Moody’s: UK to suffer worst crash of any big economy July 10, 2020 The UK will suffer the worst economic crash of any major economy this year, credit ratings agency Moody’s has predicted, with Brexit acting as a drag after the coronavirus crisis. Moody’s also said government debt as a share of national income will balloon by 24 percentage points compared to its 2019 level, two days after [...]
With its own Magnitsky Act, Britain can make it clear that international wrongdoers are not welcome here July 10, 2020 The new government sanctions regime, which has seen restrictions imposed on around 50 individuals accused of orchestrating human rights abuses, is a major step in Britain’s post-Brexit place in the world. Dubbed the “Magnitsky Act”, after the Moscow lawyer murdered after uncovering a massive tax fraud, this approach allows the UK to pursue a new [...]
EU to maintain access to City of London clearing houses after Brexit July 9, 2020 Brussels has moved to ensure EU member states retain access to the City’s clearing houses after the end of the post-Brexit transition period on 31 December. The EU will allow its members to have access to the UK’s clearing houses, some of the largest in the world, on a “time limited” basis, according to European [...]
Brexit: ‘Significant’ differences remain between UK and EU, says Brussels July 9, 2020 The latest round of UK-EU Brexit trade deal negotiations have ended with both parties still harbouring “significant” differences. An EU Commission spokesperson told a press conference in Brussels today that the latest round of talks had finished and that the EU was “working hard to overcome the significant divergences” that remain between the two sides. [...]
Liz Truss says UK’s Brexit border plans at risk of WTO legal challenge and smuggling July 9, 2020 Boris Johnson’s post-Brexit border plans risk breaking international trading rules and could result in smuggling from the EU, according to international trade secretary Liz Truss. Truss wrote a letter to chancellor Rishi Sunak and Cabinet Office minister Michael Gove on Wednesday warning that the UK’s current plans put the country at risk of several political [...]
Top civil servant Sir Mark Sedwill hits out at ‘sniping’ from inside government July 8, 2020 Britain’s outgoing top civil servant Sir Mark Sedwill has hit out against the culture of off-record media attacks in Westminster that saw him recently sustain a barrage of public criticism. Sedwill had been the victim of numerous off-record briefings to the media about his role in the government’s handling of the coronavirus pandemic. It has [...]
Brexit: Michel Barnier says Brussels ‘ready to grant’ City of London access to EU markets July 8, 2020 EU chief negotiator Michel Barnier has said Brussels is prepared to grant the City of London access to European markets post-Brexit. New documents released by the House of Lords EU committee show that Barnier recently told the group that Brussels was “ready to grant equivalence”. The EU has the power to unilaterally grant access to [...]
Can international tourism ever recover? July 8, 2020 We look at what might reignite demand for overseas travel and whether the downturn could profoundly change some countries’ economies. Travel restrictions are slowly being lifted, but most people are more likely to be jumping into their cars to go on holiday than onto an aircraft. So, can international tourism ever recover? And might the [...]
Sterling rises to three-week highs on news of Brexit negotiations dinner July 7, 2020 Sterling rose to three-week highs following news that the UK’s chief Brexit negotiator would meet with Michel Barnier ahead of the next round of trade talks. A Downing Street spokesperson today said David Frost will tonight have dinner with Barnier at Number 10 this evening to discuss some of the trickier parts of negotiations. These [...]
Conservative party conference moves online for 2020 July 7, 2020 The October Conservative party conference has been officially cancelled, with a virtual event to go ahead instead. The party sent an email to members today to inform them that the showpiece event, planned for Birmingham, would not take place this year. The announcement comes after Labour and the Liberal Democrats already cancelled their events months [...]