Ministers are considering an advertising campaign on the Continent to warn foreign lorry drivers about a potential no-deal Brexit. Information centres could also be set up at ports and service stations to alert hauliers to the steps they need to take. The issue is understood to have been discussed at a meeting of the Brexit operations committee, chaired by Michael Gove, the minister in charge of no-deal planning. Ministers say official figures show that the majority of people who drive heavy goods vehicles in the UK are not British, prompting fears that attempts to prepare them for the implications of a no-deal Brexit in the UK alone could prove unsuccessful. The government has warned hauliers
Britain is hoping the rest of the European Union falls in behind France and Germany and agrees to work on solving a deadlock over Brexit, with officials sensing a glimmer of hope after meetings this week, but conscious of the need for a wider consensus in Europe. Britain is on course to leave the EU, its biggest trading partner, on Oct. 31 without any formal deal to soften the unprecedented divorce, unless both sides agree to reopen stalled talks and find a way to resolve their differences. This week, some British newspapers cheered what they called a major breakthrough and sterling rose after both German Chancellor Angela Merkel and French President Emmanuel Macron offered Prime Minister Boris Johnson what he described as "positive noises" on their willingness to consider an exit deal agreement.
A Polish chef who cooked for the royal family and at the London Olympics has criticised the Home Office’s “ridiculous” decision to deny him settled status in the UK after Brexit.Damian Wawrzyniak said he had lived in the UK for almost 15 years, paid thousands of pounds in taxes and now employed several staff while running his own restaurant.
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. A collapse of Brexit talks resulting in the U.K. leaving the European Union without a transition agreement would likely prompt the Bank of England to loosen monetary policy, Governor Mark Carney said.While the Monetary Policy Committee’s reaction would depend on how demand, supply and the exchange rate are hit, “the appropriate policy path would be more likely to ease than not,” Carney said in a speech at the Federal Reserve Symposium in Jackson Hole on Friday.Prime Minister Boris Johnson has vowed to take Britain out of the bloc on Oct. 31 with or without a deal for a transition period. The perceived risk of leaving without new arrangements has increased, Carney noted, but he also said reaching an agreement was still possible and that it is the stated preference of both the U.K. and EU.The U.K. economy is now roughly in equilibrium, but global trade tensions and Brexit are “two large, volatile forces” that could upset the balance. Weak business investment is the biggest headwind to growth, he said.“There is overwhelming evidence that this is a direct result of uncertainties over the U.K.’s future trading relationship with the EU,” he said. “It serves as a warning to others of the potential impact of persistent trade tensions on global business confidence and activity.”To contact the reporter on this story: Brian Swint in London at email@example.comTo contact the editors responsible for this story: Paul Gordon at firstname.lastname@example.org, Lucy MeakinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Volatile sterling and the prospect of a damaging no-deal Brexit aren't hurting demand for British government bonds among foreign money managers, who are betting the debt will outperform if the UK does end up making a disorderly exit from the European Union. The rally in British debt since June has halved yields on 10-year bonds, and while the moves are part of a global scramble into top-rated assets, a chunk of the new buyers are overseas managers positioning for no-deal Brexit, according to investors and bankers with experience of managing sovereign bond sales. Added to this are relatively attractive yields -- 10-year gilts, as UK bonds are known, yield 0.55%, compared with -0.65% for the 10-year German bund, or 0.15% for Spanish equivalents.
Household rubbish from London and the south could be sent north to be dumped under a no-deal Brexit, industry insiders have warned.Millions of tonnes of black bin waste which is currently sent for treatment in the EU may have to stay in the UK if Britain leaves the union without a divorce settlement on 31 October.
