Brexit News Archive: 24 Nov 2016

Brexiteers will trash anyone who gets in their way | Martin Kettle

The attack on the Office for Budget Responsibility reveals where power now lies. Leavers are the masters, and will flex their muscles at will The Office for Budget Responsibility shines like a good deed in a naughty world. It was created as an independent statutory body in 2010 to promote ...
Martin Kettle / Guardian   |   Thu, 24 Nov 2016 19:51:43

Why is UK's productivity still behind that of other major economies?

Dismal trade, growth of low-level service jobs with low-level pay, and a chronic lack of investment only partly explain the gap Extra funds for new roads, research and development and skills training will drive up UK productivity and put the economy in a better position to withstand the looming Brexit ...
Phillip Inman Economics correspondent / Guardian   |   Thu, 24 Nov 2016 19:27:07

Pet retailing: through the woof

Pampering for Fido and Tiddles in the UK appears recession, and Brexit, proof
FT   |   Thu, 24 Nov 2016 17:24:11

How much will Brexit cost?

The Office for Budget Responsibility says the vote to leave the EU will add £58.7bn to government borrowing by 2020-21. Is that too gloomy?
BBC   |   Thu, 24 Nov 2016 16:20:43

Autumn Statement: Hammond defends post-Brexit economy forecasts

The chancellor says forecasts dubbed too negative by pro-Brexit MPs are "one of a range of outcomes".
BBC   |   Thu, 24 Nov 2016 16:19:52

ECB Warns of Political Risks to Financial Stability

Political uncertainty is putting the eurozone's financial stability at risk, according to the European Central Bank. The Brexit referendum and the US election both ratcheted up what it calls its "composite indicator of systemic stress". It says the 19 countries that use the euro could be hit by trade wars, ...
OANDA   |   Thu, 24 Nov 2016 15:34:22

Chaotic careers education harms economy, says Ofsted

Chaotic careers education in England's schools could jeopardise post-Brexit prosperity, says Ofsted.
BBC   |   Thu, 24 Nov 2016 15:28:00

Tony Blair says Brexit can be stopped

The former prime minister says that Britain's departure from the European Union is not etched in stone.
CNN   |   Thu, 24 Nov 2016 14:05:16

IFS warns of biggest squeeze on pay for 70 years

Respected thinktank says Brexit blow to the economy will peg back wages to below their 2008 level in 2021 Workers in Britain face the biggest squeeze on their pay for 70 years as a Brexit blow to the economy knocks wage growth and stokes inflation, according to an analysis of ...
Katie Allen / Guardian   |   Thu, 24 Nov 2016 13:26:14

Euro zone faces tense times in the wake of Brexit and Trump warns ECB

ECB fears for the euro zone
euronews   |   Thu, 24 Nov 2016 13:03:20

What will an extra £4.7 billion do for UK science and innovation?

An unexpected autumn statement windfall for research, innovation and industrial strategy has given scientists their first bit of cheer for a while The research community hasn't had much to smile about in recent months. Faced with the grinding uncertainties of Brexit, concerns over university finances, and a root-and-branch reorganisation of ...
James Wilsdon, Kieron Flanagan and Stian Westlake / Guardian   |   Thu, 24 Nov 2016 12:42:08

GBP: Impact of Brexit is likely to see uncertainty return - Westpac

Tim Riddell, Research Analyst at Westpac, suggests that the blow out in UK's budget deficits may have been sweetened by the infrastructure investment
Sandeep Kanihama / FX Street   |   Thu, 24 Nov 2016 12:25:03

Countrywide shares bulldozed as it expects fewer house sales

Shares in estate agent Countrywide plc (LON:CWD) were bulldozed 12% to 170.5p as it posted the second profit warning of the year, saying transactions would be hit due to the Brexit vote and changes in the government's stamp duty. Today's slump comes on top of a 5% drop on Wednesday ...
Proactive Investors   |   Thu, 24 Nov 2016 12:21:00

