Brexit. The Implications. Factsheet.
|
|
- Joy Meredith Sharp
- 6 years ago
- Views:
Transcription
1 Brexit The Implications Factsheet
2 P2 Brexit - The implications Brexit - The implications P3 Introduction Executive Summary The referendum has been held, the British people have had their say, and they have chosen to leave the European Union (EU). A British divorce from the EU is unchartered territory as no member has ever before left. Whilst financial markets are likely to be faced with a period of some volatility, history has shown that Jersey has dealt well with this in the past and will do so again. Article 50, the legal means by which the UK will leave the EU, is unlikely to be triggered until a new Prime Minister and Cabinet are in place, which David Cameron has indicated he would like to achieve before the Conservative Party Conference in the first week of October. Jersey will have no direct hand in the negotiations for a new framework of relations between the UK and the EU, and yet given the UK is our closest and most significant trading partner, there will undoubtedly be implications in terms of both risks and opportunities for the Island s finance industry which is estimated to facilitate investment flows into the UK and the rest of the EU to the tune of some 800 billion. Prime Minister Cameron has accepted the result of the referendum and announced that he will step down to allow fresh leadership to commence negotiations with the EU in relation to the British exit. The UK will need to provide notice under Article 50 of the Treaty on European Union which then triggers a two-year negotiation window, but in terms of legal status the UK will remain a member of the EU for at least the next two years. Jersey s constitutional relationship with the UK will not be affected by the result of the referendum, nor is it envisaged that the Brexit will impact on Jersey s existing market access rights. Jersey s finance industry typically gains access to EU markets by means of EU legislation providing for third country access in respect of which the Island demonstrates equivalent standards. The Government of Jersey have confirmed that they believe the Island s best interests lie in maintaining the substance of our current relationship with the EU, as set out in Protocol 3, and with the United Kingdom. In the short-term, uncertainty could result in the reduction of investment flows into and out of the UK. However the increasingly global outlook of Jersey s finance industry means the sector is well placed to ride any such short-term UK contractions. Longer-term, the traditional strengths of the UK should result in it continuing as a major finance centre and a desirable destination for foreign investment. Jersey will continue to be a key functionary as investment flows return. Furthermore, Jersey appears well positioned to continue gaining future EU market access given the EU s commitment to attract investment from across the world.
3 P4 Brexit - The implications Brexit - The implications P5 The Impact of Brexit on Jersey s Relationship with the EU Jersey s existing relationship with the EU The relationship between Jersey s finance industry and the EU is one of scale and substance. In 2013, Capital Economics estimated that over 200 billion of assets managed in Jersey originated from EU markets (excluding the UK) and some 22% of the total assets managed were being put to work within the EU. While Jersey is not a member of the EU, some EU legislation applies to the Island to the extent it is covered by Protocol 3 to the United Kingdom Treaty of Accession to the European Economic Community. In broad terms, Protocol 3 brings Jersey within the Customs Union, and therefore essentially within the Single Market, for the purposes of trade in goods. However, the Island retains the status of a third country outside the EU in all other respects. Most relevant for Jersey is the fact that Protocol 3 is silent on the trade in services and the Island thus has third country status for the purposes of EU financial services legislation. Typically, Jersey s finance industry gains access to EU markets by means of EU legislation providing for third country access, granted after the assessment of whether the Island has regulatory (and other) standards in place that are considered equivalent to the relevant EU legislative counterpart. Not all EU legislation provides for third country market access and, similarly, Jersey does not apply to be assessed in respect of each piece of legislation due to the finite resources available to the Island s government and regulator. However, Jersey does implement and abide by an array of EU legislation under these third country access rules, and does so entirely independently of its relationship with the UK. A recent and much discussed example is the Alternative Investment Funds Managers Directive (AIFMD), in respect of which Jersey was among the first jurisdictions recommended to be provided passport rights to market alternative investment funds into EU Member States. The withdrawal from the EU by the UK will result in the UK s Treaty of Accession no longer having legal relevance; Protocol 3 will simply fall away once the Treaty has been rescinded. It is expected that there will be a period of at least two years before the British/EU divorce, and Protocol 3 will remain in place during that time. As Jersey is already largely free to take suche legislative measures as it deems necessary in a wide range of areas including but not limited to immigration, social security, education, health and employment the ending of Protocol 3 would not suddenly derestrict the Island s policymakers. For the finance industry specifically, most European business relies on the above discussed third country access rights. As these typically stem from the Island having demonstrated equivalence to EU standards, it is not envisaged that existing market access rights will be impacted. Indeed, the whole point of third country passport rights is to create equivalency of regulation with trading partners situated outside the EU. Regarding future EU market access, there are two factors which could work in Jersey s favour. Firstly, the 2015 European Commission Green Paper on Capital Markets Union and the subsequent Action Plan stated that a key interest for the EU was to attract investment from across the world. Jersey s finance industry already facilitates significant investment into the EU and it is difficult to see what incentives Brexit will create for the EU to move towards more protectionist policies and prevent this from continuing into the future. Secondly, while Jersey currently benefits from having Britain as an influential ally inside the EU negotiating on its behalf, the Island could potentially reap even greater benefits by having a powerful global player joining it at the negotiating table and seeking third country access to new EU financial services legislation. With the above in mind, Jersey s finance industry can expect its relationship with the EU, in terms of market access, to continue largely unaffected.
