Brexit weekly digest 30 September
30 September 2019
The Supreme Court ruled on Tuesday that the Prime Minister's suspension of parliament (prorogation) was unlawful and parliament reconvened the following day.
Brexit choices for the government remain much the same as before: try to secure a new deal to leave the European Union or seek an extension to Britain’s scheduled departure date. It is expected that the government will release concrete plans for reaching a Brexit deal with the EU shortly after the conference in Manchester is concluded in time for scrutiny ahead of the EU summit on 17 October.
Total trade in goods and services between the UK and the US in the four quarters to the end of Q1 2019 was £199.5 billion, up 9.0% on the previous 12 months, with UK exports reaching £100 billion last year.
The CBI reported growth in the UK manufacturing sector in the first three months of 2019 as it was boosted by industry building up stocks of goods ahead of the original 29 March date set for the UK’s departure from the European Union. However latest figures show no sign of a repeat in the run-up to the new deadline of 31 October.
Rain Newton-Smith, CBI chief economist, said, “Five successive months of falling volumes tells its own story about the tough conditions retailers are having to operate in. Add to this the pressures of Sterling depreciation and the need to plan for potential tariffs and supply issues in the event of a no-deal Brexit and you get a gloomy picture for the sector.”
Billions of euros in revenues supporting millions of jobs are at risk from the “seismic” impact of a no-deal Brexit Europe’s carmakers have said.
Since the referendum result in 2016 numerous companies have warned about the impact of Brexit and here is listed companies that have suffered or opted to relocate since the referendum
For Tesco and the other big supermarkets – Sainsbury’s, Morrisons and Asda – things are tough already. They are losing customers to the German discounters Aldi and Lidl and are being forced to cut prices.
Mike Scott, chief property analyst at Yopa, said: “This suggests that housing market activity has now completely recovered from the slowdown around the first Brexit deadline in March.
A German lawmaker in the European Parliament discussing derivatives market wrote 'I have the impression that the volume of contracts that have been transferred in recent months is limited. But if there's a hard Brexit then it can’t be business as usual in clearing'