Brexit will make Britain worse off economically than staying in the EU, according to a leaked report. BuzzFeed News has obtained a UK government analysis examining the impact of the different forms Brexit may take. All of them – from membership of the European Economic Area to crashing out without a deal – would be worse than current projections. No matter what form Brexit takes Britain will be worse off outside of the European Union (EU), according to a leaked government analysis obtained by BuzzFeed News. The online news outlet has got its hands on a document prepared by Whitehall officials for the Department of Exiting the European Union looking at the economic impact of Britain’s exit from the EU under various scenarios, including a free trade agreement, single-market access and membership of the European Economic Area, and leaving the EU without any kind of deal. In all three scenarios, … [Read more...] about Leaked government analysis reportedly predicts Brexit will make Britain worse off economically
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Bank of England Governor Mark Carney sees a ‘conscious recoupling’ of the UK and global economies
The UK’s economic growth is forecast to be less than half global average this year. Bank of England Governor blames “short-term” Brexit effect, which is deterring businesses from investing. Carney says there is scope for a “conscious recoupling” of the UK to global growth rates once we get more clarity on Britain’s future trading relationship with Europe. LONDON – Bank of England Governor Mark Carney referenced Hollywood star Gwyneth Paltrow on Friday when talking about the potential for the UK’s economy to catch up to global growth levels. Earlier this week the International Monetary Fund (IMF) upgraded global growth forecasts to 3.9% this year, while at the same time cutting the UK’s economic growth prospects to just 1.5%. Speaking from Davos, Carney told BBC Radio 4’s Today programme: “The global economy has really accelerated over the course of the last … [Read more...] about Bank of England Governor Mark Carney sees a ‘conscious recoupling’ of the UK and global economies
Bank of England Governor Mark Carney sees a ‘conscious recoupling’ of the UK and global economies
The UK’s economic growth is forecast to be less than half global average this year. Bank of England Governor blames “short-term” Brexit effect, which is deterring businesses from investing. Carney says there is scope for a “conscious recoupling” of the UK to global growth rates once we get more clarity on Britain’s future trading relationship with Europe. LONDON – Bank of England Governor Mark Carney referenced Hollywood star Gwyneth Paltrow on Friday when talking about the potential for the UK’s economy to catch up to global growth levels. Earlier this week the International Monetary Fund (IMF) upgraded global growth forecasts to 3.9% this year, while at the same time cutting the UK’s economic growth prospects to just 1.5%. Speaking from Davos, Carney told BBC Radio 4’s Today programme: “The global economy has really accelerated over the course of the last … [Read more...] about Bank of England Governor Mark Carney sees a ‘conscious recoupling’ of the UK and global economies
Philip Hammond says Brexit will only mean ‘very modest’ changes to the UK’s relationship with the EU
Chancellor Philip Hammond drops biggest hint yet that he wants a very soft Brexit. Hammond told Davos he wants “very modest changes” to the current UK-EU relationship. He called for the “closest possible relationship between the EU and the UK post-Brexit.” Pro-Brexit Conservative backbenchers are becoming increasingly frustrated with the government. LONDON – Chancellor Philip Hammond has made a significant intervention in the Brexit debate by calling for only “very modest” changes to Britain’s current relationship with the European Union. Speaking at the World Economic Forum in Davos on Thursday, the chancellor called for the “closest possible relationship between the EU and the UK post-Brexit” in a speech that will likely rile Conservative backbenchers. Brexit “will not be reversed,” Hammond insisted. However, he hinted at a UK-EU … [Read more...] about Philip Hammond says Brexit will only mean ‘very modest’ changes to the UK’s relationship with the EU
Macron warns Britain it will lose trade access after Brexit unless it allows free immigration
French president says UK must accept it will lose trade access if it diverges from the single market. If Britain wants full free trade it must accept open immigration, budget contributions and EU law. He warns that there can be no “cherry picking” for the UK financial sector. Macron leaves the door open for Britain to rejoin the EU. LONDON – Britain will see its trade with Europe restricted after Brexit unless it agrees to continued payments into EU budgets and open migration from the continent, President Macron has warned. The French President said that while it was possible for the British government to negotiate a bespoke deal, which allowed full access to European markets, such a deal would be dependent on maintaining all current EU rules. “To get full access to the single market you have to contribute to the budget and accept the freedoms, the four pillars and you have to … [Read more...] about Macron warns Britain it will lose trade access after Brexit unless it allows free immigration