4 P6 Brexit - The implications Brexit -- The implications P7 The Impact of Brexit on Jersey s Relationship with the UK Jersey s existing relationship with the UK Jersey is a dependency of the British Crown but not part of the UK. The Island has its own elected government and retains responsibility for all matters apart from defence and international diplomacy, which remain within the purview of the United Kingdom. It is not represented in the UK parliament nor does UK law ordinarily extend to Jersey. Jersey remains one of the UK s closest trading partners, a relationship that stands independent of the UK s membership of the EU. In 2010 alone, the Island imported roughly 1.6 billion in goods and services from the UK, while exporting approximately 1.2 billion. It is unsurprising that Jersey, being an island, is a net importer of goods. However, Jersey is a net exporter of services to the UK, reflecting the singular importance of financial services to the Island s economy and its relationship with the UK. The value held in Jersey trusts, banks, funds and SPVs which is invested in assets located in the UK totals almost half a trillion pounds and represents close to 5% of the UK total of foreign owned assets. Such investment is estimated to support 180,000 UK jobs. Impact of Brexit The constitutional relationship of Jersey to the UK exists wholly outside the UK s membership in the EU. Withdrawal of the UK from the EU should therefore have no effect upon the Island s relationship with the UK. The importance of FDI flows into the UK should not be underestimated; UK Trade and Investment have reported that the UK is the largest net recipient of FDI inflows in Europe, a large amount of which will be facilitated or sourced from within the EU. With the UK renegotiating its trade agreements with EU nations, Jersey s stable relationship with the UK could result in investment that would once have flowed through EU Members instead being facilitated through Jersey. This would further mitigate the impact of any short-term decrease in UK investment activity. In the longer term, the Island would also have an important role to play. Jersey s finance industry already sources a significant proportion of the assets it manages from places such as North America (7%) and the Middle East (5%), much of which is invested into the UK. With the UK likely to seek to build new, non-eu, trading relationships in a post-brexit world, Jersey has an opportunity to build on this expertise to facilitate increasingly geographically diverse cross-border investment flows into the UK. The UK is a key beneficiary of Jersey s product offerings and expertise, and those skills will become even more valuable in the future. The UK will need Jersey every bit as much in the post- Brexit world as it does today.
5 P8 Brexit - The implications Brexit -- The implications P9 How a UK Exit Would Work The process for withdrawal On 23 June the UK public had the long-promised opportunity to have its say about whether the UK should remain in the EU or leave. While the outcome of the referendum is not legally binding, it would have been politically untenable for the government not to respect the will of the people and the Prime Ministers announcement on the morning of 24 June confirming the UK would leave the EU was expected. In order for the UK to leave the EU, notice must be given under Article 50 of the Treaty on European Union and the UK would cease to be a member of the EU: Two years from the date of its notification; An earlier date if agreement is reached before the passing of two years; or Such later date as may be agreed by unanimous consent of the European Council and UK. The Prime Minister has indicated that article 50 is likely to be invoked shortly after the Conservative Party Conference in October The two-year window applies only to negotiations for withdrawal from the Union. While Article 50 envisions those negotiations to include discussions on a future framework for UK EU relations, such a framework may well take longer than the two years to be agreed. Model EEA + EFTA (Norway) Bilateral agreements + EFTA (Switzerland) Access to Single Market Yes Formal voting rights on EU legislation No, but informal consultation on new legislation Ability to set own trade policy What a future UK EU relationship may look like Much will depend upon the type of relationship the UK negotiates with the EU post-exit. There are several potential models based on the relationships that have evolved with a number of countries close to, but still outside, the EU. Alternatively, the argument is made that the UK s economy is sufficiently different from that of countries like Norway and Switzerland that any future framework would ultimately be tailor-made to the UK's particular economic characteristics, trade levels and political goals. The following table, prepared by TheCityUK, provides an overview of some of the existing alternative frameworks for relations between the EU and non-eu countries that may provide a model template for future UK EU relations. What is clear at this stage is that a consensus has yet to emerge as to the optimal form a future UK EU relationship will take as so much hinges not just on economic factors, but competing political tensions within the UK and within the EU itself. Accordingly, it is difficult to state with any confidence how the UK s long-term balance of trade will evolve. Contribution to EU budget Free movement of people Passporting Yes Yes Yes Partial Partial No Yes Partial Yes No Impact of Brexit on the UK Short term At present, only 15% of UK trade is with countries that are not members of the EU or are not covered by EU trade agreements. The EU already has in place preferential trade agreements with 52 countries, and is in the process of negotiating similar agreements with another 72. Taken literally, this suggests that the UK may need to re-negotiate some 124 bilateral trade agreements in addition to negotiating a trade agreement with the EU as a whole in its new status as a third country. Additionally, the UK s law draftsmen could become very busy. EU directives must be enacted and incorporated into the domestic legal framework of each Member State. Having already been incorporated into UK law, existing directives will not therefore need to be immediately reconsidered. In contrast, EU regulations automatically had, and will continue to have until the UK formally leave the EU, legal effect in UK domestic law without further enactment. As they have not been enshrined into UK law, some 12,295 regulations may need to be considered by the UK. In the short term therefore, the UK faces an uncertain future as it grapples with establishing new relations with both Europe and its other trading partners around the world. There could be a period of legislative uncertainty and these factors combined could result in the temporary reduction of investment flows into and out of the UK. Long term There will be bumps in the road initially, but in the long term, a robust and economically valuable relationship between the UK and the EU is likely to be strong. The City of London is the financial heart of the EU and it plays a vital role in facilitating business in other European financial centres such as Frankfurt. Access to the EU Single Market has been central to the City s growing financial preeminence over the course of some three decades. The UK finance industry accounts for more than 10% of UK GDP and employs in excess of two million people. Not surprisingly, it is the largest tax contributor to the UK economy. Looking beyond finance, the EU is the UK s major trading partner, absorbing 44% of the UK s exports, some 223 billion, and delivering 53% of the UK s imports, totalling 291 billion. While there will be initial hurdles to clear over details of trade arrangements, the EU is unlikely to punish one of the biggest global consumers of EU manufactured goods and services through the imposition of tariffs. Looking beyond to global horizons, the traditional strengths of the City and the UK more generally, finance and banking expertise, a world-class education system and a highly-qualified labour pool, along with the international dominance of English as the language of business, could well mean that, in the medium to long term it will be business as usual in the UK. Out campaigners also argued that the UK could emerge without some of the more onerous regulatory burdens that come with EU membership, resulting in a more agile and cost-competitive finance industry. Customs Union (Turkey) Access to the EU internal market for goods No Partial No No No FTA No No Yes No No No Bespoke UK solution??????
