The first budget of Boris Johnson's government was designed to keep those who put him in power happy, embracing public spending while shying away from the bigger issues that the UK will soon be facing - Alex Dawson for GQ.
Gregor Irwin observes that the economy could be fundamentally reshaped by what it's about to go through. Where there are supply shocks, and a lack of staff or supplies means no amount of money can secure them, we may be heading into rationing territory.
It will be a test of governments, he suggests - how they respond to that, where the only rationing we're used to is of healthcare.
How will financial regulation change after Brexit? “The UK’s departure changes the balance of the debate on openness within the EU and gives countries like France greater weight,” - Denzil Davidson comments for the Financial Times.
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.
The Wall Street Journal
The Wall Street Journal CFO Journal
| Executives Brace for Post-Brexit Changes
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.”
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.
| EU trade commissioner attacks Boris Johnson's 'gamesmanship' and demands extension to talks
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.
| EU commissioner says agreeing all aspects of future relationship with UK by end of 2020 'not possible'
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.