Brexit News Archive: 12 Oct 2016

Federal Reserve minutes show close call on September interest rate hike

Three central bankers voted in favor of increasing rates amid easing risks of Brexit but experts still expect only one hike this year, after December meeting The Federal Reserve's decision not to increase rates in September was a close call, the minutes released on Wednesday show. When the Federal Open ...
Jana Kasperkevic in New York / Guardian   |   Wed, 12 Oct 2016 20:45:45

Pound falls back as Davis says government cannot outline Brexit aims in detail - as it happened

Sterling is close to its lowest level ever, as government insists it can't give any detail about its Brexit strategy yet Latest: Unilever and Tesco fall out over weak pound Pound falls back below $1.22 as David Davis speaks Trade-weighted sterling hit record low last night Summary: Bank of England ...
Graeme Wearden and Nick Fletcher / Guardian   |   Wed, 12 Oct 2016 19:33:08

Theresa May dismisses Jeremy Corbyn's Brexit 'shambles' claim

Theresa May rejects a claim by Jeremy Corbyn that she is overseeing a "shambolic Tory Brexit", instead promising an deal for the UK.
BBC   |   Wed, 12 Oct 2016 19:04:02

Why should Britain pay for Brexit divorce?

EU officials say UK is on the hook for past spending commitments
FT   |   Wed, 12 Oct 2016 18:39:08

Pound drops further after Davis hints UK could leave single market

Investors sold the pound after Brexit minister told MPs it was 'not black or white' whether the UK would stay in single market A brief rally in the pound was quickly reversed on Wednesday after the government refused to make tariff-free access to the European Union's single market a red ...
Phillip Inman Economics correspondent / Guardian   |   Wed, 12 Oct 2016 18:23:14

New York best placed to benefit from lost City business, says Cunliffe

Bank of England deputy governor says it is unlikely any EU rival could replicate services offered by UK financial services industry Pound falls back as government says it cannot outline Brexit aims in detail New York is better placed than major European financial centres to benefit from any loss of ...
Jill Treanor / Guardian   |   Wed, 12 Oct 2016 18:20:30

GBP/JPY: bulls back in charge, not just Brexit, supported by DXY

GBP/JPY has made a come back with action through GBP/USD and the media's interpretation of the outcome of yesterday's news on PM's May's
Ross J Burland / FX Street   |   Wed, 12 Oct 2016 17:31:01

Brexit & Beyond: Parliament Won't Get Brexit Vote; Pound Makes History

Brexit & Beyond: Europe in Flux is The Wall Street Journal's round-up of news and analysis of how Brexit will affect global business, economies and finance. You can sign up here. MUST READS Conservative Party Leader and Prime Minister Theresa May addresses delegates at the Conservative Party Conference in Birmingham, ...
MoneyBeat   |   Wed, 12 Oct 2016 17:17:36

The pound's longer, sharper Brexit shock

Sterling's sharp sell-off represents a challenge by forex markets to the UK government
FT   |   Wed, 12 Oct 2016 17:14:35

GBP: Consequences of the devaluation - BBH

According to analysts from Brown Brother Harriman, the sharp decline in the pound after the Brexit referendum has significant impacts on the UK...
Matías Salord / FX Street   |   Wed, 12 Oct 2016 16:42:36

GBP/USD: "dust-masks' at the ready, very volatile on Brexit frenzy

GBP/USD has been quite a show again this week with two way, or even four-way business having met lows at 1.2088, rallying hard in the PM May hard-Brex
Ross J Burland / FX Street   |   Wed, 12 Oct 2016 16:21:29

Pound steadies after recent slump

The pound recovers some of its recent losses, with analysts attributing the gains to the promise of a Commons debate on the Brexit process.
BBC   |   Wed, 12 Oct 2016 16:17:48

US Election 2016: Marketing the Next President

Will Jellicoe, the7stars The so called experts believed we wouldn't (and shouldn't) vote for Brexit. It happened and the country quickly realised something that marketers have known for a long time - an emotional message can be more persuasive than rational reasoning. As American's prepare to vote for their 45 ...
HuffingtonPost   |   Wed, 12 Oct 2016 16:12:09

Housebuilders report post-Brexit bounce

Strong trading counters fears of a slowdown after EU referendum
FT   |   Wed, 12 Oct 2016 16:11:33

