Boris Johnson wants to change ‘defective’ Brexit withdrawal agreement June 7, 2020 The UK is reportedly looking to change the terms of its Brexit withdrawal agreement to fix “unfair defects”. Much of Boris Johnson’s Brexit deal was borrowed from Theresa May’s, which was rejected by UK parliament three times. The key change he made was in regards to the Northern Ireland backstop. The Sunday Express reports that [...]
Letter: Should the transition period be extended? June 6, 2020 Re: Given the lack of progress during the Covid-19 crisis, should the transition period be extended? The answer to this question depends on how one weighs the trade-off between politics and economics. Even a Brexit with a deal will impose a further hit on the UK economy. The idea we should have regulatory autonomy to [...]
WTO deputy director says crisis could lead to greater trade liberalisation June 5, 2020 One of the heads of the World Trade Organisation (WTO) has said the coronavirus crisis could lead to greater unilateral trade liberalisation. WTO deputy director general Alan Wolff said he was hopeful the crisis could spur countries on to drop trade tariffs as has happened after several economic crashes over the past century. The coronavirus [...]
‘No significant progress’ in latest round of UK-EU Brexit trade talks June 5, 2020 The latest round of UK-EU trade talks have shown no progress on major areas of contention, according to Brussels’ chief negotiator. The fourth round of talks concluded this morning, bringing both sides to a break in negotiations to assess progress. Prime Minister Boris Johnson and EU Commission President Ursula von der Leyen will meet at [...]
DEBATE: Given the lack of progress during the Covid-19 crisis, should the transition period be extended? June 5, 2020 Given the lack of progress during the Covid-19 crisis, should the Brexit transition period be extended? Sir Vince Cable, former leader of the Liberal Democrats and former secretary of state for business, innovation and skills, says YES. Extending the transition period will become critical as this government limps towards the end of June with no [...]
A pro-growth vision for the UK economy June 5, 2020 The UK needs a pro-growth economic policy. That is one of the key lessons likely to arise from this crisis. It is also the central message of a new report that I have co-authored for the think tank Policy Exchange. The pro-growth strategy should be based on three arrows: credible fiscal activism, monetary and financial [...]
Airlines, a bakery and a football club claim BoE coronavirus cash June 4, 2020 Famous UK and foreign firms from across the economy have turned to the Bank of England for coronavirus loans, official figures have shown, with companies from John Lewis to football club Tottenham Hotspur selling the bank their bonds. German chemicals company BASF is currently the biggest borrower on the Bank’s covid corporate financing facility (CCFF), [...]
Sterling will weaken if Britain fails to ask for Brexit transition extension June 4, 2020 Sterling will lose recent gains against the dollar and weaken further if the UK does not ask for an extension of its Brexit transition period, according to a Reuters survey. The pound has strengthened this week, trading at a one-month high of $1.26 yesterday as the UK suggested it may compromise on some contentious issues [...]
UK bank shares rise on optimism about lockdown easing June 3, 2020 Shares in major UK banks rose today on increased optimism about lockdown measures easing globally. HSBC shares rose 2.2 per cent to 393p, Lloyds Banking Group shares rose nearly 4.7 per cent to 33.4p, Barclays shares rose nearly 2.5 per cent to 122p, Royal Bank of Scotland shares rose 2.6 per cent to 123p and [...]
BoE’s Andrew Bailey tells UK banks to up preparations for no-deal Brexit June 3, 2020 Bank of England governor Andrew Bailey has reportedly told UK banks to ramp up their preparations for a no-deal Brexit as the UK sticks to its target to strike a deal before the end of the year. Bailey told British lenders to accelerate their planning for a no-deal Brexit scenario in a call yesterday, according [...]