Brexit News Archive: 06 Oct 2016

Hammond acts to reassure City and Wall Street on Brexit

Chancellor tells financial sector, worried about foreign investment, that lower level jobs and migrant labour are the problem The chancellor, Philip Hammond, has attempted to reassure bankers and big employers that Theresa May's government is not adopting a new anti-business stance. Speaking in New York where he was meeting representatives ...
Jill Treanor / Guardian   |   Thu, 6 Oct 2016 19:27:45

Brexit: buy sterling opportunities on the way - Nomura

Analysts at Nomura noted further GBP pain, ECB taper rumours and yen weakness. Key Quotes: "GBP has come into the spotlight once again this week, wi
Ross J Burland / FX Street   |   Thu, 6 Oct 2016 19:12:07

Hammond tries to reassure Wall St on Brexit

UK chancellor concedes potential impact of defaulting to WTO rules on financial sector
FT   |   Thu, 6 Oct 2016 18:58:37

Will British businesses flee after Brexit?

Although only a handful have publicly discussed post-Brexit escape plans, many British executives seem to be mulling relocation in secret. An anonymous survey of 100 CEOs in the U.K. found that 76 of them are considering moving their corporate headquarters or parts of their business out of Britain in the ...
The Week   |   Thu, 6 Oct 2016 18:44:05

Heathrow launches PR drive for third runway pegged to Brexit

Airport also presents plans to support UK's steel industry ahead of imminent decision on new runway capacity for London Heathrow is hoping an 11th-hour push pegged to Brexit will secure approval to build a third runway, with a final verdict from the government expected within a fortnight. A government committee ...
Rob Davies / Guardian   |   Thu, 6 Oct 2016 18:25:01

Why the U.K. pound is still crashing

The British hit a fresh 31-year low on Thursday at $1.26 as traders worry about the future of the U.K. economy in the wake of the nation's Brexit vote.
CNN   |   Thu, 6 Oct 2016 18:10:50

How One UK City Might Benefit Long-Term From Brexit

BY RICHIE SANTOSDIAZ--The UK deciding to leave the European Union (EU) via a public referendum back in June is still making headings. The world is still uncertain about how the UK will look like in a post-Brexit world and how that will affect them.
Capital Flows, Contributor / Forbes   |   Thu, 6 Oct 2016 18:10:00

EUR/GBP: time for supply below 0.8820?

EUR/GBP offers appeared at 0.8850, but overall, pound's slide continues as hard Brexit concerns remain in focus. However, whether the euro can contin
Ross J Burland / FX Street   |   Thu, 6 Oct 2016 17:56:11

Pound skids to fresh 31-year low and FTSE 100 closes below 7,000 on fears of hard Brexit

Telegraph   |   Thu, 6 Oct 2016 17:06:05

Pound hits another 31-year low as Hammond launches Wall Street charm offensive -as it happened

Sterling has hit $1.2634, lowest since 1985, as Philip Hammond flies to New York to reassure US banks about Brexit Hammond's Bloomberg interview Sterling slides again Expert: Here comes the sterling crisis El-Erian: I'd hate to be Hammond today Introduction: Chancellor heads to Wall Street 6.05pm BST With investors cautious ...
until 2.30 / Guardian   |   Thu, 6 Oct 2016 17:05:44

UK's Hammond woos Wall Street, pound remains weak

UK finance minister Philip Hammond is trying to reassure top US bankers that London remains the world's leading finance hub despite the Brexit vote.
euronews   |   Thu, 6 Oct 2016 16:55:22

Pound hits 31-year low on Brexit fears

The pound falls to a 31-year low as fears over Brexit continue to spook investors.
BBC   |   Thu, 6 Oct 2016 16:49:39

IMF and World Bank launch defence of open markets and free trade

Institutions react to concern that Brexit vote and calls for protectionism in US are part of a backlash against globalisation The leaders of the International Monetary Fund and the World Bank have launched a strong defence of open markets and free trade, as concern grows that the Brexit vote and ...
Larry Elliott Economics editor / Guardian   |   Thu, 6 Oct 2016 16:34:23