Pound rebounds ahead of parliament Brexit debate

(ChinaPost.com.tw) - The British pound recovered Wednesday ahead of a parliamentary debate on Brexit, while Samsung faced further pressure after a major profits warning caused by its smartphone crisis.
The China Post   |   Wed, 12 Oct 2016 16:09:00

Brexit Minister Says UK Will Keep Details of EU Talks to Itself

The Irish Times.
The Irish Times. / World Affairs   |   Wed, 12 Oct 2016 15:26:10

British Shoppers to Expect Steep Fall in Pound and Rising Prices After Brexit Vote

The Guardian. England.
The Guardian. England. / World Affairs   |   Wed, 12 Oct 2016 15:22:56

Louis Vuitton handbags 'cheapest in London' after Brexit vote

According to Deloitte, the UK has the most affordable luxury goods market in the world due to the Brexit-liked fall in the pound
BBC   |   Wed, 12 Oct 2016 15:16:25

For Sterling Credit, Brexit Trumps Bank of England

Investors are selling U.K. corporate credit, the latest sign of investors' worries about the effects of Britain's June vote to leave the European Union.
WSJ   |   Wed, 12 Oct 2016 15:13:54

Will Parliament get a vote on Brexit deal?

Reality Check investigates whether Parliament will get to vote on plans for Brexit.
BBC   |   Wed, 12 Oct 2016 14:10:01

BoE deputy chief sees more pound volatility

Cunliffe says buffeting will continue amid Brexit uncertainty
FT   |   Wed, 12 Oct 2016 13:56:35

British shoppers told to expect price rises after steep fall in pound

Former Sainsbury's boss Justin King says retailers will need to pass on to UK consumers the cost of importing goods British shoppers should expect inflation to push up prices following the steep fall in the pound since the Brexit vote, the former boss of Sainsbury's has said. Justin King said ...
Phillip Inman Economics correspondent / Guardian   |   Wed, 12 Oct 2016 13:25:27

UK lawmakers press government for vote on Brexit talks

LONDON (AP) - British lawmakers pressured the Conservative government Wednesday to give Parliament a vote on the negotiating terms for the U.K.'s exit from the European Union, as uncertainty about what kind of deal the U.K. is seeking with the EU rattles business leaders and currency markets.
Associated Press   |   Wed, 12 Oct 2016 12:55:00

Theresa May is in for a running battle with MPs over Brexit after trying to freeze them out

Asa Bennett / Telegraph   |   Wed, 12 Oct 2016 12:40:48

May rejects vote for MPs on Brexit strategy

Downing Street concerned that UK should not disclose negotiating strategy
FT   |   Wed, 12 Oct 2016 12:30:45

Sterling firms as May offers scrutiny on Brexit, dollar buoyant

This came as British Prime Minister Theresa May's offer to give lawmakers some scrutiny of the process to leave the EU.
CNBC   |   Wed, 12 Oct 2016 12:24:00

Parliament must be at the heart of Brexit

British MPs need the opportunity to have a say on leaving the EU, writes Sebastian Payne
FT   |   Wed, 12 Oct 2016 12:23:53

Financial sector job loss warning over Brexit

Top international bankers warn they could start moving staff out of Britain by next year if there's no clarity on UK access to the EU single market.
euronews   |   Wed, 12 Oct 2016 11:55:31

UK lawmakers press govt for say over Brexit talks with EU

British lawmakers are pressuring the government to give them a say on negotiating terms for the U.K.'s exit from the European Union
U.S. News   |   Wed, 12 Oct 2016 11:23:54

Monarch: keep 'em flying

Greybull makes a big, bold bet that UK consumers will weather Brexit
FT   |   Wed, 12 Oct 2016 11:22:40

UPDATE 1-Euro zone bond yields edge higher as fears of "hard Brexit" recede

LONDON, Oct 12 (Reuters) - Euro zone bond yields edged higher on Wednesday after concerns over a "hard Brexit" receded on reports that Britain's parliament will play a larger role in exit...
Reuters   |   Wed, 12 Oct 2016 11:20:01

UPDATE 1-Too hard for EU to replicate UK financial sector for now - BoE's Cunliffe

