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IMF’s Lagarde says further Brexit delay will ‘hinder’ UK growth

IMF’s Lagarde says further Brexit delay will ‘hinder’ UK growth

Business
Media playback is unsupported on your device Further uncertainty over Brexit will hinder growth in the UK economy, the head of IMF has told the BBC. Speaking ahead of the agreement of an extension to Article 50, Christine Lagarde warned that businesses and investors will remain hesitant in the coming months. She said any prolonged uncertainty would have a "negative impact".Ms Lagarde, a former French finance minister, said she hoped a deal could be struck quickly. Speaking at the World Bank and IMF Spring Meetings in Washington, Ms Lagarde said: "If there was a prolonged uncertainty, we can suspect that the impact on confidence would continue because, you know, whether you're talking about investors, whether you're talking about decisions as t...
Lorries face huge queues in a no-deal Brexit

Lorries face huge queues in a no-deal Brexit

Business
By Adam Parsons, business correspondent The government is drawing up plans for dealing with a massive increase in the number of lorries needing official paperwork in the wake of a potential no-deal Brexit.Industry insiders have told Sky News they fear that document checks could lead to huge queues on the motorways leading to Channel ports in Kent - undermining work to speed lorries through from Dover to Calais. At the moment, only a small fraction of hauliers need a permit - known as a transit document - to take goods between the UK and mainland Europe.However, if the UK was to leave the EU without a deal, that figure could go up 10 times - perhaps more, with thousands of drivers needing to obtain permits. Image: An...
Carney says risk of no-deal Brexit now ‘alarmingly high’

Carney says risk of no-deal Brexit now ‘alarmingly high’

Business
By James Sillars, business reporter Mark Carney has told Sky News the risk of a no-deal Brexit is now "alarmingly high", branding suggestions such a scenario could be managed as "absolute nonsense".In an exclusive interview with Sky News, the governor of the Bank of England defended its gloomy forecasts for what a cliff-edge Brexit would mean and denied they amounted to scaremongering. He said the Bank's thinking on the issue - which included predictions of an economic shock - had been demanded by a committee of MPs and involved the work of hundreds of staff, including its economists.He told Sky's Samantha Washington that a shock continued to be his view, despite "real progress" in preparations by businesses, government agencies and the Bank itself.Comme...
CBI chief’s warning to politicians amid Brexit stalemate

CBI chief’s warning to politicians amid Brexit stalemate

Business
By James Sillars, business reporter Theresa May's plans for a further Brexit delay to allow for talks on a unity deal has prompted a terse response from a leading business group.The Confederation of British Industry's (CBI) director general Carolyn Fairbairn issued a short reaction on Twitter signalling her exasperation and scepticism after the prime minister outlined her change of strategy in a Downing Street statement after a day of cabinet meetings. Mrs May's new plan first involves attempts to break the parliamentary stalemate through talks with Labour leader Jeremy Corbyn.:: LIVE: Corbyn 'very happy' to meet May for Brexit talksShe hopes to secure enough votes from MPs on a way forward - with Labour backing - to convince EU leaders next week of the m...
Factories rush to stockpile for Brexit

Factories rush to stockpile for Brexit

Business
UK factories stockpiled goods for Brexit at an unexpectedly high rate last month, boosting manufacturing growth to a 13-month high, according to a closely watched survey.The research, by IHS Markit/CIPS, found that the rate of increase in stocks hit a survey record high for the third month in a row.The Purchasing Managers' Index (PMI) for the manufacturing sector rose to 55.1 in March, from 52.1 in February. A figure above 50 indicates expansion.The PMI has remained above that benchmark for 32 months in a row.However, Rob Dobson, director at IHS Markit, warned that the boost to the UK economy could prove short-lived.He said: "Manufacturers are already reporting concerns that future trends could be constrained as inventory positions across the economy are ...