Countrywide shares bulldozed as it expects less house sales

Shares in estate agent Countrywide plc (LON:CWD) were bulldozed 12% to 170.5p as it posted the second profit warning of the year, saying transactions would be hit due to the Brexit vote and changes in the government's stamp duty. Today's slump comes on top of a 5% drop on Wednesday ...
Proactive Investors   |   Thu, 24 Nov 2016 11:37:00

UK sees rise in Neets: those not in education, employment or training

Increase to 11.9% of people aged 16-24 follows years of decline and fans fears that Brexit uncertainty will weaken jobs market There has been a rise in the number of young people in the UK who are not in education, employment or training, known as Neets. Official figures show an ...
Katie Allen / Guardian   |   Thu, 24 Nov 2016 11:33:18

UK living standards squeeze 'will be worse than after global crash'

Thinktank says low-paid will be hardest hit in next five years as inflation and welfare cuts compound slow earnings growth Families face a worse squeeze on their living standards over the next five years than they suffered in the wake of the financial crisis, as Brexit slows the economy, and ...
Heather Stewart and Jessica Elgot / Guardian   |   Thu, 24 Nov 2016 10:30:13

Countrywide shares fall after profit downgrade

UK estate agent warns that uncertainty over Brexit has hit house sales
FT   |   Thu, 24 Nov 2016 09:42:40

Philip Hammond defends 'doom and gloom' Brexit forecast

Eurosceptics dismiss OBR prediction of £59bn black hole which informed chancellor's cautious autumn statement Philip Hammond has said the government cannot ignore the £59bn black hole in the public finances directly related to Brexit, as pro-leave Tories criticised the economic forecast as overly pessimistic. Speaking after his first autumn statement, ...
Jessica Elgot Political reporter / Guardian   |   Thu, 24 Nov 2016 09:38:25

UK's Hammond: Economy faces many uncertainties not just Brexit - BBC

In an interview with BBC, the UK Chancellor Hammond, noted that the UK economy faces many uncertainties, not just Brexit-related. He added that the U
Dhwani Mehta / FX Street   |   Thu, 24 Nov 2016 09:15:41

Nigel Farage warns of 'seismic shock' if Brexit not delivered

"Another big seismic shock" could hit British politics at the next election, Nigel Farage warns.
BBC   |   Thu, 24 Nov 2016 09:02:55

Hammond admits forecasts of Brexit impact 'highly uncertain'

Tory Eurosceptics claim Autumn Statement based on 'worthless assumptions'
FT   |   Thu, 24 Nov 2016 09:02:09

Countrywide warns over profits amid housing slowdown

Estate agency says stamp duty changes and uncertainty after Brexit vote are leading to fewer sales, particularly in London UK estate agent Countrywide said changes to stamp duty and uncertainty following the Brexit vote meant transactions were significantly lower than last year and were likely to fall further in 2017. ...
Angela Monaghan / Guardian   |   Thu, 24 Nov 2016 08:56:50

Brexit uncertainty will hold UK GDP growth back, says OBR

Weaker business spending and a squeeze on consumers from higher inflation will dent the UK economy next year, but warnings for a post-referendum recession should prove unfounded, according to the government's independent forecasters.
Here Is The City   |   Thu, 24 Nov 2016 08:17:28

Ministers defend OBR after pro-Brexit Tories accuse it of scaremongering - Politics live

Rolling coverage of all the day's political developments as they happen, including reaction to the autumn statement and the IFS press conference 8.12am GMT Nick Robinson is interviewing Philip Hammond. Q: Is it time to apologise for saying you would tackle the deficit when you haven't? 8.10am GMT As usual, ...
Andrew Sparrow / Guardian   |   Thu, 24 Nov 2016 08:12:54

