Brexit News Archive: 17 Nov 2016

Autumn statement: Hammond to give modest boost to 'just managing families'

Chancellor set to reveal grim economic forecasts next Wednesday as Office for Budget Responsibility prepares to issue its first projections of Brexit vote's impact Philip Hammond is preparing to offer modest giveaways to families that are "just about managing" in next week's autumn statement, as the cash-strapped government struggles to ...
Heather Stewart and Jessica Elgot / Guardian   |   Thu, 17 Nov 2016 22:00:00

Autumn statement: safeguard public investment, say experts

Economists warn Philip Hammond over ignoring infrastructure needs amid £100bn black hole in finances The chancellor should limit the impact of the Brexit vote on the economy by excluding public investment spending from his deficit reduction plans in his autumn statement next week, economists say. As the Treasury finalised tax ...
Phillip Inman Economics correspondent / Guardian   |   Thu, 17 Nov 2016 20:00:31

MPs can now see off hard Brexit. The ball is in their court | Martin Kettle

Finally progressives in parliament have a chance to change our ruinous trajectory. They should seize it Karl Marx made a much-quoted remark about history repeating itself first as tragedy and then as farce. But Theresa May's government is turning Marx on his head in its European policy. In its handling ...
Martin Kettle / Guardian   |   Thu, 17 Nov 2016 19:04:28

Brexit unlikely to mean loss of City's role in processing deals in euros

London likely to remain home of £460tn-a-year business, according to analysis by ratings agency S&P One of the City's most prized businesses - the way that financial products priced in euros are processed - will not be lost to the remaining members of the European Union as a result of ...
Jill Treanor / Guardian   |   Thu, 17 Nov 2016 18:56:34

Schäuble sets out tough line on Brexit

German minister warns UK faces stiff rules on tax breaks and prolonged EU payments
FT   |   Thu, 17 Nov 2016 17:22:41

UK retail sales surge due to colder weather and Halloween

Consumers remain defiant despite Brexit uncertainty and inflation fears as sales grow at fastest annual pace for 14 years A surprise leap in retail sales volumes last month has boosted hopes the UK economy will end the year on a high note, as consumers continue to shrug off the shock ...
Katie Allen / Guardian   |   Thu, 17 Nov 2016 16:25:11

French PM: "Europe Is In Danger Of Falling Apart"

Ignoring years of stagnation, economic deterioration, and an unprecedented unemployment rate, which remains stubbornly in the double-digits for countries like Greece, Spain and Italy, Europe appears to have finally woken up, shocked by the reality of Brexit and the Trump election, and has started with the fire and brimstone warnings. ...
Zero Hedge   |   Thu, 17 Nov 2016 15:31:30

Accounting News Roundup: Deloitte vs. Brexit; Corporate Tax Cuts; EY Coaches Club | 11.17.16

Deloitte vs. Brexit We've all been so distracted with our own mess, that we've kinda lost sight of the UK's disaster.
Going Concern   |   Thu, 17 Nov 2016 15:22:41

Ukip 'misspent' EU funding on Brexit campaign

EU parliament report says the party used €450,000 on electioneering
FT   |   Thu, 17 Nov 2016 14:23:40

Britain Should Pay into EU Budget Until 2020

Britain should keep contributing to the European Union's seven-year budget until the end of the budgetary period in 2020, even though it could leave the EU in 2019, Poland's deputy foreign minister said. Konrad Szymanski spoke a day after he met the European Commission's main Brexit negotiator, Michel Barnier, and ...
OANDA   |   Thu, 17 Nov 2016 13:45:53

UKIP group misspends nearly half a million Euros on Brexit campaign

Laura Hughes / Telegraph   |   Thu, 17 Nov 2016 13:30:06

Royal Mail blames Brexit for fall in letter deliveries

Telegraph   |   Thu, 17 Nov 2016 12:49:24

Royal Mail profits fall as businesses send less junk mail

Brexit vote hits marketing mail and overall letters business continues to decline Uncertainty around Brexit has led to a dip in the amount of junk mail companies send, helping to push down profits for Royal Mail. The company said its revenue from marketing mail fell by 8% in the six ...
Graham Ruddick / Guardian   |   Thu, 17 Nov 2016 12:47:38

Google's $1.25 billion investment for the UK helps tech sector shake off its post-Brexit anxiety

Google's plans to invest in London has been well received by the country's tech sector and signals a sign of confidence.
CNBC   |   Thu, 17 Nov 2016 12:28:00

Is Brexit a sweet deal for this sugar company?

