Brexit Britain from Abroad: Amid the Political Chaos, Bank Gives Brexit Warning
Bank of England Issues Brexit Warning
The potential panic phase of Britain’s decision to leave the European Union is effectively history. That appeared to be the message delivered by the Bank of England as it lifted interest rates on Thursday for the first time in a decade, tightening credit in the world’s fifth largest economy.
But if the risk of a precipitous plunge is now safely in the rear view, a trudge through confusing terrain remains ahead as Britain pushes on toward Europe’s exits — or Brexit. It is a journey that will almost certainly entail pain and lost treasure, the central bank explicitly warned in a statement accompanying its rate hike.
“Uncertainties associated with Brexit are weighing on domestic activity, which has slowed even as global growth has risen significantly,” the bank declared. “Monetary policy cannot prevent either the necessary real adjustment as the United Kingdom moves toward its new international trading arrangements or the weaker real income growth that is likely to accompany that adjustment over the next few years.”
Frankfurt Getting Ready for Brexit
In the Frankfurt district court can soon be negotiated in English. As a consequence of the imminent EU exit from Great Britain, an English-speaking chamber for commercial matters will be set up in early 2018.
"Especially after Britain's exit from the EU, we see a chance to establish Frankfurt as an international court of jurisdiction," said court president Wilhelm Wolf. Businesses should be given the opportunity to conduct negotiations in English.
The British electoral authority has opened an investigation to determine whether the largest donor of the Brexit campaign, businessman Arron Banks, broke the law with his millionaire contributions in the weeks leading up to the 2016 referendum in which the British decided to leave the EU. The money he spent on the Banks campaign, an insurance mogul, is considered the largest donation made in the history of British politics.
Banks lent six million pounds to Leave.EU, the campaign he organized and whose visible face was Nigel Farage, ex-leader of the anti-European and populist UKIP, which is also being investigated by the electoral commission. His contribution makes him the largest individual financier of Brexit.
What the election commission will investigate, as explained in a statement, is whether Banks was the "true source" of loans made in his name. It will also try to determine if one of its companies, Better for the Country, was the true source of donations worth 2.4 million pounds made to the campaign or if it acted as an intermediary for other actors.
Government to Publish Brexit Papers
UK MPs on Wednesday adopted a Labour opposition motion calling for the publication of the estimate measuring the impact of Brexit on 58 sectors, which accounts for about 88% of the UK economy, ranges from advertising to agriculture, pharmacy, commerce, aerospace and tourism. Because of its sensitive nature, the executive had until Wednesday's vote refused to consider the publication of this documentation, arguing that it could weaken its position in the ongoing negotiations with Brussels on the exit of the EU. But on Thursday, in front of Parliament, Brexit Minister David Davis changed his tone, saying he had begun a discussion with the chairman of the parliamentary committee on exiting the EU, Hilary Benn, to determine how "confidentiality of documents" to be published could be managed.
"We will be as transparent as possible," he said, explaining further that "these documents are not a kind of big plan (for Brexit)". "It's regulatory and market data from different sectors that guide our negotiations," he said.
Speaking to the press, a spokesman for the government pointed out the complexity of the problem: "We should not publish anything that could undermine our negotiating position, but we also respect the fact that Parliament has a role to play. to play in this case and that there was a vote last night. "
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