Brexit News Archive: 14 Oct 2016

Close Brothers bond survives messy sterling market

Close Brothers just about managed to squeeze through a £250m 10-year bond issue in a bruised and battered sterling bond market last week and with a "hard" Brexit now on the cards, the market is finding itself at the mercy of severe political headwinds.
IFR   |   Fri, 14 Oct 2016 20:00:00

Sterling's slump is a warning

Investors are marking down the economic future of Brexit Britain
FT   |   Fri, 14 Oct 2016 18:54:06

May offers Nissan a shield against Brexit

Group chief Carlos Ghosn told Sunderland plant will have same trade conditions after EU exit
FT   |   Fri, 14 Oct 2016 17:35:20

Nicola Sturgeon: 'Scotland can stay in single market'

Scotland's First Minister Nicola Sturgeon says the country has the right to 'make a decision following brexit'. ITN News Portal
Forbes   |   Fri, 14 Oct 2016 15:56:47

Mark Carney: Bank of England will tolerate higher inflation - as it happened

3.22pm BST Before we close the blog for the day, here is a summary of the main events. Predictably, it's been Brexit focused. 2.57pm BST Wall Street has opened higher, with better than expected results from Citigroup and JP Morgan lifting financial stocks. Continue reading...
Angela Monaghan / Guardian   |   Fri, 14 Oct 2016 14:22:31

Nissan 'will have same trade conditions' after Brexit

Group chief Carlos Ghosn speaks to Theresa May about future of Sunderland plant
FT   |   Fri, 14 Oct 2016 13:54:08

Brexit is becoming a big fat mess

Events this week show just how tough it will be to take Britain out of the European Union.
CNN   |   Fri, 14 Oct 2016 13:24:19

UK gilt yields soar on 'hard Brexit' fears

Sell-off follows comments from Mark Carney that BoE is willing to tolerate higher prices
FT   |   Fri, 14 Oct 2016 13:17:41

Weekly Roundup: October 7, 2016-October 13, 2016

The Law and Brexit VII Posted by Thomas J. Reid, Davis Polk & Wardwell LLP, on Friday, October 7, 2016 Tags: Banks, Brexit, Compliance and disclosure interpretation, EU, Europe, Financial institutions, Financial technology, France, Inside information, International governance, UK Disclosure of Beneficial Ownership After the Panama Papers Posted by Joseph ...
Harvard Law School Forum   |   Fri, 14 Oct 2016 13:05:50

European entrepreneurs say Brexit will harm their business

More than 700 business owners met in Brussels to vote on a range of issues at the European Parliament of Enterprises Two-thirds of European entrepreneurs feel that Brexit will harm their business and 95% want a stronger say in European Union trade policy. More than 700 entrepreneurs, from businesses in ...
Emma Sheppard / Guardian   |   Fri, 14 Oct 2016 12:51:41

UPDATE 1-After Brexit ultimatum, Nissan CEO Ghosn meets UK PM May

LONDON, Oct 14 (Reuters) - Two weeks after warning that Nissan could halt new investment in Britain's biggest car plant due to uncertainty over Brexit, Chief Executive Officer Carlos Ghosn met Prime...
Reuters   |   Fri, 14 Oct 2016 12:36:36

Nicola Sturgeon Brexit demand that Scotland remains in EU single market if UK leaves is 'impossible'

Simon Johnson / Telegraph   |   Fri, 14 Oct 2016 12:25:19

Nissan chief executive meets Theresa May for Brexit talks

Carlos Ghosn previously said the carmaker could halt investment at its Sunderland plant, where 7,000 people are employed Theresa May has met the chief executive of Nissan to discuss the impact of Brexit, after the Japanese carmaker warned that it could halt investment in its UK plant. Speaking at the ...
Julia Kollewe and agency / Guardian   |   Fri, 14 Oct 2016 12:04:59

Brexit: Nissan boss meets PM over Sunderland plant fears

Prime Minister Theresa May meets the boss of Japanese car giant Nissan amid fears over the future of its production plant in Sunderland.
BBC   |   Fri, 14 Oct 2016 12:01:19

