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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...
UK's 'no-deal' Brexit plans warn of credit card fees

UK's 'no-deal' Brexit plans warn of credit card fees

Business
Brexit Secretary Dominic Raab has set out what he called "practical and proportionate" advice in case the UK leaves the EU without a deal.The guidance includes instructions for businesses who could face extra paperwork at borders and contingency plans to avoid medicine shortages.Britons visiting the EU could also face extra credit card charges.Ministers say a deal is the most likely outcome but that "short-term disruption" is possible without one.BBC political correspondent Chris Mason described the publication as a "vast swirling porridge of detail - much of it at a technical level, advising individual industries about the manner in which they are regulated in the event of a no-deal Brexit".In the 24 documents, which cover indus...
Airbus: 'No-deal' Brexit will be 'chaos at the borders'

Airbus: 'No-deal' Brexit will be 'chaos at the borders'

Business
Airbus has said it is running out patience with the government and a "no-deal" Brexit would mean "chaos at the borders". The company employs 14,000 people at several sites including Bristol, Stevenage, Portsmouth and north Wales, but another 110,000 jobs are also vulnerable at firms supplying the aircraft maker.In one of the most significant interventions by a major manufacturer since the referendum two years ago, it published a "risk assessment" on its website saying it would "reconsider its investments in the UK, and its long-term footprint in the country" if Britain left the single market and customs union without a transition agreement.Speaking to Sky News, the company's senior vice president Katherine Bennett said: "We would see it as chaos at the borders."Our parts mo...