GBP News 

Spain, UK hold first talks on Brexit’s fallout in Gibraltar

“Britain and Spain say they have held their first informal Brexit-related talks this week in Madrid touching on how Britain’s future departure from the European Union could apply to Gibraltar” reports foxbusiness.com. The British Foreign Office said the “informal meeting” was “productive” and that Gibraltar authorities had been involved in setting it up and were briefed on it.The EU’s guidelines on negotiations for Britain’s future relationship with the bloc granted Spain veto rights over the issue of Gibraltar, the tiny outcrop at the tip of the Iberian Peninsula that London…

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GBP News 

BOE Cuts Growth, Wage Forecasts as Key Rate Kept at Record Low

“The central bank now projects economic growth of 1.7 percent this year and 1.6 percent in 2018, down from 1.9 percent and 1.7 percent” writes unknown author for bloomberg.com. Signs the economy is slowing and June’s election result have led more members of the government to back such a stopgap.Mark Carney said Brexit is casting the biggest shadow over the U.K.’s economic outlook, as his confidence in an orderly departure from the European Union starts to fade.The BOE cut its forecast for wage growth for 2018 and 2019.Of the all the…

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GBP News 

Brexit’s latest victim — the increased cost of getting your car fixed

“Companies both in Europe and in the UK are starting to protect themselves from fallout if the talks do not yield a special trade deal by the time Britain leaves the bloc in 2019” writes Will Martin for businessinsider.com.au. The study, which works on the assumption that the UK will fail to secure a trade deal with the EU and fall back to WTO trade rules, said that the cost of importing parts would increase £21 per year for every Brit, while other things like customs costs and quotas could…

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GBP News 

Brexit could cause food disruption ‘unprecedented for an advanced economy outside of wartime’

“Three leading UK food academics on Monday published a paper that warns Brexit could disrupt supply and prices for food in the UK on a scale “unprecedented for an advanced economy outside of wartime.”” writes Oscar Williams-grut for businessinsider.com. The UK food system faces real challenges on food security.”. “The silence about the future of UK food since the Brexit referendum is an astonishing act of political irresponsibility and suggests chaos unless redressed,” the report, titled “A Food Brexit: Time to get real”, says.”The UK food system, consumer tastes and…

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GBP Markets News 

Brexit’s impact on markets and the U.K., one year after the vote — in charts

“The steep drop in the pound has helped drive U.K. inflation higher” writes Markets Reporter for marketwatch.com. That shock result shook markets in the immediate aftermath — but how do they, and the British economy, stand now?. The U.K. labor market has proved to be surprisingly resilient, and the joblessness rate in April dropped to 4.6%, the lowest level since 1975. Source: marketwatch.com Share This:

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News 

Brexit’s uncertain outcome poses risk to global stability, says IMF

“The Washington-based organisation said global financial stability had continued to improve, helped by a pick-up in economic growth” writes Larry Elliott for theguardian.com. The International Monetary Fund has warned that Brexit’s unpredictable outcome poses a risk to global financial stability at a time when it is already challenged by heavily-indebted US corporations, China’s credit bubble and weak European banks.The half-yearly Global Financial Stability Report – one of the IMF’s two flagship reports – said the benefits of London as a global financial hub stemmed from economies of scale and its…

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