Brexit News Archive: 11 Jan 2017

BOE's Carney Could Upgrade UK Forecast

The Bank of England looks set to upgrade its forecasts for the UK economy after admitting that some of the risks posed by the Brexit vote last June have now receded. Giving evidence to the Treasury select committee, governor Mark Carney said the Bank's actions to avoid a market meltdown ...
OANDA   |   Wed, 11 Jan 2017 21:41:36

Brexit & Beyond: Brexit Details Scarce, World Bank Cuts U.K. Growth Forecast, Carney Backs Transitional Deal

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 Britain's Prime Minister Theresa May. PHOTO: Reuters With Details on Brexit Scarce, Experts Hunt for Clues: In ...
MoneyBeat   |   Wed, 11 Jan 2017 20:08:17

Mark Carney signals Bank of England may raise forecast for UK economy

Governor tells MPs fears over impact of Brexit vote have receded and EU countries face greater risk than Britain The Bank of England looks set to upgrade its forecasts for the UK economy after admitting that some of the risks posed by the Brexit vote last June have now receded. ...
Larry Elliottand Jill Treanor / Guardian   |   Wed, 11 Jan 2017 19:34:33

KKR Says Trump and Brexit are New Investing Paradigm

Donald Trump's election represented not just a big moment in politics but also a "paradigm shift" in investing, according to private equity giant KKR. The influential firm with $120 billion under management told clients that events from 2016, including Trump's victory and Britons voting to exit the European Union, represent ...
OANDA   |   Wed, 11 Jan 2017 19:11:09

KKR: Trump, Brexit signal 'paradigm shift'

Focusing on financial assets will give way to growth-oriented policies and more focus on domestic agendas.
CNBC   |   Wed, 11 Jan 2017 18:14:00

Brexit not main risk to UK stability, says Carney

Move to leave EU might amplify other threats, BoE governor tells Treasury committee
FT   |   Wed, 11 Jan 2017 18:09:54

WSJ City's Brexit Briefing: Carney Backs City's Transition Call, the Brexitologist Cottage Industry, Trump Meets the Press

Download WSJ City for iPhone here or Android here. You'll need to open this email on your mobile device to do this. And you can sign up to receive this briefing direct to your inbox here. MUST READS FROM WSJ CITY Bank of England Governor Mark Carney has backed City ...
MoneyBeat   |   Wed, 11 Jan 2017 17:23:15

Pharma Stocks Crash Most Since Brexit After Trump Warns Drug Companies "Getting Away With Murder"

After six straight days higher and the best start to a year ever, Biotech/Pharma stocks were just crashed lower on the heels of comments from president-elect Trump promising more competitive drug pricing. Trump says Pharma Industry is "getting away with murder" Trump says "we need new bidding procedures" for drug ...
Zero Hedge   |   Wed, 11 Jan 2017 16:28:00

Brexit Risk Has Declined Says BoE Governor

The immediate risk posed by Brexit to the UK economy has declined, the governor of the Bank of England has told MPs. Mark Carney said that action by the Bank before and after the vote to leave the European Union had reduced the danger to the country's financial stability. He ...
OANDA   |   Wed, 11 Jan 2017 16:27:42

Brexit no long the biggest risk to UK's financial stability, says Carney

FT   |   Wed, 11 Jan 2017 15:35:36

Brexit: Minister hints at £1,000 fee for EU workers

Firms could have to pay to hire skilled workers from the EU after Brexit, Robert Goodwill suggests.
BBC   |   Wed, 11 Jan 2017 15:35:12

UK Mulls Post-Brexit £1,000 Charge On EU Workers - Taxing Immigration Isn't The Way To Do It

An idea has been floated in London that Britain will, post-Brexit, apply a tax or a fee to the employment of European Union nationals within the UK economy. This is almost certainly a bad idea even if not the worst way of trying to achieve the same goal. It's entirely ...
Tim Worstall, Contributor / Forbes   |   Wed, 11 Jan 2017 15:34:00

Brexit risks bigger for EU banks than those in U.K.: Carney

Bank of England governor says Britain's exit from European Union poses more short-term risks for financial system in continental Europe
Globe and Mail   |   Wed, 11 Jan 2017 14:42:39

