EU membership News

UK Faces ‘Substantial’ Risk of Failure of Brexit Talks, Moody’s Warns

The risk that the UK will tumble out of the European Union in two years without a Brexit deal is “substantial,” Moody’s Investors Service said. Such an outcome would affect everything from banks to buses and could result in a …

Brexit Must Be Stopped to Prevent Severe Economic Harm to UK: Former PM Blair

There’s a chance Britain won’t leave the European Union, former Prime Minister Tony Blair said Saturday, arguing that stopping Brexit is “necessary” to avoid severe economic damage. In an article published by Blair’s Institute for Global Change, he wrote that EU leaders …

Brexit Should Preserve Free Trade for Financial Services: FCA’s Bailey

Finance firms should not be forced by regulators to change location after Britain leaves the European Union in 2019, Andrew Bailey, chief executive of the UK’s Financial Conduct Authority told a Reuters Newsmaker event on Thursday. Banks, insurers and asset …

UK Risks Losing Status as Europe’s Top Finance Center After Brexit: Report

Britain will lose its status as Europe’s top financial center unless it keeps borders open to specialist staff, improves infrastructure and expands links with emerging economies, TheCityUK said in a report published on Thursday. The report from Britain’s most powerful …

Existing EU Contracts Must Be ‘Grandfathered’ After Brexit to Avoid Complexity: Lloyd’s CEO Beale

Existing European Union insurance policies should stay in place after Britain leaves the bloc because the process of dividing them into British and EU contracts would be too complex, Lloyd’s of London Chief Executive Inga Beale said. The Lloyd’s of …

Brexit Critics Now Emboldened to Block Prime Minister’s Plans for ‘Hard Brexit’

When she called a snap election in April, Theresa May said she needed voters’ backing to silence rivals in Parliament who were trying to frustrate her plans for Brexit. Instead, the British prime minister’s electoral humiliation seven weeks later weakened …

UK, EU Insurers & Banks Need ‘New System’ for Their Post-Brexit Business

British and European Union banks need a new system to let them do business with each other after Brexit to avoid splitting markets, Britain’s finance minister Philip Hammond said on Tuesday. Britain, the EU’s biggest financial market, is leaving the …

Update: U.K. Voters Reject Prime Minister May’s Vision of ‘Hard Brexit’

Prime Minister Theresa May will plow ahead with her plan to withdraw Britain from the European Union even as her electoral defeat raised questions over whether she will have to soften her approach or even if she will last the …

FM Global Gets License in Luxembourg to Launch Post-Brexit EU Hub

U.S. commercial property insurer FM Global has been approved to run a European hub in Luxembourg, a move allowing it to issue policies in the European Union and other countries following Britain’s decision to leave the bloc, the company said …

UK’s Legal & General Chooses Dublin as Post-Brexit Base for Some Operations

British insurer Legal & General said it will move some of its investment management operations to Ireland to ensure it can continue to serve its customers after Brexit. In a win for Dublin’s campaign to attract financial services firms in …