Greenspan: Still worried about Brexit

The former Fed chairman tells CNBC he's surprised Brexit is not being felt more in the world economy.
CNBC   |   Thu, 6 Oct 2016 15:12:00

Greenspan: Worried about 1970s style 'stagflation'

Alan Greenspan, Former Fed Chair talks to CNBC's Sara Eisen about how he's still concerned about the Brexit spillover and how it is too soon to determine the impact of Brexit.
CNBC   |   Thu, 6 Oct 2016 15:10:00

GBP/USD - Pound Slide Resumes on 'Hard Brexit' Jitters

GBP/USD has resumed its downward slide on Thursday, following an uneventful Wednesday session. The pair has dropped over 100 points and is trading at 1.2640 in the North American session. On the release front, British Housing Equity Withdrawal came in at GBP -12.6 billion, much weaker than the estimate of ...
OANDA   |   Thu, 6 Oct 2016 15:00:29

Spanish flag will fly in Gibraltar "sooner than chief minister thinks"

Acting minister José Manuel believes the Rock will negotiate sovereignty after Brexit
Agencias / EL PAÍS   |   Thu, 6 Oct 2016 14:45:32

No 'comfortable' UK trade deals - Merkel

German leader tells business not to undercut EU principles after Brexit
FT   |   Thu, 6 Oct 2016 14:35:29

Merkel hangs tough on Britain's access to EU single market post Brexit

German Chancellor Angela Merkel has warned Britain cannot be given any special treatment to EU markets if it limits immigration.
euronews   |   Thu, 6 Oct 2016 13:08:12

Business freedoms take priority warns Merkel

German leader toughens rhetoric on UK Brexit negotiations
FT   |   Thu, 6 Oct 2016 12:19:46

Brexit Likely to Alter EU's Sanctions Policy

Britain's pending exit from the EU poses big political and legal challenges to the sanctions policies the bloc has deployed to rein in Iran's nuclear ambitions and respond to Russia's actions in Ukraine, policy makers say.
WSJ   |   Thu, 6 Oct 2016 12:11:04

Fears mount in Ireland over post-Brexit 'hard border'

Sharp divisions emerge among political leaders after legal challenge to EU exit gets under way
FT   |   Thu, 6 Oct 2016 11:44:03

Chancellor to tell Wall Street that City will still be financial centre after Brexit

Philip Hammond will attempt to reassure bankers on Wall Street on Thursday that he wants the City to be a leading financial centre after Brexit.
Here Is The City   |   Thu, 6 Oct 2016 10:48:37

Hard Brexit could cost Scotland £2,000 a head and 80,000 jobs

Calls for UK to stay in single market likely to grow after Fraser of Allander Institute's report says leaving would shrink Scottish economy by £8bn in a decade The Scottish economy would suffer a severe shock if the UK has a "hard Brexit", losing up to 80,000 jobs and seeing ...
Severin Carrell / Guardian   |   Thu, 6 Oct 2016 10:23:08

UK: Pound slide continues as hard Brexit concerns remain in focus - MUFG

Lee Hardman, Currency Analyst at MUFG, notes that the pound continues to remain under selling pressure in the near-term fuelled by comments from UK PM
Sandeep Kanihama / FX Street   |   Thu, 6 Oct 2016 10:16:29

UK: Current data have remained relatively firm - Westpac

Tim Riddell, Research Analyst at Westpac, suggests that the post Conservative Party conference, fleshing out of policy, notably on Brexit and the budg
Sandeep Kanihama / FX Street   |   Thu, 6 Oct 2016 10:13:24

Think tank: Scotland will lose 80,000 jobs in a decade post-Brexit

The sectors of the economy worst hit would be wholesale and retail trade, transportation and storage, professional services and research and development, and public administration.
USA Today   |   Thu, 6 Oct 2016 09:55:05

Brexit bill: $230 million hit for easyJet

The slump in the U.K. currency will cost the airline about 180 million pounds over two years.
CNN   |   Thu, 6 Oct 2016 09:44:27

