Mounting no-deal Brexit fears hit sterling The rising likelihood of no-deal Brexit has dragged down the pound on the foreign exchanges over the past month, as the prospect of a no-deal-focused Boris Johnson as prime minister becomes more likely. Sterling had fallen sharply to less than $1.26 against the US dollar and to about €1.12 against the euro. However, the US Federal Reserve coming closer to being forced into cutting interest rates amid fears over a slowing US economy has dampened the strength of the dollar in the past week. This has helped to inflate the value of the pound. The outgoing head of the European Central Bank, Mario Draghi, also suggested that the eurozone requires more economic stimulus, which has sapped the strength of the euro. Stock markets surge amid stimulus talk Mario Draghi using one of his final speeches as ECB president to suggest that interest rates in the eurozone may need to be cut further has helped European equities power ahead over the past … [Read more...] about How has Brexit vote affected the UK economy? June verdict
Brexit vote by region
A local acquaintance works for the Civil Service – he’s a wonk of some sort. I bumped into him in early 2017 and he was very frustrated. He had been asked by government to model the effect of Brexit on different sectors of the economy. He ran the numbers and handed in the reports, all showing impacts ranging from negative to strongly negative. The policymakers were annoyed. “This report reads like a Remain manifesto,” they objected. “Yes, doesn’t it?” he might have replied, but for politeness. Could these have been the very impact assessments of which David Davis, then Minister for Exiting the European Union, denied all knowledge later that year, with a baffling smirk? It didn’t seem funny at the time, but perhaps he smirked because he knew then what we all know now, that his colleague Liam Fox would achieve trade deals not only with The Faroe Islands but with Papua New Guinea itself – securing Britain’s future exports and … [Read more...] about Was Brexit sparked by or the cause of regional hatred?
New political party UK-EUP believes they can scoop up the votes of the country’s three million EU citizens under their banner of being “the most Remain” party. Founded by lawyer Pierre Kirk, the party is fielding nine candidates across the country and four in London. He said they are going after EU citizens as they are the “wildcard” voters in Thursday’s European elections. Mr Kirk told the Standard: “We could see the European voice wasn’t going to be represented unless we stepped up. “We get amazing support on the streets. A lot of people from the EU community in London are very pleased with what we are doing. “There are 700,000 Italians in London alone, and our candidate in the North West, Sophie Larroque, is getting a lot of traction in the French media. We are also targeting the Polish, we have had good feedback from the Poles around Ealing, and with the Lithuanians. “The wildcard vote in this election is that of the … [Read more...] about UK-EUP party vying for votes by being ‘the most Remain’
Could we finally be about to find out what it is MPs do want when it comes to Brexit? That is the hope, at least. After months of stalemate on the Brexit process, MPs have wrestled control of the process away from Theresa May and will hold so-called indicative votes on Wednesday. These votes will see MPs propose a variety of possible Brexit options – including pursuing a soft Brexit, a clean no-deal exit or even putting a stop to the process altogether – in a bid to uncover what outcome could gain a majority in the House of Commons. Mrs May has tried twice to get her EU-negotiated Brexit deal through but failed both times by historically large margins. The Democratic Unionist Party (DUP), the 10 Northern Irish MPs propping up the Prime Minister’s Government, continue to object to her terms, especially the conditions in the so-called “backstop” arrangement. Until the DUP is on board, the PM’s deal has no chance of passing. With Mrs May stuck in limbo, … [Read more...] about Indicative Brexit votes: what are they and did your MP want them?
UK lawmakers to vote on no-deal Brexit after May's crushing defeat Britain's parliament is preparing for another crucial vote on Wednesday on whether to leave the European Union in 16 days without an agreement, after rejecting Prime Minister Theresa May’s Brexit plan on Tuesday. Meanwhile, the government is speeding up preparations for a no-deal Brexit. British authorities announced they would eliminate import tariffs on a wide range of goods if the UK left the bloc without this agreement. Lawmakers are expected to reject a no-deal exit in a vote this evening and are then due to vote on Thursday whether to ask the EU for a delay to Brexit. READ: British MPs reject Brexit deal by 391 to 242 despite May securing changes to backstop 'Tell us what you want,' Europe’s leaders tell Britain After the UK parliament rejected a negotiated withdrawal agreement for the second time, Europe’s leaders were unanimous: Britain must tell the European Union what it wants from an … [Read more...] about No-deal Brexit vote, EU sceptical about delayed divorce, and Boeing in turmoil