Posts belonging to Category UK



U.K. Stocks Turning ‘Uninvestable’

Brexit is now such a headache that the UK is ‘uninvestable’: Bernstein

With politics dominating near-term moves, U.K. stocks have become “uninvestable,” according to Sanford C. Bernstein.That’s because the market is not quite cheap enough that extreme outcomes have been priced in, while it’s hard to make any confident bets on political events, strategists led by Inigo Fraser Jenkins wrote in a note.

Besides, there’s more upside in equities in the U.S., rest of Europe and Japan, so as the analysts say, “why take the risk of buying such a market?”

Sterling tumbles

World stocks rebound on trade optimism

A gauge of global stocks climbed on Thursday after five sessions of declines as Wall Street surged on trade optimism, while sterling tumbled as political developments in Britain rippled through markets.

Oil prices rose modestly, as the commodity recouped some losses from a recent steep plunge.

U.S. stock indexes surged after a Financial Times report that U.S. Trade Representative Robert Lighthizer has told some industry executives that another round of tariffs on Chinese imports has been put on hold as the two nations pursue talks.

UK would vote to remain in EU by majority of 54% to 46%

Brexit second referendum: New Large Poll

For Channel 4’s live programme on Monday night “Brexit: What The Nation Really Thinks” the polling company Survation interviewed 20,000 people online across every constituency in the UK from October 20th – November 2nd. The biggest independent survey of its kind on Brexit.

Data from the survey was used to drive a powerful Multi-level and post-stratification model to predict the result of an in/our referendum on the UK’s membership of the European Union. This MRP technique has previously been used to successfully predict the outcome of the 2017 General Election and the 2016 EU Referendum. From the predictions from this model, we can see how public opinion has shifted across the UK since the 2016 EU referendum.

Using this technique, we now estimate that the UK would vote to remain in the EU by a majority of 54% to 46% and that 105 local authorities in the UK that saw a majority of voters vote leave in 2016 would now vote Remain. This includes Birmingham, from where Channel 4’s show is broadcasting live, which voted 50.4% in favour of leave in 2016 but which is now predicted to vote 41.8% leave.

Germany and France draw up no-deal Brexit plans

Angela Merkel tells German MPs they must ‘prepare for every scenario’ of UK’s exit

Germany and France are starting to step up their preparations for a no-deal Brexit even though both publicly insist an agreement with the UK over the terms of its departure from the EU can still be achieved. While there was there was still a chance for a deal, it was “only fitting as a responsible and forward-thinking government leadership that we prepare for every scenario”, the German chancellor told MPs in Berlin. “That includes the possibility of Britain leaving the EU without an agreement.”

France has published a draft bill that would allow the government to introduce new legal measures to avoid or mitigate the consequences of a hard Brexit by emergency decree, as opposed to parliamentary vote, within 12 months of the law being passed. Angela Merkel revealed for the first time on Wednesday that Germany was drawing up contingency plans, saying the government had started making “suitable preparations” for the possibility of Britain leaving with no accord.

http://www.theguardian.com

Boris Johnson humiliated Theresa May

Tory members cheered every word

Imagine being Theresa May, at half past 12 this afternoon. Walking, with your party chairman, through the venue of your party conference – when you happen upon a swarm of photographers. But those photographers aren’t here to see you. And nor, not far from the swarm, are the hundreds upon hundreds of your party members, who are currently standing in the most enormous, snaking queue.

The queue isn’t for the main hall, where your ministers are giving speeches to promote your policies. The main hall is practically empty. Your members aren’t interested. They don’t want to see your ministers, or hear about your policies.

http://www.telegraph.co.uk

Jeremy Corbyn will accept second Brexit referendum if Labour conference votes for it

Plans to side with Tory Brexit rebels

And the Labour leader will reluctantly back a second EU referendum if his party conference calls for it. In his only newspaper interview as delegates gathered in Liverpool, Mr Corbyn said: “If this Government can’t deliver Brexit then it must move over and have a General Election.”

