Brexit News for Monday 24th October

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at 2016.10.24
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Brexit News for Monday 24th October

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As Theresa May meets leaders of Scotland, Wales and Northern Ireland today, she offers them a ‘hotline’ to David Davis…

Theresa May will on Monday offer the leaders of Scotland, Wales and Northern Ireland the chance to formally feed into her Brexit strategy as the Prime Minister looks to engage the increasingly restive Scots and other regional leaders. Ms May is convening a meeting of the Joint Ministerial Committee to offer Holyrood, Cardiff Bay and Stormont a “direct line” into David Davis, the Brexit secretary in a bid to make good on her promise to engage the devolved administrations in her EU exit plans. – Sky News

The Prime Minister will tells leaders concerned about the possibility of a ‘hard Brexit’ that how the UK leaves the EU “will not boil down to a binary choice” and  “contrary to some speculation, no final decisions have been taken”… David Davis will chair a new forum bringing together representatives from the UK’s devolved administrations for regular talks on the government’s approach to leaving the EU. – Daily Telegraph

…but she is still set to reject flexible Brexit deal for Scotland

Theresa May is set to rebuff a bid by Scotland’s first minister Nicola Sturgeon for a flexible Brexit deal, as Downing Street faces growing pressure to create special arrangements for favoured industries. – FT (£)

  • Theresa May will not take kindly to Scottish ultimatums but she must remember her promise to govern for the whole country – Times (£) editorial
  • Institute for Government warns of risk of constitutional crisis over Brexit deal – Guardian

Hilary Benn: Parliament will want to vote on Brexit negotiating plan

The head of the Brexit committee in the House of Commons Hilary Benn on Sunday called on Theresa May’s government to work closely with the new body, made up of MPs, and help manage the uncertainty that has prevailed since the June referendum decision to quit the European Union. – Politico

Putting tariffs on UK trade would cost EU firms £8 billion more than British firms

Companies within the European Union would face annual tariffs of almost £13 billion should Britain leave without a free trade deal after a “hard” Brexit, an analysis has found. British companies would face a lower bill of £5.2 billion, according to Civitas, a think tank. – The Times (£)

German companies alone – such as car makers BMW – would have to pay an extra £3.4bn a year, the think tank Civitas has calculated. – The Sun

> Justin Protts of Civitas on BrexitCentral today: Failing to agree free trade terms with the UK post-Brexit and reverting to WTO rules would cost EU exporters £13 billion

UK trade sector warns of ‘major disruption’ at borders after Brexit

Business is warning of the risk of “major disruption” at the UK’s borders as Britain struggles to upgrade a troubled new computer system to cope with a huge increase in customs declarations expected after Brexit. – FT (£)

Tory backbenchers target May’s plan to keep Brussels laws

Theresa May’s hopes of a smooth Brexit are under threat from a Conservative plan to hijack efforts to incorporate European Union legislation into British law. In the first signs that MPs are planning to use the Commons to thwart the prime minister, Grant Shapps, the former Conservative chairman, is set to launch an attempt to alter her “Great Repeal Bill”… Mr Shapps is planning to attach a “sunset clause” under which the EU-made laws within the bill would stop being in force after five years. Mr Shapps believes that this would allow Britain to eliminate the effects of EU bureaucracy. – The Times (£)

> Mark Littlewood on BrexitCentral: Why the Great Repeal Bill must include a sunset clause

Brexit Secretary David Davis warned that governments of EU’s 27 member states are spying on him

The warning was issued to him by Whitehall mandarin Oliver Robbins, the top civil servant in Mr Davis’s ministry, the Department for Exiting the European Union. Mr Davis has told a friend that Mr Robbins – a former Deputy National Security Adviser who oversaw intelligence – told him he was now “a painted man”. – The Sun

Suzanne Evans and Paul Nuttall bid for Ukip leadership

Suzanne Evans and Paul Nuttall have both announced they are standing to be leader of crisis-hit Ukip. The two politicians both promised to hold the Government’s feet to the fire on Brexit if they are elected to the helm of the party. But while Mr Nuttall struck a conciliatory tone and pitched himself as the “unity” candidate, Ms Evans used her bid to launch a scathing attack on the current leadership. – Daily Mail