Chancellor's looser finance targets highlight weaker UK economy

City analysts say Philip Hammond's measures are sensible as Britain faces challenging years of Brexit negotiations There was a veneer of discipline in the chancellor's handling of the UK's public finances, after he ditched his predecessor's strict target of balancing the budget in 2020 with three looser targets to be ...
Phillip Inman Economics correspondent / Guardian   |   Thu, 24 Nov 2016 08:00:28

Hammond knows Britain's regional imbalance is risky. Why didn't he fix it? | Simon Jenkins

In the 2016 autumn statement the cities of the north have lost out, and all the spoils have gone to London and the south-east - again The chancellor, Philip Hammond, is Theresa May's chauffeur. It must be a ghastly job. He has to drive the economy towards Brexit, with no ...
Simon Jenkins / Guardian   |   Thu, 24 Nov 2016 06:00:25

The spin about post-truth

Why do good people suffer while evil flourishes like the old bay tree? This ancient question has reappeared with renewed force in our post-Brexit, Trump world. Only this time it's vexing professionals who pride themselves on their superior knowledge and enlightenment but who find their expertise scorned (by their intellectual ...
Ranier Fsadni / Times of Malta   |   Thu, 24 Nov 2016 05:39:02

S&P: Trump major infrastructure spending plans unlikely

Bloomberg reporting headlines from Frank Gill, Director of European Sovereign Ratings at Standard and Poor's (S&P), on the pound in wake of Brexit, an
Dhwani Mehta / FX Street   |   Thu, 24 Nov 2016 04:59:27

UK: Market response to Autumn Statement - Westpac

Tim Riddell, Research Analyst at Westpac, notes that the UK Chancellor Hammond presented the first Post-Brexit fiscal assessment for the May Conservat
Sandeep Kanihama / FX Street   |   Thu, 24 Nov 2016 04:52:09

UK: Hammond rips up the rule book... and the Autumns Statement - ING

James Knightley, Senior Economist at ING, suggests that the Brexit means lower growth and sharply higher borrowing, which has given the UK Chancellor
Sandeep Kanihama / FX Street   |   Thu, 24 Nov 2016 04:21:29

UK OBR: Cost of Brexit seen at GBP 58bln

The UK's independent Office for Budget Responsibility (OBR) came out with its calculation costs of Brexit cost, which is seen at GBP 58 bln, after th
Dhwani Mehta / FX Street   |   Thu, 24 Nov 2016 03:23:06

Autumn Statement: Government defends post-Brexit economy forecasts

The government says it is to assume forecasts about Brexit's impact on the economy are correct.
BBC   |   Thu, 24 Nov 2016 02:13:49

Philip Hammond presents the 2016 autumn statement - as it happened

Rolling coverage and analysis as chancellor Philip Hammond of extra borrowing and new spending plans OBR forecasts don't include 'bumpy Brexit' Borrowing will be £122bn larger than planned... ...including £58bn Brexit hit McDonnell: Long-term economic plan has failed Hammond gives autumn statement: highlights start here Tell us how Hammond's statement ...
Andrew Sparrow and Graeme Wearden / Guardian   |   Wed, 23 Nov 2016 22:00:33

Brexit will blow £59bn hole in public finances, admits Hammond

Chancellor attempts to strike cautiously upbeat tone but OBR warns of extra borrowing over next five years Philip Hammond conceded that Brexit will blow a £59bn black hole in the public finances over the next five years, as he outlined plans to boost investment in infrastructure and housing to equip ...
Heather Stewart, Rowena Mason / Guardian   |   Wed, 23 Nov 2016 20:39:09

Brexit inflicts £58bn hit on the public finances, says OBR

The key points from Philip Hammond's first Autumn Statement
FT   |   Wed, 23 Nov 2016 19:58:51

