Brexit News Archive: 22 Nov 2016

Biggest Issue Facing Investors Is Not Trump, Brexit Or Even The Economy

As a wealth manager, more than a few things keep me up at night, including what the election of Donald Trump means for the markets, the country's economy and how Brexit will ultimately unfold. Perhaps my biggest worry continues to be that investors - both on the retail and institutional ...
Steven Dudash, Contributor / Forbes   |   Tue, 22 Nov 2016 20:09:00

GBP/USD: making hard work of the upside, Brexit risks remain the challenge for bulls

Currently, GBP/USD is trading at 1.2396, down -0.78% on the day, having posted a daily high at 1.2515 and low at 1.2384. GBP/USD is making hard work
Ross J Burland / FX Street   |   Tue, 22 Nov 2016 19:43:44

GBP/USD to now underperform again on Brexit risks - Scotiabank

Analysts at Scotiabank explained that Sterling is under-performing even though UK data reports (public finances and CBI industrial orders data) were a
Ross J Burland / FX Street   |   Tue, 22 Nov 2016 19:00:38

Aldi and Lidl hike milk and banana prices as pound's fall bites

Move marks step change in price war between German discounters and UK's big four supermarkets Discount chains Aldi and Lidl have begun putting up the price of basic groceries, including milk and bananas, as the squeeze from the Brexit-driven fall in the value of the pound hits home. The two ...
Sarah Butler / Guardian   |   Tue, 22 Nov 2016 18:55:10

UK missing deficit target, as households grow gloomier about Brexit - as it happened

British government unlikely to hit this year's deficit target despite cutting October's borrowing by 25% to £4.8bn Dow breaks 19,000 as Wall Street hits new highs Long-term pessimism about Brexit grows UK public finances better than expected in October... But deficit on track to breach £55bn target for this year ...
until 2.45 / Guardian   |   Tue, 22 Nov 2016 17:48:42

Brexit Britain faces threat of higher EU barriers

Regulatory fragmentation presents risk to City of London even before negotiations begin
FT   |   Tue, 22 Nov 2016 17:43:21

Flighty pound rises above Brexit cloud

Sterling has better November but sudden moves become a growing feature
FT   |   Tue, 22 Nov 2016 17:04:50

Plant hire group Hewden collapses after Brexit warning

Unions fear hundreds of jobs are at risk as heavy machinery rental business goes into administration Unions fear hundreds of jobs are at risk after administrators were called into plant hire group Hewden, which has blamed uncertainty caused by Brexit for its financial predicament. Accountants EY immediately made 251 of ...
Jill Treanor / Guardian   |   Tue, 22 Nov 2016 16:52:46

Ireland reluctant to host high-risk bank trading after Brexit -sources

Ireland lacks specialised supervisors for risky trade- source. *Bank bailout in 2008 cost Ireland 40 pct of GDP. LONDON/ DUBLIN, Nov 22- Ireland has signalled to several large investment banks it would be reluctant to host large trading operations, banking sources told Reuters, despite Dublin's desire to attract financial sector ...
CNBC   |   Tue, 22 Nov 2016 16:02:00

Hewden collapses into adminstration after warning about Brexit slowdown

Telegraph   |   Tue, 22 Nov 2016 15:52:43

Brexit deadlock could halt flights to Europe, warns Ryanair boss

Michael O'Leary attacks British ministers over their 'mildly lunatic optimism' and acting 'like Dad's Army' in EU talks Political deadlock over Brexit could halt flights between the UK and Europe, according to the founder of Ryanair, who warned that Britain's aviation industry is being "walked off a cliff" by the ...
Gwyn Topham Transport correspondent / Guardian   |   Tue, 22 Nov 2016 15:35:52

UK public finances: beware excessive pessimism

The consensus view is that the outlook for the UK public finances has deteriorated significantly since the Brexit vote. Rising nominal GDP growth, however, is supporting central government receipts, suggesting only a modest overshoot of the Office for Budget Responsibility's March forecast of net borrowing of £55.5 billion in 2016-17. ...
Money Moves Markets   |   Tue, 22 Nov 2016 14:29:56

