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Monday, November 07, 2016


Things are starting to heat up….

Visegrad Group of EU states 'could veto Brexit deal'.

A group of Central European EU members known as the Visegrad Four is ready to veto any Brexit deal that would limit people's right to work in the UK, Slovakian PM Robert Fico says. In an interview with the Reuters news agency, Mr Fico said Hungary, Poland, the Czech Republic and Slovakia would be uncompromising in negotiations. His comments come a day after the EU's first major meeting without the UK. Brexit, though not formally discussed, overshadowed the Bratislava summit. At the end of the summit, European Commission President Jean-Claude Juncker repeated that Britain could not achieve full access to the EU market that it would ideally like, if it closed off free immigration for EU citizens. At the same news conference, Mr Fico underlined that he and other Central European leaders whose citizens make up much of the EU migrant population in Britain would not let those people become "second class citizens".

Banks 'would lose passporting rights with hard Brexit'.

UK-based banks would lose the automatic right to trade in EU states if the UK left the single market, the head of Germany's central bank has said. Jens Weidmann said a "hard Brexit" would strip banks of valuable "passporting rights" that give unfettered access to the bloc. This would force some to relocate from London, he added. Passporting rights are considered by some to be vital to London's position as a financial hub. It allows banks to serve clients across Europe without the need for licences in individual countries. Foreign secretary Boris Johnson has claimed that such rights would be preserved even if Britain left the single market after Brexit - an outcome some Eurosceptics favour. But in interview with the Guardian, Mr Weidmann said that passporting rights were "tied to the single market and would automatically cease to apply if Great Britain is no longer at least part of the European Economic Area".

Nick Clegg says government has 'no clue' over Brexit.

Leaving the EU's single market as part of any Brexit deal would do "untold damage" to the UK economy, Nick Clegg has told the Lib Dem conference. The former deputy prime minister, who is now the party's EU spokesman, said the single market was a UK creation that was vital for jobs and prosperity. The Tories, he said, were "up a Brexit creek without a paddle, a canoe or a map - they have absolutely no clue". The government has insisted it will secure a "positive outcome" on trade. The Lib Dems, who campaigned to stay in the EU, are pushing for a referendum on the terms of a final Brexit deal. However, former Lib Dem business secretary Vince Cable said the party "must accept" the referendum result and stop focusing on a second vote.

Brexit has had 'no major effect' on economy so far.

There has been little impact of the Brexit vote on the UK economy so far, says the Office for National Statistics (ONS). "The referendum result appears, so far, not to have had a major effect," its chief economist Joe Grice said. Official figures have not yet reflected the collapse in confidence predicted by some surveys since the referendum. But the ONS warned that we have not yet had official figures for the service sector, which are due next week. The services sector accounts for more than three-quarters of the economy - the index of services for July - and is out on 30 September. The first estimate of how the whole economy fared in the three months after the referendum will be released on 27 October. There were stark warnings during the referendum campaign of the short-term effects of a vote to leave the European Union. And in July, these appeared to be borne out when the results of a closely-watched economic survey indicated a "dramatic deterioration" in activity. IHS Markit's survey suggested both the manufacturing and service sectors had suffered a decline in output and orders. However, subsequent surveys from the same body have indicated that activity in the manufacturing and service sectors has bounced back. The effects of the Brexit vote have not yet appeared in official figures.

Wall Street executives warn Brexit could hurt City.

The heads of two major Wall Street companies have warned that the UK financial services industry could be damaged by Brexit. President of investment bank Morgan Stanley, Colm Kelleher, said the City would "suffer… the issue is how much". Meanwhile, Rob Kapito, head of one of the world's largest investment houses Blackrock, said there was "a lot of concern" in the financial community. He also said voters had not been given enough facts before the EU referendum. "The unintended consequences of Brexit will be significant for everyone across the UK," he said. Mr Kelleher said his bank's immediate concern was over whether to invest further in the UK. This was because the terms of a potential Brexit deal were still unclear. "It is that uncertainty that is causing problems," he told the BBC's Today programme. However, he said a bigger worry was whether banks would retain their "passporting rights" after Britain leaves the bloc. These rights currently allow them to trade across the bloc without the need for individual country licences.

House buying 'steady after Brexit'.

Uncertainty surrounding the Brexit vote failed to hit house buying in the UK, figures suggest, with a slight rise in transactions in August. A total of 109,630 properties were bought in the UK during the month, a very slight rise on a year earlier, HM Revenue and Customs data shows. In these cases the house buying process may have started some time before the referendum took place. Mortgage data has shown some signs of a post-vote slowdown. The Royal Institution of Chartered Surveyors (Rics) recently said that the UK housing market had "settled down" after the Brexit vote, with sales and prices expected to rise in the coming months. Jeremy Duncombe, director of the Legal and General Mortgage Club, said that the lack of properties being built and on the market was the most significant factor for the market. "Until the supply and demand for UK property is better balanced, we will be left with a housing market that is only within reach for the few and unattainable for many," he said.

All details above from BBC News website.

[Of course the big Brexit news presently is the number of death threats against Gina Miller the American sports reporter accusing her of being a traitor to her country and a whole bunch of other stuff. That cock-up made bigger waves than the threats levelled at the real Gina Miller who helped bring the Constitutional case to the High Court recently but heh, at least it made the news. Meanwhile both Walkers crisps and Birds Eye frozen foods have posted price hikes due to the low value of Sterling on international money markets. Things are getting desperate over here!]

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