Brexit risks bigger for EU banks than UK's - Carney

LONDON, Jan 11 (Reuters) - Bank of England Governor Mark Carney said Britain's planned departure from the European Union poses more short-term risks for the financial system in continental Europe...
Reuters   |   Wed, 11 Jan 2017 14:30:31

Brexit vote leaves young retail investors undeterred, says SyndicateRoom

The vote to leave the EU has done little to dampen enthusiasm among retail investors - with the under 30s set to be the driving force, says crowdfunding platform SyndicateRoom. The online investment firm released a study, which looked at the reaction of over 1,000 retail investors to the shock ...
Proactive Investors   |   Wed, 11 Jan 2017 14:14:00

Britain considering £1,000-a-year levy for skilled EU workers

Immigration minister tells peers post-Brexit levy would be 'helpful to British workers who feel they are overlooked' The government is seriously considering imposing a £1,000-a-year levy on every European Union skilled worker recruited by British employers after Brexit, the immigration minister has disclosed. Home Office minister Robert Goodwill told peers ...
Alan Travis Home affairs editor / Guardian   |   Wed, 11 Jan 2017 12:47:54

Businesses could be hit with annual £1,000 charge for every skilled EU migrant they bring in after Brexit

Steven Swinford / Telegraph   |   Wed, 11 Jan 2017 11:31:16

UK Industrial Production Surges, Small Businesses

UK industrial production is up 2.1%, way up on a gloomy 1% estimate. The latest figures are for last November and year-on-year the indicator is now +2%. Experts wrong again... The news comes after the Federation of Small Businesses reported its members confidence had "bounced back" after Brexit. Chairman Mike ...
Guy Fawkes' blog   |   Wed, 11 Jan 2017 10:19:09

WEF outlines global economic risks as Trump and Brexit loom - business live

World Economic Forum says rising populism has put international cooperation at risk, as it identifies the main worries for 2017 WEF report due at 9am GMT World Bank: Trump and Brexit put global economic growth at risk 8.03am GMT Good morning, and welcome to our rolling coverage of the world ...
Graeme Wearden / Guardian   |   Wed, 11 Jan 2017 08:21:47

Gold hits fresh 6-week high amid Brexit concerns, Trump news conference in focus

Gold inched higher and touched a fresh six week high during early European session on Wednesday. Currently hovering around immediate strong hurdle n
Haresh Menghani / FX Street   |   Wed, 11 Jan 2017 07:30:27

Trump and Brexit put global economic growth at risk, World Bank says

Washington-based bank says policy uncertainty and protectionist tendencies could undermine pickup in 2017 A tentative pickup in the global economy this year is at risk from the political uncertainty unleashed by Brexit and the arrival of Donald Trump in the White House, the World Bank has said. The Washington-based organisation ...
Larry Elliott Economics editor / Guardian   |   Tue, 10 Jan 2017 21:00:00

Jeremy Corbyn: I've not changed mind on immigration

Labour's leader denies he has changed his views on immigration as he sets out his stance on Brexit.
BBC   |   Tue, 10 Jan 2017 19:00:21

Jeremy Corbyn proposes setting maximum cap on earnings - video

Jeremy Corbyn suggests company bosses should have their pay limited to less than 20 times that of their lowest paid worker if they want their firms to be eligible for government contracts. Speaking in Peterborough on Tuesday, the Labour leader also took the opportunity to refine his position on immigration, ...
Guardian Staff / Guardian   |   Tue, 10 Jan 2017 18:20:43

GBP/USD: weakness looking stretched? - Scotiabank

Analysts at Scotiabank explained that Sterling remains soft as investor price "hard Brexit" risks back into the pound...
Ross J Burland / FX Street   |   Tue, 10 Jan 2017 16:15:44

'Labour is not wedded to freedom of movement': Jeremy Corbyn's Brexit speech in full

Jeremy Corbyn / Telegraph   |   Tue, 10 Jan 2017 15:46:00

Jeremy Corbyn rewrites Brexit speech following immigration backlash

LONDON - Labour party leader Jeremy Corbyn on Tuesday said he would not rule out continuing to support the free movement of people from the European Union, just hours after his party briefed that he was no longer "wedded" to the idea. Labour had sent out a briefing suggesting that ...
Business Insider   |   Tue, 10 Jan 2017 15:45:44