6 P10 Brexit - The implications Brexit -- The implications P11 Relevance to Jersey The decision by the UK to leave the EU inevitably means a period of uncertainty as a new relationship with the EU is agreed and new trade agreements are negotiated (within and outside of the EU). In the short term, such uncertainty could suppress growth and businesses may put large projects on hold. Consequently, while it would not be altogether surprising if Jersey experiences a temporary slowdown in business activity facilitating investment into the UK, the impact on Jersey s finance industry is likely to be minimised due to the industry s increasingly global outlook. Indeed, other uncertainties surrounding Brexit may result in an influx of funds into Jersey looking to seize opportunities outside the UK until the dust settles in the UK. The sources of Jersey s business increasingly extend beyond the UK and are truly global, with the majority of assets held, administered or managed locally being located in jurisdictions other than the UK. The steady diversification of the Island s finance industry offerings will stand it in good stead, even if the UK economy stumbles in the short term. In the longer term, the UK s infrastructure and expertise mean there is every chance it will remain the world s leading jurisdiction for financial services, and that can only be advantageous to Jersey. If the UK does emerge as a stronger, more agile global competitor, Jersey will stand to benefit as capital flows both into and out of the UK return. The Impact of Brexit Conclusion Jersey s economic ties to the UK have a long history and they remain strong with the flow of capital from Jersey into the UK continuing apace. Assets managed in Jersey by location of ultimate beneficiary 40 % Rest of the world 16 % EU 44 % UK Despite the UK voting to leave the EU, given the historic primacy of the City of London as a global financial centre, there is little reason to believe capital flows into London from Jersey will be substantially disrupted in the longer term. Therefore Jersey can be expected to continue facilitating significant investment into the UK. In the short term, investment flows into and out of the UK may decline. However, with the increasingly global outlook of Jersey s finance industry, the Island is well placed to cope with any such bumps in the road. Regarding the Island s relationship with the rest of the EU, the finance industry's access often relies on being assessed as having equivalent standards to Member States. It has done so in the past, and those assessments should remain, and thus there appears no obvious reason that it shouldn t do so in the future. There will undoubtedly be a period of disruption and uncertainty in the UK and Europe. However, investment flows will continue, and Jersey will continue to play a key role in facilitating such flows.
7 Brexit - The implications P12 About Jersey Finance Jersey Finance has been run as a not-for-profit organisation since it was formed in It represents and promotes Jersey as an international financial centre of excellence. It is funded by members of the Island s finance industry and the States of Jersey Government, and has offices in Dubai, Hong Kong, Mumbai and New Delhi along with representation in London and a CBBC Launchpad in Shanghai Disclaimer This document is provided for general information purposes only and does not constitute or offer legal, financial or other advice upon which you may act or rely. Specific professional advice should be taken in respect of any individual matter. Whilst every effort has been made to ensure the accuracy and completeness of the information contained herein, Jersey Finance cannot be held liable for any error or omission.
BREXIT The Potential Implications. A joint IoD Ireland and IoD UK members survey
BREXIT The Potential Implications A joint IoD Ireland and IoD UK members survey SUMMARY This research report is a summary of the key findings delivered from a survey which was undertaken by the Institute
More informationSome impacts for fund managers of Brexit
Some impacts for fund managers of Brexit November 2015-1 - Europe Economics is registered in England No. 3477100. Registered offices at Chancery House, 53-64 Chancery Lane, London WC2A 1QU. Whilst every
More informationBREXIT UK VOTES TO LEAVE THE EUROPEAN UNION UK remains in the European Union - for now Implications for the Insurance Industry
CLIENT MEMORANDUM BREXIT UK VOTES TO LEAVE THE EUROPEAN UNION June 24, 2016 AUTHORS Nicholas Bugler Joseph D. Ferraro Andrew Tromans On 23 June the British electorate voted on the question of whether or
More informationTariffs and employment. A report for Britain Stronger in Europe
Tariffs and employment A report for Britain Stronger in Europe June 2016 2 Disclaimer Whilst every effort has been made to ensure the accuracy of the material in this document, neither Centre for Economics
More informationWhat will this mean for derivatives transactions?
