GBP News 

Backstop: May rules out ‘Malthouse compromise’

“Theresa May will present the EU with new legal proposals to solve the Irish backstop issue on Wednesday, which No 10 hopes will be enough to convince Eurosceptics to back her Brexit deal” writes Rowena Mason for theguardian.com. However, Jacob Rees-Mogg and Steve Baker sounded a conciliatory tone on Tuesday, insisting that the Malthouse agreement was “still live and kicking” and saying they looked forward to further developments.The Malthouse compromise was named after the housing minister, Kit Malthouse, who helped draft it as an attempt to find a Brexit deal…

Read More
GBP News 

ESMA to Focus on TR Data, Cybersecurity and Brexit in 2019

“More specifically, the pan-European regulator said that it is going to be looking at the quality of data that Trade Repositories (TR) gather and how accessible that data is to local authorities” writes David Kimberley for financemagnates.com. For those unfamiliar with TRs, they are companies that gather sets of derivatives trading data. Source: financemagnates.com

Read More
GBP News 

Brexit food shortages could see people forced to eat ‘tons of leeks’

“Britain imports around half of its food with most entering on lorries through Dover, so any potential logjams are likely to have a significant effect” writes Shehab Khan for independent.co.uk. I’m not sure,” he said. “We know from our members that they are investing staggering sums into getting ready for the worst possible no-deal scenario. Source: independent.co.uk

Read More
GBP News Stocks 

British supermarkets battle to secure stocks as chaotic Brexit looms

“The last time Britain’s food supplies were seriously hit was when fuel protests prompted panic buying almost two decades ago, forcing some supermarkets to ration milk and bread and others to warn that stocks would run out in days” reports businessinsider.com. Another senior executive at a major British food retailer told Reuters they had seen no signs yet of Britons buying so-called ‘bunker lines’ – toilet paper, bottled water and tinned food. Source: businessinsider.com

Read More
GBP News 

A ‘no-deal’ Brexit could hit 100,000 German jobs, study claims

“A U.K. exit from the European Union (EU) with no pre-arranged deal could affect more than 100,000 jobs in Germany, according to a new academic study” writes Krisztian Bocsi for cnbc.com. They then estimated that, in- terms of overall employment, Germany would be the worst hit of all the countries that the U.K. trades with, offering a potential impact on more than 100,000 jobs. Source: cnbc.com

Read More
GBP News 

Honda set to close UK car plant with 3,500 jobs at stake in another Brexit blow

“Japanese automaker Honda could be set to cut 3,500 jobs from the UK in plans to close one of its plants” writes Callum Burroughs for businessinsider.com. Sky’s report suggests that Brexit is not the only factor in the decision to close the plant. Honda’s decision is the latest in a line of Japanese companies moving operations away from the UK since the Brexit vote with Panasonic and, recently, Sony opting to move their operations to Amsterdam. Source: businessinsider.com

Read More
GBP News 

Brexit: Several Labour MPs said to be set to announce resignation later

“And now it is believed that there will be an event mid-morning in the UK on the ‘future of British politics’, which suggests that we will be seeing a group of Labour MPs leaving” reports forexlive.com. As for what this means for the shape of UK politics, it could all amount to nothing in the end but it could also suggest a real threat that Brexit is starting to crack the political structure/framework in a more significant manner. Source: forexlive.com

Read More
GBP News 

ALSO: Minister Suggests Brexit Withdrawal Agreement May Not Be Reopened

“They want the withdrawal agreement, which is the legally binding part of the Brexit deal that MPs are being asked to approve, changed to make clear that this will not happen” writes Deputy Political Editor for huffingtonpost.com. Theresa May might not seek to reopen the Brexit withdrawal agreement as she tries to secure changes to the controversial Irish border backstop, a cabinet minister has suggested in comments which risk infuriating Tory eurosceptics.But it comes after senior Brexiteer Steve Baker warned in WhatsApp messages leaked to the Sunday Times that anything…

Read More
GBP News 

May risks fresh confrontation with ERG over backstop

“He has consistently emphasised that the ERG would rather support a no-deal Brexit than one that did not legally remove the backstop” writes Rowena Mason for theguardian.com. Theresa May is facing a fresh showdown with Eurosceptic Conservative MPs after a cabinet minister suggested she may put her Brexit deal to parliament again without having secured a change to the withdrawal text. Source: theguardian.com

Read More
GBP News 

Airbus warns of no-deal Brexit, says has spent tens of millions preparing

“A logo of Airbus is seen on a flag at Airbus headquarters in Blagnac Thomson Reuters LONDON (Reuters) – Airbus said on Sunday it would have to make “difficult decisions” about future investment if Britain crashes out of the European Union without a deal, adding it had already spent tens of millions of euros in preparations” reports businessinsider.com. “There is no such thing as a managed ‘no deal’, it’s absolutely catastrophic for us,” senior vice president Katherine Bennett told the BBC’s Andrew Marr.”Some difficult decisions will have to made if…

Read More