Brexit | - Part 2

U.K. Unveils Post-Brexit Immigration Plan, Angering Business

LAGOS (Capital Markets in Africa) – The U.K. published its long-awaited immigration plan for life outside the European Union, to end freedom of movement from the bloc and prioritize skilled workers regardless of nationality. Home Secretary Sajid Javidsaid the aim was to bring net migration down to “sustainable levels.” Reducing immigration has been a major issue for British voters and was a key motivation for many who chose to leave the EU in the 2016 referendum….

Bad Brexit Scenario Mars All-Bank Pass in BOE’s Stress Tests

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LONDON (Capital Markets in Africa) – British banks may have unanimously passed Bank of England stress tests, but that clean bill of health came with concern about a messy Brexit, courtesy of Governor Mark Carney. The central bank told lenders to add another 6 billion pounds ($8 billion) to their capital buffers and may increase their requirements again next year because it’s worried that the combination of a no-deal Brexit without a transition period and a global…

May Seeks Transition Deal as Part of All-in-One Brexit Package

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LONDON (Capital Markets in Africa) – United Kingdom Prime Minister Theresa May wants to bundle talks about the transition period she’s seeking after Brexit into trade negotiations, her spokesman said on Monday. That’s not what businesses want to hear. “Everybody has always been clear that we are looking to wrap all this up in one single go, everything will be agreed at the same time” May’s spokesman James Slack told reporters. “The point of an implementation period is it’s…

BT Chairman Pushes for Brexit Transition Deal of Up to a Decade

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LONDON (Capital Markets in Africa) – Prime Minister Theresa May is struggling to make headway in Brussels securing a two-year trade transition after Brexit. Now, she faces a call to push for as much as a decade. Two years isn’t enough to transpose legislation and regulation from the European Union and negotiate new treaties, BT Group Plc Chairman Mike Rake said Friday in an interview on Bloomberg TV. Businesses need five to 10 years access to the single market and customs union,…

EU Is Said to Seek a Road Map for Future U.K. Deal by December

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LONDON (Capital Markets in Africa) – European Union countries are seeking to complete preparatory work on a future relationship with the U.K. before the end of the year, in a move intended to keep hope alive for Theresa May’s government as Brexit negotiations stall. The European Council, which represents member states, will start working with the European Commission as soon as this month on the key points, according to an EU government official familiar with the matter. The plan…

Franco-German Brexit Stance Is Said to Have Broad EU Support

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LONDON (Capital Markets in Africa) – Germany and France insist they’re not alone in refusing British pleas to move ahead with Brexit talks, as they lay the blame for the impasse with Prime Minister Theresa May’s government. Officials in Berlin and Paris said their stance in negotiations is no tougher than that of other member states. Even though the bloc’s positions have been unanimously agreed, there is a concern in the German government that some countries…

Irish Said to Weigh Border Demand as Price for Brexit Progress

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LONDON (Capital Markets in Africa) – Ireland’s government is considering pushing for guarantees that no border will be imposed on the island of Ireland as the price for allowing Brexit talks to move ahead, according to three people familiar with the matter. Irish authorities are keen to use their leverage in the first part of the negotiations to extract maximum concessions on the border issue, according to the people, who asked not to be named because the deliberations are ongoing….

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