Brexit: Juncker blasts PM for not offering written proposals September 18, 2019 The President of the European Commission has called for “operational proposals in writing” to avoid the increasingly “palpable” risk of a no-deal Brexit. Speaking this morning, Jean-Claude Juncker said he has “no emotional attachment” to the Irish backstop – a softening towards the EU’s position on the matter. Instead he said he would “stand by [...]
Car dealer Pendragon swings to loss as it gives gloomy outlook for rest of year September 18, 2019 Car dealership firm Pendragon has posted a pre-tax loss of more than £32m as it cited “very challenging” market conditions that it did not expect would improve for the rest of the year. The figures Pendragon posted a pre-tax loss of £32.2m, down from a profit of £28.4m the previous year. Read more: Pendragon called [...]
British businesses insert Brexit contingencies in supply contracts to prepare for no-deal September 18, 2019 Two thirds of British businesses that import from European suppliers have penned Brexit clauses which would let them renegotiate if tariffs are introduced after the UK leaves the EU. British firms are set to bear the cost of any tariffs when they buy components from inside the EU when the UK leaves. This could be [...]
Bank of England governor appointment set to be delayed September 18, 2019 The highly-anticipated appointment of a new Bank of England governor could be delayed until after a general election. The successor to Mark Carney is not likely to be decided by the current autumn deadline, according to reports in the FT. Carney, whose time on Threadneedle Street is set to come to an end on 31 [...]
DEBATE: Will David Cameron be remembered for anything other than Brexit? September 18, 2019 Will David Cameron ever be remembered for anything other than the EU referendum? YES, says Ben Kelly, a commentator for Reaction. In a few decades, after the Brexit mania has passed, we will reflect on this era with a different perspective. David Cameron will of course be a key player in the books, TV shows [...]
Britain’s car industry could weather a storm of tariffs better than you’d think September 18, 2019 The latest American Economic Review contains a timely paper. Keith Head and Thierry Mayer, at the University of British Columbia and the Banque de France respectively, estimate the consequences of changes in tariff and non-tariff barriers to the car industry. They look at both US-led protectionism and Brexit, and calculate how these might change the [...]
Sick of the Brexit saga? You’ll miss it when it’s finally over September 18, 2019 Not for the first time, it struck me last week in the midst of parliamentary shenanigans and court challenges how much my friends and acquaintances like to talk about the B word. The conversation arose over pudding at a dinner party, and though all the guests rolled their eyes and groaned sophisticatedly at the interminability [...]
The Lib Dem Article 50 gamble is so radical it might just work September 18, 2019 It is certainly ballsy. It has filled the newspaper pages and the airwaves. It has generated controversy. I’m talking about the Liberal Democrats’ new policy of revoking Article 50 should they win a majority in any upcoming election. Is it a masterstroke, something that will generate some short-term excitement that will eventually die down, or [...]
Worried about Brexit’s impact on your business? September 18, 2019 London is one of the world’s business capitals – a world-class financial hub, home to leading businesses across finance, professional services, law, technology, and creativity. While Brexit will not change these fundamentals, we know that it will cause new challenges that firms need to address to continue to be successful. Big firms will weather the [...]
Australia and UK to enter trade talks ‘as soon as possible’ after Brexit September 18, 2019 Australia has agreed to begin negotiations for a free trade agreement (FTA) with the UK “as soon as possible” after Brexit – and financial services are high on the government’s hit list. The undertaking has been agreed during a visit by international trade secretary Liz Truss, who will meet senior politicians including trade minister Simon [...]