Homes sell faster in regions than London

Stamp duty changes, Brexit vote and price-to-income gulf slow capital's market
FT   |   Fri, 14 Oct 2016 11:46:28

Britons wake up to rising prices

Effects of plummeting pound will crystallise costs of Brexit for UK public
FT   |   Fri, 14 Oct 2016 11:31:40

UPDATE 1-UK PM May rejects suggestion by EU's Tusk that Brexit may not happen - spokeswoman

LONDON, Oct 14 (Reuters) - Britain is committed to leaving the European Union, a spokeswoman for Prime Minister Theresa May said on Friday, slapping down a suggestion from European Council President...
Reuters   |   Fri, 14 Oct 2016 11:27:48

Morning News: October 14, 2016

China Inflation Relief Sends Stocks, Dollar Higher Europe Car Sales Hit September Record Flight of the Brexit Bankers Treasury Tries Again To Keep American Firms' [...]
Eddy Elfenbein   |   Fri, 14 Oct 2016 11:03:38

UK PM May rejects suggestion by EU's Tusk that Brexit may not happen - spokeswoman

LONDON, Oct 14 (Reuters) - Britain is committed to leaving the European Union, a spokeswoman for Prime Minister Theresa May said on Friday, slapping down a suggestion from European Council President...
Reuters   |   Fri, 14 Oct 2016 10:49:20

Is London still the counterculture capital?

Derek Blasberg visits Britain's capital city during one of the most culturally-rich months of the year, exploring London against the backdrop of Fashion Week, Frieze Art Fair and the looming issue of Brexit. Featuring Cara Delevingne, Vivienne Westwood, Georgia May Jagger, Christopher Bailey, David Shrigley and Mario Testino.
CNN   |   Fri, 14 Oct 2016 10:37:02

UK construction slowed in August but ONS plays down Brexit link

Drop in activity driven by 5.1% fall in infrastructure output, putting sector on course for worst quarter in four years There was a surprise slowdown in Britain's construction industry in August, although statisticians played down any link between the dip and Brexit jitters. The Office for National Statistics said construction ...
Katie Allen / Guardian   |   Fri, 14 Oct 2016 10:35:56

UK: Tough rhetoric from Tusk plays into 'Hard' Brexit pricing - MUFG

Derek Halpenny, European Head of GMR at MUFG, notes that the pound is back under selling pressure today after some tough words from EU President Tusk.
Sandeep Kanihama / FX Street   |   Fri, 14 Oct 2016 10:24:54

How Unilever Lost The Battle Of Marmite - And Tesco Won The PR War

If brands are to use Brexit as a reason to hike prices, they need to learn Unilever's errors and construct a proper PR strategy
Grant Feller, Contributor / Forbes   |   Fri, 14 Oct 2016 10:15:00

FTSE 100 moves higher with Tesco and miners leading the way

Investors shrug off Brexit uncertainties as Chinese data supports miners Leading shares are on the rise again after a couple of days of uncertainty on concerns about the prospects for the UK once Brexit finally happens. But with Chinese inflation showing signs of picking up - a positive for the ...
Nick Fletcher / Guardian   |   Fri, 14 Oct 2016 08:58:36

Unilever Resolves Pricing Dispute With Tesco

Consumer-goods giant Unilever said it has settled its dispute with retailer Tesco after the two British corporate giants clashed over pricing in the U.K. in an outgrowth of the post-Brexit decline in the British pound.
WSJ   |   Fri, 14 Oct 2016 08:55:17

BOE Credit Conditions Survey: Brexit looks to have hit demand for UK mortgages

Bank of England (BOE) published its latest credit conditions survey for the third quarter, which showed that the Brexit fallout appears to have a nega
Dhwani Mehta / FX Street   |   Fri, 14 Oct 2016 08:50:25