LONDON, Oct 12- Large chunks of London's financial sector are unlikely to move to the European Union for the foreseeable future, though some activity could shift to New York after Brexit, Bank of England Deputy Governor Jon Cunliffe said on Wednesday. Frankfurt, Paris, Luxembourg and Dublin hope banks and other ...
CNBC   |   Wed, 12 Oct 2016 11:06:00

Brexit Process Won't Get Parliamentary Vote

The U.K. parliament won't be given a vote on the formal process for withdrawing from the EU, a spokeswoman reiterated after the government signaled a greater willingness to allow parliamentarians to scrutinize its plans.
WSJ   |   Wed, 12 Oct 2016 10:57:37

Marks & Spencer could retest Brexit vote lows of around 250p says Zak Mir

It is down 30% in the year to date and, according to chartist Zak Mir, there is a certain sinking feeling for Marks & Spencer Plc (LON:MKS). Marks & Spencer could lose nearly a quarter of its value. The analyst said the retailer could fall back towards 250p per share, ...
Proactive Investors   |   Wed, 12 Oct 2016 10:31:00

Food industry shaken by hard Brexit prospects, survey reveals

Concern grows over price rises, import duties and staff retention as uncertainty looms over the impact of leaving the single market Confidence in the food and drink industry is increasingly fragile since the upheaval caused by the Brexit vote, a new survey reveals on Wednesday, as the UK's largest manufacturing ...
Rebecca Smithers Consumer affairs correspondent / Guardian   |   Wed, 12 Oct 2016 10:25:54

Labour renews pressure for Brexit vote with 170 questions

Labour challenges the government to provide more Brexit detail amid pressure for a Commons vote before formal negotiations begin.
BBC   |   Wed, 12 Oct 2016 09:53:31

Marks & Spencer could retest Brexit vote lows says Zak Mir

There's a certain sinking feeling for Marks & Spencer Plc (LON:MKS), according to Zak 'King of Charts' Mir, who reckons the retail could fall back towards 250p per share. "The market is not convinced about the turnaround strategy here," Mir says, in a Tips TV segment for Proactive Investors. Nonetheless, ...
Proactive Investors   |   Wed, 12 Oct 2016 09:42:00

BOE's Cunliffe: Underlying trend is lower GBP

Speaking in parliament, Bank of England (BOE) deputy governor Cunliffe commented on the implications of Brexit as well as on the exchange rate. Key H
Dhwani Mehta / FX Street   |   Wed, 12 Oct 2016 09:38:55

GBP: May 'backs down' on parliament's involvement in Brexit - MUFG

Derek Halpenny, European Head of GMR at MUFG, notes that after plunging to an intra-day low of 1.2090 versus the dollar in trading yesterday, the poun
Sandeep Kanihama / FX Street   |   Wed, 12 Oct 2016 09:23:54

Brexit hit to UK banking very unclear-Bank of England's Cunliffe

LONDON, Oct 12 (Reuters) - Bank of England Deputy Governor Jon Cunliffe said on Wednesday said there was "great uncertainty" about the possible loss of banking activity in Britain following the...
Reuters   |   Wed, 12 Oct 2016 09:21:58

UK PM May's spokeswoman: May always said parliament has an important role to play in Brexit

Spokeswoman for UK PM May was on the wires last minutes, via Reuters, noting that May always acknowledged that parliament had a key role to play in Br
Dhwani Mehta / FX Street   |   Wed, 12 Oct 2016 09:11:46

Pound rebounds on Brexit debate promise

The pound recovers some of its recent losses, after Prime Minister Theresa May agrees to a Commons debate on the Brexit process.
BBC   |   Wed, 12 Oct 2016 09:10:17

Brexit Always Meant Leaving the Single Market

Remainers, why all the moaning about UK possibly leaving Single Market? We all knew what we were voting for, sure Cameron & Osborne told us - Voted for Brexit (@brexittruths) October 2, 2016 The Remoaners are claiming that Leave voters didn't know they were voting to leave the single market ...
Guy Fawkes' blog   |   Wed, 12 Oct 2016 08:58:56

