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Tag: Brexit

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...
Prepare for cash crunch if no Brexit deal – defence body

Prepare for cash crunch if no Brexit deal – defence body

Business
The Treasury should prepare emergency measures to ease a cashflow crisis that could hit companies in the event of a "no-deal" Brexit, the leading body representing Britain's aerospace and defence industry has told Philip Hammond. Sky News has seen a letter from ADS, the trade association which counts Airbus and Rolls-Royce among its members, in which its chief executive urges the chancellor to ensure that there is sufficient liquidity to prevent companies being punished for "dipping into their overdraft or for breaching loan covenants".The call from Paul Everitt for the Treasury to begin contingency planning with banks and other lenders in order to avert a cashflow squeeze reflects growing anxiety across manufacturing industries about the ramifications of no deal being agre...
Car sales plunge as Nissan warns on Brexit

Car sales plunge as Nissan warns on Brexit

Business
New car sales in the UK plunged in September while a major carmaker has warned of the effects of a no-deal Brexit.The number of total vehicles registered was down 20.5% on the same period in 2017 at 338,834, the Society of Motor Manufacturers and Traders said.Carmakers had struggled with "a raft of upheavals" including adjusting to stricter emissions standards, it added.Meanwhile, Nissan said a no-deal Brexit would have "serious implications".The Japanese firm, which employs almost 7,000 people at its Sunderland plant, urged the UK and the EU to "work towards a balanced Brexit". Vauxhall owner PSA warns of 'dramatic consequences' of Brexit Toyota says no-deal Brexit would affect investment Turbulent timesThe SMMT said it had been an "exceptional" Septembe...
Next plays down Brexit threat as profits rise

Next plays down Brexit threat as profits rise

Business
Next has further raised its annual profit expectations on better-than-expected summer sales and declared that a "no deal" Brexit would not pose a "material threat" to its business. The fashion retailer said good weather over the summer months had helped drive a 4.5% rise in full-price sales during the six months to July - adding that it had continued to outperform its forecasts last month.It reported half-year pre-tax profits of £311.1m compared to £309m in the same period last year.Next said that despite a "volatile" high street, it was now expecting annual profits to be in line with those achieved last year at £727m - a rise of £10m on its previous upgrade. Image: Lord Wolfson is the chief executive of Next....
BMW to shut factory for a month after Brexit day

BMW to shut factory for a month after Brexit day

Business
Car giant BMW will shut its main British manufacturing factory immediately after Brexit day next year for several weeks, because of the rising risk of a "no-deal" divorce, Sky News has learned. The Mini plant in Oxford will not produce cars for at least a month from 1 April 2019, as the German giant activates the next stage of its no-deal contingency plans.During the referendum campaign, a number of high profile Leave campaigners claimed that an exit deal with the EU was inevitable because BMW would lobby German Chancellor Angela Merkel for one.David Davis, who later went on to become Brexit secretary, claimed in February 2016 that the UK is "too valuable a market for Europe to shut off". Image: Ex-Brexit Secretary David Davis sa...