Brexit What will this mean for derivatives transactions? Impact of the referendum Following the result of the vote in the UK referendum on 23 June 2016, there is some uncertainty about how the UK s exit
More informationUK to hold referendum on its membership of the European Union
1 March 2016 Global Tax Alert UK to hold referendum on its membership of the European Union EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web
More informationBrexit and the insurance industry
Contents What we know What we don t know Regulatory implications Passporting Prudential regulation and reporting Transfers of business Risk management actions Contacts Brexit and the insurance industry
More informationBrexit in the. boardroom. Some issues and implications
Brexit in the boardroom Some issues and implications 3 Brexit BREXIT in the in Boardroom the : Issues :: Issues and implications and implications for Irish for Irish Business Business Contents Introduction...
More informationBREXIT; WHAT WILL HAPPEN WHEN?
BREXIT; WHAT WILL HAPPEN WHEN? A brief outline of likely consequences and impact for Norwegian corporations 19 October 2016 AGORA INDUSTRI FORUM Partner Kjetil Haare Johansen, DLA Piper Norway www.dlapiper.com
More informationAct or react? Navigating your business through political uncertainty. The better the question. The better the answer. The better the world works.
Act or react? Navigating your business through political uncertainty The better the question. The better the answer. The better the world works. For further information contact: Mats Persson Head of International
More informationUK Vote to Leave and Its Implication
UK Vote to Leave and Its Implication 27 June 2016 The result for EU Referendum The EU Referendum has been completed on 23 Jun 2016 (according to BBC News, 17.4 million vote leave [51.9%] while 16.1 million
More informationEffect of Brexit on IP protection
Effect of Brexit on IP protection Contents Introduction 1 Trade Marks 2 European Union Trade Marks 4 International Trade Marks 6 Domain Names 8 Other Consequences 9 Introduction Formal procedure for UK
More information1. Context i/ Scottish parliament support to look at differentiation:
Scotland, Brexit and Differentiation This note summarises oral evidence given by Kirsty Hughes, Senior Fellow, Friends of Europe to the European Parliament Constitutional Affairs Committee, 9 th February
More informationFund Management Diary
Fund Management Diary Meeting held on 28 June 2016 Brexit - The Hail Mary Pass Prior to the Brexit vote when David Cameron was interviewed on Radio 4 and asked if he would resign if an Out vote occurred
More informationBrexit: Deal or No Deal. Written Testimony for the UK House of Lords EU Select Committee Inquiry
Brexit: Deal or No Deal Written Testimony for the UK House of Lords EU Select Committee Inquiry Introduction 1. The U.S.-UK Business Council represents the interests of investors with significant equities
More informationBrexit: what might change Intellectual Property
1 Brexit: what might change Intellectual Property Introduction On 23 June 2016 the UK population voted for the UK s exit from the European Union (EU). The applicable exit procedure and certain possible
More informationBrexit and Your Business
Brexit and Your Business www.debevoise.com www.debevoise.com As the UK prepares to leave the European Union, we outline the possible next steps by the UK Government and how to assess the impact that Brexit
More informationNEWS BREXIT NEXT STEPS FOLLOWING THE TRIGGERING OF ARTICLE 50. Background. Brexit the timeline for withdrawal
MARCH 2017 BREXIT NEXT STEPS FOLLOWING THE TRIGGERING OF ARTICLE 50 Background On 29, the UK notified the European Council of its intention to withdraw from the EU, pursuant to Article 50 of the Treaty
More informationNavigating Brexit. Tax and legal implications for life sciences companies. July 2016
Navigating Brexit Tax and legal implications for life sciences companies July 2016 1 Navigating Brexit: Tax implications Introduction On Thursday, 23 June, the people of the United Kingdom (UK) voted
More informationA legal view on Brexit
A legal view on Brexit James Bateson Global Head of Financial Institutions Norton Rose Fulbright LLP 25 April 2017 Agenda Withdrawal timeline Article 50 Impact on legal landscape Geo-political factors
More informationBrexit Quick Brief #1
Brexit Quick Brief #1 1 Implications of leaving the EU single market s are a series of short papers intended to inform readers about key commercial, regulatory and political considerations around Brexit.
