- Tuesday, 20 June 2017
- News
Carney Ends Silence With Brexit Warning, Rate-Hike Pushback
Mark Carney ended more than a month of silence with a major speech that pushed back against rate hawks in the Bank of England and re-emphasized his concerns about the impact of Brexit on the economy. The U.K.’s exit from the European Union was a central theme of his address on Tuesday, with the BOE governor highlighting the risks to consumer spending, business investment, the current-account deficit and financial services. He indicated he’s in no rush to raise interest rates, saying he wants to see how the economy responds to the “reality of Brexit negotiations.”
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- Tuesday, 20 June 2017
- News
ECB Nouy: Ensuring Banks Are Prepared for 'Hard Brexit'
The European Central Bank is working to ensure that banks are prepared for a "hard Brexit" and is concerned that some banks exiting the UK may try to exploit regulatory loopholes, ECB banking supervision chief Danielle Nouy said Monday. Speaking to the European Parliament in Brussels, Nouy said "we are making sure that euro area banks, in particular those with subsidiaries or branches in the United Kingdom, but also those with other business ties to the country, have adequate contingency plans in place and are preparing for the possibility of a 'hard Brexit.'"
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- Monday, 12 June 2017
- News
May's Ministers Plot Softer Brexit to Keep U.K. in Single Market
After the shock comes the silver lining. Most business leaders are dismayed at the political chaos unleashed by the U.K. election, which left a damaged Prime Minister Theresa May trying to forge a shaky coalition government. But some are quietly hoping that it may lead to softer terms for the country’s exit from the European Union. Read more...
- Monday, 22 May 2017
- News
EU Approves Tough Brexit Negotiating Stance, Demanding U.K. Pays
The European Union finalized its tough Brexit negotiating position, reiterating its hard line on the U.K.’s departure bill and refusing to discuss a future trading arrangement until there is agreement on other key topics. “We want to move to a situation where all the commitments taken by the U.K. will be honored, as will ours with the U.K.,” Michel Barnier, the EU’s chief Brexit negotiator, told reporters in Brussels on Monday after a meeting of the remaining 27 national governments. “We need to settle the accounts, and that’s a question of trust between us to build our future relationship.” Read more...
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