S & P warns on UK reserve currency status as Brexit hardens - Telegraph

Ravi Bhatia, the director of sovereign ratings in charge of Britain, Standard & Poor's (S&P), warned during his interview with the Daily Telegraph on
Dhwani Mehta / FX Street   |   Fri, 14 Oct 2016 07:08:27

France says US banks plan to leave Brexit Britain - business live

French finance minister Michel Sapin says US banks have told him they will move operations out of Britain as it presses ahead with Brexit 8.04am BST The pound is down slightly against the dollar this morning, by 0.4%, but is just about managing to stay above the $1.22 level. It ...
Angela Monaghan / Guardian   |   Fri, 14 Oct 2016 07:04:21

GBP prone to further volatility and weakness - Westpac

Tim Riddell, Research Analyst at Westpac, suggests that the persistent uncertainty regarding the Brexit leaves GBP prone to further volatility and wea
Sandeep Kanihama / FX Street   |   Fri, 14 Oct 2016 06:46:55

14Oct/Philip R Lane: The eurozone after Brexit

Speech by Mr Philip R Lane, Governor of the Central Bank of Ireland, at the Euro50 Group & CIGI Breakfast Meeting, Washington DC, 9 October 2016.
BIS   |   Fri, 14 Oct 2016 06:37:00

London or New York? Why Brexit has shaken up the banking rivalry

Telegraph   |   Fri, 14 Oct 2016 06:12:50

Britain may decide against Brexit when they realise just how painful it will be, warns EU chief

Peter Foster / Telegraph   |   Fri, 14 Oct 2016 06:12:33

Unilever settle prices row after pound's Brexit dive

The dispute was a first clear sign for consumers of the turbulence unleashed by the Brexit vote and of how it could hurt them.
CNBC   |   Fri, 14 Oct 2016 05:35:00

US banks planning exodus from Brexit Britain, says French minister

Finance minister Michel Sapin says banks had confirmed to him they would move some activities to the continent when the UK leaves the EU The French finance minister, Michel Sapin, has said that US banks have told him they will move some activities out of Britain to other European countries ...
Agence France-Presse / Guardian   |   Fri, 14 Oct 2016 04:12:39

S&P warns UK could lose reserve currency status on hard Brexit

Ratings agency Standard & Poor warned yesterday that UK risks losing reserve currency status if it fails to secure full access to the European single
Omkar Godbole / FX Street   |   Fri, 14 Oct 2016 00:17:28

US banks planning exodus from Brexit Britain, says French minister

Finance minister Michel Sapin says banks had confirmed to him they would move some activities to the continent when the UK leaves the EU The French finance minister, Michel Sapin, has said that US banks have told him they will move some activities out of Britain to other European countries ...
Agence France-Presse / Guardian   |   Thu, 13 Oct 2016 23:41:07

Hate crimes surge post Brexit

Reports of attacks related to race or religion rose by two-fifths in England and Wales after the EU referendum.
Austrailian   |   Thu, 13 Oct 2016 23:00:00

Marmite Survives After Spurs Tesco-Unilever Price Dispute

The sludgy and odd-tasting breakfast spread was caught up in a pricing dispute as the currency weakened after Britain’s vote to leave the European Union.
KIMIKO DE FREYTAS-TAMURA / NY Times   |   Thu, 13 Oct 2016 21:49:39

'Hard Brexit' or 'no Brexit' for Britain - Tusk

Britain's only alternative to a "hard Brexit" is "no Brexit", European Council President Donald Tusk says.
BBC   |   Thu, 13 Oct 2016 20:35:46

Unilever Resolves Pricing Dispute With Tesco

Consumer-goods giant Unilever said it has settled its dispute with retailer Tesco after the two British corporate giants clashed over pricing in the U.K. in an outgrowth of the post-Brexit decline in the British pound.
WSJ   |   Thu, 13 Oct 2016 20:17:02

From Marmite to bananas: how sterling swings will affect prices

Prices of everyday items including clothing, wine, bread and fruit are expected to come under increasing pressure as Brexit nears The row over Marmite has highlighted the sensitivity of the price of everyday items to fluctuations in the value of the pound. A whole basket of goods are expected to ...
Sarah Butler / Guardian   |   Thu, 13 Oct 2016 19:04:16

