Confident Conservatives believe they can disrupt and undermine the mainstream media with the support – or indifference – of the voters who put Boris Johnson in Number Ten. The old guard must adapt or be left behind - writes Alex Dawson.
Finance chiefs and other executives are tracking a multitude of changes associated with Britain’s exit from the European Union. There won’t be much of an immediate impact on Friday, the scheduled departure day. An 11-month transition period, during which many existing rules and regulations continue to apply, is expected to give CFOs a chance to prepare for the end of the changeover.
Until then, finance executives can expect changes to banking regulation. Brexit brings significant changes to banking regulation. The so-called passporting regime which allowed U.K.-based financial institutions to offer their services on the continent won’t apply after Brexit, according to Denzil Davidson, head of the financial services practice at advisory firm Global Counsel.
The highest court for trade disputes is likely to be out of action for years, according to Britain’s ambassador at the World Trade Organisation. Julian Braithwaite, the UK’s permanent representative in Geneva, said he saw “no political interest” in Washington to fix the Appellate Body, which collapsed last month after a sustained American campaign. Mr Braithwaite, 52, told a conference in London this week on the politics of trade organised by Global Counsel, a consultancy, that it “really is optimistic” to believe the body would be revived this year.
The European Union’s new trade chief pulled no punches on an inaugural visit to Washington, saying President Donald Trump’s tariff threats amount to short-sighted electioneering and warning him about widespread economic damage from protectionism. “It’s short-term thinking,” Hogan said in a separate video interview with Global Counsel Chairman Peter Mandelson, a former EU trade commissioner. “Between now and the November elections is what Mr. Trump is thinking about.”
Phil Hogan, the EU’s trade commissioner, has become the latest Brussels figure in recent days to say there is no chance of the UK and the EU negotiating a comprehensive trade deal by the end of 2020. Speaking at an event organised by the Global Counsel consultancy, he said the two sides were “certainly” not going to be able to tie up everything on the future relationship before the end of the year.
The EU trade commissioner has said the UK can “call Donald Trump’s bluff” on threats to withdraw the US’s cooperation with the UK on intelligence and security over Huawei, the Chinese telecoms giant. Phil Hogan has also risked the wrath of the US president by declaring that the EU is not, in principle, opposed to giving the Chinese tech group access to 5G plans. In a satellite-linked interview at a Global Counsel trade conference with the former EU trade commissioner, Peter Mandelson, he said the EU did not have an objection in principle to Huawei operating in Europe.
Boris Johnson's attempts at "gamesmanship" will not bounce Brussels into agreeing a quickfire trade deal by the end of this year, the European Union's trade commissioner Phil Hogan has warned. Mr Hogan said at a Global Counsel conference on trade that the EU is open to suggestions on how to deal with the looming December deadline for negotiations.
Is a post-Brexit deal on services between the UK and the EU possible? “If the UK wants to replicate some of the unique cross-border rights sustained by the single market framework then that is a more complex proposition" - Stephen Adams comments for the Financial Times.
Panellists at Financial News event said the Tories’ game plan this election is just to win and ‘figure it out down the line’. Stephen Adams shared his insights on the financial services regulation policy in the parties' manifestos.
Should China be treated as a threat or an opportunity by the UK? For some of the UK’s biggest companies the answer matters a great deal. “If the new UK government is able to find the right balance in the relationship and improve access for UK services companies, that is a hugely lucrative commercial opportunity” says Gregor Irwin.
