Hard Brexit News

Brexit Uncertainties Heighten as UK Prime Minister Faces Vote of No Confidence

Theresa May will fight for her job as British prime minister after being told she will face a vote of no confidence in her leadership, throwing the U.K. into fresh turmoil and Brexit into disarray. “I will contest that vote …

UK Prime Minister Defers Brexit Vote, Raising Risk of No Deal

Theresa May is playing for time. Faced with a humiliating defeat on her Brexit deal, the embattled U.K. prime minister announced to the House of Commons she would defer a vote and return to Brussels to seek “assurances” from European …

UK’s EU Draft Divorce Deal Preferable to No-Deal Brexit, Says FCA

Britain’s draft divorce settlement with the European Union is preferable to a no-deal Brexit even though this would leave it without a say over EU financial rules, its finance industry watchdog said on Thursday. The Financial Conduct Authority’s report was …

No-Deal Brexit Could Be Worse for UK Economy than 2008 Financial Crisis: BoE

Britain risks suffering an even bigger hit to its economy than during the global financial crisis 10 years ago if it leaves the European Union in a worst-case Brexit scenario in four months’ time, the Bank of England said on …

UK Economy Could Take 10.7% Economic Hit with No-Deal Brexit: Gov’t Report

The U.K. will suffer a major economic hit if Parliament rejects Theresa May’s Brexit deal and the country crashes out of the European Union with no new trade arrangements in place, according to official analysis. A government report on Wednesday …

A.M. Best Discusses What’s Ahead for UK Insurers as Brexit Deadline Looms

When the UK withdraws from the EU, and at the end of any transition period, passporting rights that currently exist between the UK and countries in the European Economic Area (EEA) are expected to cease, said A.M. Best in a …

UK Companies Prepare for Disorderly Brexit and Supply Chain Disruptions

British companies selling everything from washing machines to flights, food and mortgages plan to spend tens of millions of pounds in case the political brinkmanship gripping the country leads to a disorderly Brexit. With barely four months until the world’s …

Bank of England Pressures EU to Deliver No-Deal Brexit Fix for Financial System

The Bank of England turned up the pressure on the European Union to deliver legislation within weeks to avert a breakdown of access to London’s crucial financial infrastructure in a no-deal Brexit. “By early to mid-December, there would have to …

Hard Brexit Could Cost UK 6% of GDP, IMF Warns

Leaving the European Union without a transitional trade deal would cost Britain about 6 percent of GDP — roughly four years of economic growth — compared with staying in the bloc, the International Monetary Fund said on Wednesday. The IMF, …

Hardline Brexiteers Bet UK Can Defy Trade-Gravity Theory with No-Deal Brexit

The U.K.’s hardline Brexit backers are making their move. If they get their way on new trade arrangements, they’ll face a test of gravity. Many of those plotting to oust Prime Minister Theresa May also favor reverting to basic World …