The Guardian view on the Brexit debate: parliament must be heard | Editorial

The decision to leave Europe was decided by popular vote, but that doesn't squeeze parliament out of the picture Marmite wars, reports of a multibillion pound divorce settlement, a surge in hate crime and a legal action testing the government's use of the prerogative to start the process of leaving ...
Editorial / Guardian   |   Thu, 13 Oct 2016 18:45:06

Brexit: Pound's plunge = ice cream shortages

The U.K.'s top supermarket chain has pulled Ben & Jerry's ice cream and Marmite spread from its online store amid a dispute with supplier Unilever over who should bear the cost of the plummeting pound.
CNN   |   Thu, 13 Oct 2016 18:34:43

Standard & Poor's warns on UK reserve currency status as Brexit hardens

Telegraph   |   Thu, 13 Oct 2016 18:25:41

Brexit Faces Legal Challenge in U.K. High Court

The main legal challenge over Brexit kicked off in a packed courtroom, as pressure mounted on the government to give lawmakers a vote on how the U.K.'s withdrawal from the EU will be carried out.
WSJ   |   Thu, 13 Oct 2016 18:10:40

Unilever and Tesco resolve Brexit price rise row - as it happened

Dispute over price increases on Marmite, Dove, Pot Noodles and Ben & Jerry's icecream is over! Latest: Unilever says price dispute is resolved Tesco: Glad it's all over Earlier: Experts predict price rises in 2017 EC President Tusk: It's hard Brexit or no Brexit No love for Unilever in Marmite's ...
Graeme Wearden / Guardian   |   Thu, 13 Oct 2016 18:06:21

Scotland plans new independence referendum from UK over Brexit

Scotland is drawing up plans for a vote on independence from the rest of Britain over Brexit, NBC News reports.
CNBC   |   Thu, 13 Oct 2016 17:26:00

Pound to be driven on 'hard' vs "soft" - BTMU

Analysts at Bank of Tokyo Mitsubishi explained that the pound is likely to continue being driven by sentiment over 'Hard' versus 'Soft' Brexit over th
Ross J Burland / FX Street   |   Thu, 13 Oct 2016 17:19:40

'Hard Brexit' or stay in EU, Tusk tells UK

Idea that Britain can retain benefits after leaving is 'pure illusion', says European Council chief
FT   |   Thu, 13 Oct 2016 17:11:19

A Spike in Hate Crimes After Brexit

NEWS BRIEF England and Wales saw a sharp rise in hate crimes since the United Kingdom voted in a historic referendum to leave the European Union, a report by the U.K. Home Office revealed Thursday. Police in England and Wales recorded 62,518 hate crimes between 2015 and 2016-a 19 percent ...
Yasmeen Serhan / The Atlantic   |   Thu, 13 Oct 2016 16:20:14

Food Fight: Unilever, Tesco in Brexit Face Off Over Pricing

Grocer Tesco's refusal to pay Unilever's higher prices for its foodstuffs pits two of Britain's business titans-and two of the world's biggest companies-against each other in a high-profile spat.
WSJ   |   Thu, 13 Oct 2016 15:48:52

Brits are paying more for things they love after Brexit vote

U.K. shoppers are paying more for wine, food, gadgets, vacations and even fuel thanks to a huge slump in the value of the pound.
CNN   |   Thu, 13 Oct 2016 15:43:43

Brits are paying more after Brexit vote

U.K. shoppers are paying more for wine, food, gadgets, vacations and even fuel thanks to a huge slump in the value of the pound.
CNN   |   Thu, 13 Oct 2016 15:37:52

Weak pound prompts price punch-up between Tesco and Unilever

Top UK retailer Tesco is facing off with consumer goods producer Unilever over price rises prompted by the weak pound following the Brexit vote.
euronews   |   Thu, 13 Oct 2016 15:37:09