More informationBREXIT Q&As - PAINTING BY NUMBERS
BREXIT Q&As - PAINTING BY NUMBERS POLICY AND TECHNICAL August 2016 Brexit Q&As painting by numbers August 2016 Contents EMIR...2 SEPA...2 Pensions...2 EIB...2 Interest rates...3 Small & Medium sized Enterprises
More informationBREXIT HELPING YOU FIND YOUR WAY ONE STEP AT A TIME
BREXIT HELPING YOU FIND YOUR WAY ONE STEP AT A TIME HELPING YOU FIND YOUR WAY ONE STEP AT A TIME BREXIT 01 INTRODUCTION THE UK S VOTE ON 23 JUNE 2016 TO LEAVE THE EU HAS SENT SHOCKWAVES AROUND THE GLOBAL
More informationImplications of the EU Referendum on the Humber Economy
Implications of the EU Referendum on the Humber Economy Report to the Humber Leadership Board - 7 th Sept 2016 Report to the Humber LEP Board 9 th Sept 2016 Joint Report from Kishor Tailor on behalf of
More informationAdvantageBC. September 19, Don Campbell
AdvantageBC September 19, 2017 Don Campbell CETA: What is the Agreement? Gold Standard Economic Partnership Agreement between Canada and European Union Most Comprehensive agreement ever negotiated model
More informationJersey for Funds. Delivering Expertise, Flexibility and Innovation.
Jersey for Funds Delivering Expertise, Flexibility and Innovation www.jerseyfinance.je Jersey for Funds P1 A Tradition of Funds Expertise Jersey has been at the forefront of services for more than 50 years.
More informationBrexit Quick Brief #2. An orderly exit from the EU
Brexit Quick Brief #2 1 An orderly exit from the EU s are a series of short papers intended to inform readers about key commercial, regulatory and political considerations around Brexit. While they are
More informationThe Weekly Market Commentary June 27th, 2016
Herbert Financial Group presents The Weekly Market Commentary June 27th, 2016 SURPRISE! Britain is leaving the European Union (EU) after 40 years of membership. Last Thursday, almost three-fourths of voters
More informationUK Leave vote triggers economic uncertainty
24 June 2016 UK Leave vote triggers economic uncertainty Given the significant volatility introduced to the market following the Leave vote our investment views shall be under review in the coming days
More informationEncouraging trade and inward investment
79 Building our Industrial Strategy Encouraging trade and inward investment The opportunity The Government is committed to building a truly global Britain; a great, global trading nation that reaches out
More informationBREXIT: LOOMING UNCERTAINTY
INTERNATIONAL SERVICES BREXIT: LOOMING UNCERTAINTY Paul Toth, Senior Vice President, Foreign Exchange, PNC Courtney Roberts, Vice President and European Treasury Management Director, London, United Kingdom,
More informationChapter 7 The European Union and the single market
Chapter 7 The European Union and the single market The European Union (EU) is a political and economic grouping that currently has 28 member countries. These countries have given up part of their sovereignty
More informationBrexit: Taking the pulse of the UK economy
Image courtesy of skeeze, pixabay.com, CC0 Brexit: Taking the pulse of the UK economy Katharina Utermöhl, Senior Economist Europe October 24, 2017 United Kingdom: Eurozone growth surprises on the upside
More informationImpact of Brexit on debt and equity financing transactions
Brexit legal consequences for commercial parties Impact of Brexit on debt and equity financing transactions March 2016 Issue in focus With the referendum on the UK s membership of the EU set to dominate
More informationThe Most Innovative Law Firm in Europe. Brexit: Create your own certainty
The Most Innovative Law Firm in Europe Brexit: Create your own certainty For sector specific updates and further insights see www.out-law.com/brexit The decision on whether or not the United Kingdom should
More informationBrexit update: Theresa May s biggest test yet?
Economic and Financial Analysis Article Global Economics Brexit update: Theresa May s biggest test yet? The UK Prime Minister faces a series of challenging parliamentary votes on her plan to leave the
More informationOutcome of EU Referendum-an overview
Outcome of EU Referendum-an overview Robert Windsor Policy and Compliance Manager EU Referendum-the basics EU Referendum held on 23 rd June 2016 Remain 48% Leave 52% Turnout 71.8% Only 3 areas voted to
More informationEconomic puzzles: the world, Europe, Brexit and renminbi Martin Wolf, Associate Editor & Chief Economics Commentator, Financial Times
Economic puzzles: the world, Europe, Brexit and renminbi Martin Wolf, Associate Editor & Chief Economics Commentator, Financial Times FT-ANZ RMB Growth Strategy Series 24 th June Sydney Economic puzzles
More informationPotential Policy and Environmental Implications for the UK of a Departure from the EU
Potential Policy and Environmental Implications for the UK of a Departure from the EU David Baldock, IEEP Institute for Environmental Management & Assessment (Webinar) June 15 th 2016 www.ieep.eu @IEEP_eu
More informationAfter Article 50: The Ramifications of. After Article 50: The Ramifications of Brexit October 2016
After Article 50: The Ramifications of Contents / Outline Basics Who? When? How? Challenges Basics Definitions MS Notification Member state of the European Union Notification to the European Council of
More informationBrexit Update. AgriFood industry. Walking the tightrope a European view on Brexit
Brexit Update AgriFood industry Walking the tightrope a European view on Brexit Walking the tightrope a European view on Brexit With one year to go until the UK leaves the European Union (EU), the finer
More informationTRADE BILL EXPLANATORY NOTES
TRADE BILL EXPLANATORY NOTES What these notes do These Explanatory Notes relate to the Trade Bill as introduced in the House of Commons on 7 November 2017. These Explanatory Notes have been prepared by
More informationFOOD & DRINK AND BREXIT
FOOD & DRINK AND BREXIT BRODIES BREXIT GUIDE. What might Brexit mean for the food & drink sector? On 29 March 2017 the UK s Article 50 Notice was delivered to the European Council in Brussels, triggering
More informationEnvironmental and climate change laws divergence or more of the same?