AUD/GBP is trading at a new post-Brexit high - ANZ

Research Team at ANZ, notes that the AUD/GBP is trading at a new post-Brexit high and the recent leg higher has come as UK Prime Minister Theresa May
Sandeep Kanihama / FX Street   |   Thu, 6 Oct 2016 09:11:16

Pro-Brexit politician hospitalized after 'altercation'

UKIP leader Nigel Farage said Steven Woolfe collapsed and was in a serious condition.
USA Today   |   Thu, 6 Oct 2016 08:41:28

Brexit and disruption take toll on easyJet

Full-year profits expected to fall by 28 per cent
FT   |   Thu, 6 Oct 2016 08:23:53

Misys to return to UK market with £5.5bn IPO

Flotation of software group to test investor appetite after Brexit vote
FT   |   Thu, 6 Oct 2016 08:16:17

Pound resumes slide as Chancellor Hammond heads to Wall Street to reassure top US banks about Brexit

Telegraph   |   Thu, 6 Oct 2016 07:58:18

A 'Hard Brexit' will kill 80,000 jobs in Scotland and cause a wave of migration at the same time

A "hard Brexit" could cost Scotland up to 80,000 jobs, reduce GDP by £8 billion, and cut average pay by £2,000 ($2,542) a year, according to a new study by a Scottish think tank. But despite the gloomy outlook, the think tank is predicting a wave of migration into Scotland ...
Business Insider   |   Thu, 6 Oct 2016 07:49:45

EasyJet Warns on Profit After Brexit, Terror Attacks

Shares in British budget carrier easyJet fell sharply after the airline said profit in one of its most tumultuous financial years would plunge as much as 29% after terrorist attacks slowed bookings and the Brexit vote knocked sterling lower.
WSJ   |   Thu, 6 Oct 2016 07:47:15

Brexit Won't Put Scottish Jobs At Risk - Trade Affects Which Jobs, Not How Many

We're being told today, by the Fraser of Allander Institute no less, that Brexit without trade deals could lead to the loss of 80,000 Scottish jobs. This is, I'm afraid, nonsense. Because trade does not affect the number of jobs in a country. Trade deals do not, therefore, affect the ...
Tim Worstall, Contributor / Forbes   |   Thu, 6 Oct 2016 07:31:00

Pound under pressure as chancellor Hammond launches Wall Street charm offensive - business live

Sterling remains close to 31-year lows, as Philip Hammond flies to New York to reassure US banks about Brexit Hammond heads to Wall Street Pound hovering around $1.27 8.03am BST London's stock market has opened without drama, with the FTSE 100 index gaining 10 points to 7041. That's around 63 ...
Graeme Wearden / Guardian   |   Thu, 6 Oct 2016 07:03:21

WSJ City: Brexit's Impact on EU Sanctions, Hammond Visits Wall Street, easyJet Warns on Profit

Good morning from London. Here's essential reading for the City today from WSJ City. For updates throughout the day, you can download WSJ City for iPhone here or Android here You'll need to open this email on your mobile device to do this. And you can sign up to receive ...
MoneyBeat   |   Thu, 6 Oct 2016 06:43:23

Small businesses buoyed by global possibilities after Brexit

New research shows growing enthusiasm for international growth over domestic trade but funding and infrastructure challenges cause concern The turmoil caused by the Brexit vote has failed to dampen small businesses' appetite for global expansion, a new study has found. Research in the aftermath of the EU referendum has found ...
Matthew Chapman / Guardian   |   Thu, 6 Oct 2016 06:30:01

Brexit without new trade deals 'could cost Scotland 80,000 jobs'

Simon Johnson / Telegraph   |   Thu, 6 Oct 2016 05:00:00

FirstFT - May slams capitalist elite, UN to choose new chief and why humans won't live beyond 115 years

UK prime minister Theresa May says the Brexit vote was a cry for a new start Continue reading: FirstFT - May slams capitalist elite, UN to choose new chief and why humans won't live beyond 115 years
FT Alphaville   |   Thu, 6 Oct 2016 04:53:45

