LONDON: The British government published its long-awaited Brexit blueprint Thursday that it hopes will restart talks with the EU, but its launch was mired in farce after a protest by MPs briefly suspended a sitting of the House of Commons. The policy paper, which sets out plans for close economic ties with the bloc after Britain leaves the EU in March, had already sparked two ministerial resignations and revived talk of a revolt against May. When Brexit Secretary Dominic Raab stood up to present the plan in the Commons, MPs loudly complained they had not seen a copy beforehand — prompting the speaker to suspend proceedings for five minutes to allow them to obtain one. Raab, who was appointed on Monday after his predecessor David Davis quit, then continued his statement, describing the proposal on offer as "innovative". It suggests a free trade area and "common rule book" with the EU in goods after pressure from businesses to allow cross-border trade to continue as normal. Britain … [Read more...] about UK publishes Brexit plan that sparked rebellion
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READ: UK’s Brexit Secretary David Davis’ resignation letter and Theresa May’s two-and-a-half page response
The UK’s Brexit Secretary David Davis resigned late on Sunday evening in a latter sent to Prime Minister Theresa May. In the letter Davis said he believes the UK’s plans have become “diluted” and that he would be a “reluctant conscript” if he stayed in his position to push May’s latest Brexit proposal that was adopted by the cabinet on Friday. In response, May sent a two-and-a-half page letter that thanked Davis for his service but also laid out 12 reasons why she does “not agree” with his comments. Dear Prime Minister As you know there have been a significant number of occasions in the last year or so on which I have disagreed with the Number 10 policy line, ranging from accepting the Commission’s sequencing of negotiations through to the language on Northern Ireland in the December Joint Report. At each stage I have accepted collective responsibility because it is part of my task to … [Read more...] about READ: UK’s Brexit Secretary David Davis’ resignation letter and Theresa May’s two-and-a-half page response
China’s Huawei has promised to spend £3 billion sourcing tech and services from the UK post-Brexit
Chinese mobile giant Huawei will spend £3 billion over the next five years on procurement in the UK. This means the firm will spend money on anything from chipset IP to financial services from British-based companies. The deal looks good for a post-Brexit UK that needs to prove it’s an important trading partner to the rest of the world. Huawei, the Chinese smartphone and telecoms giant, has promised to spend £3 billion over the next five years on buying technology, intellectual property, and services from the UK. Huawei has described the promised cash as a procurement commitment, meaning it will source anything from chipset IP to financial services from UK companies, both for its UK business and for the group more widely. The announcement comes after Huawei’s chairwoman, Sun Yafang, met with UK Prime Minister Theresa May in Beijing at the end of January. Huawei isn’t revealing much detail on … [Read more...] about China’s Huawei has promised to spend £3 billion sourcing tech and services from the UK post-Brexit
JD Wetherspoon boss Tim Martin cites Warren Buffett and attacks anti-Brexit organisations for ‘trying to fool the public’
Wetherspoon founder and chairman Tim Martin uses company trading update to criticise anti-Brexit institutions. Martin attacked the “highly inaccurate” economic forecasts of international institutions like the OECD and IMF. “Their erroneous views lend weight to Warren Buffett’s aphorism that most forecasts tell you a lot about the forecaster, but nothing about the future,” he said. Wetherspoon saw like-for-like sales increase by 6% in the 12 weeks to January 21. LONDON – Tim Martin, chairman of pub chain JD Wetherspoon has attacked the “highly inaccurate” economic forecasts of international institutions like the OECD and IMF, quoting investing legend Warren Buffett in the process. Writing in the latest trading update for Wetherspoons, Martin took aim at these organisations, as well as the likes of the CBI and BRC, accusing them of “trying to fool … [Read more...] about JD Wetherspoon boss Tim Martin cites Warren Buffett and attacks anti-Brexit organisations for ‘trying to fool the public’
EU warns UK businesses they could be shut out after a no-deal Brexit
A host of industries could be shut out from the EU after Brexit, Brussels has warned. Airliners, chemical companies and water producers may need to relocate their business activity to the continent to avoid being shut out from the single market, according to a memo. Brexit Secretary David Davis had considered taking legal action against the EU for making worst-case scenario contingency plans. LONDON – Brussels has warned a host of industries with operating licenses in the UK that they will have no right to work within the European Union if Britain leaves the bloc with no deal in 2019. The EU sent “be prepared” memos to industries including airliners, seafarers and drugmakers at the end of last year, warning that licenses to operate within the single market will lapse after Brexit, the Financial Times reports. The memos warned that Britain will become a third country after Brexit and some industries … [Read more...] about EU warns UK businesses they could be shut out after a no-deal Brexit