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The mandate to negotiate Britain’s departure from the European Union must be unanimously approved by the bloc’s remaining 27 governments, leaving “zero chance” the U.K. can clinch a deal with both immigration curbs and free-market access, the Czech envoy said.
As U.K. Prime Minister Theresa May dismissed warnings that the EU’s eastern members may veto a Brexit deal, Czech State Secretary for EU Affairs Tomas Prouza joined the intensifying chorus of ex-communist members ruling out a deal that lets Britain “cherry-pick” among the basic freedoms of movements of goods, services, capital and labor.
“There is no way whatsoever for the U.K. to have the cake and eat it at the same time,” Prouza, the top Brexit negotiator for the country of 10.6 million, said by e-mail late Monday. “I see exactly zero chance of success if the U.K. wants to create first- and second-class citizens in Europe or if it tries to separate the four basic freedoms of movement.”
Most of the remaining EU members agree that Britain can’t maintain its current trade ties while also meeting the wishes of voters from the Brexit ballot to clamp down on immigration. The hardening position of the bloc’s 11 ex-communist members has narrowed London’s room for maneuver. While May argued Monday that it’s in everyone’s “interest” to reach an agreement, her chancellor of the Exchequer, Philip Hammond, may be ready to accept giving up access to the single market because of migration goals, according to people familiar with the deliberations.
One-hundred thousand jobs would be at risk if clearing leaves the U.K., said London Stock Exchange Group Plc Chief Executive Officer Xavier Rolet.
“We estimate, conservatively, that at a very minimum 100,000 jobs, in risk management, compliance, middle office, back-office support functions -- by the way not just in London, up and down the country -- are implicated in supporting this business and clearly could be at risk,” Rolet said in an interview with Bloomberg Television on Friday. “But the point is that there are very, very few financial centers around the world that could accommodate such a global business.”
Rolet’s comments come after executives at global investment banks in London said they expect France and Germany will prevail in a tussle over the clearing of $570 billion of euro derivatives a day. The people familiar said they are making plans to deal with the fallout.
Britain needs to come home and trade more with the United States. Most of our ancestry comes from Britain, Ireland, Scandinavia. They were there for us during WWII along with Brazil. They did hops. They could not fly direct. My dad flew out of Brazil and repaired planes. We need to buy our Iron Ore from Brazil, Anglo America which I think is the largest company on the London Stock Exchange. It's partially owned by the Queen. China has basically been raping us of our jobs, money, patents, secret information. Obama has been a wimp with Russia. I'd say cut Russia off using "Swift". Maybe they were the ones stealing from "Swift" to begin with. I'd also cut them off the Internet. I would say, "You get out of Crimea and Eastern Ukraine and you can come back into our sane world. When a child is bad, you send them to their rooms and let the Lord deal with them. Just as England sent all their criminals to Australia. We need a little tough love with Russia. If they cut off the gas to Europe, we've got plenty of LNG ships that can supply natural gas. When there's extreme greed in the world and it's being pushed by the Internet. It matches up bad guys to bad guy, good to good, and evil to evil. What was the cause of WWII? Extreme Greed! It was the extreme greed of Hitler, Mussolini, and Tojo that caused them to take what was not theirs. What about us letting Hitler have Poland. He wanted more. Is this the same with Vladimir Putin taking Crimea and Eastern Ukraine and our wimp President sanctions a few of Putin's friends. And what do we do about China and the Sprat-lies and claiming the whole South China Sea as theirs. I would say that air strip could be used for commercial use and no Chinese Military around. I'd like to see how these extreme greed President Candidates deal with this. Kick the can down the road?
Britain intends to become an independent member of the World Trade Organisation when it leaves the European Union, trade minister Liam Fox will say next week, according to a report in the Sunday Telegraph newspaper.
The newspaper, without citing its sources, said Fox would use a speech at the WTO on Tuesday to say Britain would seek to be an independent member of the body so that it could negotiate its own trade deals outside of the EU.
Being an independent member of the WTO would involve Britain leaving the EU's customs union, the newspaper said, something the government has so far refused to confirm it intends to do.
Three-quarters of British company bosses are considering moving operations abroad following the vote to leave the European Union, according to a survey published on Monday.
The KPMG survey of 100 UK chief executives, from companies with revenues between 100 million pounds and 1 billion pounds ($130 million-$1.30 billion), found 86 percent were confident about their company's growth prospects and 69 percent were confident about the British economy's growth prospects over the next three years.
However, 76 percent said they were considering moving either their headquarters or their operations outside Britain because of the June 23 "Brexit" vote.
"CEOs are reacting to the prevailing uncertainty with contingency planning," said Simon Collins, KPMG UK chairman.
"Over half believe the UK's ability to do business will be disrupted once we Brexit and therefore, for many CEOs, it is important that they plan different scenarios to hedge against future disruption."
The June vote has created uncertainty over Britain's future economic and trade relationship with the European Union.
Sterling falls to its lowest level against the dollar since the beginning of July after Theresa May outlines the timetable for starting Brexit negotiations.
Theresa May said she would trigger Article 50, the clause needed to start the process, by the end of March 2017.
That means the UK is likely to leave the EU by mid-2019.
In morning trade the pound was down 1% against the dollar at $1.2854 and nearly 1% against the euro at €1.1440.
Mrs May's announcement had "unsurprisingly, been bad news for the pound", said Connor Campbell, Spreadex financial analyst.
"Sterling has been spooked by May's promise to trigger the dreaded Article 50 by the end of March 2017.
"Not only that, the PM has also put her weight behind a 'hard Brexit' to appease the more rabid members of the Tory party, something that is set to cause conflict between her and her backbenchers," he added.
"Combine all this volatility together and the pound has been left at its worst price since the start of July."
Sterling fell to its lowest intraday level against the dollar since the day after the EU referendum on 6 July, when it hit $1.2797.
Yes - she did a pretty good interview on The Andrew Marr Show yesterday, I thought.
(I'd been half-expecting that when we got to February/March, they'd announce that with the French and German general elections coming up in 2017, they were going to postpone Article 50 until after that, in an attempt to avoid wasting 6 months out of the 2-year "negotiation period" while European attention is diverted; but apparently not?)
In this thread I tend to post and solicit news that are directly related to trading and financial issues concerning Brexit.
However the contents of this piece may have an impact in terms of London as financial hub and its future.
Britain has not yet begun its long (and likely tortuous) process of leaving the European Union. Its terms of exit from the bloc are still unclear, and ever since the vote, uncertainty has hovered over the future of London’s coveted status as a European business hub.
Enter Sadiq Khan, just months into his job as mayor of London, and himself a backer of Britain staying in the EU. (Londoners voted around 60% in favour of remaining—in some districts more than 75%.) Khan confirmed this week that his office is hammering out plans for a separate London-only work permit to ensure the city can continue to attract and recruit European workers after Britain leaves the EU.
