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Tag: Brexit

Govt faces Brexit revolt from carmakers

Govt faces Brexit revolt from carmakers

Business
The Government faces a growing revolt from carmakers in Britain unhappy at the slow pace of clarity over post-Brexit customs arrangements crucial to their business model.Sky News has been shown internal industry memos, circulating at the Frankfurt Motor Show, expressing exasperation at the state of preparedness for changes to customs - which could come in in March 2019 and for which immediate investment and staffing is required.A recent meeting with Government was described as "disillusioning" because of a "lack of detailed information and blocking of our questions".Officials were described as having "no concrete idea of how to apply [customs] proposals".Instead of communicating detailed proposals, the meeting was taken as a "desperate attempt" to find out basic information and "get the in...
Davis: Brexit bill now '£60bn and falling'

Davis: Brexit bill now '£60bn and falling'

Business
Britain's EU divorce bill is now presumed to be "£60bn and falling", the Brexit Secretary told business leaders on Friday, as he offered reassurance about the UK's future economic relationship with Europe.Sky News has learnt that David Davis told a gathering of bosses at Chevening House that the UK would enjoy a comprehensive free trade agreement with the European Union after Brexit.He is said to have told executives including Xavier Rolet of the London Stock Exchange Group, Steve Varley, who runs accountancy firm EY, and Vittorio Colao of Vodafone that negotiations with Europe had been "scratchy" but that they should not be concerned.Mr Davis's remarks about the divorce bill, confirmed by three people who attended Friday's meeting, are likely to attract the greatest scrutiny.Video:Dyson c
Brexit deal 'not essential', says think tank

Brexit deal 'not essential', says think tank

Business
A trade deal with the EU following Britain's exit from the bloc is "desirable but not essential", according to a leading free-market think-tank.The Institute of Economic Affairs (IEA) has said the possibility of a hard Brexit - which would mean the UK leaving the European Union with no ongoing trade deal and therefore defaulting to World Trade Organisation rules - would "not be a disaster", despite most businesses and politicians in Britain warning against it."Many people believe that disaster will befall us if we do not forge a deal with the EU," says the IEA's research director, Jamie Whyte."In fact, we could unilaterally eliminate all import tariffs, which would give us most of the benefits of trade, and export to the EU under the umbrella of the WTO rules."Then we can seek free-trade d...
UK 'must prepare a Brexit fallback'

UK 'must prepare a Brexit fallback'

Business
The UK needs a "credible fallback" in case no EU trade deal is reached during Brexit negotiations, former Bank of England governor Mervyn King has said.Lord King said British negotiators needed to show Brussels the country has an alternative over a bad trade deal post-Brexit. The former governor, who served between 2003 and 2013, said no deal was "not the first preference of anybody".He said the government "probably wasted a year" on its contingency plans.The first round of Brexit negotiations at the European Commission ended in July. Brexit Secretary David Davis said Brussels might delay trade talks due to a lack of progress on the cost of the UK's "divorce" settlement. Brexit: All you need to knowBrexit: What is at stake in EU-UK talks?The people who will negotiate BrexitSpeaking to BBC...
Brexit disruption to UK-EU flights 'more likely'

Brexit disruption to UK-EU flights 'more likely'

Business
Disruption to flights between Britain and the European Union is becoming more likely as Brexit approaches in March 2019, Ryanair boss Michael O'Leary has said.Mr O'Leary was speaking after a meeting with Transport Secretary Chris Grayling about the need to reach an "open sky" deal between the UK and Europe ahead of leaving the EU."It is now more likely there will be a disruption to flights," he said."I think there will be disruption around September, October 2018."Airlines say they need a new deal to replace current arrangements by September or October next year to be able to provide scheduled flights in the months after Britain exits the bloc.Mr O'Leary said some European airlines were against the UK getting a favourable deal, singling out the French and the Germans."It's odds against a d...