Brexit News Archive: 02 Nov 2016

New cars imported from EU may cost 10% more if UK leaves single market

Industry lobby group says failure to secure single market access after Brexit could cost £4.5bn a year in import and export tariffs New cars imported from the European Union could rise in price by £1,500 if the UK leaves the single market, according to a warning by the industry's lobby ...
Angela Monaghan / Guardian   |   Tue, 29 Nov 2016 21:00:00

The Guardian view on British business: stop stroking the fat cats | Editorial

Companies run like piggy banks for a select few are crippling our economy. The practice must stop As important as the detail of the government's proposals to change the way big businesses are run is the context. Today's green paper comes in the year of Brexit and Donald Trump, at ...
Editorial / Guardian   |   Tue, 29 Nov 2016 19:49:20

No early deal for Brexit expats, EU leaders tell May

Hardening tone from Europe towards Britain ahead of Article 50
FT   |   Tue, 29 Nov 2016 18:54:59

Donald Tusk says no expat deal before Article 50

MPs are told the status of UK and EU expats can be resolved only once formal Brexit negotiations have started.
BBC   |   Tue, 29 Nov 2016 18:36:38

The Brief from Brussels: EU-Turkey ties face test and Brexit notes cause stir

This is the Brief from Brussels, a round-up of the top stories from Europe's de facto political capital.
euronews   |   Tue, 29 Nov 2016 18:17:30

EU not to blame for 'uncertainty' on UK citizens' status, says Tusk

Only source of anxiety is Brexit decision, Council president tells Tory MPs
FT   |   Tue, 29 Nov 2016 17:31:02

A smooth post-Brexit transition will be vitally important

We have less time than we think to effect a change that avoids trading turmoil
FT   |   Tue, 29 Nov 2016 16:50:44

Could Article 127 be used to keep the UK in the single market?

Many of the legal complications to the Brexit process are yet to come to light
FT   |   Tue, 29 Nov 2016 16:36:08

Sturgeon hits out at UK's lack of Brexit clarity

Scottish leader says 'sentiment is hardening' in Europe
FT   |   Tue, 29 Nov 2016 15:33:59

U.K.'s Brexit strategy? Have cake, eat it

An aide to a senior lawmaker was photographed carrying notes as he left the government's Brexit office.
CNN   |   Tue, 29 Nov 2016 12:50:23

UK denies 'have cake and eat it' note is Brexit policy

LONDON (AP) - The British government denied Tuesday that its strategy for exiting the European Union had been leaked through a set of handwritten notes suggesting that the U.K.'s aim is to "have cake and eat it."
Associated Press   |   Tue, 29 Nov 2016 12:48:00

Oops! Did this staffer just reveal Britain's Brexit strategy?

An aide to a senior lawmaker was photographed carrying notes as he left the government's Brexit office.
CNN   |   Tue, 29 Nov 2016 12:45:33

Oops! Did this staffer just accidentally reveal Britain's Brexit strategy?

An aide to a senior lawmaker was photographed carrying notes as he left the government's Brexit office.
CNN   |   Tue, 29 Nov 2016 12:41:20

'Xenophobia' is the word of the year for 2016, says has selected as the 2016 word of the year, citing the anti-immigrant rhetoric of U.S. President-elect Donald Trump and the United Kingdom's Brexit vote to leave the European Union as reasons for its choice. In a news release, the online dictionary said that searches...
Money & Company   |   Mon, 28 Nov 2016 17:25:00

'Xenophobia' Is's Word Of The Year

There were a lot of surprises to come out of 2016, but being named's Word of the Year is not one of them. When you consider the rhetoric that galvanized people in this year's Brexit vote and the U.S. presidential race, the proof that is the word that most ...
Huffington Post   |   Mon, 28 Nov 2016 16:12:32

Hans-Werner Sinn: "Europe's Secret Bailout"

From Project Syndicate: MUNICH - While the world worries about Donald Trump, Brexit, and the flow of refugees from Syria and other war-torn countries, the European Central Bank continues to work persistently and below the public radar on its debt-restructuring plan - also known as quantitative easing (QE) - to ...
Climateer Investing   |   Mon, 28 Nov 2016 12:16:00

Europe's Secret Bailout

While the world worries about Donald Trump, Brexit, and refugees, the European Central Bank continues to work below the public radar on its debt-restructuring plan - also known as quantitative easing - to ease the burden on the over-indebted eurozone countries. It's a high-risk operation, especially for Germany and the ...
Project Syndicate   |   Mon, 28 Nov 2016 11:53:56

JD Sports bets on Brexit staycations with Go Outdoors takeover

Telegraph   |   Mon, 28 Nov 2016 10:30:56

10 things you need to know in markets today

Good morning! Here's what you need to know in markets on Monday. Prime Minister Theresa May has admitted that negotiating a successful Brexit is proving to be "hugely challenging." In a rare interview with The Sunday Times, May also acknowledged the government needed to organise terms for exiting the EU, ...
Business Insider   |   Mon, 28 Nov 2016 07:01:12