Autumn statement more Fifty Shades of Grey than Pride and Prejudice

A dysfunctional economy meant the chancellor, Philip Hammond, largely dispensed with political theatre Philip Hammond's first and last autumn statement was a sombre affair. The chancellor largely dispensed with political theatre to tell it straight. Britain's economy is dysfunctional. Austerity has failed. Welfare cuts are going to bite. Brexit will ...
Larry Elliott Economics editor / Guardian   |   Wed, 23 Nov 2016 19:47:36

Brexit uncertainty will hold UK GDP growth back, says OBR

Forecaster says weak business investment and rising inflation will affect economy but Britain will dodge recession Weaker business spending and a squeeze on consumers from higher inflation will dent the UK economy next year, but warnings for a post-referendum recession should prove unfounded, according to the government's independent forecasters. The ...
Katie Allen / Guardian   |   Wed, 23 Nov 2016 19:14:25

UK ramps up borrowing for Brexit while slicing growth forecasts

Britain has ramped up its borrowing outlook by much more than expected after forecasters said its vote to leave the European Union would hurt the economy, giving the government only a little room to ease looming pressure on households and firms. Finance minister Philip Hammond said June's referendum result made ...
Reuters / South China Morning Post   |   Wed, 23 Nov 2016 19:10:30

Over £400m extra funding set aside for Brexit process

Trade and Brexit departments and Foreign Office to receive funds amid criticism that Whitehall is understaffed and 'cannot cope' Philip Hammond has set aside up to £412m of additional funding to help Whitehall deal with leaving the European Union following criticisms that the civil service cannot cope with Brexit. The ...
Rajeev Syal / Guardian   |   Wed, 23 Nov 2016 18:48:47

Hammond's sober approach to post-Brexit Britain

The absence of ideology and gimmickry in the chancellor's debut is encouraging
FT   |   Wed, 23 Nov 2016 18:46:49

The chancellor has failed to provide a clear direction on Brexit | Alistair Darling

The vote to leave the EU has left a black hole in the UK's finances that Philip Hammond must urgently address The autumn statement is one of two set-piece occasions when the chancellor has the opportunity to set out his view of what is happening in the economy and where ...
Alistair Darling / Guardian   |   Wed, 23 Nov 2016 18:42:28

Autumn statement: OBR says Brexit impact could be even worse than feared - live

Rolling coverage and analysis as chancellor Philip Hammond presents his first autumn statement OBR forecasts don't include 'bumpy Brexit' Borrowing will be £122bn larger than planned... ...including £58bn Brexit hit McDonnell: Long-term economic plan has failed Hammond gives autumn statement: highlights start here Tell us how Hammond's statement affects you ...
Andrew Sparrow and Graeme Wearden / Guardian   |   Wed, 23 Nov 2016 18:33:36

Autumn Statement: Eurosceptic MPs accuse OBR of anti-Brexit forecasts as cost of leaving EU placed at £60bn

Telegraph View   |   Wed, 23 Nov 2016 18:20:06

U.K. Shelves Austerity in First Spending Plan Since Vote

In his first Autumn Statement, the chancellor of the Exchequer, Philip Hammond, laid out plans for helping those who are “just about managing.”
STEPHEN CASTLE / NY Times   |   Wed, 23 Nov 2016 18:11:12

CMC Markets suffers 29% fall in profits

Online trading company fails to capitalise on volatility that followed Brexit vote
FT   |   Wed, 23 Nov 2016 17:45:43

UK to borrow extra £23bn to prepare for Brexit

Funds will be used on investment projects amid deterioration in public finances
FT   |   Wed, 23 Nov 2016 17:28:04

Small businesses give Hammond's autumn statement 6 out of 10

Business groups are disappointed by failure to tackle business rates issues and lack of support following the vote for Brexit Investment in broadband, infrastructure and exporting, including a £23bn national productivity investment fund, were among the chancellor's announcements to boost business. Delivering his autumn statement Philip Hammond said: "My priority ...
Emma Sheppard, Emma Featherstone and Claire Burke / Guardian   |   Wed, 23 Nov 2016 16:46:52