How has the Brexit vote affected the economy? November verdict

How has the economy reacted to the vote to leave the EU on 23 June? Each month we look at key indicators to see what effect the Brexit process has on growth, prosperity and trade in the UK Continue reading...
Katie Allen and Paul Scruton / Guardian   |   Tue, 22 Nov 2016 13:30:25

The Brexit economy: remarkable resilience as spectre of inflation looms

Latest monthly Guardian analysis of data points to post-referendum economy holding up well. But will it last for 2017? • Help fund our journalism by becoming a Guardian supporter The chancellor, Philip Hammond, has been given a boost ahead of his maiden autumn statement by a Guardian analysis showing the ...
Katie Allen / Guardian   |   Tue, 22 Nov 2016 13:30:21

The UK economy is slowing - experts debate the Brexit watch data

Two ex-members of the Bank of England interest rate-setting committee discuss what lies in store after the EU referendum David Blanchflower, professor of economics at Dartmouth College, New Hampshire, and former member of the Bank of England's monetary policy committee (MPC) from June 2006 to May 2009 The UK economy ...
Guardian Staff / Guardian   |   Tue, 22 Nov 2016 13:30:17

'Nothing is clear' - Brexit boss faces questions in Strasbourg

What do you want out of this divorce?
euronews   |   Tue, 22 Nov 2016 13:10:36

Autumn Statement 2016 predictions: what to expect

Chancellor will set out plans for taxes, spending and borrowing as Brexit looms
FT   |   Tue, 22 Nov 2016 13:03:42

May's 'say nothing' Brexit stance won't keep cabinet together: warns Scotland's First Minister

U.K.'s May has chosen to "say nothing" on Brexit to avoid upsetting certain cabinet members, said Scotland's Minister
CNBC   |   Tue, 22 Nov 2016 12:24:00

Britain Rejects Trump's Call To Make Nigel Farage US Ambassador

In his latest surprising tweet on Monday evening, Donald Trump revealed an unprecedented expression of support for Brexit campaigner Nigel Farage - whom he met after his election victory before any other EU leaders - to be made British ambassador to Washington, saying "many people would like to see Nigel ...
Zero Hedge   |   Tue, 22 Nov 2016 12:21:01

UK manufacturers enjoy strong order books but prices being forced up

CBI says fall in sterling since Brexit vote is pushing up cost of materials, with factory gate prices rising at fastest for two years Britain's factories are poised to raise both output and prices over the coming months as they continue to adjust to the impact of the EU referendum ...
Larry Elliott Economics editor / Guardian   |   Tue, 22 Nov 2016 12:16:56

Mitchells & Butlers warns of Brexit impact on profits

Company says plunge in sterling after EU vote will raise food and drink costs Mitchells & Butlers has warned of problems ahead as the pubs group reported a dip in full year revenues and profits. The Harvester and All Bar One owner said like for like sales fell 0.8% although ...
Nick Fletcher / Guardian   |   Tue, 22 Nov 2016 12:12:13

Philip Hammond: a cautious, unflashy and quietly confident chancellor

The autumn statement shows every sign of reflecting his approach to the job, but behind the bland exterior lie strong views Philip Hammond is the Brexit chancellor. Just as Alistair Darling was the Northern Rock chancellor, Stafford Cripps the austerity chancellor and Norman Lamont the Black Wednesday chancellor. He may ...
Heather Stewart Political editor / Guardian   |   Tue, 22 Nov 2016 11:44:56

Britain to Trump: "No vacancy" for Farage as ambassador

Britain dismissed US President-elect Donald Trump's unprecedented expression of support for Brexit campaigner Nigel Farage to be made British ambassador to Washington, saying pointedly that there is no vacancy for the job. Trump, who after his election victory met Farage before any EU leaders, said on Twitter that "many people" ...
Times of Malta   |   Tue, 22 Nov 2016 11:10:00