Russia's VTB Capital tempers talk of a retreat from post-Brexit London

It is "definitely very early to say" what the implications of Brexit will be on the financial industry and on London, VTB Capital Global CEO Alexei Yakovitsky told CNBC Wednesday, in a softening of rhetoric following recent reports the Russian bank was considering moving its investment banking headquarters away from ...
Here Is The City   |   Wed, 12 Oct 2016 08:53:25

FTSE 100 falters as pound rises, but easyJet leads airlines higher

Leading shares fall further from Tuesday's record high As sterling recovers some of its recent heavy losses, leading shares have taken their cue from falls in overseas markets. The prospect of a full debate on Brexit as now promised by prime minister Theresa May has awakened hopes that a hard ...
Nick Fletcher / Guardian   |   Wed, 12 Oct 2016 08:50:00

Premier Foods gets a roasting as warm weather hits sales

Well at least Premier Foods PLC (LON:PFD) did not blame its disappointing trading update on Brexit; instead the British weather copped the blame. The shares were in the soup, down more than a tenth, as the the Bisto and Oxo maker revealed unseasonably warm weather, especially in September, had depressed ...
Proactive Investors   |   Wed, 12 Oct 2016 08:42:00

What agents need to know about market shocks

It has been a summer of see-sawing. The first market shock began with the surprising decision by U.K. votes to leave the European Union. After the vote in the U.K., fears of what Brexit would bring immediately took hold ... The post What agents need to know about market shocks ...
InmanNext   |   Wed, 12 Oct 2016 08:30:10

Euro zone bond yields edge higher as fears of "hard Brexit" recede

LONDON, Oct 12 (Reuters) - Euro zone bond yields edged higher on Wednesday after concerns over a "hard Brexit" receded on reports that Britain's parliament will play a larger role in exit...
Reuters   |   Wed, 12 Oct 2016 08:28:06

Pound pops above $1.22 and FTSE 100 falters after Theresa May promises Brexit strategy debate

Telegraph   |   Wed, 12 Oct 2016 07:57:40

Brexit debate promise lifts pound

Relief at prime minister's pledge of parliamentary debate before triggering Article 50 exit clause
FT   |   Wed, 12 Oct 2016 07:48:29

Russia's VTB Capital tempers talk of a retreat from post-Brexit London

It is "definitely very early to say" what the effects of Brexit will be, the VTB Capital Global CEO has told CNBC.
CNBC   |   Wed, 12 Oct 2016 07:43:00

UK: May signals greater parliamentary involvement in Brexit - BNPP

Research Team at BNP Paribas, notes that the UK Prime Minister Theresa May has accepted that Parliament should be allowed to vote on her plan for taki
Sandeep Kanihama / FX Street   |   Wed, 12 Oct 2016 07:33:46

MP Scrutiny Mustn't Undermine Brexit Negotiations

Prime Minister Theresa May has offered to give lawmakers some scrutiny of the process to leave the European Union on condition they did not her negotiations with 27 other members of the bloc. May has said she will trigger the formal EU divorce by the end of March but that ...
OANDA   |   Wed, 12 Oct 2016 07:30:51

Sterling rebounds as 'hard Brexit' fears recede - business live

The pound has bounced back over $1.23 after MPs demand "a full and transparent" Commons debate on Britain's exit from the EU Sterling rallies as MPs demand Brexit scrutiny 8.21am BST Asa Bennett of the Daily Telegraph has a good explanation of how MPs are being allowed more scrutiny of ...
Graeme Wearden / Guardian   |   Wed, 12 Oct 2016 07:24:37

Pound completes worst four-day performance since Brexit vote

The pound endured another day of pressure from investors on Tuesday after continued jitters on the foreign exchange markets pushed it down more than two cents to $1.21.
Here Is The City   |   Wed, 12 Oct 2016 07:09:09

Government makes 'one hell of a climbdown' as MPs demand they debate Brexit strategy

Michael Wilkinson / Telegraph   |   Wed, 12 Oct 2016 06:51:14

We are assessing the outcomes of Brexit: VTB CEO

Alexei Yakovitsky, global CEO at VTB Capital, discusses the U.K. economy post-Brexit and whether or not the bank will reduce headcount in London.
CNBC   |   Wed, 12 Oct 2016 06:29:00

May pledges debate before triggering Brexit

No commitment on whether to allow formal vote on Article 50 exit clause
FT   |   Wed, 12 Oct 2016 06:28:06

