Brexit News Archive: 10 Oct 2016

Turkey risks missing historic EU opportunity

"Brexit means more Germanification of the European Union, and you know that this is not good for us," a Spanish participant told an Italian participant at a two-day conference I attended last week. One Dutch participant, on the other hand, underlined the lack of French leadership within the EU as ...
Hurriyet   |   Mon, 10 Oct 2016 22:01:00

David Davis brushes off Brexit warnings

Minister appears to signal Britain will leave the single market
FT   |   Mon, 10 Oct 2016 19:46:49

JCB to leave CBI 'over Brexit stance'

The construction firm JCB has left the business lobby group, the CBI, reportedly because of its anti-Brexit stance.
BBC   |   Mon, 10 Oct 2016 19:33:00

Ireland and UK try to avoid 'hard' border

Post-Brexit suggestion to let Irish ports become proxy British posts
FT   |   Mon, 10 Oct 2016 19:14:55

JCB pulls out of Confederation of British Industry in Brexit row

Construction equipment maker's chairman opposed business group's lobbying to remain in EU during referendum campaign JCB, one of the UK's biggest manufacturers, has decided to leave the Confederation of British Industry (CBI) over the business lobby group's anti-Brexit stance. The maker of construction equipment, which exports to 150 countries, is ...
Katie Allen / Guardian   |   Mon, 10 Oct 2016 19:01:23

Brexit price-rise warning to shoppers

Retailers are warning that failing to strike a good Brexit deal in 2019 will push up prices in the shops.
BBC   |   Mon, 10 Oct 2016 18:50:19

Fall in sterling is a welcome change, says Mervyn King

Former Bank of England governor comments on the pound's sharp moves since the Brexit vote in June The collapse in the value of the pound since Britain voted to leave the EU has been described by Mervyn King, former governor of the Bank of England, as a welcome change. Lord ...
Jill Treanor / Guardian   |   Mon, 10 Oct 2016 18:47:07

Manufacturing giant JCB ends CBI membership over anti-Brexit stance

Telegraph   |   Mon, 10 Oct 2016 18:22:16

France helps banks consider moving to Paris after Brexit vote

Michel Sapin, French finance minister, says after UK's vote to leave EU banks are being informed about Paris as a financial centre France is helping banks and financial institutions consider moving from London to Paris after Britain's vote to leave the European Union, the French finance minister has said. The ...
Reuters in Luxembourg / Guardian   |   Mon, 10 Oct 2016 16:50:21

Knight Frank profits hit by Brexit vote

Earnings slide 4.7% at London-based estate agency despite record turnover
FT   |   Mon, 10 Oct 2016 15:52:19

WSJ City's Brexit Briefing: May Looks for EU Allies, New UK Vision Sparks Old Fears, Speculating on Sterling's Slide

Good afternoon from London. Here's essential reading for the City on today's Brexit developments 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 ...
MoneyBeat   |   Mon, 10 Oct 2016 15:49:36

UK Brexit Minister Davis: We'll reject any attempt to delay the referendum result on EU membership

Speaking in the UK Parliament, Brexit Minister David Davis said that he'll reject any attempt to undo or delay referendum result and reiterates that...
Felipe Erazo / FX Street   |   Mon, 10 Oct 2016 15:41:18

Pound continues to fall against dollar and euro amid 'hard Brexit' fears

Sterling falls 0.6% to $1.2360 and 0.2% to €1.1082 as City's worries persist about UK's economic prospects outside EU The pound continued to fall against the US dollar and the euro on Monday as worries persisted over the UK's economic prospects outside the EU. Sterling suffered sharp losses last week ...
Katie Allen / Guardian   |   Mon, 10 Oct 2016 15:23:08

Pound remains under pressure

'Hard Brexit' talk rattles currency markets with sterling seen as staying vulnerable
FT   |   Mon, 10 Oct 2016 14:55:35

Why big business is freaking out about Brexit

Big business has warned the British government that it must change its approach to exit negotiations with the European Union or risk serious damage to the economy.
CNN   |   Mon, 10 Oct 2016 14:02:11

Brexit Bites into UK Firms' Hiring and Capex Plans

British businesses continue to be plagued by fears of what shape the U.K. economy will take after it has quit the European Union, according to two polls released Monday, which confirm uncertainty is still hampering activity and sentiment. A survey from the British Chamber of Commerce (BCC) which aggregates the ...
OANDA   |   Mon, 10 Oct 2016 13:34:28

Pound Foolish?: Britain’s Economy Was Resilient After Its Leaders Learned the Wrong Lesson.