Brexit bridge deal for banks nice in theory, tough in practice

LONDON, Nov 22- Banking executives have welcomed hints that Prime Minister Theresa May will push for a transitional period to help them adjust to Britain's exit from the EU but they fear such a deal might not work in practice. With banks planning for life after Britain leaves the European ...
CNBC   |   Tue, 22 Nov 2016 10:57:00

UK: Brexit uncertainty and pound volatility - MUFG

Lee Hardman, Currency Analyst at MUFG, suggests that what is clear is that Brexit uncertainty is continuing to result in higher pound volatility as th
Sandeep Kanihama / FX Street   |   Tue, 22 Nov 2016 10:34:51

GBP/USD drops sharply to 1.2435 on Brexit headlines

After a solid rebound staged a day before, the GBP/USD pair consolidates the strong and gathers pace for further upside amid a risk-friendly market en
Dhwani Mehta / FX Street   |   Tue, 22 Nov 2016 10:26:53

White goods set to soar on Black Friday as shoppers rush to beat price rises

AO World boss warns post-Brexit vote price increases are inevitable given sterling's weakness with consumers feeling the full impact in January This year's Black Friday will be the biggest yet as shoppers snap up large items such as fridges before Brexit-induced price rises take effect in January, the boss of ...
Sean Farrell / Guardian   |   Tue, 22 Nov 2016 10:18:45

UK: Hopes for transitional Brexit arrangement boost the pound - MUFG

Lee Hardman, Currency Analyst at MUFG, notes that the pound has remained at stronger levels in the Asian trading session after strengthening sharply y
Sandeep Kanihama / FX Street   |   Tue, 22 Nov 2016 09:16:20

What markets expect from the Autumn Statement

Investors watch for higher government spending and greater direction on Brexit
FT   |   Tue, 22 Nov 2016 08:51:41

May Acknowledges Business Warning Over Brexit Cliff Edge

Here is the opening of this interesting article from Bloomberg: Prime Minister Theresa May acknowledged calls from British business leaders to avoid a "cliff edge" in which the U.K. leaves the European Union before sealing a fresh trade deal, signaling she may be open to seeking a transitional agreement to ...
Proactive Investors   |   Tue, 22 Nov 2016 08:48:00

UK rules out making Nigel Farage the British ambassador to Washington despite Trump's backing

After US President-elect Donald Trump said many people would like to see Brexit campaigner Nigel Farage as British ambassador to Washington, Prime Minister Theresa May's office pointedly ruled out such a move. Many people would like to see @Nigel_Farage represent Great Britain as their Ambassador to the United States. He ...
Agencies / South China Morning Post   |   Tue, 22 Nov 2016 07:55:04

A post-Brexit trade deal is not top of Canada's priorities

Canada is more concerned about what President-elect Donald Trump could do to the North American Free Trade Agreement (NAFTA) than with working out a post-Brexit trade deal. Finance Minister Bill Morneau said in an interview with the Financial Times on Tuesday that, while Canada is keen to reach a deal ...
Business Insider   |   Tue, 22 Nov 2016 07:52:15

Britain tells Trump: 'There is no vacancy' for Farage as ambassador to United States

After U.S. President-elect Donald Trump said many people would like to see Brexit campaigner Nigel Farage as British ambassador to Washington, Prime Minister Theresa May's office pointedly ruled out such a move. "There is no vacancy," a Downing Street spokesman said when asked about Trump's remark Tuesday. "We already have ...
Japan Times   |   Tue, 22 Nov 2016 07:51:22

Trump: Brexit King Nigel Farage Would Be A Good British Ambassador To The U.S.

function LONDON, Nov 22 (Reuters) - U.S. President-elect Donald Trump said many people would like to see Brexit campaigner Nigel Farage as British ambassador to Washington. Many people would like to see @Nigel_Farage represent Great Britain as their Ambassador to the United States. He would do a great job! - ...
Huffington Post   |   Tue, 22 Nov 2016 07:39:08

