Brexit Development Update 8-11-19

Baskar Sundaram
Baskar Sundaram

Top 5 Brexit News This Week

  • Brexit Party leader Nigel Farage has said changes must be made to the government’s political declaration for his party to back Boris Johnson’s deal. The Brexit Party leader had previously said withdrawal agreement must be entirely scrapped. Mr. Farage also said that his party will stand at least 600 candidates in the general election unless the PM removes the allowance for the Brexit transition period to last until 2022 (…)
  • UK Home Secretary, Priti Patel is set to announce a new points-based immigration system and an ‘NHS visa’ to boost health service recruitment after Brexit. The proposal is part of Tory plans for an Australian-style points system which will prioritise migrants with much-needed skills. The ‘NHS Visa’ has been envisaged to fast track doctors and nurses from abroad into vacancies in the Health Service (…)
  • Economists warned that Labour could ‘bankrupt Britain’ after the party unveiled plans to increase spending by £55 Billion a yearfor the next five years. While addressing a major election rally, Shadow Chancellor – John McDonnell pledged £250 Billion of spending over the next ten years for a green fund to invest in clean energy and insulation and a £150 Billion ‘social transformation fund’ lasting five years for hospitals, schools and infrastructure (…)
  • The Bank of England is split on interest rate cuts as it warns Brexit deal would hit growth. Two bank policymakers called for an immediate interest rate cut to support growth; however, the bank voted 7-2 to keep interest rates on hold at 0.75%. The bank warned that weak global growth and trade barriers created by Brexit deal will hit the UK economy although the new EU withdrawal agreement struck by PM Boris Johnsonwould end some of the uncertainty facing businesses and households (…)
  • Former Commons Speaker John Bercow called Brexit “the biggest foreign policy mistake in the post-war period”. According to him, the Parliament would be debating Brexit for at least the next five years – if not the next 15 – and that was “blindingly obvious”. Mr. Bercow was accused by some Brexit-backing MPs of siding with Remainers during his time as Speaker (…)

EU Speaks

  • Nearing the end of his term, Jean-Claude Juncker, the President of the European Commission said he had a feeling that many UK MPs and government ministers believed negotiating trade deals was easy. He said that it would take quite some time to disentangle the UK from decades of forging common rules and regulations with the EU and to form a distinct and new relationship (…)

Businesses Respond

  • The United States has pushed past Germany and France as the most common trading partner for British businesses, and looks set to keep this position after Britain leaves the European Union, according to an annual survey by HSBC. The proportion of British businesses naming Germany or France as one of their top three export destinations has almost halved over the past year (…)

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