The pound is falling, and the confidence that had built up that Britain would not shut itself off from Europe is starting to dissipate.
DealBook   |   Mon, 10 Oct 2016 13:16:54

Pound Foolish?: Britain’s Economy Was Resilient After Its Leaders Learned the Wrong Lesson.

The pound is falling, and the confidence that had built up that Britain would not shut itself off from Europe is starting to dissipate.
NEIL IRWIN / NY Times   |   Mon, 10 Oct 2016 13:16:53

Brexit means Brexit, not an end to parliamentary democracy. MPs must vote on how we leave

James Kirkup / Telegraph   |   Mon, 10 Oct 2016 12:56:16

Banks may be considering leaving London in favor of other European

Banks such as Goldman Sachs, JP Morgan and Morgan Stanley may conduct business elsewhere in Europe due to the Brexit.
CNBC   |   Mon, 10 Oct 2016 12:45:00

Brexit vote fears hit UK business sentiment

The latest UK business surveys seem to show the economy losing steam with company bosses lacking confidence about investment and hiring workers.
euronews   |   Mon, 10 Oct 2016 12:38:41

No MPs' vote on Brexit terms, says May

MPs will not get a vote on the way Brexit is handled, the government says, describing the idea as
BBC   |   Mon, 10 Oct 2016 12:23:06

Parliament should be central to Brexit, not marginal

FT   |   Mon, 10 Oct 2016 12:20:36

Brexit bites into UK firms' hiring and capex plans

British businesses still fear for the U.K. economy after it quits the European Union, according to two polls released Monday.
CNBC   |   Mon, 10 Oct 2016 11:16:00

New Vision for U.K. Kicks Up Old Brexit Fears

Last week's sterling flash crash was over in minutes, but the perception of instability that hangs over the U.K. may be harder to dispel, Simon Nixon writes.
WSJ   |   Mon, 10 Oct 2016 10:38:22

UK Brexit minister will make a statement to parliament later today - MNI

MNI reports headlines that cross via Twitter, which cites that the UK Brexit minister David Davies will make a statement on Brexit to the House of Com
Dhwani Mehta / FX Street   |   Mon, 10 Oct 2016 09:23:10

Multiple reasons behind gilt sell off: Analyst

Bryn Jones, head of fixed income at Rathbones, discusses potential reasons behind the U.K. gilt sell-off, citing the drop in sterling and hard Brexit fears, among others.
CNBC   |   Mon, 10 Oct 2016 09:22:00

The Brexit Conundrum - Freedom Of Movement Means Only Hard, Or Clean, Brexit Is Possible

The negotiating lines from the Continent are becoming much clearer. The essential statement is that membership of, or any form of privileged access to, the Single Market will require that Britain accept full freedom of movement for all European Union citizens. Given that this is the one thing which swung ...
Tim Worstall, Contributor / Forbes   |   Mon, 10 Oct 2016 08:56:00

Theresa May flies in for Brexit talks with EU leaders as she battles for fair 'divorce deal' for Britain

Michael Wilkinson / Telegraph   |   Mon, 10 Oct 2016 08:01:34

YouGov near doubles pre-tax profit and brushes off Brexit worries

YouGov plc (LON:YOU) continues its journey to become a global data business as it posted a near doubling of adjusted pre-tax profit in the year to end July as it brushed off current fears on Brexit. This was aided by a strong performance from its data and services divisions, with ...
Proactive Investors   |   Mon, 10 Oct 2016 07:43:00

Retailers warn government of Brexit price rises

The British Retail Consortium has followed other business leaders warning that using World Trade Organisation rules will mean higher prices in the shops.
BBC   |   Mon, 10 Oct 2016 07:42:08

Pound falls below $1.240 as businesses fear 'hard Brexit' - business live

All the day's economic and financial news, as sterling comes under fresh pressure 7.50am BST Sterling is coming under fresh pressure this morning after UK business chiefs warned against crashing out of the single markets. The pound has dropped by over half a cent to $1.237, back towards the levels ...
Graeme Wearden / Guardian   |   Mon, 10 Oct 2016 06:50:56

10 things you need to know before European markets open

Good morning! Here's what you need to know on Monday. Goldman Sachs is preparing plans to move around 2,000 British jobs overseas if the UK loses its financial passporting rights after Brexit, according to the Sunday Times. The newspaper cited an unnamed City sources as saying that the investment bank ...
Business Insider   |   Mon, 10 Oct 2016 05:57:07

ECB's Villeroy: ECB still has ammunition to act - Le Figaro

Speaking to Le Figaro on Monday, ECB governing council member and Bank of France head Villeroy Galhau expressed on Brexit, the limits of negative inte
Dhwani Mehta / FX Street   |   Mon, 10 Oct 2016 05:09:24

Brexit fuels rush for flexible offices

Demand for short-term space sparks £700m sale of serviced office portfolio
FT   |   Mon, 10 Oct 2016 04:59:55

Sterling to reach US dollar parity?

