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Brexit: weekly news digest 10 Dec

Theresa May has called off the MP’s vote on her Brexit deal after admitting it “would be rejected by a significant margin”.

The final deadline for the vote is 21 January, but the BBC have reported that the new date of the vote will not be announced until the Northern Ireland border issue is resolved.

There is also support gathering around a second referendum, something that has been contentious as it has been seen as undermining the democratic process that has led to the original vote to leave the EU.

Whilst there has been mixed reception for the deal from large businesses, with Investment Week  sharing a poll with 75% supporting the deal versus no deal at all , there is a consensus that no deal will be worse than some form of deal.  There has been a report from State Street Corporation  on the outlook of institutional investors increasing their asset holdings in the UK and continuation of businesses stockpiling  evidence of businesses stockpiling is mounting with worries around access to enough warehousing space.

A further report shows an increased cost for UK businesses to access the Euro bond markets with reports of a ‘Brexit Premium’. ‘Brexit Premium’.

Carolyn Fairbairn of the CBI  spoke out on concerns around immigration, suggesting businesses could fail as they find they are unable to access immigrant labour as they are able to currently.

The  RBS are continuing  with their contingency plans, moving one third of its investment arm into the Netherland.  But there are still exceptions to the negative press that businesses are projecting, with news of UCB pushing forward  with their $1.3bn investment in the UK, citing that it still remains the best option for access to a ‘strong science culture’.

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