Hard Brexit threatens global financial system, City chiefs tell MPs

Brexit poses a risk to the global financial system and could spark more than 230,000 job losses in the financial sector, senior City figures have warned MPs as they called for clarity on the UK's future relationship with the EU.
Here Is The City   |   Tue, 10 Jan 2017 15:33:55

Gold Price In GBP Up 4% On Brexit and UK Risks

Gold Price In GBP Rises 4% On Brexit and UK Economy Risks - Pound fell 2% against gold yesterday after Theresa May created Brexit concerns - May's 'Hard Brexit' denial does not calm markets growing fears - Investors concerned about lack of government strategy and uncertainty - UK Prime Minister ...
Zero Hedge   |   Tue, 10 Jan 2017 12:59:44

GLOBAL MARKETS-Stocks and oil edge higher; sterling reels from Brexit pain

* Live Markets blog: (Recasts, updates throughout)
Reuters   |   Tue, 10 Jan 2017 12:47:08

UPDATE 1-Euro zone yields fall as politics outweigh supply expectations

LONDON, Jan 10 (Reuters) - Euro zone bond yields dipped on Tuesday as concerns that Britain faced a "hard Brexit" when it leaves the European Union and the prospect of unpredictable elections in...
Reuters   |   Tue, 10 Jan 2017 12:43:42

Hard Brexit threatens global financial system, City chiefs tell MPs

Finance chiefs demand clarity on EU exit strategy as MPs hears concerns for tens of thousands of jobs if London loses euro clearing and passporting rights Brexit poses a risk to the global financial system and could involve tens of thousands of job losses in the City, MPs have been ...
Jill Treanor / Guardian   |   Tue, 10 Jan 2017 12:42:39

Jeremy Corbyn on Brexit, immigration and a maximum wage

The full interview between Labour leader Jeremy Corbyn and BBC political editor Laura Kuenssberg.
BBC   |   Tue, 10 Jan 2017 11:21:07

GLOBAL MARKETS-Stocks and dollar fall; sterling reels from Brexit pain

* Live Markets blog:
Reuters   |   Tue, 10 Jan 2017 09:53:23

Euro zone yields fall as politics outweigh supply expectations

LONDON, Jan 10 (Reuters) - Euro zone bond yields dipped on Tuesday as concerns that Britain faced a "hard Brexit" when it leaves the European Union and other political events outweighed inflation and...
Reuters   |   Tue, 10 Jan 2017 09:36:48

Jeremy Corbyn calls for maximum wage law

Labour leader says cap on earnings is needed to address inequality and avoid UK becoming bargain basement economy Jeremy Corbyn has called for a maximum wage for the highest earners, saying he fears Brexit will see the UK become a "grossly unequal, bargain basement economy". The Labour leader would not ...
Jessica Elgot Political reporter / Guardian   |   Tue, 10 Jan 2017 09:22:20

Pound traders fret over Theresa May's Brexit vagueness

Markets waiting for government to reveal its plan on life after EU
FT   |   Tue, 10 Jan 2017 08:48:29

Corbyn Calls For Law to Limit Maximum Wage

Corbyn is supposed to be talking about Brexit and immigration this morning so instead he has gone on the Today programme to call for a law to limit the maximum wage. Jez said "I would like there to be some kind of high earnings cap" though wouldn't give a figure. ...
Guy Fawkes' blog   |   Tue, 10 Jan 2017 08:37:56

Jeremy Corbyn 2.0: Leadership 'reboot' fails after he backtracks on new Brexit pledge hours before announcing 'Labour is not wedded to free movement'

Michael Wilkinson / Telegraph   |   Tue, 10 Jan 2017 07:49:22

GBP/USD off lows around 1.2150, Brexit still weighs

The selling bias around the British Pound remains intact on Tuesday, with GBP/USD managing to bounce off lows near 1.2130 and clinch the mid-1.2100s a
Pablo Piovano / FX Street   |   Tue, 10 Jan 2017 06:54:42