BBC Breakfast's Ben Thompson visits Tate and Lyle's sugar warehouse in east London to find out just how ready the company is for Brexit.
BBC   |   Thu, 17 Nov 2016 12:13:59

The Marmite row is the first sign of the true cost of Brexit for food producers

The result of the Brexit-inspired falling pound is that we are, and will continue to be, at the mercy of increasingly expensive imports Last month, Marmite managed to leave a nasty taste in the mouth for even those of us who like it. Unilever's attempt to increase the price, allegedly ...
Jay Rayner / Guardian   |   Thu, 17 Nov 2016 12:00:47

Brexit: Could UK get 'associate EU citizenship'?

Euro MPs consider offering the UK "associate EU citizenship" - but could it work legally?
BBC   |   Thu, 17 Nov 2016 11:39:11

Italy and Austria elections keep Europe on edge

Fears rise about populist wave following Brexit vote and Trump victory
FT   |   Thu, 17 Nov 2016 11:34:30

UK retail sales surge due to colder weather and Halloween

Consumers remain defiant in face of Brexit uncertainty and signs that era of low inflation may be ending A rush to buy winter clothes and buoyant Halloween trade for supermarkets helped UK retail sales grow at the fastest pace for 14 years in October. Official figures chimed with other indicators ...
Katie Allen / Guardian   |   Thu, 17 Nov 2016 11:05:12

REPORT: Leaked document claims UKIP misspent almost £500,000 of EU funds on Brexit campaign

Sky News says it has obtained a leaked document alleging UKIP misspent almost £500,000 of EU funding on electioneering and its Brexit campaign. According to the leaked audit, UKIP broke EU spending rules by spending money on polling during its general election campaign in 2015 and ahead of the EU ...
Business Insider   |   Thu, 17 Nov 2016 11:03:53

UK: It's still spend, spend, spend but risks lie ahead - ING

James Smith, Economist at ING, notes that the UK retail sales surged by 2% in October as consumers continue to be fairly unfazed by Brexit. But the ri
Sandeep Kanihama / FX Street   |   Thu, 17 Nov 2016 10:38:32

Great Portland Estates flags weak London market

Group posts 6-month loss as rents fall during 'period of uncertainty' after Brexit vote
FT   |   Thu, 17 Nov 2016 10:11:04

Brexit looks like a footnote compared to Trump win, says Barclays boss

The impact of June's Brexit vote is overshadowed by Donald Trump's recent triumph in the US race for the White House, the boss of Barclays said today.
Here Is The City   |   Thu, 17 Nov 2016 09:46:59

Brexit: More people recognise fictitious MEP than real ones

A greater percentage of people believe a fictitious person is a Welsh MEP than recognise three real ones, a survey suggests.
BBC   |   Thu, 17 Nov 2016 07:27:36

Trump's shock election victory casts shadow over French presidential race

Donald Trump's election looms large over the race for president of America's oldest ally France, where mainstream candidates all style themselves as uniquely qualified to prevent a similar upset by the far right. How many Brexits, how many American elections, how many lost European referendums do you need to finally ...
Agence France-Presse / South China Morning Post   |   Thu, 17 Nov 2016 07:12:02

EUR/GBP: Brexit repriced again but high uncertainty set to prevail - Danske Bank

Morten Helt, Senior Analyst at Danske Bank, notes that the GBP has rallied significantly since Donald Trump won the US presidential election, as the p
Sandeep Kanihama / FX Street   |   Thu, 17 Nov 2016 06:35:38

Johnson Matthey: Performance to improve in second half

From a currency point of view, in the short-term Brexit works for Johnson Matthey, however the future remains uncertain, says the chemicals firm's CEO, Robert MacLeod.
CNBC   |   Thu, 17 Nov 2016 06:24:00

Trump's Win, Brexit Stem From Mishandling of Globalization, Obama Says

President Barack Obama saidthat America's election of Donald Trump and the U.K.'s vote to leave the European Union reflect a political uprising in the West over economic inequities spawned by leaders' mishandling of globalization.
WSJ   |   Thu, 17 Nov 2016 04:32:37

Derivatives traders' post-Brexit cover shoots higher

CFTC data show five largest clearing houses demanded extra money to cover volatility
FT   |   Thu, 17 Nov 2016 01:40:59

'Post-truth' aces 'alt-right,' 'Brexiteer' as Oxford Dictionaries word of year

Oxford dictionary editors have chosen their word of the year: a term sometimes used to describe the current political climate. Oxford Dictionaries said Wednesday that use of the term rose 2,000 percent between 2015 and 2016, often in discussions of Britain's decision to leave the European Union and the campaign ...
Japan Times   |   Thu, 17 Nov 2016 01:26:05

Brexit exposed?

