A confidential report prepared for the British government and leaked on Monday suggests all UK industries will be hurt by leaving the European Union, Buzzfeed News reported. The paper, EU Exit Analysis — Cross Whitehall Briefing, is dated January 2018, and looks at three of the most plausible Brexit scenarios based on existing EU arrangements.
International students are worth about 10 times more to the UK economy than they cost the taxpayer, according to a new report that will add to pressure currently mounting on the country’s government for a shift in policy on the issue. The analysis, which, unlike most similar studies in the past, looks at the cost of hosting overseas students as well as the benefits, calculates the bill at £2.3 billion, including use of the NHS and other public services.
The Bank of England will allow European banks to continue selling their services in the UK without having to create expensive subsidiaries after Brexit, even if no divorce deal is struck between London and Brussels, the BBC reported. The Bank of England will not force European-based investment banks to ringfence their capital and liquidity. It will mean EU banks operating through UK branches can continue without creating subsidiaries – where they are compelled to hold their own substantial reserves in the event of a financial shock, essentially becoming UK companies.
Fewer than 4,600 banking jobs will be moved out of London because of Brexit, according to new research. That figures represents just 6% of the total number of people employed by big international banks in the City – and is far below previous, gloomier predictions.
The EU has declared there is still "no white smoke" over a Brexit deal and handed Theresa May a 72-hour deadline to make an acceptable offer. Michel Barnier has informed EU member states that Britain has just 48 hours to agree on a potential deal on the first phase of Brexit talks for talks to move onto trade and transition before 2018.
The Organisation for Economic Cooperation and Development on Tuesday issued a forecast for weak economic growth in the UK over the next two years that is worse than a much reduced estimate published last week by Britain’s fiscal watchdog. The club of rich nations expects Britain’s economic growth to drop sharply from a rate of 1.5 per cent in 2017 — placing the UK at the bottom of the G7 group of countries — to 1.2 per cent in 2018 and 1.1 per cent in 2019. “The growth slowdown is expected to continue through 2018, due to continuing uncertainty over the outcome of negotiations around the decision to leave the European Union and the impact of higher inflation on household purchasing power,” said the OECD, adding that there would be a “moderate” rise in the UK’s current 4.3 per cent unemployment rate.
Credit Suisse is considering spreading its trading, investment-banking and wealth management activities across several European locations after Brexit, «Bloomberg» reported, citing three sources on condition of anonymity.Switzerland’s second-largest bank is considering moving the activities affected by Brexit to a number of European cities, instead of replacing London with one large alternative location.
Daniele Nouy, head of supervision at the European Central Bank, said in Frankfurt on Tuesday that license applications from about 20 banks are in some stage of assessment by supervisors on the continent, Bloomberg reported. "Some have visited us several times to discuss their plans to move," said Daniele Nouy, who heads the ECB's banking supervision.
The chief executive of UBS, Sergio Ermotti, says it is becoming "more and more unlikely" that the bank will move 1,000 staff from London after receiving "regulatory and political clarifications" around Brexit. The Swiss bank has previously said that around a fifth of its 5,000-strong UK staff were involved in operations dependent on passporting rights that allow financial services to operate across the bloc.
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