemic. From 14 June, the two Michelin-starred restaurant owned by French celebrity chef Michel Roux will only open from 5pm onwards, meaning punters [...]