To do this Mr Corbyn’s MPs and Tories from Jacob Rees-Mogg’s ­European Research Group of ­Brexiteers would vote together against Mrs May’s Chequers plan. Labour set six tests for any final deal including a strong relationship with Europe, the same rights, protections and benefits we have now and fair migration to boost Britain’s economy.

http://www.mirror.co.uk

European Union rejects Theresa May BREXIT plan

The EU tells Theresa May  Chequers Brexit plan ‘will not work’

Theresa May was left fighting to save her Chequers Brexit plan and with it her authority as prime minister after she was ambushed at the end of the Salzburg summit when EU leaders unexpectedly declared that her proposals would not work.

On Thursday night the transport secretary, Chris Grayling, hit back for the government, declaring there were no changes to the Chequers plan on the table and the EU’s demands on Northern Ireland were “impossible” for the UK to accept. “The PM has set out red lines that this country is not going to stay in the single market, we’re not going to stay in the customs union – I agree with her on those, that’s the government’s position,” Grayling said.

The prime minister was thrown on to the defensive – just over a week before the Conservative party conference – when EU leaders led by Donald Tusk and Emmanuel Macron rejected her Chequers plan as it stood, prompting hard Brexit Conservatives to demand it be abandoned.

http://www.theguardian.com

Boris Johnson says May’s Brexit plan ‘worse than status quo’

Tory Brexiteers have attacked Theresa May’s Brexit plan

Boris Johnson and other leading Tory Brexiteers have attacked Theresa May’s Brexit plan at an event putting the economic case for leaving the EU without an agreement on trade. The Economists For Free Trade report said the UK had “nothing to fear” from a “clean break” from the EU and using World Trade Organisation rules. This could give an £80bn boost to the tax base and cut prices by 8%, it said. But the claims were branded “Project Fantasy” by Labour MP Chuka Umunna. And Chancellor Philip Hammond said the economic assumptions behind the analysis were “not sustainable” and out of line with other forecasts.

Mr Hammond, who earlier on Tuesday announced Bank of England Governor Mark Carney would be extending his contract until January 2020 to provide continuity after Brexit, has issued a fresh warning of “some turbulence” if the UK left the EU in March without a deal.

No-deal Brexit could see hospitals run out of medicine

Status of EU workers at risk

Hospitals will be in danger of drug shortages in the event of a no-deal Brexit, NHS trusts have warned privately. Poorly coordinated ministers and health service bosses have failed to properly prepare for the possibility of the UK crashing out of the European Union, according to a leaked letter fromNHS Providers, which represents the trusts. “Public health and disease control coordination could suffer,” said the organisation’s chief executive Chris Hopson, who warned a hard Brexit or no deal could negatively impact upon “the entire supply chain of pharmaceuticals”.

Brexit could also jeopardise the status of EU workers ”on which the NHS relies”, he added.

https://www.independant.co.uk

The UK would vote to stay in the European Union by 53% to 47% if asked again.

45% of people support a People’s Vote on the final deal, while 34% do not

UK voters would back remaining in the European Union by 53% to 47% if a referendum was held now, according to a comprehensive new poll published today.

A YouGov survey for the ‘pro-remain People’s Vote campaign’ found that 45% want a say on the outcome of the Brexit negotiations with 34% opposed.

Exactly half of respondents said the final decision over whether to leave the EU without a deal should be taken by the public in a second referendum, while a quarter said the British parliament should decide.

Opponents of the UK’s exit from the bloc said the YouGov study of more than 10,000 adults showed public opinion was shifting.

https://www.rte.ie/

Artificial intelligence (AI) could create more jobs than it displaces

PwC suggested AI could create 558,000 Scottish posts by 2037

Over the same period 544,000 jobs could be lost as a result of automation – resulting in a net increase of 14,000. PwC said the new jobs could come from innovations such as drones, robotics and driverless vehicles. It argued that AI would create employment as productivity and real incomes rise, and new and better products are developed.

