Saturday, May 18

Day: February 3, 2020

PM says Brexit deal must be predictable for the City
Featured, United Kingdom

PM says Brexit deal must be predictable for the City

    Prime Minister Boris Johnson has sought to reassure the City about a post-Brexit trade deal with the European Union, saying it should provide a predictable, transparent and business-friendly environment for financial services firms. In a written statement to parliament, the PM also said there should be obligations on market access and fair competition. The statement followed a major speech in London in which Johnson laid out the government’s position on an EU trade deal and warned that Britain would not align with the bloc’s rules. Such a hard-line position worries many firms in the City, which are keen to keep as much access to EU markets as possible. The pound had fallen 1.4 per cent against the dollar by 3pm to stand at $1.302. In a sign of the row brewing betw...
Nissan could pull out of EU and expand in UK
Europe, Featured

Nissan could pull out of EU and expand in UK

    Nissan has reportedly drawn up contingency plans to pull out of manufacturing in mainland Europe in the event of a hard Brexit in favour of ramping up its production in the UK. If a trade deal is struck between the UK and the EU that leads to tariffs on car exports, the Japanese carmaker would focus on selling more cars in Britain, the Financial Times reported, citing two people involved in the discussions. Under the proposal drawn up towards the end of last year, Nissan would maintain its factory in Sunderland and aim to boost its 4% UK market share to about 20%. At the same time, it would shut its struggling van factory in Barcelona and stop manufacturing in France. The contingency plan is said to be one of several drawn up in preparation for post-Brexit tariffs,...