The global financial system could face unprecedented disruption if the EU does not safeguard vital contracts worth £29 trillion, the Bank of England has warned. So-called derivatives contracts held between banks in the EU and the UK in order to manage risks are under threat if the EU does not follow the UK in agreeing to continuity arrangements, ahead of the Brexit March 2019 deadline. This presented a major risk of disruption for financial firms as both sides must agree on how contracts can be used in order for them to continue to be used, according to the Bank of England's financial stability report. "The EU has not indicated a solution analagous to a temporary permissions regime," the Bank said. Bank of England Governor Mark Carney said: "The EU has not yet indicated their solution to these fundamental issues… in the unlikely event of a disorderly Brexit." In its latest assessment of the dangers facing the UK’s financial sector, Threadneedle Street has … [Read more...] about Mark Carney takes swipe at EU as Bank of England warns on Brexit risks
Brexit
Welsh Conservative leader ‘ousted in Remain putsch’ after criticising Airbus for Brexit warning, allies say
The leader of the Welsh Conservatives has stepped down after a "putsch" by Remain supporters in the Welsh Assembly, allies have said. Andrew RT Davies said in a statement that he had tendered his resignation "with deep regret" following a meeting of all Tory Assembly Members on Wednesday morning. Sources said he had been forced out by around 12 Assembly members after dismissing a warning by Airbus that it could quit the UK over Brexit as "hyperbole". Airbus, which employs 6,400 people in Wales, has said it may have to reconsider the future of operations in the UK if Britain leaves the single market and customs union. In response, Mr Davies said the company was "doing a disservice" to the workers... Register or log in to view this and other Politics articles. It's free and easy to do. Join regular debates with our journalists by commenting on articles Sign up to exclusive newsletters that give you the inside track on Westminster and Brexit … [Read more...] about Welsh Conservative leader ‘ousted in Remain putsch’ after criticising Airbus for Brexit warning, allies say
Politicians and business – Brexit’s grumpy bedfellows
Business Kamal Ahmed Economics editor @bbckamal on Twitter 27 June 2018 Share this with Facebook Share this with Messenger Share this with Twitter Share this with Email Share this with Facebook Share this with WhatsApp Share this with Messenger Share this with Twitter Share Share this with These are external links and will open in a new window Email Share this with Email Facebook Share this with Facebook Messenger Share this with Messenger Messenger Share this with Messenger Twitter Share this with Twitter Pinterest Share this with Pinterest WhatsApp Share this with WhatsApp LinkedIn Share this with LinkedIn Copy this link https://www.bbc.com/news/business-44627029 Read more about sharing. These are external links and will open in a new window Close share panel Related TopicsBrexit "Some regard private enterprise as a predatory tiger to be … [Read more...] about Politicians and business – Brexit’s grumpy bedfellows
Treasury co-ordinating business attacks on Brexit, claims Jacob Rees-Mogg
Brexiteers have accused Remainers in the cabinet of co-ordinating business attacks on Brexit in a bid to bounce the prime minister into a soft Brexit. Jacob Rees-Mogg, head of the eurosceptic European Reform Group of Tory MPs, told Sky News he believed Chancellor Philip Hammond was behind the sudden flurry of businesses speaking up on Brexit.It comes ahead of a crunch Chequers meeting of cabinet ministers next Friday to agree detailed plans on the UK's post-Brexit future."I think there is cooperation between the Remainers in the cabinet and some businesses, some of the more politicised businesses," Mr Rees-Mogg told Sky News on a visit to the Irish border town Blacklion.Asked who in the cabinet, Mr Rees-Mogg replied: "Oh, the chancellor. Boris Johnson was quite right when he said the Treasury is the beating heart of remain, that's obvious."It is the latest salvo in a growing row between Brexiteers and Remainers in Theresa May's government.On Tuesday, Business Secretary Greg Clark used … [Read more...] about Treasury co-ordinating business attacks on Brexit, claims Jacob Rees-Mogg
‘No deal Brexit’ would be unthinkable, says John Lewis chairman
LONDON (Reuters) - Britain is unprepared to leave the European Union without a deal and chaos would ensue were it to happen, the chairman of the biggest department store group John Lewis said on Wednesday. FILE PHOTO: Shoppers pass a branch of John Lewis in London, Britain, September 15, 2016. REUTERS/Toby Melville/File Photo With only nine months left until Britain is due to leave the EU, there is little clarity about how trade will flow. Big business has started to warn of the consequences, with Siemens (SIEGn.DE), Airbus (AIR.PA) and BMW (BMWG.DE) all saying that their businesses would be hurt by a disorderly Brexit. “A no deal Brexit is in my view a pretty much unthinkable scenario,” Charlie Mayfield told reporters. Reporting by James Davey, Writing by Kate Holton, Editing by Paul Sandle … [Read more...] about ‘No deal Brexit’ would be unthinkable, says John Lewis chairman