  • Unless Ukip realises that it is now the party of Labour working class voters in the North, it will die – Tim Stanley in the Daily Telegraph

Carney’s BOE future gives investors yet more Brexit uncertainty

Amid uncertainty about Britain’s relationship with the European Union, Mark Carney has been hailed as a source of stability even as he faces renewed political criticism. But with a self-imposed year-end deadline to decide how long he’ll stay at the BOE, that security could be shaken. – Bloomberg

Wallonia rejects EU ‘ultimatum’ over Canada trade deal

Belgium’s Wallonia region yesterday dealt a fresh blow to a proposed EU-Canada trade deal, rejecting a 24-hour ultimatum from the bloc to end its objection to the agreement. In an embarrassment for the 28-nation EU, Belgium has so far been the only member not to sign up to the CETA trade deal, blocked by French-speaking Wallonia, which has refused to endorse it. The EU has warned that unless Belgium makes its position clear, it will cancel a summit on Thursday to sign the accord with Ottawa, and indicated that it expected Prime Minister Charles Michel to come up with an answer today. – EurActiv

> Related comment on BrexitCentral:

Lee Rotherham: Hard versus soft Brexit is a fallacy – there are over 40 ways to leave the EU

Brexit is no more a binary issue than international trade is, outwith embargoes which are not in question. So talk of “hard” and “soft” Brexit is a fallacy… There are 35 different chapters (or headings) under discussion when any country talks about joining the EU. Meanwhile, I count 42 types of EU trade deals struck over the years with third parties. The UK version won’t fall into the model at either end of the scale, since the UK is neither a Eurozone EU state nor South Sudan, but it will instead be one of the 40 others (or more likely, a new forty-third). – Lee Rotherham in City A.M.

Telegraph: MPs must think bold to make Brexit work

If MPs truly accept the will of the people as expressed in the Brexit vote, now is the time for them to explain how they best want to see that implemented. Given that Brexit is going to happen, all of our representatives at Westminster – not just Leavers – should be straining every sinew to suggest bold policy ideas in order to make the greatest possible success of it.- Daily Telegraph editorial

Christian May: Brexit doesn’t mean the end of the City

As one EU diplomat observed recently, moving financial services is like moving nuclear waste: expensive and very risky… The good news is that, after a shaky start, government appears determined to fight for the City in its upcoming negotiations. It’s also important to appreciate, as Iain Martin does in the conclusion of his excellent book on the history of the City, Crash Bang Wallop, that “the City will survive, and prosper. It usually does”. – Christian May in City A.M.

Ben Martin: How Margaret Thatcher’s Big Bang could protect the City from Brexit, 30 years on

While some pro-EU financiers believe that the City renaissance caused by the Big Bang could be ended by Brexit, others are not so sure. If anything, the sweeping deregulation that came in 30 years ago could play an important role in protecting London’s position once Britain exits Europe, they argue… By spurring the development of the City, the Big Bang has been key to ensuring the financial services industry has grown deep roots in London, which will be difficult to pull up. – Ben Martin in the Daily Telegraph

Tim Harford: The economy could reshape the UK as the Japan of Europe

A British economy with a larger presence as a producer and consumer of high-tech software and robotics: the Japan of Europe, although hopefully without the quarter-century of economic stagnation. It is not impossible. Data collected by Massachusetts Institute of Technology’s Atlas of Economic Complexity project suggest that the UK has untapped capacity in industries such as cars and precision engineering. – Tim Harford for the FT (£)

Brexit comment in brief

  • The EU needs us far more than Britain needs it – Leo McKinstry in the Daily Express
  • Rising gilt yields and a weaker pound are not down to Brexit alone – Roger Bootle in the Daily Telegraph

Brexit news in brief

  • Sturgeon’s dream of second referendum blasted as economic vandalism –  Daily Express
  • Spain’s Socialists vote to allow Rajoy minority government – BBC

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Published at Mon, 24 Oct 2016 08:16:33 +0000

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