Brexit adviser: leaving EU customs union will cost UK £25bn a year

Raoul Ruparel provided the analysis before being appointed by David Davis to lend expertise on leaving the EU The British economy will be hit by a "permanent cost" of more than £25bn a year if it decides to withdraw from the EU customs union, a new government adviser on Brexit ...
Anushka Asthana, Rowena Mason and Rajeev Syal / Guardian   |   Wed, 12 Oct 2016 06:20:09

Pound rallies in Asian trade

Sterling bounces back from sharp sell-off on Brexit worries
FT   |   Wed, 12 Oct 2016 06:04:27

'Hard Brexit' from single market could cost Britain US$81 billion a year, leaked report says

A leaked British government report said Tuesday that a "hard Brexit" - Britain leaving the European Union's single market - could lose the country up to US$81 billion a year. The United Kingdom's economic output could fall up to 9.5 per cent if the country leaves the single market - ...
Tribune News Service / South China Morning Post   |   Wed, 12 Oct 2016 05:36:09

Buy-to-let bounces back after Brexit vote

Stamp duty changes boost the number of London landlords looking for tenants by 15 per cent
FT   |   Wed, 12 Oct 2016 04:30:19

Brexit turns UK earnings upside down

Once-struggling oil and mining groups and industries are big winners since June 23
FT   |   Wed, 12 Oct 2016 04:30:04

UK 'may still have to pay into EU even after Brexit'

Whitehall officials believe the UK may need to make big payments to the EU to secure preferential trading terms after Brexit, the BBC's Newsnight learns.
BBC   |   Wed, 12 Oct 2016 04:06:29

Pound plunges on growing Brexit concerns

Asian trading brings relief for sterling on Wednesday
FT   |   Wed, 12 Oct 2016 04:03:38

EUR/GBP drops below 0.90 handle

Short squeeze in GBP gathered pace on falling prospects of 'Hard Brexit', pushing EUR/GBP to a session low of 0.8967 levels. GBP soars across the boa
Omkar Godbole / FX Street   |   Wed, 12 Oct 2016 04:02:56

GBP/USD continues its ascent, trades above 1.23

The rise in the GBP/USD pair continues with the pair now trading around 1.2315 levels on speculation that UK may avoid 'Hard Brexit' after PM Theresa
Omkar Godbole / FX Street   |   Wed, 12 Oct 2016 03:07:27

The pound's longer, sharper Brexit shock

Sterling's sharp sell-off represents a challenge by forex markets to the UK government
FT   |   Tue, 11 Oct 2016 23:17:13

UK PM May accepts Parliament vote over Brexit terms, GBP shorts run to the exits

As reported by Bloomberg, UK Prime Minister Theresa May has accepted a Parliamenty vote over her Brexit plans, but asked lawmakers that the outcome wo
Ivan Delgado / FX Street   |   Tue, 11 Oct 2016 23:10:44

UK Prime Minister May backs down on parliament vote over her Brexit terms

Prime Minister Theresa May has accepted that Parliament should be allowed to vote on her plan for taking Britain out of the European Union, but asked lawmakers to do it in a way that gives her space to negotiate. The decision may calm investors after they dumped the pound on ...
Bloomberg / South China Morning Post   |   Tue, 11 Oct 2016 23:06:02

Government likely to miss £9 minimum wage target, thinktank warns

2020 hourly goal looks unlikely given post-Brexit economic slowdown, says labour market consultancy Brexit means the government will miss its target of a £9 per hour minimum wage by 2020, a leading labour market thinktank has warned. Continue reading...
Robert Booth / Guardian   |   Tue, 11 Oct 2016 23:01:56

Ireland Plans to Cut Debt as it Braces for Brexit

Ireland's government has set a tough new target for reducing its debts over the coming decade as it outlined ways to help businesses cope with the U.K.'s decision to leave the EU.
WSJ   |   Tue, 11 Oct 2016 22:03:59

Labour renews pressure for Brexit vote with 170 questions

Labour challenges the government to provide more Brexit detail as it renews calls for a Commons vote before formal negotiations begin.
BBC   |   Tue, 11 Oct 2016 21:14:41

David Davis accuses Treasury officials of trying to 'undermine' Brexit negotiations

