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Tag: Brexit

BoE governor tells banks to prepare for no-deal Brexit

BoE governor tells banks to prepare for no-deal Brexit

Business
The governor of the Bank of England (BoE) has told Britain's biggest lenders to intensify preparations for a "no trade deal" Brexit amid growing signs of deadlock between London and Brussels.Sky News has learnt that Andrew Bailey said during a call with bank chief executives on Tuesday that they should accelerate planning for the UK ending the transition period at the end of the year without an agreement. The instruction came as Britain's major high street banks grapple with the impact of the coronavirus pandemic on their balance sheets, with tens of billions of pounds of soured loans expected to materialise as a result of the crisis. ...
Brexit: Emmanuel Macron ‘not sure’ of UK-EU trade deal by end of year

Brexit: Emmanuel Macron ‘not sure’ of UK-EU trade deal by end of year

Business
French President Emmanuel Macron has said he is "not sure" a UK-EU trade deal will be struck by 31 December, the end of the Brexit transition period.Mr Macron said negotiations starting in March will be "tense", with fishing rights a key point of contention.It comes as the UK government signalled it would publish its mandate for the trade deal later this week.In the document, ministers are expected to reiterate their desire for a Canada-style deal with few tariffs on goods.While a trade deal is hammered out with the EU, the UK is following the majority of the bloc's rules.The UK is in this transition period until 31 December following its departure from the EU on 31 January."I am not sure that an agreement will be reached between...
Brexit divorce: Five key things the UK must navigate

Brexit divorce: Five key things the UK must navigate

Business
After cohabiting with the European Union (EU) for 47 years, the UK is now free to play the field.But as is already clear, wooing new suitors while also trying to keep a civil footing with the ex will be tricky.With less than one year to thrash out a trading deal, here are six five things the UK now has to work out.1) Who does the UK want to be?The UK is going to have to decide quickly which of its ex-partners' conditions it can live with - and which it is prepared to battle.Prime Minister Boris Johnson's vision for a global Britain is clear: open for business with an overhauled immigration system that puts "people before passports".It's not just about attracting investment. The government wants to be seen as the champion of free trade, especially as it ta...
UK’s Huawei decision could hurt possible Brexit trade deal, warns Pence

UK’s Huawei decision could hurt possible Brexit trade deal, warns Pence

Business
Boris Johnson's decision to allow Chinese tech giant Huawei a role in Britain's 5G network could threaten a post-Brexit trade deal between the UK and America, according to US vice president Mike Pence.His comments came after it was reported that US President Donald Trump blasted Mr Johnson with "apoplectic" rage during a phone call regarding the 5G move. Speaking to the US broadcaster CNBC, Mr Pence said: "We are profoundly disappointed because look, when I went at the president's direction in September I met with Prime Minister Johnson and I told him the moment the UK is out of Brexit we were willing to begin to negotiate a free trade arrangement with the UK."But we just don't believe that utilising the assets, the technology of Huawei is consistent with the security or privacy interests ...
UK and EU clash over trade deal demands – as PM refuses to say the word ‘Brexit’

UK and EU clash over trade deal demands – as PM refuses to say the word ‘Brexit’

Business
By Aubrey Allegretti, political reporter Britain won't lead a "cut-throat race to the bottom" on standards after Brexit, Boris Johnson has promised in his opening gambit for trade talks with the EU. The prime minister tried to head off Brussels' demands by claiming he is not about to "undermine" current labour laws or food and environmental protections. He hailed free trade as "God's diplomacy" and "the only certain way of uniting people in the bonds of peace" at a speech revealing he will push for a Canada-style deal in talks over the next 11 months. Image: Negotiators only have 11 months to strike a deal But Brussels has insisted the UK needs to commit to the same level of standa...