Historically, our country has valued being calm in a crisis. We like coming together in the face of adversity. During times of national emergency, our politicians have put aside the petty prejudices of party loyalties to form national governments – working together to lead the country out of turmoil. At other times, they have formed alliances in elections.As the Johnson government hurtles towards a no-deal exit from the EU, the time for politicians of all stripes to go the extra mile in working together has surely come. Brexit has already provoked a flurry of cross-party letter writing, earnest meetings and wise nodding across the House of Commons chamber. We now need MPs not just to commentate in chorus, but to work together to secure office for an alternative administration.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.In the month since Boris Johnson became the U.K.’s prime minister, the pound has taken a heavy beating from no-deal Brexit rhetoric and that’s had a significant impact on a few areas of the London stock market.Sterling has fallen around 2.2% against the dollar since Johnson walked into 10 Downing Street on July 24. One side effect of that has been to make U.K. assets cheaper to overseas suitors, as seen with Greene King Plc and Entertainment One Plc. It’s also increased the attractiveness of companies making their money outside the U.K., while sapping sentiment toward domestic-focused segments like homebuilders and property stocks.Johnson heads to the G-7 summit and breakfast with President Donald Trump this weekend where Brexit is likely to be a topic of fierce discussion. Here are some of the areas where the impact appears to have been felt most in the first month of Boris.Pubs and Peppa PigOn the face of it, British pubs should suffer from any talk of no deal and the resultant knock to consumer confidence that could entail. That is, unless there are potential suitors for those pub estates lurking in the background.Greene King shares rocketed this week after Hong Kong’s CK Asset agreed to buy it for 2.7 billion pounds ($3.3 billion). The move, likely driven in part by the pound depreciating significantly against the Hong Kong dollar in recent weeks, also boosted Greene King’s pub sector cohorts, including Marston’s Plc and Mitchells & Butlers Plc, as speculation became rife that other deals could follow. Particularly given that the Greene King deal came after EI Group Plc, another pub firm, got a $1.6 billion takeover bid in July.The weak pound also likely sweetened the appeal to U.S. toy firm Hasbro Inc. of making a $4 billion offer for Entertainment One, the TV and film producer behind the hugely successful “Peppa Pig” children’s series.ExportersGiven the inverse correlation of the pound to the FTSE 100 index, the fall in sterling is creating benefits for companies that make most of their money in other currencies. Among the best performers in the last month are the likes of catering giant Compass Group Plc, medical-equipment supplier Smith & Nephew Plc and pest-control firm Rentokil Initial Plc, all of which make most of their money in dollars.Note another example in Victrex Plc, a chemicals firm that makes polymers used in cellphones and cars. Barclays Plc analysts upgraded their rating on the stock this week as a weaker pound will be a “powerful mitigating force” for the company against headwinds in its end markets. A no-deal Brexit, therefore, could prove to be a positive.HomebuildersHousebuilders are one of the most sensitive sectors to Brexit, given the impact the uncertainty has had on house prices and consumer appetite to borrow and spend. Bellwethers like Persimmon Plc and Taylor Wimpey Plc have both underperformed the more domestically focused FTSE 250 index in the month since Johnson started, with the former down 5.8% and the latter 14%.First-half results from the sector were broadly in line with expectations, albeit with the ongoing challenge of higher build costs hitting margins. But no-deal rhetoric and uncertainty about what kind of Brexit will eventually happen isn’t helping. “The installation of Boris Johnson has increased the risk of a hard Brexit in general and that will feed through into a weaker performance for the stocks,” Davy analyst Colin Sheridan said by phone.Beach HolidaysThe weak pound might be a boon for inbound tourism to the U.K., but it’s weighing on travel companies selling holidays to Brits going abroad. Budget beach holiday firm On the Beach Group Plc has had a miserable month after warning last week that full-year profit will miss expectations due to sterling’s decline.Brexit and the falling pound are adding to wider international concerns for the sector, according to Bernstein analyst Richard Clarke. “There are stocks out there that certain investors will not touch while that overhang is continuing,” he said.Shopping MallsThe FTSE 350 REITS Index is down 3.6% since Johnson took charge, about the same as the broader gauge. But Brexit sensitivity is not born equal in property and the companies most impacted, namely shopping mall owners Intu Properties Plc and Hammerson Plc, are suffering.Intu is down 57% since Johnson was installed and Hammerson has slid 18%, both after results that disappointed analysts. The two face the twin headwinds of retailers going out of business as Brexit hits consumer confidence plus the threat of online shopping. The Brexit deadline falling less than two months before Christmas could also put more pressure on already struggling retailers and, ultimately on the direction of rents for mall owners, Bloomberg Intelligence’s Sue Munden said.BanksThe main U.K.