Steven Swinford / Telegraph   |   Tue, 11 Oct 2016 21:00:00

Pound completes worst four-day performance since Brexit vote

Bank of England official said he expected further fall driven by referendum result and UK's trade deficit with rest of world The pound endured another day of pressure from investors on Tuesday after continued jitters on the foreign exchange markets pushed it down more than two cents to $1.21. Sterling ...
Phillip Inman / Guardian   |   Tue, 11 Oct 2016 19:49:19

Key government adviser says leaving EU customs union will cost UK £25bn

Raoul Ruparel made the analysis prior to being appointed by David Davis to lend expertise on leaving the EU The British economy will be hit by a "permanent cost" of more than £25bn if it decides to withdraw from the EU customs union, the government's new key adviser on Brexit ...
Anushka Asthana, Rowena Mason and Rajeev Syal / Guardian   |   Tue, 11 Oct 2016 19:44:37

GBP/USD: "hard Brexit" woes just keep coming - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the British Pound tumbled against its American rival, printing a daily low of 1.2088, befor
Ross J Burland / FX Street   |   Tue, 11 Oct 2016 19:42:59

FTSE 100 hits new record high but pound drops below $1.21 as Brexit hard-landing fears rattle City

Telegraph   |   Tue, 11 Oct 2016 19:23:27

Bankers warn Brexit could force jobs out of London

Bank of England policymaker says loss of high-paid City jobs could knock hole in Britain's budget Top bankers have warned that Brexit could force their industry to shift jobs out the City, as a senior policymaker at the Bank of England warned the loss of such high-paid roles could knock ...
Jill Treanor / Guardian   |   Tue, 11 Oct 2016 19:13:02

Pound falls under $1.21 as Brexit fears hit sterling - as it happened

Anxiety over the cost of a hard Brexit have sent sterling reeling to just $1.2092 in late trading Summary: Another bad day for the pound FTSE fails to hit record closing high Bankers talk about quitting London in 2017 Hard Brexit could cause budget hole Bank of England's Saunders thinks ...
Graeme Wearden / Guardian   |   Tue, 11 Oct 2016 19:03:27

yields hit highest since June as market squares Columbus Day trading

* Monday futures trading, technical positioning push yields higher * 10-year yields hit highest since June jobs report * 30-year yields highest since Brexit * Longer-dated yields retrace...
Reuters   |   Tue, 11 Oct 2016 19:03:23

U.K. Court to decide when Brexit can actually mean Brexit

Brexit means Brexit, Theresa May says, but a London court this week will decide whether it's up to her to decide when the U.K. leaves the European Union
Patrick Gower, Bloomberg News / Financial Post   |   Tue, 11 Oct 2016 18:54:35

Theresa May urged to give Nissan assurances over EU export tariffs

Labour MP says tens of thousands of jobs at risk with future of Sunderland Nissan plant put in jeopardy by Brexit uncertainty Sunderland faces the loss of tens of thousands of jobs unless Theresa May gives urgent assurances to Nissan over trade tariffs, a local MP has warned. Julie Elliott, ...
Josh Halliday / Guardian   |   Tue, 11 Oct 2016 18:37:21

Deal to double flights between UK and China takes off

Agreement to permit up to 100 passenger flights a week each way, with no limit on cargo flights, hailed as boost for post-Brexit Britain Thousands more flights between the UK and China could operate each year after a deal was struck in London to more than double the number of ...
Gwyn Topham Transport correspondent / Guardian   |   Tue, 11 Oct 2016 18:36:24

The Guardian view on the pound's crash: the markets deliver their verdict on Brexit Britain - and it's not pretty | Editorial

Weaker sterling will not rebalance a badly lopsided economy. But it will make the poor poorer Even the darkest cloud has a silver lining and there is one definite upside to sterling's crash. Those Brexiters eager to reintroduce the imperial system of measurement can rename our heavily devalued pound the ...
Editorial / Guardian   |   Tue, 11 Oct 2016 18:30:09

Dollar climbs to 11-week peak on rate hike bets; pound slides

The dollar hit a high on Tuesday as investors increased bets that the Federal Reserve would raise interest rates in December.
CNBC   |   Tue, 11 Oct 2016 18:11:00

Pound plunges on growing Brexit concerns

Pressure eases on gilts and FTSE retreats from intraday high
FT   |   Tue, 11 Oct 2016 17:58:56

FTSE 100 drops from record high as pound weakens

Unable to sustain initial rise, index falls back to close at 7,070.88 after touching new peak of 7,129.83 The FTSE 100 rose to a new record high on Tuesday, bolstered by a continuing slump in the value of the pound, as concerns mounted about the UK economy after the Brexit ...
Nick Fletcher / Guardian   |   Tue, 11 Oct 2016 17:48:04

Who are the winners and losers in sterling's plunge?