Wine, vacations, gadgets: Brits are paying more after Brexit vote

U.K. shoppers are paying more for wine, food, gadgets, vacations and even fuel thanks to a huge slump in the value of the pound.
CNN   |   Thu, 13 Oct 2016 15:32:27

Brexit stole breakfast as Tesco copes with Marmite shortage

The Brexit vote has led to a fall in the British pound and that's affecting the prices of goods. How will those expenses will be passed along to U.K. grocers already locked in fierce competition
Matthew Boyle and Paul Jarvis, Bloomberg News / Financial Post   |   Thu, 13 Oct 2016 15:30:27

Higher FX margin rates could be sign of things to come

Higher margin requirements imposed in the run-up to the Brexit referendum could be a sign of things to come as the FX market digests the impact of reduced leverage
Euromoney   |   Thu, 13 Oct 2016 15:30:00

Brexit: A Rosy Scenario

The tumbling pound signifies a widely held belief that the UK's impending break with the European Union is more bad news than good for the British economy. Evidence is already visible on Tesco's website, where a number of Unilever's familiar brands are unavailable in a tussle over who eats the ...
Kevin O'Marah, Contributor / Forbes   |   Thu, 13 Oct 2016 15:26:00

Brexit Britain: what went wrong and what next? Panel 3

A discussion on why Britain voted for Brexit and what radical remainers should do now. (Video, 45 mins). Organised by openDemocracy, Another Europe Is Possible, Democracy in Europe 2025, and the LSE Civil Society and Human Security Research Unit.Panel 3 featuring:Amelia Womack, deputy leader of the Green PartyMichael Chessum, Momentum ...
Open Democracy   |   Thu, 13 Oct 2016 15:15:08

Scotland Floats New Referendum to Leave the U.K. Due to Brexit

Nicola Sturgeon announced plans for a new independence referendum bill Thursday.
Curt Mills / U.S. News   |   Thu, 13 Oct 2016 15:14:13

Little sympathy for Unilever in town where Marmite is made

People in Burton upon Trent, where the world's supply of Marmite is made, say Brexit is just an excuse to raise prices People in the town where Marmite is made accused the product's multinational owner company of "bully boy tactics" and using the weak pound as a smokescreen to raise ...
Nazia Parveen North of England correspondent / Guardian   |   Thu, 13 Oct 2016 15:08:30

U.S. Equity Market Breaks Key Support Line

This broad gauge of the equity market (among others) has snapped its post-February uptrend line.The 2 signature events in the U.S. stock market thus far in 2016 are: 1) the post-February rally, and 2) the January-February plunge (in order of importance). A distant 3rd would be the Brexit affair.... Please ...
EconMatters Global   |   Thu, 13 Oct 2016 15:00:00

Brexit fears send pound tumbling - Politics Weekly podcast

Heather Stewart hears from Vince Cable, Larry Elliott, Catherine Colebrook and Rafael Behr on Brexit and the tumbling value of the pound. Plus Ed Miliband on parliament's role in Brexit and Labour MP Chi Onwurah on the party's reshuffle The value of the pound nose-dived to its lowest level in ...
Presented by Heather Stewart with Rafael Behr, Catherine Colebrook and Larry Elliott and produced by Phil Maynard / Guardian   |   Thu, 13 Oct 2016 14:57:47

Accounting News Roundup: Brexit Driving KPMG Promotions in UK and Wells Fargo's New CEO | 10.13.16

KPMG UK If you're an ambitious Klynveldian and you don't see any opportunity around you, consider the old world as your next stop.
Going Concern   |   Thu, 13 Oct 2016 14:26:29

From 'Bouleversé' To 'Malfaisance': A Continuing Tale Of Brexit

It is hard to describe the sense of disorientation and loss of identity some of us who are British and could not have ever imagined the EU referendum result have been feeling, since the vote in June. I came across a blog post written recently by an ex-journalist and a ...
Dina Medland, Contributor / Forbes   |   Thu, 13 Oct 2016 13:53:00

