UK PM May says Brexit plans remain the same

Spokesman for UK PM May out with a statement 12 June

  • Brexit min Davis has been very clear this morning
  • govt would not want to accept a deal that was worse than no deal
  • it is still govt policy to cut annual net migration
  • confident of getting a good Brexit deal
  • it is clear that UK can not remain in single market and still control its borders
  • won't agree to anything that would harm UK

UK PM May will face leadership challenge if she softens Brexit: Telegraph

British Prime Minister Theresa May will face an immediate leadership challenge from eurosceptic lawmakers in her party if she seeks to water down her plans for Brexit, the Sunday Telegraph reported, citing senior Conservative sources.

May, who won the top job in the wake of last year's vote to leave the European Union, had in January set out her plans for Brexit, saying Britain would leave the single market so it could control immigration.

But May's failure to win a majority in last week's election has weakened her position badly and reopened the debate around the Brexit strategy just days before the country opens its divorce talks with Brussels on Monday.

Prompted by her poor election showing, particularly among pro-EU young people who fear losses of jobs and opportunity from Brexit, some of her most senior ministers and two former Conservative prime ministers have called for a rethink.

"If we had a strong signal that she were backsliding I think she would be in major difficulty," the newspaper quoted one unidentified former minister as saying.

"The point is she is not a unifying figure any more. She has really hacked off the parliamentary party for obvious reasons. So I'm afraid to say there is no goodwill towards her."

The newspaper quoted another former minister as saying: "If she weakened on Brexit, the world would fall in... all hell would break loose."

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Business bodies come together in call for softer Brexit

Five major UK business bodies have come together to call for continued access to the European single market until a final Brexit deal is made with the EU.

In a letter to Business Secretary Greg Clark, they also ask the government to "put the economy first".

The letter is from the British Chambers of Commerce, Confederation of British Industry, EEF, Federation of Small Businesses and Institute of Directors.

Formal Brexit negotiations between the EU and the UK begin on Monday.


The signatories say the "economic benefits" of the European Union single market, which allows free movement of goods, services, capital and people, and the customs union, which enables tariff-free trading within the EU, should be maintained until a final settlement between the UK and the EU is "agreed and implemented".

They have also called for a final trade deal that will allow tariff-free goods to be traded between the UK and the EU.

In addition, they want that deal to include "minimal customs formalities", mutual recognition of standards and regulation, and a "flexible system" for the movement of labour and skills.

"We have come together to urge the government to put the economy first as it prepares to start formal negotiations," says the letter to Mr Clark.

"This is a deal that when finally agreed will matter fundamentally for the UK economy, for UK companies and for citizens of the UK."

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Britain and EU launch Brexit talks in Brussels

Brexit Secretary David Davis starts negotiations in Brussels on Monday that will set the terms on which Britain leaves the European Union and determine its relationship with the continent for generations to come.

Almost a year to the day since Britons shocked themselves and their neighbors by voting on June 23 to cut loose from their main trading partner, and nearly three months since Prime Minister Theresa May locked them into a two-year countdown to Brexit in March 2019, almost nothing about the future is clear.

Even May's own immediate political survival is in doubt, 10 days after she lost her majority in an election.

Davis, who unlike May has long campaigned to leave the EU, will meet chief EU negotiator Michel Barnier, a former French minister, at the European Commission's Berlaymont headquarters at 11 a.m. (5 a.m. ET). They are due to give a joint news conference after talks among their teams lasting seven hours.

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30 Tory MPs tell the PM that a 'No Deal' on Brexit is unacceptable

Sky News reporting
  • At least 30 Conservative MPs have indicated to their own Government that they will not accept leaving the European Union without an agreed deal.
  • Sky News has been told that the MPs informed whips that the economic impact of a "cliff-edge" Brexit, alongside the failure of the Conservatives to win a majority for its manifesto, should lead to a rethink of the position that "no deal is better than a bad deal".
  • One former minister told Sky News that "no deal is now dead", and anticipated a transition phase of five to 10 years inside the European Economic Area.