How drivers, exporters, pensioners and more are being affected by the sharp drop in the pound since the Brexit vote Sterling is testing new lows in foreign exchange markets, with a pound buying just €1.10 and $1.21, or nearly a fifth less than the rate just before the EU referendum ...
Patrick Collinson / Guardian   |   Tue, 11 Oct 2016 17:47:48

Government has 'no plans' for royal yacht for Brexit trade talks

A minister says there are "no plans" to commission a royal yacht to spearhead its post-Brexit trade talks
BBC   |   Tue, 11 Oct 2016 17:35:45

Brexit & Beyond: U.K. Bargain Basement for Luxury; Pound Puzzles; Irish Cut Debt Target

Brexit & Beyond: Europe in Flux is The Wall Street Journal's round-up of news and analysis of how Brexit will affect global business, economies and finance. You can sign up here. MUST READS A passenger wheels luggage past a Burberry store at London's Heathrow Airport. Photographer: Simon Dawson/Bloomberg Published Credit: ...
MoneyBeat   |   Tue, 11 Oct 2016 17:19:14

Giscard d'Estaing urges Brexit moderation

Former French president's message contrasts with hardening positions on both sides of Channel
FT   |   Tue, 11 Oct 2016 16:53:53

GBP/USD: BoE not concerned about sterling's volatility - Scotiabank

Analysts at Scotiabank explained that Sterling remains generally soft as investors continue to focus on the risk (and consequences) of a "hard Brexit"
Ross J Burland / FX Street   |   Tue, 11 Oct 2016 16:47:15

Brexit vote sends Gilt trades soaring

The UK's decision to leave the European Union has more than doubled the number of 10-year Gilt trades on the secondary market, according to data from MarketAxxess subsidiary Trax.
IFR   |   Tue, 11 Oct 2016 16:33:00

Brexit: How to avoid a cliffhanger

Most parties accept the need for a 'transitional deal' but there is little agreement on the format
FT   |   Tue, 11 Oct 2016 16:19:39

GBP/USD: bears looking for a break of 1.2200 on "Hard Brexit" fears

GBP/USD is pressured on'The Times' news and leaked controversial forecasts that Osbourn came up with in April earlier this year. The media have used
Ross J Burland / FX Street   |   Tue, 11 Oct 2016 15:52:08

Krugman's Interesting But Maybe Not Entirely Correct Model Of The Pound And Brexit

I'm obviously either feeling very brave or have gone completely off my rocker to try to pick holes in an argument about international trade being made by Paul Krugman. His Nobel was, after all, for this very subject. However, while I'm sure that there's some of this going on I'm ...
Tim Worstall, Contributor / Forbes   |   Tue, 11 Oct 2016 15:42:00

Fujitsu to cut up to 1,800 jobs in UK

Japanese electronics firm Fujitsu has told staff of plans to cut up to 1,800 jobs in the UK, but says it is not linked to Brexit.
BBC   |   Tue, 11 Oct 2016 15:39:31

U.K. Court to decide when Brexit can actually mean Brexit

Brexit means Brexit, Theresa May says, but a London court this week will decide whether it's up to her to decide when the U.K. leaves the European Union
Patrick Gower, Bloomberg News / Financial Post   |   Tue, 11 Oct 2016 15:22:29

UK uni scholarships still open to EU students (2)

Rome, October 11 - EU students, including Italians, applying to British universities in the 2017-2018 academic year will have access to financial aid for the duration of the course in spite of the Brexit, the British government said in a statement released by the UK embassy in Rome on Tuesday. ...
Gazzetta Del Sud   |   Tue, 11 Oct 2016 14:41:00