Brexit vote wiped $1.5tn off UK household wealth in 2016, report says

Oxfam criticises rising inequality as Credit Suisse finds top 1% of richest Britons own 24% of nation's assets The UK saw $1.5tn (£1.2tn) wiped off its wealth during 2016 after the Brexit vote sent the pound tumbling and the stock market into reverse, according to a survey by Credit Suisse. ...
Phillip Inman Economics correspondent / Guardian   |   Tue, 22 Nov 2016 07:00:29

Brexit Secretary David Davis to meet EU negotiator

Brexit Secretary David Davies is to meet the European Parliament's chief negotiator in Strasbourg.
BBC   |   Tue, 22 Nov 2016 05:42:54

What markets expect from the Autumn Statement

Investors looking at higher government spending and greater direction on Brexit
FT   |   Tue, 22 Nov 2016 04:08:15

Trump slams media for questioning business ties, praises Brexit leader Farage

President-elect Donald Trump said Nigel Farage would do "a great job" as Great Britain's ambassador to the U.S.
CNBC   |   Tue, 22 Nov 2016 03:49:00

Brexit cuts U.K. household wealth by $1.5 trillion

U.K. household wealth has plummeted by $1.5 trillion as a "direct result" of the vote to leave the EU.
CNN   |   Tue, 22 Nov 2016 02:25:56

Brexit slashes U.K. household wealth by $1.5 trillion

U.K. household wealth has plummeted by $1.5 trillion as a "direct result" of the vote to leave the EU.
CNN   |   Tue, 22 Nov 2016 02:01:24

Brexit cuts UK household wealth by $1.5T

CNN   |   Tue, 22 Nov 2016 02:01:15

How Millennials Are Breaking Down Class Barriers Post Brexit And Trump

Millennials are now the biggest consumers of wine but not as you might think. With 1-2% growth year over year, how will the $38 billion industry avoid becoming yesterday's news? Here are three ways new businesses are pushing things forward.
Paul Armstrong, Contributor / Forbes   |   Mon, 21 Nov 2016 22:38:00

British food exports outside EU grow at double pace

Near 20 per cent rise boosts Brexiters but two-thirds of trade still goes to bloc
FT   |   Mon, 21 Nov 2016 20:14:49

Theresa May seeking transitional Brexit deal to avoid 'cliff edge'

Steven Swinford / Telegraph   |   Mon, 21 Nov 2016 19:32:08

May just about manages to hold CBI's attention - thanks to a moth

Only a smattering of applause greeted the prime minister's repackaging of every other Brexit speech she has given recently The timing could have been better. Just two days before Philip Hammond was due to explain in his autumn statement how Brexit was going to blow a £100bn hole in the ...
John Crace / Guardian   |   Mon, 21 Nov 2016 19:09:05

Hard Brexit would leave British people poorer - Labour MPs | Letter

The ideology driving some Tory MPs to support a hard Brexit would be a disaster for working people. Falling back on World Trade Organisation rules would not be a clean break but the most destructive, harshest of settlements, which would lead to fewer jobs and less business investment, and would ...
Letters / Guardian   |   Mon, 21 Nov 2016 19:00:25

Theresa May bids to reassure business on Brexit 'cliff-edge'

Theresa May tries to reassure businesses fearing a sudden "cliff edge" change in rules once the UK leaves the EU.
BBC   |   Mon, 21 Nov 2016 18:30:41

Google and Facebook back post-Brexit UK, but tech worries linger

Technology heavyweights are investing in Britain despite political uncertainty and concerns over skills shortages Technology was flagged as one of the British industries that would suffer most in the wake of a Brexit vote, with almost nine out of 10 London-based tech professionals opposing an EU exit. Several months after ...
Alex Hern / Guardian   |   Mon, 21 Nov 2016 18:22:22

New Facebook London HQ to make 500 jobs

(ChinaPost.com.tw) - Facebook will open a new London headquarters next year and create another 500 jobs, the leading social network said Monday, despite uncertainty over Brexit.
The China Post   |   Mon, 21 Nov 2016 16:17:00