Will the Autumn Statement reveal more about the government's Brexit plans than about the economy?
BBC   |   Thu, 17 Nov 2016 00:14:34

Justin Welby to help UK thinktank build vision of post-Brexit economy

Archbishop of Canterbury among leading figures joining two-year study by left-leaning Institute for Public Policy Research The archbishop of Canterbury will spend the next two years as part of a commission launched by a left-leaning thinktank that aims to rewrite the rules for Britain's post-Brexit economy. Justin Welby will join ...
Larry Elliott Economics editor / Guardian   |   Thu, 17 Nov 2016 00:01:33

UK faces £100bn Brexit hole in budget

Autumn Statement to reveal hit to growth and tax income over next five years
FT   |   Wed, 16 Nov 2016 21:28:00

Brexit & Beyond: U.K. Unemployment Lowest In Decade, EU Cracks Budget Whip, Macron Throws Hat Into Ring

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 The unemployment rate stood at 4.8% in the third quarter of the year, compared with 4.9% in ...
MoneyBeat   |   Wed, 16 Nov 2016 19:16:22

Neoliberalism and other factors in the breakdown of society | Letters

George Monbiot concludes that, in response to the crisis that lies behind Brexit and Trump, what we need is "a new story of what it is to be a human in the 21st century" (The deep story beneath Trump's triumph, 14 November). What we actually need is a revolution in ...
Letters / Guardian   |   Wed, 16 Nov 2016 19:03:20

Boris Johnson attacked over 'Prosecco insult'

An Italian minister attacks Boris Johnson for allegedly suggesting Italy could lose Prosecco sales post-Brexit.
BBC   |   Wed, 16 Nov 2016 18:49:22

Is Nigel Farage heading for the Lords?

He said he had achieved his political ambition with Brexit, but is the House of Lords Nigel Farage's next stop?
BBC   |   Wed, 16 Nov 2016 18:24:10

UK unemployment rate falls to 4.8% but claimant count jumps - as it happened

Britain's jobless rate has dropped to a new 11-year low, but the number of people receiving unemployment benefit has risen by almost 10,000 Oil volatile but Opec deal hopes grow Jobless rate hits 11-year low But claimant count suggests storms ahead Average earnings (ex bonuses) rise by 2.4% The key ...
until 12.35 / Guardian   |   Wed, 16 Nov 2016 17:39:15

Brexit testing Whitehall, says former top official

Senior staffers prepared to quit amid fears of acrimonious departure process
FT   |   Wed, 16 Nov 2016 17:35:19

Canada says EU trade deal to be basis for post-Brexit pact with UK

A post-Brexit trade deal between Canada and Britain will use the European Union CETA pact as its basis
Reuters / Financial Post   |   Wed, 16 Nov 2016 17:24:03

Britons want EU market access and immigration curbs

Survey shows dilemma facing government as it prepares for Brexit
FT   |   Wed, 16 Nov 2016 16:41:43

British Land: Brexit rumpus on campus

A diversification of Broadgate tenants could prove prescient if bankers depart
FT   |   Wed, 16 Nov 2016 16:40:22

UK Unemployment Fell to 11 Year Low

Britain's unemployment rate fell in the first three months after the Brexit vote to its lowest level in 11 years but there were some signs that a slowdown in the labour market could be coming. The unemployment rate edged down to 4.8 percent in the July-September period, compared with a ...
OANDA   |   Wed, 16 Nov 2016 16:34:29

Eastern EU workers in UK 'up post-Brexit vote'

The number of eastern EU workers in the UK increased after the referendum, official estimates suggest.
BBC   |   Wed, 16 Nov 2016 16:32:56

