Tag Archives: Brexit

London to lose $900 billion to Frankfurt due to Brexit, German finance group claims

Boris Roessler | Picture Alliance | Getty Images The skyscrapers of Frankfurt’s banking metropolis. London is predicted to lose up to 800 billion euros ($909 billion) of assets by March next year, as banks move their business operations to other hubs before Brexit takes place. Lobby group Frankfurt Main Finance (FMF) released the figure last week, which it calculated based ... Read More »

UK businesses urge government to reach Brexit transition deal

LONDON, OCT 23:   The British government must act urgently to secure a Brexit transition deal or risk losing jobs and investment in the country, business leaders representing millions of workers are due to warn. In a draft letter due to be sent to Brexit minister David Davis, Britain’s five leading business organisations said a deal to provide a status quo ... Read More »

UK economy loses momentum as fears mount about cost of Brexit, find latest surveys

The weaker growth trend in services was most evident in consumer-facing sectors such as restaurants, cinemas, gyms and hairdressers The UK economy is losing momentum as fears mount about Brexit, according to the latest round of industrial surveys. The Purchasing Managers’ Index for services in August came in at 53.2, down from 53.8 in July. Any figure above 50 signals expansion, but the ... Read More »

‘Hard’ Brexit offers ‘£135bn annual boost’ to economy

Removing all trade tariffs and barriers would help generate an annual £135bn uplift to the UK economy, according to a group of pro-Brexit economists. A “hard” Brexit is “economically much superior to soft” argues Prof Patrick Minford, lead author of a report from Economists for Free Trade. He says eliminating tariffs, either within free trade deals or unilaterally, would deliver ... Read More »

Election debacle leaves UK government in a minority on eve of Brexit talks

British Prime Minister Theresa May addresses the country as her husband looks on after Britain’s election at Downing Street in London, Britain, on 9 June. Photo: Hannah Mckay/Reuters   London: British Prime Minister Theresa May said she would lead a minority government backed by a small Northern Irish party after she lost an election gamble days before the start of ... Read More »

Brexit economy: workers face squeeze but firms remain upbeat

Shoppers apparently shrugged off any worries about rising prices to keep spending in April. Photograph: Luke MacGregor/Reuters The Brexit squeeze on household budgets has intensified over the past month, but companies and investors remain cautiously optimistic about the economic outlook in the run-up to the election, a Guardian analysis shows. With a fortnight to go until the general election, the ... Read More »

EU Brexit chief sees special care for financial service ties

The European Union’s Brexit negotiator Michel Barnier said on Saturday that the EU will demand “special vigilance” before letting British financial firms access the bloc because of the large risk London could pose to the EU’s financial stability. Responding to a report in the Guardian which said he had told EU lawmakers that he wanted a special deal to maintain ... Read More »

Jamie Oliver to shut six Jamie’s Italian restaurants amid ‘tough trading’ after Brexit

Jamie Oliver has announced he is to close six of his Italian restaurants, blaming tough trading amid rising Brexit cost pressures. The celebrity chef’s company said outlets in Aberdeen, Cheltenham, Exeter, Richmond, Tunbridge Wells and Ludgate Hill, London, will close by the end of March. Simon Blagden, chief executive of Jamie Oliver Restaurant Group, said: “As every restaurant owner knows, this is a tough ... Read More »

UK consumers gloomy about 2017’s looming inflation and Brexit talks

British consumers are downbeat about the economy’s prospects next year, when higher inflation is likely to erode their spending power, a major survey showed on Thursday, despite signs that growth has remained robust since June’s Brexit vote. A big jump in households’ appetite to make major purchases helped market research company GfK’s monthly consumer sentiment index inch up to -7 ... Read More »

Brexit threatens 10 percent of London financial jobs: lobby group

Up to 10 percent of jobs in London’s financial district may be lost if Britain fails to secure adequate access to European Union markets after Brexit, a City of London official said on Wednesday. Bankers first called for full access after June’s vote to leave the European Union but such hopes have now faded, leaving the sector to call for ... Read More »