Tesco in Brexit Pricing Spat With Unilever

Alden/Bloomberg NewsJason Alden/Bloomberg NewsJason Alden/Bloomberg NewsJason Alden/Bloomberg NewsJason Alden/Bloomberg NewsJason Alden/Bloomberg NewsJason Alden/Bloomberg NewsJason Alden/Bloomberg NewsJason Alden/Bloomberg NewsJason Alden/Bloomberg NewsJason Alden/Bloomberg NewsJason Alden/Bloomberg NewsJason Alden/Bloomberg NewsJason Alden/Bloomberg NewsTesco in Brexit Pricing Spat With Unilever Tesco, Britain's largest grocer, pulled products made by Unilever PLC from its online shopping site because ...
WSJ   |   Thu, 13 Oct 2016 13:52:52

More graduates 'bad for UK economy', plus TSB and Lloyds slash interest rates

Also, housing market 'settling down' after Brexit vote, and hajj pilgrims cheated by tour operators Hello and welcome to this week's Money Talks - a roundup of the week's biggest stories and some things you may have missed. Continue reading...
Shane Hickey / Guardian   |   Thu, 13 Oct 2016 13:51:44

Brexit's Hard Pounding

The slump in the pound has-how can I put it-attracted some attention in recent days, and has put a spring in the step of those who want to talk Brexit down. The Financial Times, long something of a Brussels Pravda, has rather relished pointing out that sterling had now hit ...
National Review   |   Thu, 13 Oct 2016 13:04:34

Love or hate it: Marmite becomes symbol of Brexit impact

LONDON (AP) - Philip Walker spreads Marmite on his daily crumpet and stockpiles jars of the yeast spread. He's a fan, and he's upset at plans to raise the price of this icon of the British breakfast table.
Associated Press   |   Thu, 13 Oct 2016 12:56:00

Government refuses to rule out £18bn Brexit 'divorce bill'

Downing Street, however, declines to be drawn on estimates for Britain's ongoing EU payment liabilities Downing Street has refused to rule out the possibility of the UK continuing to pay budget contributions to the EU after Britain's departure from the bloc, as analysis suggested the country could face a €20bn ...
Jessica Elgot and Patrick Wintour / Guardian   |   Thu, 13 Oct 2016 12:45:28

Lord Wolfson warns against isolationist Brexit course

Chief executive of Next says UK will be 'finished' if government fails to build an open and global-facing economy Lord Wolfson, the chief executive of Next and prominent leave campaigner, has warned the British economy will be if the government pursues an isolationist Brexit course. The Conservative peer told the ...
Phillip Inman and agency / Guardian   |   Thu, 13 Oct 2016 12:42:11

High Court Hears UK Constitutional Challenge

The UK decision to leave the EU has been both a political and economic shock. The near-term focus now shifts to the constitutional crisis that has ensued. The key issue is what role does parliament have, and it is crucial because the House of Commons is less enthusiastic about Brexit. ...
Marc to Market   |   Thu, 13 Oct 2016 12:40:45

With the great Marmite war, the reality of Brexit has started to bite | Polly Toynbee

Every passing day shows how disastrous a referendum can be. The real-world effects of leaving the EU begin to hit home and politics enters new territories When Marmite and PG Tips enter the Brexit wars, reality starts to bite - and sooner than expected. As David Davis was on his ...
Polly Toynbee / Guardian   |   Thu, 13 Oct 2016 12:00:57

Brexit Britain: what went wrong and what next? Panel 2

A discussion on why Britain voted for Brexit and what radical remainers should do now. (Video, 70 mins). Organised by openDemocracy, Another Europe Is Possible, Democracy in Europe 2025, and the LSE Civil Society and Human Security Research Unit.Panel 2 featuring:Marina Prentoulis, Another Europe is Possible, Syriza LondonSrecko Horvat, philosopher, ...
Open Democracy   |   Thu, 13 Oct 2016 11:39:54

Brexit News Archive: 14 Oct 2016     |     enquire