-focused banks -- Lloyds Banking Group Plc and Royal Bank of Scotland Group Plc, as well as smaller rivals CYBG Plc and Metro Bank Plc -- have all underperformed the Stoxx 600 Banks Index since Johnson became prime minister, as investors get jittery about the U.K.’s economic prospects.Lloyds and RBS, both key bellwethers for U.K. economic sentiment generally, have seen share prices fall more than downgrades to estimates would translate to, according to Macquarie analyst Robert Sage. That reflects the extra downside risks both face from the U.K.’s Brexit-bleakened outlook and until the overall climate improves, sentiment toward both is unlikely to brighten.\--With assistance from Sam Unsted.To contact the reporters on this story: Simon Foy in London at email@example.com;Ivan Edwards in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Beth Mellor at email@example.com, Paul JarvisFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The actor Alan Cumming has said he hopes that Brexit will accelerate the move for Scottish independence. Cumming, best known for roles in Emma and Goldeneye, said that a leaked Whitehall dossier laying out the potential impact of a no-deal Brexit could hasten the breakup of the UK. The actor, who campaigned for independence in the 2014 referendum, told BBC Scotland's The Edit: “I would hope that Brexit . . . and if the effects of Brexit and that leaked memo the other day with the medical supply issue, food shortages, high prices and even civil unrest all being the potential outcome, will hopefully further and quicken Scottish independence because that, for me, would be the only positive thing
Exhausted truckers could pose a “lethal” danger to other road users if they end up working longer hours as a result of a no-deal Brexit , a union has warned. Unite fears a rise in road fatalities if the Government suspends the EU's 56-hour-a-week limit on driving time. In 2017 – the latest available figures – there were a total of 267 deaths involving lorries, including 21 drivers. A Unite poll of 4,000 drivers found fatigue is already a huge issue, with 29% having nodded off at the wheel. Adrian Jones of Unite said: “We'll oppose any relaxation in regulations. It would result in exhausted drivers, with potentially lethal consequences.” Shadow Transport Secretary Andy McDonald said: “The Government
In the U.K. there has been palpable fear going around in the logistics circles at the thought of a no-deal Brexit, a possibility that seems to be inching closer with every passing day. In that context, a British retail expert pointed out the odds of an "explosion" in goods sold in the grey market if no-deal Brexit becomes a reality. A no-deal Brexit would cause the prices of legitimate products imported into the U.K. to rise by roughly 10 percent due to scarcity.
LONDON, Aug. 22, 2019 /PRNewswire/ -- Continued turmoil around Brexit over a possible no deal is causing widespread confusion over currency and travel plans, as four in 10 (39%) Brits have not left the country to go on holiday in the past year. New research from foreign exchange provider International Currency Exchange, (ICE), shows that Brexit is forcing us to reconsider our holiday spending, as four in 10 Brits aged 50 and over (40%) said their biggest limitation to taking more holidays was cost. Amid money worries, those Brits who are travelling abroad are opting for familiarity with a third of baby-boomers returning to the same destination every year and picking trips that are 'comfortable and familiar' (30%).
It was a tongue-in-cheek Facebook post sent on a bored Sunday afternoon which Ron Toekook thought might appeal to a handful of friends.It suggested a Brexit Day beach party in a Dutch seaside village near where he lives.
IAN HOLLOWAY CLAIMS that the European Union is to blame for the controversial new handball rule in the Premier League. The former Crystal Palace and Blackpool manager made the bizarre claim following Gabriel Jesus' last-minute disallowed goal in the 2-2 draw with Spurs last weekend. The Brazilian striker thought he had scored the winner in the dying minutes of Saturday's match at the Etihad, only for VAR to rule out the goal after team-mate Aymeric Laporte was adjudged to have handled the ball in the build-up. And Holloway believes that Britain must leave the EU as soon as possible to avoid further similar decisions. “For me it doesn't make sense, the handball rule,' Holloway said on Sky Sports'