PwC’s latest Economic Outlook indicated that health, education and professional, scientific and technical services would benefit most, with manufacturing, transport and storage and public administration set to be the biggest losers. Its report suggested that the affect of AI on the jobs market would be most positively felt in London, followed by south-east England. Scotland came third in the list of 12 nations and regions.

http://www.bbc.com

The City of London just suffered a major defeat from the EU over plans for Brexit

Major blow to the UK’s financial services sector

The European Union late last week dealt a major blow to the UK’s financial services sector in the lead up to Brexit, after negotiators rejected the plans for the sector laid out by the British government in Prime Minister Theresa May’s controversial white paper. According to a report from the Financial Times, the EU’s chief negotiator Michel Barnier, last Friday told EU ministers that the financial services elements of May’s Brexit plans could not be accepted as they threatened to rob the bloc’s “decision-making autonomy” when it comes to finance.

The UK, earlier in July, proposed a new relationship between the highly interconnected financial services sectors of the UK and the EU that would involve a system of so-called “equivalence.” Under the plans in the white paper, the government said i t will seek to improve on existing requirements for equivalence of rules between the EU and outside countries.

Equivalence is a framework whereby the EU acknowledges that the legal, regulatory and supervisory regime of a non-EU country is as good as its own, and therefore allows that state access to the financial services sector within the bloc. Countries like Singapore and the USA already use a similar system to trade financial services with the EU.

http://www.businessinsider.com

BREXIT: Prepare for the worst

Brussels and Westminster run out of time

Even with the current heatwave and hosepipe ban, there is a chill in the air when it comes to Brexit. Repeat after me in a gravelly, Northern accent: “Winter is coming.” Britain is sweating under the pressure of a loud ticking countdown, and the EU is nervously glancing at its watch, looking away, and then frantically checking the time once again. Project Fear is becoming Project Reality as both Brussels and Westminster run out of time. Since Theresa May triggered Article 50 in March 29 last year, formally notifying the EU of Britain’s exit, the prime minister started a two-year process. In just two years, Britain would have to negotiate both its divorce and future relationship with the bloc.

In many ways, the British government has only got the ball rolling, producing its starting position on trade post-Brexit. And even then, it caused cabinet disarray, resulting in resignations from ministers including Brexit secretary David Davis and foreign secretary Boris Johnson. As time runs out, there are those who bracing themselves for the worst case scenario. Britain will leave the EU on March 29, 2019 (and with a transition period until December 31, 2020), but they could be doing so without completing a deal with the bloc.

BREXIT: May warns rebels

Back me or risk ‘no Brexit at all

British Prime Minister Theresa May warned her divided party on Sunday that there may be “no Brexit at all” if they wrecked her plan to forge a close relationship with the European Union after leaving the world’s biggest trading bloc.

“My message to the country this weekend is simple: we need to keep our eyes on the prize,” May wrote on Facebook. “If we don’t, we risk ending up with no Brexit at all.”

Linking the fate of Brexit to her own survival in such an explicit way indicates just how precarious May’s position remains after her government was thrust into crisis and U.S. President Donald Trump publicly criticised her Brexit strategy.

Trump Says May’s Brexit Plan Likely to Kill Off U.S. Trade Deal

U.S. president backs Boris Johnson as future prime minister

President Donald Trump dealt a double blow to U.K. Prime Minister Theresa May, saying her plans for a soft Brexit would likely end hopes of a trade deal with the U.S. and that Boris Johnson, who quit her cabinet this week, would be a “great” leader.  “If they do a deal like that, we would be dealing with the European Union instead of dealing with the U.K., so it will probably kill the deal,” Trump said in an interview in the Sun newspaper to be published Friday.

His comments in the Sun, controlled by Rupert Murdoch, a political ally of the president, appeared after May had hosted Trump at a black-tie dinner at Blenheim Palace, the birthplace of Winston Churchill.

Brexit secretary David Davis resigns

Government into crisis

David Davis has resigned as Brexit secretary, shattering the hard-won consensus around Theresa May’s Chequers deal and plunging her government into crisis.

His resignation was swiftly followed by that of fellow Department for Exiting the EU ministers Steve Baker and Suella Braverman. It forces May to reshuffle her government, at the same time as trying to convince backbenchers to support her plan.

Davis sent a bluntly worded resignation letter to Theresa May, saying he would not be a “reluctant conscript” to the plan agreed at Chequers, which he said was “certainly not returning control of our laws in any real sense”.

https://www.the guardian.com/