Splits over EU test Visegrad Four relations

Issue of reforming Brussels is dividing regional alliances ahead of talks on Brexit
FT   |   Thu, 6 Oct 2016 04:31:02

UK's Hammond: UK's capacity as global finance hub unchanged after Brexit vote- RTRS

UK finance minister Philip Hammond was on the wires earlier on the day, via Reuters, as he speaks to the media in New York, his first trip to the US s
Dhwani Mehta / FX Street   |   Thu, 6 Oct 2016 01:43:31

Chancellor to tell Wall Street that City will still be financial centre after Brexit

Philip Hammond will attempt to soothe concerns of US banks such as Goldman Sachs and Citi, which are major employers in UK Philip Hammond will attempt to reassure bankers on Wall Street on Thursday that he wants the City to be a leading financial centre after Brexit. The chancellor has ...
Jill Treanor / Guardian   |   Wed, 5 Oct 2016 23:01:46

Hammond on Wall St charm offensive

UK chancellor to tell top bankers London remains 'world-leading' financial hub despite Brexit vote
FT   |   Wed, 5 Oct 2016 23:01:23

Quit the EU gently to protect UK workers

May should not take the quack Brexit remedies of her trade secretary very seriously
FT   |   Wed, 5 Oct 2016 22:05:55

Services sector growth allays Brexit vote fears

New order books and recruitment rise fuel increase but businesses remain wary that rebound could fizzle out, say analysts A strong performance by the UK's services sector in September has allayed concerns that a rebound after the Brexit vote panic would prove temporary. The sector, which accounts for about three-quarters ...
Phillip Inman Economics correspondent / Guardian   |   Wed, 5 Oct 2016 18:35:32

Theresa May takes swipe at capitalist elite

PM pledges to make Britain fairer, saying Brexit was cry for new start
FT   |   Wed, 5 Oct 2016 17:33:58

The Brief from Brussels: UK's May outlines vision of post-Brexit Britain

In this episode: British Prime Minister Theresa May makes her call for a fairer United Kingdom; the EU's new border guard starts work, and the UN is about to name its next secretary...
euronews   |   Wed, 5 Oct 2016 17:01:34

Theresa May makes her pitch to Britain

Prime minister's task has been to portray herself as the person who could deliver post-Brexit change
FT   |   Wed, 5 Oct 2016 16:44:45

Brexit recession fears fade as UK service sector beats forecasts - as it happened

UK services companies say new business picked up in September, easing fears that June's referendum has triggered a downturn US service sector improves in September ... but jobs figures disappoint - ADP Theresa May: Monetary policy has got to change Services sector records solid growth Pound hits yet another 31-year ...
until 2.15 / Guardian   |   Wed, 5 Oct 2016 16:42:10

UK's May looks to post-Brexit Britain

Prime Minister Theresa May said on Wednesday that the country's Conservative government must do more to champion the cause of working-class people.
euronews   |   Wed, 5 Oct 2016 16:21:32

Brexit Mastermind Farage Resumes Leadership Of UKIP As Replacement Quits After 18 Days

Just 18 days after she took the mantle of running the UK Independence Party, Diane James has stepped down - citing personal reasons for her decision - leaving Nigel Farage stepping back in as 'acting leader'. But, as SkyNews reports, MEP Farage ruled out re-applying on a permanent basis for ...
Zero Hedge   |   Wed, 5 Oct 2016 16:02:59

UPDATE 2-Bank of England faces quandary as UK weathers early Brexit hit

LONDON, Oct 5- The Bank of England, which signalled a few weeks ago that a fresh interest rate cut was likely next month, has been put on the spot by signs that Britain's economy has weathered the initial shock of the Brexit vote better than expected. While the prospect of ...
CNBC   |   Wed, 5 Oct 2016 16:01:00

Hard Brexit 'could cost financial sector £38bn'

The financial industry could lose up to £38bn and up to 75,000 jobs if the UK quits the single market, a report says.
BBC   |   Wed, 5 Oct 2016 14:05:31

Referendum No would be worse than Brexit - Benigni (2)

