News That Matters

Tag: &#039Nodeal&#039

Cross-Channel freight trade 'could drop by 87%' under 'no-deal' Brexit

Cross-Channel freight trade 'could drop by 87%' under 'no-deal' Brexit

Business
Cross-Channel freight trade could drop by between 75% and 87% for six months in the event of a "no-deal" Brexit, according to a Border Force document obtained by Sky News. The estimate comes as part of an internal assumption for no deal contingency plans.A slide from an internal Government presentation marked "Official-Sensitive" and titled "Freight Traffic Contingency Assumptions" is a recent internal assessment much of which was omitted from public No Deal documentation. It reads: "The reasonable worst case flow through the Short Straits is reduced to between 13% and 25% of current capacity for a period of between 3-6 months."This is a reference to traffic from Dover-Calais and in the Channel Tunnel. NEW:Sky News obtains Border Force conti...
Eurostar services could stop under 'no-deal' Brexit

Eurostar services could stop under 'no-deal' Brexit

World
Eurostar services from Britain to Europe could stop running in the event of a "no-deal" Brexit, it has been revealed. The government has released its latest batch of documents covering the potential effects of such a scenario, covering areas like consumer rights, rail transport, copyright and free trade.On rail transport, the government says it would have to negotiate new arrangements with individual countries to keep trains heading to the continent."Arrangements for cross-border services would be subject to any bilateral arrangements that the UK negotiates with individual EU countries," the technical notice said.Sky News understands work to prepare for such a scenario is already under way, while Brexit Secretary Dominic Raab has said he is confident Britain would be able t...
Carney: House prices may fall by a third in 'no-deal' Brexit

Carney: House prices may fall by a third in 'no-deal' Brexit

Business
Bank of England governor Mark Carney has warned ministers that a "no-deal" Brexit could see house prices crash by a third, Sky sources say. Briefing Theresa May and her top team in Downing Street, Mark Carney laid out three different scenarios the Bank believes could come to pass if Britain leaves the EU without a withdrawal agreement.The worst case scenario would see Britain go into recession, a slump in the value of the pound and a crash in house prices.Sky's political editor Faisal Islam said a source characterised the governor's comments as "not a prediction, a worst case scenario", adding Mr Carney's comments were received "respectfully" by those around the cabinet table. ...
'No-deal' Brexit could cost £60m a day, Jaguar boss warns

'No-deal' Brexit could cost £60m a day, Jaguar boss warns

Business
The chief executive of Jaguar Land Rover has warned that supply bottlenecks resulting from a "no-deal" Brexit could bring to a halt to production at the company's UK car plants. Ralf Speth said that, with JLR producing 3,000 cars daily and relying heavily on "just-in-time" supply chains where parts are delivered shortly before they are used, he would be "very, very concerned" if there were blockages in the supply of parts.He told Sky News: "Just one part missing could mean stopping production at a cost of £60m a day. That is a huge risk."We depend on free, frictionless, seamless logistics."Dr Speth also repeated his warning, made in early July, that a hard Brexit would cost Jaguar Land Rover, the biggest private sector employer in the West Midlands, £1.2bn.He warn...