UK inflation expectations rise at fastest rate since 2011-Barclays

LONDON, Nov 21- Public expectations for inflation in Britain in one year's time have risen at their sharpest rate in more than five years following the sharp fall in sterling since June's Brexit vote, a quarterly survey published by Barclays showed on Monday. The Bank of England forecast this month ...
CNBC   |   Mon, 21 Nov 2016 15:39:00

A post-Brexit, post-Trump World could learn from Colombia

A shell-shocked America, a Brexit-divided United Kingdom and a crisis-stricken Europe: they should all note the conciliatory efforts made by Nobel Peace Prize winner Juan Manuel Santos in Colombia. Español This year a series of ballot results have left Western democracies in shock and "experts" scrambling to find answers. In ...
Open Democracy   |   Mon, 21 Nov 2016 15:30:00

Japan Inc upset with Brexit uncertainty

Japan wants "an uninterrupted and transparent" Brexit amid exporters'concerns of losing access to the single market.
CNBC   |   Mon, 21 Nov 2016 15:04:00

Philip Hammond's task more difficult than solving 2008 crisis, says Darling

• Ex-chancellor says incumbent faces 'chronic problems'• 'There is so much he doesn't know yet'• Austerity, falling pound, Trump victory and Brexit causing uncertainty Been there. Done that. Alistair Darling has the T-shirt with "I was in charge when the banks nearly went bust" emblazoned across it. He knows exactly ...
Larry Elliott Economics editor / Guardian   |   Mon, 21 Nov 2016 15:01:56

UK's May courts business seeking to avoid Brexit exodus

Prime Minister Theresa May set out plans to get big business behind her Brexit strategy on Monday.
CNBC   |   Mon, 21 Nov 2016 13:51:00

British PM Theresa May seeks to calm fears over Brexit

May tries aims to soothe fears of business leaders at key speech in London, saying doors will open to "old allies".
Al Jazeera   |   Mon, 21 Nov 2016 13:36:17

May pledges to make Britain corporate tax haven

Britain's Prime Minister Theresa May has moved to ease business concerns over Brexit talks.
euronews   |   Mon, 21 Nov 2016 12:49:23

FSCS protection set to be revised back up to £85,000

The Brexit referendum has caused a 'structural shift' in the pound-euro exchange rate, says the Bank of England The protection threshold on savings is set to be restored to £85,000 following the collapse in the value of the pound prompted by the UK's decision to leave the EU. British banks ...
Hilary Osborne / Guardian   |   Mon, 21 Nov 2016 12:39:56

Gold under a Trump presidency could rise to USD1,550/oz by 2017 end - HSBC

Research Team at HSBC, suggests that the Trump presidency, the course of Brexit, and elections and other political events in the Eurozone will help sh
Sandeep Kanihama / FX Street   |   Mon, 21 Nov 2016 12:35:05

Theresa May seeks to allay business Brexit fears

Aides say PM is not hinting at transitional deal to smooth exit
FT   |   Mon, 21 Nov 2016 12:31:53

Theresa May hints at transitional Brexit deal to avoid 'cliff edge' - video

Theresa May addresses the Confederation of British Industry conference on Monday. The prime minister suggests that the UK will seek a transitional deal that cushions business from the sudden impact of leaving the European Union. Such a deal may involve staying in the single market or retaining some aspects of ...
Guardian Staff / Guardian   |   Mon, 21 Nov 2016 12:21:20

Brexit has 'many ways' of ending up at ECJ

Europe's most senior judge outlines potentially pivotal role in UK's departure
FT   |   Mon, 21 Nov 2016 12:16:01

Theresa May open to transitional Brexit deal

Prime minister seeks to calm business fears over damaging exit from EU
FT   |   Mon, 21 Nov 2016 11:57:18

Government working hard to avoid Brexit cliff edge for business - May

PM's response to calls for clarity from CBI suggests ministers will aim to implement a transitional deal during exit negotiations Theresa May has said that her government is working towards avoiding a "cliff edge" for business when Britain's two-year Brexit negotiating period comes to an end. The comments after a ...
Anushka Asthana Political editor / Guardian   |   Mon, 21 Nov 2016 11:48:23

Is this the PM's 'white heat' of technology moment?