City should welcome Brexit, says report

UK could 'rethink regulatory framework', argues research paper
FT   |   Wed, 2 Nov 2016 19:46:19

Q&A: Landmark decision on who has power to kick off Brexit

FT explains expected High Court ruling on whether Theresa May can trigger Article 50
FT   |   Wed, 2 Nov 2016 19:06:41

Sudden prospect of Trump victory sends shiver through markets

Investors flock to gold as global financial markets panic in reaction to poll predicting win for Republican presidential candidate Investors flocked into the haven of gold on Wednesday amid jitters in the global financial markets prompted by fears that Donald Trump could pull off a shock Brexit-style victory in the ...
Larry Elliott Economics editor / Guardian   |   Wed, 2 Nov 2016 18:59:39

Fed leaves US rates unchanged, as shares slide on election fears - as it happened

FTSE 100 hits one month low as sterling strengthens following polling data putting Donald Trump narrowly ahead of Hillary Clinton Fed keeps US rates on hold but hints at December hike Oil slides as US crude stocks surge Sterling jumps but FTSE 100 down Moody's warns of Brexit downgrade risks ...
until 2.40 / Guardian   |   Wed, 2 Nov 2016 18:29:58

Hard Brexit would mean patients waiting years for new drugs - report

Benefits of shared trials, approval process, clinical funding and expertise will be lost, says thinktank headed by Stephen Dorrell A hard Brexit would lead to the loss of scientific funding for the UK drug industry and would mean patients waiting much longer for life-changing medicines, a thinktank has warned. The ...
Julia Kollewe / Guardian   |   Wed, 2 Nov 2016 17:56:24

The Brief from Brussels: Brexit triggers and jitters

Should the British government or the parliament be responsible for triggering Brexit?
euronews   |   Wed, 2 Nov 2016 17:50:16

Nick Clegg Gets The Effect Of Brexit On Food Entirely Wrong. Again

Nick Clegg was the Leader of the Liberal Democrats. As such he was also Deputy Prime Minister in the Coalition with the Conservatives. And as such we would rather hope that he knew what he was talking about concerning trade and Brexit. This has not turned out to be the ...
Tim Worstall, Contributor / Forbes   |   Wed, 2 Nov 2016 17:39:00

Foreign shoppers to fuel pre-Christmas sales boom in central London

Consumers from China, US and Middle East help West End retailers shrug off Brexit jitters and slump in British spending Retailers in the West End of London are expecting a 1.6% rise in takings to £2.34bn in the six weeks to Christmas, as a surge in foreign shoppers helps offset ...
Sarah Butler / Guardian   |   Wed, 2 Nov 2016 17:33:16

Spread closes 4 down on 153

Rome, November 2 - The spread between Italian and German 10-year bonds, a gauge of Italy's borrowing costs and investor confidence, closed four points down on 153 points Wednesday compared to 157 at Tuesday's close. But it had risen as high as 162, a new post-Brexit high, earlier in the ...
Gazzetta Del Sud   |   Wed, 2 Nov 2016 17:12:00

Reality Check: Your questions answered

The BBC's Europe correspondent Kevin Connolly and assistant political editor Norman Smith, answer your questions about Brexit.
BBC   |   Wed, 2 Nov 2016 16:45:04

WSJ City's Brexit Briefing: Moody's Warns on UK Rating, S&P Says Sterling Oversold, Persimmon Plans Brick Factory

Good afternoon from London. Here's essential reading for the City on today's Brexit developments. MUST READS FROM WSJ CITY Moody's could slash the UK's top-notch credit rating in a hard Brexit scenario. The agency said in a note that a loss of access to the single market could "materially weaken ...
MoneyBeat   |   Wed, 2 Nov 2016 16:43:04

Kenny warns of damage from Brexit antagonism

Irish premier calls on EU not to 'lose the plot' in Britain's exit talks
FT   |   Wed, 2 Nov 2016 16:18:19

Germany should intervene to prevent Brexit or 'minimise damage', country's economic advisory body says

Justin Huggler / Telegraph   |   Wed, 2 Nov 2016 16:07:21

Russia investment banking: VTB Capital faces down the doubters

Russia's leading investment bank has seen its fortunes fluctuate over the past two years. Alexei Yakovitsky, VTB Capital's chief executive, talks to Euromoney about Brexit, Africa and state ownership and explains why sanctions have proved more of a blessing than a curse.
Euromoney   |   Wed, 2 Nov 2016 15:15:00

UK court to rule on Article 50 case on Thursday

Closely-watched case could lead to parliament voting on Brexit
FT   |   Wed, 2 Nov 2016 12:57:10

