Brexit effect British economy News

UK ‘Just Getting Started’ on Post-Brexit Boost to London’s Competitiveness: Minister

Britain is just at the beginning of post-Brexit efforts to keep London a top global financial center, but deregulation will be selective to ensure high standards are kept, financial services minister Andrew Griffith said on Thursday. Finance represents one in …

Is Britain Starting to Have Second Thoughts About Brexit?

Even after years of division and vitriol, it seems like Britain still needs to talk about Brexit. More than six years after voting to leave the European Union, the UK is facing a prolonged recession, a deep cost-of-living crisis and …

Brexit Results in ‘Substantial Negative Impact’ on Trade Between UK and EU: Report

Brexit resulted in a “substantial negative impact” for trade in both directions between the European Union and the UK, according to Ireland’s Economic and Social Research Institute. Trade from UK to the EU dropped 16% while there was a 20% …

UK Companies Struggle to Find Workers Despite Salary Increases

Eight in 10 UK companies struggled to find workers last month despite many of them increasing wages, according to a survey that shows labor shortages are intensifying. The proportion was up sharply from three months earlier, with the squeeze most …

Chronic Scarcity of UK Workers Blamed on COVID and, of Course, Brexit

On the outskirts of the Scottish town of Kirkcaldy is a crop of new houses on their way to completion. There are two large banners pinned to the perimeter fence with a mobile phone number: “Bricklayers Required.” Rather than prices …

Impact of Brexit on City of London Is Worse than Expected: Study

LONDON – Over 400 financial firms in Britain have shifted activities, staff and a combined trillion pounds ($1.4 trillion) in assets to hubs in the European Union due to Brexit, with more pain to come, a study from New Financial …

Confidence Among UK CFOs Hits Record High, Helped by Vaccinations, Brexit Hopes

Confidence among big businesses in Britain about their profits in the year ahead has hit a record high, helped by the country’s coronavirus vaccinations and hopes for less Brexit disruption, a survey of chief finance officers showed. After the biggest …

UK and EU on Track to Agree on Financial Services Cooperation – but Trust Must Be Built

Britain and the European Union are on course to agree a deal on regulatory cooperation in financial services this month, but the UK’s actions in Northern Ireland makes it harder to build trust, the bloc’s financial services chief said on …

Britain Must Think ‘Creatively’ About Keeping London Competitive for Financial Services

Brexit starts a new chapter for Britain to think “creatively” about keeping the UK an attractive location for international financial services companies, Britain’s finance minister Rishi Sunak told the Bank of England. Britain left the EU’s single market on Dec. …

Post-Brexit Exodus of Staff and Assets from London to EU Slows

LONDON – The shift in financial staff and assets from the City of London to the European Union because of Brexit has eased after Britain completed its full departure from the bloc, a tracker from consultants EY showed on Tuesday. …