Whether dollar parity is reached depends on Brexit discussions but the pound will weaken further when Article 50 is triggered, says Macquarie's Nizam Idris.
CNBC   |   Mon, 10 Oct 2016 04:41:00

Brexit worries damp UK business spirits

Recession likely to be avoided but surveys point to increasing concerns over uncertainty
FT   |   Mon, 10 Oct 2016 04:30:24

Hard Brexit risks destroying UK's open economy, says CBI chief

Carolyn Fairbairn says businesses were appalled at plans to make companies publish how many foreigners they employ Theresa May's lurch to a "hard Brexit" stance on withdrawing from the European Union risks destroying Britain's hopes of remaining an open economy, the head of the CBI has warned. As the prime ...
Press Association / Guardian   |   Mon, 10 Oct 2016 02:09:38

What should traders do following sterling's dramatic slide?

For this week's Trader Poll, we want to know your strategy following the pound's slump on Friday?
CNBC   |   Sun, 9 Oct 2016 23:36:00

CBI chief warns Theresa May hard Brexit could 'close the door' on an open economy

Jeremy Warner   |   Sun, 9 Oct 2016 23:28:11

Brexit fears lead large UK companies to plan lower investment

Nearly 90% of chief financial officers feel their business faces abnormally high levels of uncertainty, according to survey Confidence among chief financial officers at large British companies has only partially recovered from a post-referendum plunge and more than half expect to cut investment and hiring over the coming year, as ...
Katie Allen / Guardian   |   Sun, 9 Oct 2016 23:01:24

Newspaper front pages: UK 'border shift' and Trump 'on the gropes'

Amid a sea of negative headlines for US presidential hopeful Donald Trump, there is news that the UK could shift its immigration controls to Ireland following Brexit.
BBC   |   Sun, 9 Oct 2016 22:51:08

Britain's Tarnished Sterling: A Global Warning for Theresa May on Brexit

© Toby Melville / Reuters Patrick SmithOctober 10, 2016 At 7:07 last Friday in Hong Kong, the British pound suddenly plummeted: In the next two minutes it fell 6.1 percent, to $1.18, its lowest level since 1985. In the next half hour, it regained most of the loss, ending at ...
arader / Fiscal Times   |   Sun, 9 Oct 2016 22:21:44

Theresa May rules out Commons vote on single market exit

Prime minister says call from pro-EU MPs for parliament to vote on Brexit plans is 'way to thwart will of the British people' Theresa May has dismissed cross-party demands from pro-EU MPs for parliament to be given a vote on any moves to exit the single market. The prime minister ...
Rajeev Syal / Guardian   |   Sun, 9 Oct 2016 18:31:16

Goldman Sachs to move 2,000 jobs out of London if UK pursues "hard Brexit"

A so-called "hard" separation of the UK from the European Union would prompt Goldman Sachs to shift 2,000 highly paid staff out of London.
Here Is The City   |   Sun, 9 Oct 2016 17:15:29

Battle lines harden over visions of Brexit

Resistance to 'hard' exit grows among opposition and media
FT   |   Sun, 9 Oct 2016 15:58:58

Investors braced for pound to fall further

'Hard Brexit' option puts currency under intense pressure
FT   |   Sun, 9 Oct 2016 15:31:49

Goldman Sachs could move 2,000 jobs out of the UK if there's a 'Hard Brexit'

Goldman Sachs is preparing plans to move around 2,000 British jobs overseas if the UK loses its financial passporting rights after Brexit, according to the Sunday Times. The newspaper cites an unnamed City sources as saying that the investment bank is looking at moving a third of its 6,000 strong ...
Business Insider   |   Sun, 9 Oct 2016 10:57:12

Brexit: MPs should vote on talks, says Labour's Starmer

MPs should have a vote on the terms of Brexit negotiations, says Labour's new shadow Brexit secretary Sir Keir Starmer.
BBC   |   Sun, 9 Oct 2016 10:27:34

Beyond the flash crash lies a simple truth: Brexit weakens the pound

A veteran analyst likens the markets' reaction to the vote to the five stages of grief - except that the consequences will be more than merely personal As traders caught their breath on Friday morning, following the pound's dramatic overnight plunge, one strategist came up with a neat way of ...
Guardian Staff / Guardian   |   Sun, 9 Oct 2016 05:59:03