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Brexit weekly news digest 14 January

The rescheduled Meaningful Vote through the Commons is scheduled for 7pm on Tuesday 15 January. This is the point when Theresa May’s proposed Withdrawal Agreement will be either accepted or rejected by the UK Parliament. But with the impending vote and the reports of the likelihood that the Withdrawal deal will be rejected, economic, political and trading uncertainly continues.

The BBC outlines the path of possible outcomes of the Meaningful Vote here: BBC Meaningful Vote analysis 

Ford’s Bridgend Plant is blaming the uncertainty around Brexit for its struggle to attract new work  in the company’s production review.

Jaguar Land Rover announced 4,500 job cuts, mainly in the UK, as the company has sounded some of the most urgent warnings among UK manufacturers  among UK manufacturers about the damage that Brexit uncertainty was doing to investment in the UK.  Jaguar Land Rover say they ‘needed more certainty around Brexit in order to continue investing in its UK operations and warned that a "no-deal" Brexit would cost the company more than £1.2bn in profit each year.’

Contingency planning for a no deal outcome continues at ports with the Welsh government making arrangements. Two sites on Anglesey, near Holyhead, and land adjacent to the Mona airfield in the centre of the island, are being set aside to accommodate wagons that may be delayed due to additional customs checks.

A recent EY report shows banks and other financial companies have shifted at least £800 billion ($1 trillion) worth of assets out of the country and into the European Union because of Brexit, according to CNN.

Business leaders will call for a series of emergency measures to cushion the blow of the UK crashing out of the EU if Theresa May’s Brexit deal is not ratified, with the FSB calling for an extension to Article 50 and the Freight Transport Association looking for ‘mini deals’ to be done with the EU, saying that UK businesses should not suffer as a result of a no deal.

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