- Judge says government must disclose Brexit legal arguments
- Italian PM Renzi says in BBC interview it will be “impossible to give to British people more rights than other people outside the EU.”
- 81% of consumers feel confident about job security, says Lloyds
- London home sales at lowest level since 2012
- Merkel says EU leaders will promote growth after Brexit
- Bank of France says Brexit can still hurt economy
Brexit Bulletin: ‘Pandemonium’ Warning as Banks Raise Rhetoric
By: Simon Kennedy | Sep 29 2016 at 02:31 AM | International Trade
Bankers are turning up the volume in their bid to win a transitional deal that would allow those based in London to keep providing services across the bloc on similar terms after Brexit.
Failure to agree such an interim arrangement after the two-year negotiation period would lead to “pandemonium,” a senior JPMorgan Chase executive said yesterday at the Bloomberg Markets Most Influential summit, which was dominated by Brexit chatter.
“If you suddenly pull down the shutters at the end of year two, then you are going to have pandemonium,” said Viswas Raghavan, deputy chief executive officer for Europe, the Middle East and Africa. “You have to make sure it is orderly.”
Speaking at the same conference, Credit Suisse Chief Executive Officer Tidjane Thiam said that as much as one-fifth of the volume in his bank’s London operations could be affected by the loss of so-called passporting rights.
Meanwhile, Morgan Stanley CEO James Gorman told Bloomberg Television that he too is studying which jobs will need to shift from London, naming Paris and Frankfurt as potential destinations.
Newton Investment’s Helena Morrissey said the City of London’s pro-remain stance is counterproductive and the U.K. will be able to compete post-Brexit through tax.
David Harding of Winton Capital suggested London could even become an offshore center, while Deputy London Mayor Rajesh Agrawal said his office is studying whether the capital can offer its own work-permits.
Separately, Hanno Kirner of Jaguar Land rover told the Independent it would “frankly be disastrous” if the car industry was slapped with tariffs after Brexit.
27 Countries, One Shade of Red
A Bloomberg News analysis suggests EU members are taking a harder line on what the U.K. can expect from the Brexit negotiations.
Almost 100 days since the referendum, interviews and public comments suggest the remaining 27 EU governments are unanimous in arguing Prime Minister Theresa May can’t enjoy free trade with the region if she also wants to clamp down on immigration. That elevates the risk of a “Hard Brexit.”
What else does Brexit mean for the U.K. economy, banks, Europe, trade and migration? Check out the new report from Bloomberg Intelligence.
Corbyn Ignores Brexit
Jeremy Corbyn largely ignored the biggest question facing Britain as he urged his opposition Labour Party to unite behind him.
In his closing speech to the party’s annual conference in Liverpool, northwest England, it took Corbyn 46 minutes to get to the vote to leave the EU, and when he got there, he kept it short: Just 278 words of the 5,853-word address were devoted to Brexit.
The extent of the Labour leader’s commitments on Brexit was to pledge to resist attempts to cut workers’ rights, and to fight for access to the single market.
Cost of Brexit
Planning to remove the U.K. from the EU could cost the government £65 million pounds a year and require it to hire 500 new civil servants, according to the Institute for Government.
The think tank also warned May that “silence is not a strategy” and urged her “to clarify how and when the government intends to go about making decisions on Brexit” rather than allow officials to squabble.
Brexit Bullets