Brexit Law your business, the EU and the way ahead Environmental and climate change laws divergence or more of the same? July 2016 The United Kingdom s referendum vote to leave the European Union on 23
More informationN Gage Trade Report Quarter
N Gage Trade Report Quarter 2-2016 TRADE REPORT Q1 PAGE 1 Abstract The Foreign Trade Quarterly report acts as a monitor of foreign trade being a fundamentally important aspect that directly impacts Egypt
More informationInvestment Insights. How to survive the EU referendum?
Investment Insights How to survive the EU referendum? Quarter two - 2016 Policymakers have played an increasing role in the direction of investment markets over recent years and with a host of activity
More informationBrexit: market access issues
Brexit: market access issues EUI-NOMICS 2016: DEBATING THE ECONOMIC CONDITIONS IN THE EURO AREA AND BEYOND Lionel Fontagné 29 April 2016 Focus Market access after Brexit UK member of the SEM Free movement
More informationJersey The International Finance Centre
Jersey The International Finance Centre www.jerseyfinance.je Inside... 1 Why Jersey? Jersey s combination of a central register of the Ultimate Beneficial Ownership (UBO) with a high level of vetting/evaluation
More informationAre you ready for BREXIT? IHK checklist for companies
Are you ready for BREXIT? IHK checklist for companies English Translation provided by IHK checklist for companies: Are you ready for Brexit? 18 topics that companies should consider Contents Introduction...
More informationECONOMIC IMPACT OF THE WITHDRAWAL AGREEMENT
ECONOMIC IMPACT OF THE WITHDRAWAL AGREEMENT Written Evidence to Treasury Committee ahead of the Oral Evidence Session: The UK's economic relationship with the Prof. Jagjit S. Chadha, Director, National
More informationBrexit: what might change Corporate/M&A
1 Brexit: what might change Corporate/M&A Introduction On 23 June 2016 the UK population voted for the UK s exit from the European Union (EU). The applicable exit procedure and certain possible legal consequences
More informationUK membership of the single currency
UK membership of the single currency An assessment of the five economic tests June 2003 Cm 5776 Government policy on EMU GOVERNMENT POLICY ON EMU AND THE FIVE ECONOMIC TESTS Government policy on EMU was
More informationThe UK and the EU What Would Happen on Brexit? Malcolm Sweeting and Simon Gleeson. 29 October 2015
The UK and the EU What Would Happen on Brexit? Malcolm Sweeting and Simon Gleeson 29 October 2015 What is the risk of Brexit? UK net balance of public opinion in favour of continued EU membership, 2012-2015
More informationBrexit & Trade Marks. The UK is leaving the EU, Marks & Clerk is not
Brexit & Trade Marks The UK is leaving the EU, Marks & Clerk is not On 29 March 2017 the United Kingdom gave formal notice of its intention to leave the European Union, in keeping with the result of the
More informationUpdate Report Possible Implications for Renfrewshire of the vote to leave the European Union
To: Leadership Board On: 19 September 2018 Report by: Chief Executive Heading: Update Report Possible Implications for Renfrewshire of the vote to leave the European Union 1 Summary 1.1 In September 2016,
More informationJersey Investment Funds An Overview
Jersey Investment Funds An Overview Introduction This briefing is intended to provide a general overview of some of the factors to be considered by promoters and onshore counsel looking at Jersey as an
More informationBrexit: Potential Transitional Arrangements. By Con Lucey
Brexit: Potential Transitional Arrangements By Con Lucey Brexit: Potential Transitional Arrangements Institute of International and European Affairs, Dublin By Con Lucey Introduction A transitional arrangement
More informationConsultation response
Response to House of Commons International Trade Committee Inquiry on Continuing application of EU trade agreements after Brexit AmCham EU speaks for American companies committed to Europe on trade, investment
More informationUK leaving the EU Briefing paper on direct and indirect tax implications
UK leaving the EU Briefing paper on direct and indirect tax implications 1. Summary In the short term, a vote in favour of leaving the EU will have little, if any, immediate impact on indirect or direct
More informationHOW TO SERVICE CHINESE WEALTH AS IT GOES GLOBAL
JUNE 2017 HOW TO SERVICE CHINESE WEALTH AS IT GOES GLOBAL The last few years have seen explosive growth in understanding among Chinese HNW and UHNW individuals of wealth structuring and transition. Yet
More informationBrexit Monitor The impact of Brexit on (global) trade
Brexit Monitor The impact of Brexit on (global) trade The impact of Brexit on (global) trade The outcome of the UK s EU referendum and looming exit negotiations, are already affecting trade flows between
More informationImpact of Brexit. for Interconnectors
Impact of Brexit for Interconnectors Contents Introduction 4 A snap shot of what Brexit may look like for the UK 5 1. EEA + EFTA 5 2. Customs Union 5 3. Bilateral agreements + EFTA 5 4. Free Trade Agreement
More informationBrexit considerations FOR BUSINESS CONTRACTS
Brexit considerations FOR BUSINESS CONTRACTS d 1 Attorney advertising. Prior results do not guarantee a similar outcome. 2 With just over a year to Brexit, slated for 11.00pm on 29 March 2019, it is time
