German banks press EU for action on Brexit equivalence June 22, 2020 The Association of German Banks (BDB) has called for the EU to prioritise equivalence rules in discussions surrounding the UK’s upcoming exit, arguing they are vital for achieving market and financial stability on both sides. “Clarity regarding future market access arrangements should be provided at the earliest possible date,” the BDB said in a position [...]
Britain still top dog in Europe for financial services investment June 22, 2020 Britain remains by far and away the most attractive country in Europe for financial services investment, despite foreign direct investment (FDI) projects falling by more than 10 per cent in 2019. According to EY research, the UK recorded more than double the number of projects of any other European country, with 99 recorded last year. [...]
Labour has ‘a mountain to climb’ to get back into power, review finds June 19, 2020 A new review into the Labour party’s disastrous performance in the last election has said that the party has a “mountain to climb to get back into power in the next five years”. The review, which was carried out by organisation Labour Together, slammed the party’s showing in December, saying: “The strategy was inadequate, the [...]
No-deal Brexit can’t be ruled out but not in UK’s interest, says French minister June 19, 2020 A senior French official said that she could not rule out the UK’s post-Brexit trade talks with the EU ending without a deal, but said it would be in Britain’s interest to reach an agreement. “I am not ruling out anything,” junior european affairs minister Amelie de Montchalin said, when asked if she could rule [...]
The City View: Rachel Cunliffe on lockdown, culture wars and why she misses the office June 19, 2020 In this episode Christian is joined by City A.M.‘s comment and features editor, Rachel Cunliffe. Newly returned from a brief stint on furlough, Rachel explains why she can’t wait to be back in the office and she considers the topics that will likely capture her attention on the comment desk as the business world starts [...]
FTSE 100 closes lower after BoE boosts stimulus by £100bn June 18, 2020 The FTSE 100 closed lower this afternoon following the Bank of England’s announcement that it would expand its quantitative easing programme by £100bn. London’s blue-chip index finished 0.57 per cent lower at 6,217 points, having opened 0.48 per cent down this morning. The central bank said it would boost its bond-buying programme by £100bn after [...]
Boris Johnson tells Emmanuel Macron that Brexit talks cannot stretch into autumn June 18, 2020 Boris Johnson has told French president Emmanuel Macron that it makes no sense to extend post-Brexit trade talks into the autumn. The two leaders met today in Downing Street to mark the 80th anniversary of French president Charles de Gaulle’s wartime BBC broadcast to Nazi-occupied France. After the commemoration, which included a flypast by the [...]
Michael Gove ‘concerned’ at how few UK businesses have made Brexit preparations June 18, 2020 Cabinet Office minister Michael Gove has said he is worried about how few businesses have made Brexit preparations for the UK’s exit from the EU single market and customs union. Gove, the defacto Brexit minister, said today that figures showing that almost two-thirds of businesses had made no preparations for the end of the Brexit [...]
Andrew Tyrie, chair of Competition and Markets Authority, to step down June 18, 2020 Former Treasury select committee chair Lord Andrew Tyrie has resigned as chairman of the UK’s competition watchdog, citing the “inherent limits” of his position. Tyrie, who used to be a Conservative MP, announced he would step down from his role at the Competition and Markets Authority (CMA) in September. He joined the CMA in April [...]
DEBATE: Is now really the time to be focusing on tariff-free trade with Australia? June 18, 2020 Is now really the time to be focusing on tariff-free trade with Australia? Matthew Lesh, head of research at the Adam Smith Institute, says YES. The launch of the UK-Australia trade talks this week are an important opportunity for a global Britain. Britain abandoned her antipodean cousins by joining the European Economic Community in 1973. [...]