Schaeuble: 'The Britons Were Endlessly Lied To And Deceived' On Brexit

For the embattled British Prime Minister Theresa May, the Brexit negotiation is rapidly turning into one of the circles of hell, with the British PM, desperate for some shred of consensus, suddenly finds herself making concessions left and right, and even as she refuses to be talked into a "soft Brexit" trap, with the tens of billions in obligations it would entail, she finds she may have no choice but to yield on many other topical issues, and that's without even getting into who keeps control over euro clearing, or the appeals to the European Court of Justice. Making matters worse, in most cases May's overtures are not enough, as Bloomberg reports, because when May proposed to safeguard residency rights of European Union citizens currently living in the U.K., EU leaders offered a "tepid reception both in Europe and at home, with EU counterparts and London Mayor Sadiq Khan stressing that many issues remain unresolved."

In short, as the BBC summarized today, "EU leaders says UK offer could 'worsen situation'"

Meanwhile, the European trolling continued, and nowhere more so than the country which as recently as a year ago was the UK's closest continental ally, Germany.

Here, German Finance Minister Wolfgang Schaeuble said that British people were "endlessly lied to and deceived" in last year's Brexit referendum campaign. The finance minister, speaking on the first anniversary of the Brexit vote, was scathing about the "leave" campaigners who persuaded a majority of voters to opt to quit the European Union.

"The Britons were endlessly lied to and deceived," Schaeuble told a conference according to Reuters. When the Brexit campaigners "happened to be successful, the ones who did it ran away because they said they can't take responsibility". In the days after the vote, Prime Minister David Cameron, who called the referendum, resigned, and several prominent leave campaigners dropped out of the race to succeed him.

Schaeuble said the 70 years of growth and prosperity Europe had known since World War Two was not based on pure majoritarianism but on sustainable democratic models.

"(We need) not just mechanisms that consist of my promising something to a majority," he said.

He concluded with a valid point: "Then you only have to look at the demographics to see that you'll end up with endless debates about redistribution that lead to jealousy."

What he did not touch on is that while demographics is indeed becoming an increasingly pressing issue for Europe, the underlying catalyst for the current polarized state of the world is not politicians, who were revealed as utterly incompetent in the years after the financial crisis, but the central banks who took over. What is strange is that politicians have been all too eager to take the fall for the disastrous monetary policies that have culminated with today's world, which is one wrong central bank word away from a market crash, and social turmoil.

Which in turn goes back full circle to what Albert Edwards said yesterday when he predicted that "Citizens Will Soon Turn Their Rage Towards Central Bankers." For the sake of the world, that day can't come too soon.

UK's Davis conducting Brexit talks with one hand tied behind his back

BBC carrying a story that PM May is keeping a firm hand on Brexit 1 July

According to James Chapman, Davis' former chief of staff the Brexit minister had been "hamstrung" by May's stance on the European Court of Justice (ECJ), among other things.

He said Mrs May would not get a Brexit deal through Parliament unless she showed more "flexibility".

Downing Street and the Department for Exiting the EU declined to comment. May has insisted the ECJ will have no jurisdiction over the UK but the EU insists that the ECJ must continue to offer legal protection for its citizens in the UK.

Chapman accused May of taking an "absolutist" position on the ECJ, saying:

"She's set a red line effectively for a conference speech that hamstrung these negotiations in my view."

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Sumitomo Mitsui Relocating EU Operations to Frankfurt as Brexit Looms

SMFG joins Nomura and Daiwa Securities in making Frankfurt their EU hub.

Sumitomo Mitsui Financial Group (SMFG) has become the latest lender to unveil plans to relocate out of London to Frankfurt. Japan’s third bank by assets will has selected the German capital as the center for its EU operations moving forward, becoming the third Japanese bank in the past month to choose Frankfurt.

Last month, both Nomura and Daiwa Securities Group publicly revealed their intent to relocate to Frankfurt. The decision ended months of contemplation from not the entire banking community, many of which have now made more concrete plans. The past two weeks has seen a tidal wave of lenders announce their intent for life after Brexit, with nearly all of them choosing Frankfurt or Dublin.

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Re: Brexit - everything you need to know

wow even Sumitoto will relocate :/ that will be a huge leakage of funds. I think the government has to take some steps in order make the companies feel more secure and leave their capitals there.
I kind of feel blessed in this situation :D my broker has accounts in UK and Germany so if any infection in UK (raising the transaction fees ect) I will be able to use Deutsche bank ;)

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