More informationBrexit an Impact Analysis
Brexit an Impact Analysis How Brexit may affect Chinese companies established in the United Kingdom International Business Will Brexit affect non-eu companies established in the UK? On 23 June 2016, the
More informationInward investment after Brexit
EY s UK Attractiveness Survey Inward investment after Brexit March 2018 Contents Executive summary 1 Investor perspectives on FDI 2 Methodology 11 About EY s Attractiveness Program 12 Executive summary
More informationNYSBA Paris Brexit - Legal and Constitutional Ramifications
NYSBA Paris Brexit - Legal and Constitutional Ramifications Michael Dean Partner Maclay Murray & Spens LLP Scotland and London Michael.dean@mms.co.uk Why the referendum? Conservative Prime Minister s party
More informationBREXIT: Isolating the noise on HSBC and Standard Chartered
Asia Credit Research BREXIT: Isolating the noise on HSBC and Standard Chartered Summary / Key credit considerations Monday, With exactly a month to go, uncertainty remains as the BREXIT referendum date
More informationCountry Insight Snapshot United Kingdom November 2017
Country Insight Snapshot United Kingdom Written 03 OVERVIEW O V E R A L L C O U N T R Y R I S K R A T I N G : D B 2 d Low risk: Low degree of uncertainty associated with expected returns. However, country-wide
More informationTO BE OR NOT TO BE: LEGAL CONSEQUENCES ARISING FROM A STATE S WITHDRAWAL FROM THE EU IN LIGHT OF BREXIT
TO BE OR NOT TO BE: LEGAL CONSEQUENCES ARISING FROM A STATE S WITHDRAWAL FROM THE EU IN LIGHT OF BREXIT Therese Lia To be or not to be a Member State; with the referendum result of June 1 what many Europeans
More informationWhat Brexit would mean for UK and global share plans
What Brexit would mean for UK and global share plans Mirit Ehrenstein Nancy Price Linklaters LLP October 2015 What we will cover > EU referendum timetable > Exit timetable > Current UK EU relationship
More informationBrexit. Triggering Article 50: what now?
Brexit Triggering Article 50: what now? www.freshfields.com/brexit 29 March 2017 Triggering Article 50: what now? The UK Prime Minister, Theresa May, has today formally triggered the process of the UK
More information2017 Professional Practice Update Investment Fund Industry
2017 Professional Practice Update Investment Fund Industry 1 March 2017, Luxembourg Agenda 08:30 09:00 Registration & breakfast 09:00 09:05 Chairperson s opening remarks Jason Rea, Chairperson, ABIAL 09:05
More informationBREXIT ANALYSIS BULLETIN
BREXIT ANALYSIS BULLETIN May 2015 On 28 May 2015, the newly elected Conservative government published the EU Referendum Bill. This legislation paves the way for an in/out referendum on the UK s continued
More informationTHE OUTCOME OF BREXIT MATTERS FOR THE UK S BALANCE OF PAYMENTS
THE OUTCOME OF BREXIT MATTERS FOR THE UK S BALANCE OF PAYMENTS nthe main drivers of Balance of Payments are the Current Account deficit and the Financial Account surplus. nthe UK Current Account has historically
More informationThe UK s New Trade Remedies Regime
Brexit Law your business, the EU and the way ahead The UK s New Trade Remedies Regime Overview September 2018 One aspect of the UK s departure from the European Union (Brexit) that has been somewhat overshadowed
More informationBriefing: Impact of Brexit on Financial Services
Briefing: Impact of Brexit on Financial Services The overwhelming victory of the Conservatives in the 2015 General Election has brought the potential exit of the UK from the EU or, Brexit to the political
More informationSubmission to the Joint Committee on Agriculture, Food and the Marine. The impact of Brexit on Agriculture, Food and Fisheries
Submission to the Joint Committee on Agriculture, Food and the Marine The impact of Brexit on Agriculture, Food and Fisheries 1. Introduction 1.1 Alcohol Beverage Federation of Ireland (ABFI) is the All-island
More informationGLOBAL LOGISTICS & THE US TRADE DEFICIT
GLOBAL LOGISTICS & THE US TRADE DEFICIT HAULAGE AIR OCEAN WAREHOUSING PROJECTS CONTENTS Executive Summary 3 What is the Trade Deficit? 4 UK and US Trade Relations 5 What Next for UK and US International
More informationThe decision to leave the EU: economic consequences for the UK
The decision to leave the EU: economic consequences for the UK 5 th December 2016 Simon Kirby (NIESR), London and ESRC Centre for Macroeconomics Outline of the talk The outcome of the vote Brexit means
More informationSchroders Institutional Investor Study 2018 An Insurance Focus
Schroders Institutional Investor Study 2018 An Insurance Focus Marketing material for investment professionals and advisers Contents 3About this survey 4Executive summary 5Return expectations fall as risk
More informationBriefing. 24 February 2016
The EU referendum and colleges Briefing The EU referendum and colleges 24 February 2016 The referendum on the UK's continuing membership of the European Union (EU) will take place on Thursday 23 June 206
More informationYour Right to Know: The Case against Chequers and the Draft Withdrawal Agreement in plain English
Your Right to Know: The Case against Chequers and the Draft Withdrawal Agreement in plain English 18 November 2018 Summary: The case against the proposed Withdrawal Agreement on 1 page 1. We would hand
