Sunday, 24 March, 2019


Britain, EU strike financial services deal — BREXIT

Vince Cable was one of four pro-EU politicians who met EU chief negotiator in Brussels last Thursday More Vince Cable was one of four pro-EU politicians who met EU chief negotiator in Brussels last Thursday More
Conrad Doyle | 02 November, 2018, 18:22

Bank of England Governor Mark Carney said a disruptive no-deal Brexit was not the central bank's main assumption but if there was a shock to the economy, it was not possible to say if rates would need to rise or fall in response.

Carney's comments come as Prime Minister Theresa May struggles to keep her divided Conservative Party in check in the Brexit discussions.

With Mr Barnier meeting "almost daily" with European Parliament representatives, the Government was failing to live up to Mr Davis's promise to match the EU negotiator for openness, Mr Benn said.

British households, he said, "remain resilient to a Brexit that has not yet happened".

After the decision on the bank's main interest rate, which is now at 0.75 percent, Carney will hold a news conference at which Britain's exit from the European Union is likely to loom large.

About 6 trillion euros ($6.82 trillion) or 37 per cent, of Europe's financial assets are managed in the United Kingdom capital, nearly twice the amount of its nearest rival, Paris.

The U.K. predictions, including the outlook for faster inflation, are based on market measures indicating that the BOE will deliver about three more quarter-point rate hikes by late 2021, more than were foreseen a few months ago.

City workers walk past the Bank of England in the City of London, Britain, March 29, 2016.

S&P has an "AA" credit rating for Britain - a full step below its top-notch "AAA" rating - but it warned that any failure by London and Brussels to reach a deal would be likely to force it to cut the grade further.

Equivalence, however, covers a more limited range of business and excludes major activities such as commercial bank lending.

The blueprint reported in The Times would appear to address some of those concerns, with neither side able to unilaterally declare regulations have fallen out of equivalence and block access to their markets without first going through independent arbitration and providing a notice period significantly longer than the current 30 days.

Officials working for the EU's chief Brexit negotiator, Michel Barnier, were also upbeat this week, telling ambassadors from the bloc's remaining 27 countries on Wednesday that there was a more positive mood around negotiations.

Economists polled by Reuters earlier this month assigned a median one-in-four chance that Britain leaves the European Union in March with no deal.

Faced with having Europe's biggest financial centre on its doorstep, the European Union has begun tightening conditions for equivalence in areas such as clearing derivatives and investment banking.

The report added to overnight optimism triggered by the UK Brexit Secretary Dominic Raab's letter to the House of Commons Brexit Committee, saying that he expected to finalize a deal with the European Union by November 21, and prompted some aggressive short-covering move around the GBP/USD major.

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