Posts belonging to Category Euro



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.

Japan/EU trade agreement, ignoring Trump

The deal eliminates nearly all tariffs

The European Union and Japan are signing a widespread trade deal that will eliminate nearly all tariffs, seemingly defying the worries about trade tensions set off by President Donald Trump’s policies. The signing in Tokyo on Tuesday for the deal, largely reached late last year, is ceremonial. It was delayed from earlier this month because Japanese Prime Minister Shinzo Abe cancelled going to Brussels over a disaster in southwestern Japan, caused by extremely heavy rainfall. More than 200 people died from flooding and landslides.

European Council President Donald Tusk and European Commission President Jean-Claude Juncker, who arrived Monday, will also attend a gala dinner at the prime minister’s official residence.

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/

Paris beats London as Europe’s favorite investment destination

BREXIT impact  + “Macron effect”

An Ernst & Young survey shows Paris has overtaken London as Europe’s most attractive destination for foreign investors for the first time since EY began such reports 15 years ago.

The change in the continent’s pecking order is a sign of the impact of both Brexit and the “Macron effect”.

The French capital was ranked No. 1 for foreign direct investment by 37 percent of businesses, based on a survey of 502 companies and data from EY and IBM covering 2017.

Leading Brexit campaigners held secret meetings with Russian officials

MPs call for police to investigate Arron Banks’ links to Russia

MPs are calling for the police and parliament to investigate the links between the millionaire Brexit donor Arron Banks and the Russian government, after it emerged that he met the Kremlin’s ambassador to the UK three times, rather than once as he originally claimed.

With pressure growing on Banks to explain his relations with Moscow during and after the EU referendum campaign, the Bristol-based businessman will face a postponed hearing on Tuesday before the digital, culture, media and sport (DCMS) select committee, which is investigating “fake news”.

BREXIT: Northern Labour MPs are rebelling against Jeremy Corbyn

MPs demand a second Brexit referendum

The row over Jeremy Corbyn’s approach to Brexit has exploded after five MPs from the party’s northern heartlands broke ranks and openly demanded a new referendum on the UK’s withdrawal deal.

The MPs from the Northeast – which heavily backed Leave in the 2016 referendum – said a new vote is essential because the true nature of Brexit is only just emerging.

Writing exclusively for The Independent, they warn plans to leave the single market will devastate family living standards as the future of major manufacturers and employers in their region is thrown into doubt.

 https://www.independant.co.uk/

Rebel Tories want to stay in Single Market

MPs to push Theresa May into staying in single market – if Labour backs it

Conservatives have told The Independent there would be enough of their party’s MPs to lock in full single market access afterBrexit, as long as Labour also backs it. But in a move set to enrage Labour politicians, Jeremy Corbyn’s front bench will on Tuesday refuse support for just such a proposal in the Lords – preventing it from being voted on in the Commons.

Mr Corbyn is now being warned he risks a major internal row and must explain to pro-EU party members why he is “throwing away a clear opportunity” to defeat Ms May’s plans to abandon the single marketIt follows reports that Tory chief whip Julian Smith has already told the prime minister she lacks numbers in the Commons to defeat rebel amendments aimed at keeping the UK in an EU customs union.

Tory rebels, who joined forces with Labour to shift the government towards closer customs relations with Europe, will now push Ms May towards remaining inside the European Economic Area (EEA) and the European Free Trade Association (EFTA) – which would deliver full single market access. They say up to 15 Conservative backbenchers are now certain it is the best way to ensure the UK’s economic strength, while also staying true to the 2016 referendum result.

EU Withdrawal Bill: Major defeat for Brexiters on plans to leave the customs union

UK’s House of Lords votes to amend Brexit bill over customs union

The House of Lords, the upper house of parliament, has inflicted two serious defeats on Theresa May’s government at it attempts to get its EU withdrawal bill passed into law. More defeats are likely.

The House of Lords voted 348 to 225 on Wednesday afternoon on an amendment to the EU Withdrawal Bill. It obliges ministers to explain by the end of October the steps they have taken to negotiate the UK’s continued participation in a customs union with the European Union.

In a second vote later in the day, the government lost by 97 votes on an amendment to the law which seeks to limit ministers’ powers after Brexit. The amendment is aimed at stopping the government from weakening existing EU rights on issues ranging from employment to health and safety when they are transferred to UK law.

http://www.dw.com/