Barratt cuts price of £1m-plus London homes

Housebuilder says overall market conditions are healthy and Brexit vote has not hit demand for new homes One of Britain's biggest housebuilders has started cutting prices on some of its most expensive London homes because of waning demand at the top end of the market. Barratt Developments said that although ...
Angela Monaghan and Hilary Osborne / Guardian   |   Wed, 16 Nov 2016 16:03:29

Supreme Court judge in the U.K. warns that Brexit could take years and be 'difficult' to achieve

The U.K.'s Justice Hale said a "simple act of Parliament" may not be enough to ensure the country leaves the European Union
The Telegraph / Financial Post   |   Wed, 16 Nov 2016 15:38:36

Unemployment falls to 11-year low

Office for National Statistics reports joblessness at 4.8% in September and small rise in wages Unemployment dropped to its lowest level in 11 years in September in a further indication that Britain's employers have largely shrugged off the Brexit vote. Official figures show the unemployment rate was 4.8%, the lowest ...
Phillip Inman Economics correspondent / Guardian   |   Wed, 16 Nov 2016 15:07:31

'Post-truth' named 2016 word of the year by Oxford Dictionaries ¯\_()_/¯

It's official: Truth is dead. Facts are passe. And this sentiment - 😂 - is so last year. Oxford Dictionaries has selected as 2016's international word of the year, after the contentious "Brexit" referendum and an equally divisive U.S. presidential election caused usage of the adjective to skyrocket, according to ...
The Fix   |   Wed, 16 Nov 2016 14:16:36

'Post-truth' is the Word of the Year thanks to Brexit, Trump's election campaigns

How should the world define 2016? According to Oxford Dictionaries, one simple phrase sums up 2016:
CNBC   |   Wed, 16 Nov 2016 14:04:00

Barclays boss: London's 'gravitational pull' on finance will not wane after Brexit

Telegraph   |   Wed, 16 Nov 2016 13:34:52

'Post-truth' named word of the year

The Oxford English Dictionary has named the international word of the year after its usage spiked around the Brexit vote and the US election.
CNN   |   Wed, 16 Nov 2016 13:10:43

Britons want EU market access and immigration curbs

Survey shows dilemma facing government as it prepares for Brexit
FT   |   Wed, 16 Nov 2016 13:04:09

Standard Chartered CEO: One chart explains the Brexit vote and why Trump is now US President-elect

The election of Donald Trump, and collapse of the centre ground in politics, is a crisis of globalisation brought about by inequality, Bill Winters, CEO of Standard Chartered said. Populist uprisings, including the UK's vote to leave the European Union, spark "tons of open questions," Winters said. "But we shouldn't ...
Business Insider   |   Wed, 16 Nov 2016 13:01:47

SAPVoice: Are Humans Already Obsolete?

In the aftermath of the Brexit vote to leave, one of the Tweets that caught my eye was from founder and CEO of analyst firm HfS Research Phil Fersht, which simply said, "At least the British can stop worrying about robots taking their jobs. Just get rid of the jobs ...
Mike Ettling, SAP / Forbes   |   Wed, 16 Nov 2016 12:49:00

If you're not part of the club, you don't get the perks: EU minister slams UK's Brexit plans

UK decision to leave Europe will mean firms will be left outside the single market, said the EU's top finance minister.
CNBC   |   Wed, 16 Nov 2016 12:47:00

UPDATE 1-Brexit talks will take "a lot longer" than two years, Eurogroup head says

LONDON, Nov 16 (Reuters) - Negotiations over Britain's departure from the European Union are very complex and are going to take longer than the scheduled two years, Eurogroup President Jeroen...
Reuters   |   Wed, 16 Nov 2016 12:18:25

Peter Mandelson's Nonsensical Assertion - Open Europe And Post-Brexit Import Tariffs

Peter Mandelson has just made the most monstrously misleading assertion, one that is just nonsensical. He is insisting that post-Brexit Britain will have to charge tariffs upon imports. This is simply not true--it is just flat out not true in any manner whatsoever. All of which makes it a little ...
Tim Worstall, Contributor / Forbes   |   Wed, 16 Nov 2016 12:11:00

Employment not hit by Brexit vote - but there may be clouds ahead

Joblessness has hit a new 11-year low, but a rise of almost 10,000 in the claimant count suggests we could be at a turning point All things considered, the government will be happy with how the labour market performed in the first three months after the EU referendum. Unemployment has ...
Larry Elliott / Guardian   |   Wed, 16 Nov 2016 11:44:27

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