An immigration paradox

Brexit may push change that could be had without it
FT   |   Wed, 2 Nov 2016 12:24:41

Moody's warns of credit rating risks over Brexit terms

Ratings agency Moody's has said Britain's credit rating risks being downgraded depending on the trade deal it negotiates with the European Union.
euronews   |   Wed, 2 Nov 2016 12:20:57

Moody's warns of UK credit rating downgrade

Ratings agency says UK risks another downgrade if it does not retain single market access as part of Brexit deal The UK's credit rating could be downgraded again if the government fails to retain access to the single market as part of its Brexit negotiations, a leading ratings agency has ...
Angela Monaghan / Guardian   |   Wed, 2 Nov 2016 12:11:06

Pro-Brexit Wetherspoons boss threatens to drop European drinks over EU 'bullying'

Telegraph   |   Wed, 2 Nov 2016 11:31:22

UK construction rises despite Brexit vote

Residential work gave a boost to business activity in the UK construction industry in October.
BBC   |   Wed, 2 Nov 2016 11:13:17

Moody's warns of potential Brexit credit rating cut

The single market allows EU members to trade with each other without restrictions.
USA Today   |   Wed, 2 Nov 2016 09:51:06

Wetherspoon's boss: we could drop European brands over Brexit bullying

Tim Martin says UK is in a stronger position than people think and could switch away from EU suppliers The chairman of JD Wetherspoon has fired a warning shot that the pub chain could stop selling drinks brands from other European countries if senior EU leaders maintain a approach to ...
Angela Monaghan / Guardian   |   Wed, 2 Nov 2016 09:37:33

How Spain's food industry is under threat after the Brexit vote

New study finds that Britain's decision to leave the EU could particularly affect the export of Spanish fruit and vegetables
Javier Salvatierra / EL PAÍS   |   Wed, 2 Nov 2016 09:12:42

UK rating at risk of downgrade if it gets poor Brexit deal - Moody's

LONDON, Nov 2 (Reuters) - Britain's credit rating is at risk of a downgrade if it fails to preserve core elements of its access to the European Union's single market, ratings agency Moody's said on...
Reuters   |   Wed, 2 Nov 2016 08:55:27

Wetherspoon's boss attacks EU leaders' 'bullying' on Brexit talks

Tim Martin says Angela Merkel, François Hollande and Jean-Claude Juncker's approach could hit European suppliers The chairman of JD Wetherspoon has warned the approach to Brexit negotiations taken by some of the EU's most senior leaders could put at risk the pub chain's relationship with its European suppliers. Tim Martin ...
Angela Monaghan / Guardian   |   Wed, 2 Nov 2016 08:20:01

Tom Moseley: What do lawyers think about Brexit?

The president of the Law Society on whether Brexit is a bonanza for lawyers.
BBC   |   Wed, 2 Nov 2016 07:41:34

Wetherspoon boss hits out at 'bullying' EU leaders

Tim Martin says politicians' approach to Brexit will hurt pub group's supply deals
FT   |   Wed, 2 Nov 2016 07:40:06

Brexit vote will lead to cut in disposable incomes in 2017, says thinktank

British households can expect a cut in their disposable incomes next year as the knock-on effects of the vote to leave the European Union send inflation rocketing and weaken the outlook for the economy.
Here Is The City   |   Wed, 2 Nov 2016 06:25:04

MUFG bolsters Amsterdam office amid Brexit worries

London to remain Japanese bank's Europe HQ but some staff to be relocated
FT   |   Wed, 2 Nov 2016 05:17:04

Hague warns of Gibraltar threat in Brexit talks

Ex-foreign secretary fears veto of Spain or other EU member seeking concessions
FT   |   Wed, 2 Nov 2016 05:00:42

Businesses fear losing Polish migrants after Brexit

East Midlands towns such as Corby rely on low-wage, low-skilled jobs that locals shun
FT   |   Wed, 2 Nov 2016 04:30:46

All-Ireland talks on Brexit impact being held in Dublin

Politicians from Northern Ireland and the Republic meet in Dublin to discuss Brexit's implications.
BBC   |   Wed, 2 Nov 2016 04:27:39

Brexit politics in driving seat for pound

UK currency fails to draw any support from better news as messy politics cast a shadow
FT   |   Wed, 2 Nov 2016 04:07:31

Four reasons Asian property investors shouldn't desert London

The U.K.'s complicated economic outlook shouldn't scare off Asian property buyers, according to new research.
CNBC   |   Wed, 2 Nov 2016 00:33:00