UK scientists will be cock-a-hoop about Theresa May's promise of an extra $2bn in research funds, but the money will not allay their concerns about the approaching Brexit.
BBC   |   Mon, 21 Nov 2016 11:36:02

UPDATE 1-BoE to raise deposit after pound's Brexit plunge

LONDON, Nov 21 (Reuters) - The Bank of England has proposed raising on bank account deposits back to 85,000 pounds ($105,000) from Jan. 30, 2017, to reflect the sharp fall in sterling...
Reuters   |   Mon, 21 Nov 2016 11:33:10

Europe: From Grexit to Brexit to Frexit? - HSBC

Research Team at HSBC, suggests that Europe's political challenges are not new and indeed, it seems that since its creation, the single currency has s
Sandeep Kanihama / FX Street   |   Mon, 21 Nov 2016 11:11:03

BoE to raise deposit after pound's Brexit plunge

LONDON, Nov 21 (Reuters) - The Bank of England has proposed raising on bank account deposits to 85,000 pounds ($104,839)from January 30, 2017, after a sharp fall in the value of sterling...
Reuters   |   Mon, 21 Nov 2016 11:10:39

Facebook to expand in U.K. in latest vote of confidence after Brexit

Joins Google in boosting investment in Britain despite the uncertainty sparked by the vote to leave the European Union
Globe and Mail   |   Mon, 21 Nov 2016 11:06:55

Facebook to expand in UK in latest vote of confidence after Brexit

LONDON (Reuters) - Facebook said it would expand its UK presence by 50 percent in 2017, joining U.S. technology peer Google in boosting investment in Britain despite the uncertainty sparked by the vote to leave the European Union.
Embargo Zone   |   Mon, 21 Nov 2016 11:00:09

May acknowledges 'businesses need clarity' on Brexit

PM calls on industry to help build 'stronger, fairer country' in wake of referendum
FT   |   Mon, 21 Nov 2016 10:59:36

Sounding the alarm: UK Biotech Struggles to Cope With Brexit

UK-based biotech companies and their investors are slowly coming to terms with the likely exit or "Brexit" of the United Kingdom from the European Union. Speculation about what Brexit means for biotech has been circulating since the stunning referendum result from June, but the full consequences are still only beginning ...
Steve Dickman, Contributor / Forbes   |   Mon, 21 Nov 2016 10:54:00

British PM May says knows firms do not want 'cliff-edge' after Brexit

May also said there was a number of way to improve workers' representation in companies - a softening of an earlier pledge to make sure they were appointed to boards
Globe and Mail   |   Mon, 21 Nov 2016 10:51:35

Tom Bateman: Hammond's political challenge

Philip Hammond will reveal more of the government's thinking on the economy and Brexit at his first big set-piece event as chancellor.
BBC   |   Mon, 21 Nov 2016 09:53:58

Facebook to open new London HQ, create 500 new UK jobs

Facebook will open a new London headquarters next year and create another 500 jobs, the leading social network said on Nov. 21, despite uncertainty over Brexit
Hurriyet   |   Mon, 21 Nov 2016 09:35:08

4 charts that show why Marine Le Pen is no Trump

France's presidential election, happening in May 2017, is the next big political fixture in an era of shock upsets. From the UK's Brexit vote to Donald Trump's US election victory, analysts have been stunned by outcomes that were previously unthinkable. The Front National candidate, Marine Le Pen, represents the same ...
Business Insider   |   Mon, 21 Nov 2016 09:32:43

U.K. Aims to Boost Economy With Infrastructure Spending

The U.K. economy faces uncertainty as it negotiates its withdrawal from the European Union so the government must protect any gains but also invest in infrastructure to be prepared for any opportunities or challenges once it has left the bloc, Treasury chief Philip Hammond said.
WSJ   |   Mon, 21 Nov 2016 08:12:03