Brexit

UK Said On Wednesday It Would Eliminate Import Tariffs On A Wide Range Of Goods And Avoid A So-Called Hard Border Between Ireland And Northern Ireland

Britain said on Wednesday it would eliminate import tariffs on a wide range of goods and avoid a so-called hard border between Ireland and Northern Ireland in the event of a no-deal Brexit. The government announced the moves, which it said would be temporary, ahead of a vote by lawmakers later on Wednesday on whether Britain should leave the European Union without a deal, a prospect that alarms many employers with the scheduled March 29 Brexit date fast approaching.

The Pound Jumped And Asian Shares Rallied On Tuesday After The European Commission Agreed To Changes In A Brexit Deal

European Commission head Jean-Claude Juncker agreed to additional assurances in an updated Brexit deal with British Prime Minister Theresa May on Monday, but warned UK lawmakers would not get a third chance to endorse it. Sterling, which had risen ahead of the talks between May and Juncker, extended gains in hopes the changes may be enough to sway rebellious British lawmakers who have threatened to vote down May’s plan again on Tuesday.

More Than 275 Financial Firms Are Moving A Combined $1.2 Trillion In Assets And Funds From Britain To The European Union In Readiness For Brexit

More than 275 financial firms are moving a combined $1.2 trillion in assets and funds and thousands of staff from Britain to the European Union in readiness for Brexit at a cost of up to $4 billion, a report from a think tank said on Monday. UK lawmakers are due to vote on Tuesday on an EU divorce settlement. But with less than three weeks to go before Brexit day on March 29, it is still unclear whether the deal will be approved, whether departure from the EU will be delayed, or whether it will happen without agreement.

JPMorgan issues bleak warning on Brexit damage – The UK economy could suffer such a significant downturn after it leaves the EU that it will have an impact on global growth.

StockMarketNews.Today – JPMorgan Chase’s chief executive has added to the pressure on UK prime minister Theresa May by warning that Brexit could be “tough for the British people”.
Jamie Dimon said the UK economy could suffer such a significant downturn after it leaves the EU that it “will have an impact on global growth, and so Brexit could hurt everybody a bit”.

Bank of England nears rate decision. Britain’ economy picked up a bit of speed in May after slowing in early 2018, according to official figures that are likely to give the Bank of England more confidence about raising interest rates next month.

StockMarketNews.Today – A new monthly reading of gross domestic product showed the world’s fifth-biggest economy grew by 0.3 percent in May from April. That was up from growth of 0.2 percent in April and in line with the forecast in a Reuters poll of economists, marking the strongest growth since November, the Office for National Statistics said on Tuesday.

Theresa May has moved to strengthen her grip over Eurosceptics in her cabinet, telling them that if they now disown the “soft-Brexit” strategy agreed at Chequers on Friday they will be sacked.

StockMarketNews.Today – Mrs May, fresh from securing cabinet agreement for a pro-business approach to Brexit, wrote to Tory MPs telling them that she is restoring collective responsibility, and that she would no longer allow ministers “to express their individual views” on Brexit.

Theresa May’s entire cabinet is supposed to finally settle on a policy for the UK’s long-term relationship with the EU as a non-member, expectations are that the prime minister is manoeuvring towards an arrangement known to the initiated as “the Jersey model”.

This is the package required to ensure the free movement of goods across the UK-EU border in the same way as today. It includes a comprehensive customs union or something like it; the single market or something like it for all goods including agriculture (but not services); and some added areas of alignment such as accepting the EU’s VAT system.