More informationYour Right to Know: The Case against Chequers and the Draft Withdrawal Agreement in. plain English
Your Right to Know: The Case against Chequers and the Draft Withdrawal Agreement in plain English 18 November 2018 1 Summary: The case against the proposed Withdrawal Agreement 1. We would hand over 39
More informationHessen and Brexit: the effects on the Hessian economy
Hessian Ministry of Economics, Energy, Transport and Regional Development Hessen and Brexit: the effects on the Hessian economy Hessen UK an important partner for Hessen The referendum of 23 June 2016
More informationA New Challenge to Canada s European Trade Ambitions October 2017
Brexit: A New Challenge to Canada s European Trade Ambitions October 2017 Canada was putting the finishing touches on a free trade deal with Europe when Brexit threw a spanner in the works. The Comprehensive
More informationTHE FUTURE UK-EU RELATIONSHIP RE-EXAMINING THE EEA AND OTHER OPTIONS
THE FUTURE UK-EU RELATIONSHIP RE-EXAMINING THE EEA AND OTHER OPTIONS The uncertain outcome of the UK election on 8 June has reopened the question of what the UK's future relationship with the EU should
More informationBrexit: what might change Investment Management
1 Brexit: what might change Investment Management Introduction On 23 June 2016 the UK population voted for the UK s exit from the European Union (EU). The applicable exit procedure and certain possible
More informationBREXIT GUIDE TO WHAT COULD IT MEAN FOR UK INVESTORS? Advanced Asset Consultants Ltd Chartered Financial Planners, 23 Newton Place, Glasgow, G3 7PY
GUIDE TO MAY 2017 BREXIT WHAT COULD IT MEAN FOR UK INVESTORS? Advanced Asset Consultants Ltd Chartered Financial Planners, 23 Newton Place, Glasgow, G3 7PY T: 0141 331 2434 W: www.advancedasset.co.uk E:
More informationNEWS BREXIT NEXT STEPS FOLLOWING THE TRIGGERING OF ARTICLE 50. Background. Brexit the timeline for withdrawal
MARCH 2017 BREXIT NEXT STEPS FOLLOWING THE TRIGGERING OF ARTICLE 50 Background On 29, the UK notified the European Council of its intention to withdraw from the EU, pursuant to Article 50 of the Treaty
More informationMPs Winter Survey Key Influencer Tracking February 2017
1 MPs Winter Survey 01 Key Influencer Tracking Report prepared for The UK in a Changing Europe and the Mile End Institute, Queen Mary University of London February 017 Methodology The referendum The Brexit
More informationInvestor Country Report Mauritius
Investor Country Report Mauritius Mauritius October 2015 Contents: 1. Country Overview 2. The Mauritian Economy 3. The Mauritian Business Environment 4. The Mauritian Fiscal Regime 5. The Financial Services
More informationPost-EU referendum expert panel
Post-EU referendum expert panel Panellists Jon McLeod Chairman, UK Corporate, Financial and Public Affairs Laurent Chokoualé Datou Chairman, EU Public Affairs Conor Magowan Director of Public Affairs,
More informationAssociation of British Insurers Submission to the International Trade Select Committee inquiry: UK-US trade relations November 2017
Association of British Insurers Submission to the International Trade Select Committee inquiry: UK-US trade relations November 2017 Executive Summary 1. The Association of British Insurers (ABI) welcomes
More informationFree Trade Zones. Part of the UK s post Brexit international trade strategy. September 2017
Free Trade Zones Part of the UK s post Brexit international trade strategy September 2017 Audit / Tax / Advisory Smart decisions. Lasting value. This paper is by way of follow-up to our original article
More informationOCR Economics A-level
OCR Economics A-level Macroeconomics Topic 4: The Global Context 4.5 Trade policies and negotiations Notes Different methods of protectionism Protectionism is the act of guarding a country s industries
More informationVietnam. HSBC Global Connections Report. October 2013
HSBC Global Connections Report October 2013 Vietnam The pick-up in GDP growth will be modest this year, with weak domestic demand and exports still dampening industrial confidence. A stronger recovery
More informationThe economic Impact of EU membership on the UK. David Bailey Aston Business
The economic Impact of EU membership on the UK David Bailey Aston Business School @dgbailey Economic Impact of EU membership on UK? Costs and benefits of EU membership Trade & Investment à Jobs Regulation
More informationBrexit - Economic Impact for Switzerland
Brexit - Economic Impact for Switzerland 4 July 2016 Few things are certain in the wake of the referendum held on Thursday 23 June. True, Brexit won with a majority, but exit has not yet been formally
More informationBrexit Options for a future regulatory framework for trade in services and customs and trade procedures between the EU and the UK
Summary in English March 15 2017 Brexit Options for a future regulatory framework for trade in services and customs and trade procedures between the EU and the UK Summary of the analysis Brexit Alternativ
More informationBREXIT: The Case for EFTA
BREXIT: The Case for EFTA http://efta4uk.eu V 1.1 March 2017 EXECUTIVE SUMMARY The UK should rejoin the European Free Trade Association (EFTA) which the UK helped to create in the 1960 s. This would allow
More information