Larry Summers Says Pound Troubles are Not Over as Brexit Looms

"The decline in the pound is like a fever," according to former Treasury Secretary Larry Summers. "It's a sign of some serious problems that are associated with the Brexit strategy," he told CNBC on Monday evening. The famed American economist's comments follow a torrid start to the month for the ...
OANDA   |   Tue, 11 Oct 2016 14:04:43

No 10 plays down warning of £66bn annual Brexit impact

Theresa May's spokesman says figures in leaked government papers predicting 9.5% fall in GDP are not new Downing Street has warned against attempts to "reheat the arguments" of the EU referendum following claims that the Treasury has issued dire internal warnings about the impact of a hard Brexit. Theresa May's ...
Anushka Asthana and Rowena Mason / Guardian   |   Tue, 11 Oct 2016 13:18:24

$81 Billion Bill for UK in Hard Brexit Scenario

If the U.K. opts to cut all its trade ties with the European Union and go for a "hard" Brexit, it could cost the government £66 billion ($81.1 billion) a year, according to a leaked government paper reported by The Times newspaper. U.K. government ministers have been warned that a ...
OANDA   |   Tue, 11 Oct 2016 12:57:42

Pound's Brexit vote battering continues

Experts see no end to sterling's fall in value against other currencies due to worries over the effects of the UK's vote to leave the European Union.
euronews   |   Tue, 11 Oct 2016 12:38:57

Notes on Brexit and the Pound

A weaker pound is part of the adjustment, and should be accepted.
Paul Krugman - Blog   |   Tue, 11 Oct 2016 12:35:56

Britain's FTSE hits record as pound tanks on Brexit costs

European markets were higher as Asian stocks were mixed.
USA Today   |   Tue, 11 Oct 2016 12:11:41

Russian bank VTB considers leaving London due to Brexit

MOSCOW- Russia's state-owned VTB Bank is making plans to move a major investment banking hub out of London due to Britain's decision to leave the European Union. VTB deputy president Herbert Moos told the Financial Times newspaper that London will cease to be VTB's European investment banking hub, saying "we ...
CNBC   |   Tue, 11 Oct 2016 12:06:00

FTSE 100 soars to record high as pound weakens

Index of leading shares on course to beat its highest close of 7,103 with rapid decline in sterling driving gains The FTSE 100 has hit a fresh record high, bolstered by a continuing slump in the value of the pound, as concerns mount about the UK economy after the Brexit ...
Nick Fletcher / Guardian   |   Tue, 11 Oct 2016 12:03:14

Private Equity Floods Into Central And Eastern Europe Companies

It has been another desperate morning for Sterling on the world's currency exchanges. Now at record lows for more than three decades against the dollar, the UK Brexit vote augurs more woes ahead. The bottom clearly hasn't been reached. The Euro isn't faring much better as the European continent shudders ...
Monty Munford, Contributor / Forbes   |   Tue, 11 Oct 2016 11:57:00

'Hard Brexit' could cost U.K. $81 billion a year

Prime Minister Theresa May will trigger the Brexit process by the end of March 2017.
USA Today   |   Tue, 11 Oct 2016 11:08:55

'Hard Brexit' could cost UK government $81.1 billion a year: Report

If the U.K. opts to cut all its trade ties with the European Union, it could cost the government £66 billion ($81.1 billion) a year.
CNBC   |   Tue, 11 Oct 2016 11:04:00

Gilt yields pass 1% for first time since Brexit vote as sterling slump continues

Benchmark 10-year gilt yields passed 1% yesterday for the first time since June's referendum, as overseas investors continued to shed sterling assets over fears of a 'hard' Brexit.
Professional Pensions   |   Tue, 11 Oct 2016 10:47:53

Is a 'hard' Brexit the easiest?

The government has shown a firm sense that it will seek only the best possible trading terms
FT   |   Tue, 11 Oct 2016 10:45:25

Russia's VTB will adjust London operations depending on how Brexit unfolds

MOSCOW, Oct 11- Russia's second-largest bank VTB is likely to adjust its investment banking activities in London because of Britain's vote to leave the European Union, but the scale of the changes will depend on how Brexit unfolds, it said on Tuesday. The Financial Times reported on Tuesday that the ...
CNBC   |   Tue, 11 Oct 2016 10:38:00

Brexit News Archive: 12 Oct 2016     |     enquire