Rome, October 5 - Oscar-winning Italian director and actor Roberto Benigni has said the consequences would be "worse than the Brexit" if the No vote wins in the December referendum on the government's overhaul of Italy's political machinery. "It's indispensable that the Yes vote wins," Benigni told
Gazzetta Del Sud   |   Wed, 5 Oct 2016 13:33:00

Referendum No would be worse than Brexit - Benigni

Rome, October 5 - Oscar-winning Italian director and actor Roberto Benigni has said the consequences would be "worse than the Brexit" if the No vote wins in the December referendum on the government's overhaul of Italy's political machinery. "It's indispensable that the Yes vote wins," Benigni told
Gazzetta Del Sud   |   Wed, 5 Oct 2016 13:10:00

BoE Deputy Says CB Was Too Pessimistic About Brexit

Bank of England deputy governor Ben Broadbent has said policymakers had been too pessimistic about the immediate aftermath of the Brexit vote, but warned of an threat to business investment. "There's little doubt that the economy has performed better than surveys suggested immediately after the referendum and ... somewhat more ...
OANDA   |   Wed, 5 Oct 2016 13:02:39

Hard Brexit Could Cost 38 Billion Pounds

Britain's financial industry could lose up to 38 billion pounds ($48.34 billion) in revenue in a so-called 'hard Brexit' that would leave it with restricted access to the European Union's single market, according to a report commissioned by an industry group. If finance firms lose the right to freely sell ...
OANDA   |   Wed, 5 Oct 2016 13:01:26

Bank of England Faces Quandary as UK Weathers Early Brexit Hit

The Bank of England, which signalled a few weeks ago that a fresh interest rate cut was likely next month, has been put on the spot by signs that Britain's economy has weathered the initial shock of the Brexit vote better than expected. While the prospect of a rocky divorce ...
OANDA   |   Wed, 5 Oct 2016 12:54:25

UK new car sales hit record high for September

New models and cheaper finance boost sales but Brexit uncertainty will affect future demand, say car makers Britain's car industry enjoyed a record September for new car sales, but it warned that Brexit uncertainty could weigh on future demand. The new 66 plate helped to lift new car sales by ...
Angela Monaghan / Guardian   |   Wed, 5 Oct 2016 12:45:42

May sets out post-Brexit vision for fairer Britain

Prime minister hits out at Bank of England over low interest rates
FT   |   Wed, 5 Oct 2016 12:23:11

UPDATE 1-Bank of England faces quandary as UK weathers early Brexit hit

LONDON, Oct 5- The Bank of England, which signalled a few weeks ago that a fresh interest rate cut was likely next month, has been put on the spot by signs that Britain's economy has weathered the initial shock of the Brexit vote better than expected. While the prospect of ...
CNBC   |   Wed, 5 Oct 2016 12:23:00

Services sector growth allays Brexit vote fears

A strong performance by the UK's services sector in September has allayed concerns that a rebound after the Brexit vote panic would prove temporary.
Here Is The City   |   Wed, 5 Oct 2016 12:19:20

Bank of England was too pessimistic about Brexit vote - deputy governor

Here Is The City   |   Wed, 5 Oct 2016 12:18:32

A hard Brexit could cost up to 75,000 jobs

Leading think tank TheCityUK has warned that a so-called "hard Brexit" would cost thousands of jobs.
Here Is The City   |   Wed, 5 Oct 2016 12:16:53

Nigel Farage on UKIP: 'I am technically still leader of the party'

Farage had stepped down after playing a prominent role in the Brexit vote The post Nigel Farage on UKIP: 'I am technically still leader of the party' appeared first on Macleans.ca .
The Associated Press / Macleans   |   Wed, 5 Oct 2016 11:43:58

Bank of England was too pessimistic about Brexit vote - deputy governor

Ben Broadbent says economy performed better than expected after referendum but faces risk if companies hold off investment Bank of England deputy governor Ben Broadbent has said policymakers had been too pessimistic about the immediate aftermath of the Brexit vote, but warned of an threat to business investment. "There's little ...
Angela Monaghan / Guardian   |   Wed, 5 Oct 2016 11:32:02