Philip Hammond urged to shelve tax cuts and help poorer families

Chancellor should use first autumn statement to shield those on low incomes from Brexit impact, says thinktank Philip Hammond should cancel planned tax cuts for businesses and wealthy households in his autumn statement this month and instead take action to shield poor families from the impact of Brexit, the Resolution ...
Heather Stewart Political editor / Guardian   |   Wed, 2 Nov 2016 00:01:04

Morneau adds more spending to deficit as Canadian economy 'not growing fast enough'

In his fall update on the economy, the finance minister says Canada's problems are compounded by slower growth in the U.S. and world and uncertainty surrounding Brexit
Gordon Isfeld / Financial Post   |   Tue, 1 Nov 2016 23:14:46

Hammond seeks headroom to react to any Brexit fallout

Chancellor to banish rigid targets in Autumn Statement
FT   |   Tue, 1 Nov 2016 21:01:30

Legally protected UK food products under Brexit threat, says Nick Clegg

Lib Dem spokesman warns EU businesses could make imitations of regionally designated foodstuffs such as Melton Mowbray pork pies and stilton Melton Mowbray pork pies, stilton cheese and British-made chocolate such as Cadbury's could be under threat from Brexit, the former deputy prime minister Nick Clegg has warned. Speaking to ...
Sarah Butler / Guardian   |   Tue, 1 Nov 2016 20:25:10

Richmond Park voters overlook Goldsmith's failings

MP untarnished by support for Brexit and poor mayoral campaign
FT   |   Tue, 1 Nov 2016 20:00:19

Canada's economy not growing 'as fast as we'd like': Finance Minister Bill Morneau

In his fall update on the economy, the finance minister says Canada's problems are compounded by slower growth in the U.S. and world and uncertainty surrounding Brexit
Gordon Isfeld / Financial Post   |   Tue, 1 Nov 2016 19:46:59

Pound under pressure: Where Britain's currency crunch is taking its toll

While Britain's post-Brexit economy has some relative bright spots, the pound isn't one of them: The currency has never been weaker. Brian Milner, Richard Blackwell and Paul Waldie take stock of what it means for Britons and their trading partners - from importers to tourism to the property market
BRIAN MILNER, RICHARD BLACKWELL AND PAUL WALDIE / Globe and Mail   |   Tue, 1 Nov 2016 19:05:20

Brexiter Crispin Odey says Britain is destined for recession

Hedge fund tycoon predicts stock market collapse, inflation and falling profits in letter to investors Hedge fund manager Crispin Odey has warned Britain is destined to have a recession and predicts the stock market will fall by 80% after Brexit. Odey, who backed the vote to leave the EU, made ...
Staff and agencies / Guardian   |   Tue, 1 Nov 2016 18:26:02

Nissan deal 'won't persuade others to invest'

One of Japan's top business strategists says investment in the UK will be smaller following Brexit.
BBC   |   Tue, 1 Nov 2016 18:00:17

Pound could fall to $1.15 as City accepts reality of Brexit, says BAML - as it happened

Investors cheer Mark Carney's decision to serve an extra year as BoE governor, as weak pound helps manufacturers sell goods abroad but makes raw materials pricier US manufacturing surveys show improvement BAML: Some investors think Brexit won't happen UK manufacturing PMI shows growth Virgin Money CEO: Thank goodness Carney's staying ...
until 1.30 / Guardian   |   Tue, 1 Nov 2016 17:55:26

Carney to stay at BoE during Brexit process - UOB

Analysts at UOB noted BoE's Carney's commitment to the bank and UK after speculation he would step down. Key Quotes: "Bank of England's Governor Mar
Ross J Burland / FX Street   |   Tue, 1 Nov 2016 16:59:40

Liam Fox's attempt to secure pre-Brexit deal with EU suffers setback

Polish MEP Danuta Hübner says Britain cannot negotiate a free-trade agreement until it has left the European Union Liam Fox's hopes of securing a trade deal with the European Union before Brexit have been dealt a blow by a leading member of the European parliament, who insists no deal can ...
Jennifer Rankin / Guardian   |   Tue, 1 Nov 2016 16:34:04

Bank of England Governor Carney to stay until 2019

( - Governor of the Bank of England Mark Carney put an end to speculation over his future Monday by announcing he would extend his contract for one year to 2019 to help secure an "orderly transition" to Brexit.
The China Post   |   Tue, 1 Nov 2016 16:11:00

Brexit, US election could change monetary policy in one of the world's top oil nations

Governor of the Norwegian Central Bank has told CNBC that a Brexit might change the course of monetary policy.
CNBC   |   Tue, 1 Nov 2016 13:42:00

Ms. Brexit: Theresa May Seeks to Reinvent Britain

British Prime Minister Theresa May is seeking to make a clean break with the leadership of her predecessor, David Cameron. Even as difficult Brexit negotiations loom, she hopes to draw on her past to reunite the United Kingdom.
Spiegel   |   Tue, 1 Nov 2016 13:36:01