The pound is fighting back after the government delivered its Autumn Statement

LONDON - The pound is pushing into positive territory after chancellor Philip Hammond delivered the government's first major economic update since Brexit - the Autumn Statement. As of 4.30 p.m. GMT (11.30 a.m. ET), sterling is trading higher by around 0.05%, breaking back above the $1.24 mark. Sterling traded lower ...
Business Insider   |   Wed, 23 Nov 2016 16:32:00

Philip Hammond's autumn statement is a welcome reality check

New chancellor faces up to the UK's deep-seated economic weaknesses now left exposed by the Brexit vote Philip Hammond's message was stark and clear. The result of the EU referendum in June means the economy has arrived at a reality checkpoint. Deep-seated weaknesses will be exposed as the government negotiates ...
Larry Elliott Economics editor / Guardian   |   Wed, 23 Nov 2016 16:17:10

The next vote that could freak out Europe comes up next week

The Brexit vote stunned markets in June, and Donald Trump shocked investors in November. The Italians may be next.
CNBC   |   Wed, 23 Nov 2016 16:07:00

Taxpayers face losses of £27bn for bailing out banks

Fall in lenders' shares after Brexit vote prompts watchdog to revise costs
FT   |   Wed, 23 Nov 2016 15:35:30

Brexit black hole takes shape

CNN   |   Wed, 23 Nov 2016 15:25:10

Three takeaways as OBR puts a cost on Brexit

FT   |   Wed, 23 Nov 2016 15:18:28

Murderer of British Lawmaker Jo Cox Sentenced to Life in Prison

A judge sentenced an unemployed gardener to life in prison for murdering British lawmaker Jo Cox in the days before the Brexit referendum.
WSJ   |   Wed, 23 Nov 2016 15:16:46

U.K. to borrow $151 billion more after Brexit vote

Britain's finance minister Philip Hammond made the announcement Wednesday during his Autumn Statement financial report.
USA Today   |   Wed, 23 Nov 2016 15:06:35

U.K. Cuts Economic Growth Forecasts in Wake of Brexit Vote

The U.K. economy will grow more slowly over the next few years than was forecast before the country voted to leave the European Union, Treasury chief Philip Hammond said.
WSJ   |   Wed, 23 Nov 2016 14:46:33

Autumn Statement 2016: experts respond

Philip Hammond, chancellor of the exchequer, has delivered Britain's first major economic statement since the Brexit vote in June. Here our panellists give their take on what it means for the UK economy. Stay tuned for further updates, and follow @ConversationUK on Twitter. The economy Geraint Johnes, Professor of Economics, ...
Michael White, Director, Real Estate Economics and Investment Research Group, Nottingham Trent University / The Conversation   |   Wed, 23 Nov 2016 14:39:15

How will the autumn statement change Britain? Our panel's views | Matthew d'Ancona, Martin Kettle, and Gaby Hinsliff

Our writers give their reaction to chancellor Philip Hammond's first autumn statement Related: Autumn Statement 2016: Hammond unveils £122bn Brexit black hole - live Related: Key points of the autumn statement - at a glance Related: Philip Hammond admits Brexit vote means £122bn extra borrowing Continue reading...
Matthew d'Ancona, Martin Kettle, and Gaby Hinsliff / Guardian   |   Wed, 23 Nov 2016 14:34:06

Britain's Brexit bonanza: slower growth, inflation and more borrowing

Growth in the UK looks set to drop in 2017
euronews   |   Wed, 23 Nov 2016 13:59:57

Philip Hammond admits Brexit vote means £122bn extra borrowing

Chancellor delays plans to balance books in autumn statement as he unveils investment in rail, telecoms and housing Philip Hammond has admitted the Brexit vote's blow to the economy would force the government to borrow £122bn more than hoped as he pushed back government plans to balance the books in ...
Katie Allen / Guardian   |   Wed, 23 Nov 2016 13:36:07

