Archive for the ‘Economic policy’ Category

Philip Hammond tells business no-deal Brexit will be stopped

The chancellor also told executives that article 50 could be rescinded during leaked call

The chancellor, Philip Hammond, told business leaders that the threat of a no-deal Brexit would be taken off the table within days after MPs rejected the prime minister’s proposals earlier this week, according to leaked details of a conference call.

Hammond also told executives from major companies that article 50, which triggered the process of Britain leaving the EU, could be rescinded.

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Only a rupture with the EU will alter the failed status quo | Larry Elliott

It’s not plausible that either Brexit in name only or no exit at all can lead to radical reform of our broken system

The pound rose, and all was calm on the stock market. As far as the financial markets were concerned, the message was clear: the voting down by MPs of Theresa May’s withdrawal agreement means a delayed Brexit, a softer Brexit or perhaps no Brexit at all. Those with serious wealth in Britain have always been worried that Brexit will lead to radical change. They now think that there will be a perpetuation of the status quo – or something not far removed from it. Hence the pound getting stronger.

There’s no question that opting for the quiet life has its attractions. There would be a boost to the economy as companies decided to push ahead with investment plans that had been delayed while the outcome of Brexit was uncertain. And, of course, any economic costs of no deal would be avoided.

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Japanese bank blames Brexit for move to Amsterdam

Norinchukin announces plan day after Shinzō Abe offered public backing for May’s deal

One of Japan’s largest banks has blamed Brexit for its decision to move part of its business to Amsterdam, 24 hours after Theresa May sought to enlist the Japanese prime minister in the fight to save her deal with the EU.

Norinchukin bank announced plans to set up a wholly owned subsidiary in the Dutch capital, a move that critics of the prime minister’s deal cited as evidence that both a no-deal Brexit and her deal were likely to damage the UK economy.

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UK GDP growth slows to 0.3% as manufacturing stalls

New emission tests, Brexit fears and weak demand apply brakes to wider economy

The British economy slowed in the three months to November as car manufacturing went into reverse amid the broadest drop in industrial production since 2012.

In a sign of mounting weakness in the economy, with fewer than 80 days to go before Brexit, the Office for National Statistics said that GDP growth cooled to 0.3%, down from a rate of 0.4% in the three months to October.

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Brexit proved our economy is broken, but our leaders still have no clue how to fix it | Aditya Chakrabortty

Politicians obsess over GDP growth yet its benefits are unequally shared. And Labour leave areas suffer most

Just after midnight on 25 May 2016, a senior staffer in the remain campaign sent colleagues an urgent message. “Voters are very sceptical about our warnings on the economy,” began his email. “They don’t trust the numbers. They don’t trust the Treasury.” As head of strategy for Britain Stronger in Europe, Ryan Coetzee had bombarded Britons with evidence of the economic damage they would do to themselves if they didn’t stay in the EU. He and his team enlisted the Bank of England, the IMF, the OECD and pretty much every acronym that mattered. They’d wagged fingers, flung numbers around and pointed out the danger signs.

Related: Business confidence in UK at lowest ebb since Brexit vote – IoD

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