Posts belonging to Category ECB



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/

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: 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.

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.

Re-run of the Brexit referendum

Cambridge Analytica whistleblower Christopher Wylie : Brexit lacks ‘democratic mandate’

Chris Wylie, a former employee of Cambridge Analytica, shocked Andrew Marr when he called for a second referendum, to make sure the Leave vote was both legal and fair. Speaking earlier this morning, Mr Wylie called for assurances that the vote was made “fairly”.
His remarks came in response to Marr’s questions about the legitimacy of the 2016 Leave victory, which he followed up by asking whether Britain should “do it over again”. Mr Wylie became known as the Cambridge Analytica whistleblower last month after revealed how the company harvested the data of millions of Facebook users without consent.
 http://www.express.co.uk

Britain unveils new fintech plans, including cryptocurrencies

G20:  no consensus for global regulation of cryptocurrencies

Britain announced a task force on Thursday to exploit the technology underpinning cryptoassets, such as bitcoin and other cryptocurrencies, as part of new plans to help fintech companies find more customers.

British finance minister Philip Hammond said he was committed to helping fintech grow and flourish by taking a series of domestic steps and forging links overseas.

“As part of that, a new task force will help the UK to manage the risks around cryptoassets, as well as harnessing the potential benefits of the underlying technology,” Hammond told a fintech conference hosted by the finance ministry.

Investors have flocked to cryptocurrencies like bitcoin despite wild price swings.

Regulators have warned that investors could lose all their money, but see promise in the blockchain technology that underpins cryptoassets.

Britain’s announcement comes after finance ministers from the Group of 20 richest economies (G20) were unable this week to find enough consensus for global regulation of cryptocurrencies.

http://www.reuters.com

Soros: Only the EU can break Facebook and Google’s dominance

Social media giants have left the US government impotent – Europe must lead the way

The current moment in world history is a painful one. Open societies are in crisis, and forms of dictatorships and mafia states, exemplified by Vladimir Putin’s Russia, are on the rise. In the United States, President Donald Trump would like to establish his own mafia-style state but cannot, because the constitution, other institutions, and a vibrant civil society won’t allow it.

Not only is the survival of open society in question; the survival of our entire civilisation is at stake. The rise of leaders such as Kim Jong-un in North Korea and Trump in the US have much to do with this. Both seem willing to risk a nuclear war in order to keep themselves in power. But the root cause goes even deeper. Mankind’s ability to harness the forces of nature, both for constructive and destructive purposes, continues to grow, while our ability to govern ourselves properly fluctuates, and is now at a low ebb.

Facebook and Google effectively control over half of all digital advertising revenue. To maintain their dominance, they need to expand their networks and increase their share of users’ attention. Currently they do this by providing users with a convenient platform. The more time users spend on the platform, the more valuable they become to the companies.

http://www.theguardian.com…  March 16, 2018

Brexit: North Ireland would stay under EU customs union rules

Avoid a hard border post-Brexit if no wider EU-UK trade deal or alternative is agreed

Northern Ireland will in effect remain in the EU’s customs union and single market to avoid a hard border post-Brexit if no wider EU-UK trade deal or alternative is agreed, the draft withdrawal agreement will state.

EU sources said the draft agreement from Brussels covering the UK’s withdrawal from the bloc in March 2019 – to be published in Brussels on Wednesday – will maintain a common regulatory area on the island of Ireland.

This will be triggered should the EU and the UK not agree a future EU-UK free trade deal or if London fails to propose an alternative arrangement for the Border post-Brexit.

http://www.irishtimes.com…  Febuary 28, 2018

Irish government : Brexit talks ‘could collapse at any moment’

Negotiations could break down over the border issue

There is renewed fear within the Irish government that Brexit talks could collapse over the UK government’s refusal to consider staying in a customs union with the European Union. enior figures in the Irish government said privately that they fear that Theresa May’s insistence on leaving the customs union will make a hard border impossible to avoid and lead to a complete break down in negotiations.

A high-ranking member of the Irish government said “talks could collapse at any moment” in a meeting with a prominent British MP this month, a source familiar with the meeting has told Business Insider. The Irish government did not wish to comment when contacted by BI.

The EU’s chief Brexit negotiator, Michel Barnier, said on Friday that border checks between Northern Ireland and the Republic of Ireland are “unavoidable” if Britain decides to leave the customs union and single market.

http://www.businessinsider.com…  Febuary 12, 2018