Autumn Statement: 'Resilient' economy for Brexit promised

Philip Hammond says forecasts point to higher borrowing and slower growth ahead for the UK.
BBC   |   Wed, 23 Nov 2016 13:22:24

Christmas cheer for UK retailers after Brexit vote

There may be some festive cheer for the UK's retail sector this Christmas after all following the Brexit vote, reckons Liberum, which has outlined its top company picks. The result on June 23 has impacted retail firms in three main ways - foreign exchange movements, consumer confidence, and company share ...
Proactive Investors   |   Wed, 23 Nov 2016 13:13:00

UK showed resilience post-Brexit vote - Chancellor P.Hammond

Phillip Hammond, Chancellor of the Exchequer, said in the Autumn Budget Statement that the UK has shown signs of resilience since the Brexit vote late
Pablo Piovano / FX Street   |   Wed, 23 Nov 2016 13:08:57

UK economy to grow at slowest pace since financial crisis

CNN   |   Wed, 23 Nov 2016 13:07:50

UK debt set to climb to levels not seen since 1964 following Brexit vote

Brexit will reduce the growth of the U.K. by 2.4 percent over the next five years according to the OBR.
CNBC   |   Wed, 23 Nov 2016 13:05:00

UPDATE 1-UK cuts growth forecasts in first budget plan since Brexit vote

LONDON, Nov 23 (Reuters) - Britain has cut its official forecasts for economic growth for the next two years, finance minister Philip Hammond said on Wednesday, as he delivered the country's first...
Reuters   |   Wed, 23 Nov 2016 13:03:49

Brexit uncertainty could hit investment in UK, warns German car chief

Matthias Wissmann's comments come amid growing frustration on continent at government's refusal to reveal strategy The head of the German car industry has added his voice to a growing chorus of demands from Europe for the UK government to urgently clarify its Brexit objectives. Matthias Wissmann, the president of the ...
Jon Henley European affairs correspondent / Guardian   |   Wed, 23 Nov 2016 13:02:28

Britain cuts growth forecasts in first budget plan since Brexit vote

Finance Minister Philip Hammond says GDP will grow by 1.4 per cent in 2017, down from an estimate of 2.2 per cent made in March, before June's Brexit vote
Globe and Mail   |   Wed, 23 Nov 2016 12:52:36

Brexit vote and Trump's election have created risks for banks, says S&P

The UK's vote for Brexit, Donald Trump's US election win and a slowdown in Chinese economic growth are combining to create significant risks for the global banking sector, a leading ratings agency warned on Wednesday.
Here Is The City   |   Wed, 23 Nov 2016 12:52:25

UK cuts growth forecasts in first budget plan since Brexit vote

LONDON, Nov 23 (Reuters) - Britain has cut its official forecasts for economic growth for the next two years, finance minister Philip Hammond said on Wednesday as he delivered the country's first...
Reuters   |   Wed, 23 Nov 2016 12:46:51

Hammond maps out post-Brexit path for economy in Autumn Statement

Chancellor targets living standards in budget debut as growth slows
FT   |   Wed, 23 Nov 2016 12:38:10

NATO's big problem isn't Trump, it's Brexit

CNN   |   Wed, 23 Nov 2016 12:34:43

Impact of Brexit doubts overstated, says MPC hawk

Economic performance since vote to leave EU shows pessimism is misplaced, conference told
FT   |   Wed, 23 Nov 2016 12:21:00

Brexit vote and Trump's election have created risks for banks, says S&P

Leading ratings agency warns that US president-elect's policies represent a 'wildcard' that could affect financial sector The UK's vote for Brexit, Donald Trump's US election win and a slowdown in Chinese economic growth are combining to create significant risks for the global banking sector, a leading ratings agency warned on ...
Jill Treanor / Guardian   |   Wed, 23 Nov 2016 12:17:28

Brexit News Archive: 24 Nov 2016     |     enquire