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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...
British pound surges the most in nearly two years after UK lawmakers vote to reject a no-deal Brexit

British pound surges the most in nearly two years after UK lawmakers vote to reject a no-deal Brexit

Finance
Sterling rose on Wednesday after U.K. lawmakers rejected leaving the European Union without a withdrawal agreement. The pound was up 2 percent against the dollar at $ 1.3339 as investors become more optimistic that a hard Brexit would be ruled out. That's the biggest move since April 2017. "Our base view — and the currency is telling you this — is we will get some form of resolution," said KKR's global head of macro and asset allocation Henry McVey on CNBC's Closing Bell. "Clearly, there's been slowing related to Brexit. The way we're approaching it is this...
Pound jumps as MPs vote to reject no-deal Brexit

Pound jumps as MPs vote to reject no-deal Brexit

Business
By John-Paul Ford Rojas, business reporter The pound has jumped as MPs voted to rule out a no-deal Brexit, on another day of volatile currency trading.Sterling climbed by as much as three cents against the US dollar to nearly $ 1.34, a nine-month high, and was two cents up versus the euro to as high as €1.18 - a new 22-month peak. That was after an amendment rejecting a no-deal Brexit in all circumstances was narrowly backed by the Commons.The currency had already made big gains in the run-up to the vote. It has swung wildly over the last couple of days.There was a broad welcome for the result from business groups but it was combined with continued frustration about the lack of a clear way forward for the process. Edwin Morgan, interim direc...
Majority of UK import tariffs set at zero in a no-deal Brexit

Majority of UK import tariffs set at zero in a no-deal Brexit

Business
By Ed Conway, economics editor Britain would slash tariffs on the vast majority of goods entering the country in a no-deal scenario, the government has confirmed.Ministers announced that 87% of all goods entering the country would face zero tariffs, with import taxes remaining for only 13% of incoming goods. Sky News reported last week that the scale of the tariff line reduction would be 80-90%. No-deal Brexit tariff cuts face criticism The plan, which would represent a significant liberalisation of UK trade barriers compared...