Brexit

Surge in ticket sales for European ferries after Brexit delay | Travel – Business Article

Ferry services to Europe have reported a ticket sales rise of more than 50% as holidaymakers book summer breaks after Brexit was delayed. Holidaymakers had been warned of potential difficulties travelling to the continent, especially by car and ferry, in the event of a no-deal Brexit. The decision to put Britain’s date of departure from the European Union back from 29 March to at least the end of May, and possibly 31 October, has unleashed a wave of ticket sales.…

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Hammond plays down Brexit delay increasing chance of second vote | Politics – Business Article

Philip Hammond has played down the possibility that the UK could use the delay to Brexit to hold a second referendum and stressed that he still expects Britain to leave the European Union. Speaking in Washington, the chancellor said time would be too tight to hold a confirmatory vote before the new deadline of the end of October unless it was triggered over the coming weeks. Hammond said the damage caused by continued uncertainty – including problems attracting suitable candidates…

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6 Valuable Business Intelligence Lessons From Brexit – Business Intelligence Article

Almost everyone has heard of Brexit, even if they aren’t directly feeling the change. The term has made news around the world almost immediately upon conception and hasn’t stopped circulating. For those not in the know, Brexit started as the 2016 vote for the United Kingdom to leave the European Union for a whole host of reasons. The vote was incredibly divisive. Prime Minister David Cameron resigned from office once the decision to leave was made. The citizens have been…

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FTSE 250 hits six-month high; Brexit delay lifts holiday firms – business live | Business – Business Article

The foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea. Photograph: Ahn Young-joon/AP Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. Growth worries are weighing on the markets again today, as the International Monetary Fund warns that the global economy remains fragile. The IMF, whose spring meetings with the World Bank begin in Washington this week, is worried that the global economic expansion is…

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IMF says no-deal Brexit risks two-year recession for UK | Business – Business Article

Britain’s already struggling economy would be pushed into a two-year recession by a no-deal Brexit, the International Monetary Fund has warned. Ahead of Theresa May’s plea to EU leaders for a further delay to Britain’s departure, the IMF used a downbeat half-yearly assessment of the global economy to predict that the UK economy could be 3.5% smaller than expected by 2021 if trade barriers were swiftly erected. The World Economic Outlook – completed in March before the latest developments in…

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Shoppers avoiding big buys due to Brexit uncertainty – retailers | Business – Business Article

Britain’s retailers have warned that Brexit uncertainty is holding consumers back from making bigger purchases, after a disappointing month for sales in March. The British Retail Consortium (BRC) and the accountancy firm KPMG said sales growth dropped to 0.5% in the year to March, down from an annual growth of 2.3% a year ago, as consumers held back from spending on big-ticket items. The BRC said the timing of Easter, on 21 April this year after falling on 1 April…

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Oil prices rise to 2019 high as Libya civil war threatens supply – business live | Business – Business Article

2.16pm BST 14:16 A judge has discharged a jury in a trial against four ex-Barclays executives. You can read some more detail on the trial (10:39am) here: 2.10pm BST 14:10 Shares in Boeing are suffering ahead of the opening bell on Wall Street, after the US aircraft manufacturer said it will cut production of its 737 plane. Boeing said on Friday that it would make 20% fewer 737s following two deadly crashes in which malfunctioning safety features may have played…

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Nissan was offered secret state aid to cope with Brexit, minister concedes | Business – Business Article

The business secretary has been forced to admit the existence of a previously secret package of state aid to Nissan that could have been worth up to £80m had the carmaker gone ahead with plans to manufacture a new model X-Trail in Sunderland after Brexit. Greg Clark released a letter dated October 2016 in which he pledged tens of millions of taxpayer support and promised the Japanese company it would not be “adversely affected” after the UK left the EU.…

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Falling diesel sales more than Brexit behind Nissan’s X-Trail decision | Business – Business Article

When Nissan announced its intention to build the new X-Trail in Sunderland in October 2016, it was hailed by the government as a vote of confidence in Britain, so soon after the referendum result that had shocked Japanese carmakers. Theresa May was personally involved in lobbying the company, giving assurances to Nissan’s ousted chief executive, Carlos Ghosn, shortly before the decision. The government’s promises that Nissan would not be harmed by Brexit included pledges to ensure supply chains were not…

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Nissan warns of Brexit concerns as Sunderland U-turn confirmed | Business – Business Article

Nissan has confirmed it is abandoning plans to build a new model of one of its flagship vehicles at its Sunderland plant, as it warned that uncertainty over Brexit was affecting businesses. The Japanese car manufacturer announced in 2016 it would be making the new version of the X-Trail SUV at the factory in north-east England after receiving unspecified assurances about Brexit from the government, but on Sunday it said it would be produced in Japan. Nissan said it had…

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We must rule out a hard exit. Business is at breaking point | Politics – Business Article

The clock is ticking. In the House of Commons, MPs spend hours debating points of parliamentary procedure, but are unwilling to take real decisions about our country’s future. Negotiations between the prime minister and EU leaders seem to have reached an impasse. But in the real world, businesses are at breaking point. I know from my own business career that – above all – what business needs is certainty. Certainty about the terms on which they will be able to…

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Saga scraps its credit card, leaving customers in the lurch | Money – Business Article

Is over-50s specialist Saga axing its popular platinum credit card because of Brexit? The card is run for Saga by a Dublin-based bank and is closing on 28 March, hours before the UK is scheduled to leave the EU. The Saga platinum credit card has long been a popular choice among people who travel abroad because it doesn’t charge currency conversion fees. Other benefits include up to 55 days of interest-free cash withdrawals, discounts on Saga holidays and cruises, and…

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Pound falls after Commons vote spurs no-deal Brexit fears | Business – Business Article

The pound fell sharply on the foreign exchanges after MPs failed to seize control of the Brexit negotiations from Theresa May in order to rule out a no-deal departure from the EU. Sterling dropped by more than a cent against the US dollar to its lowest point of the day after a series of votes in the House of Commons were seen as increasing the prospect of Britain leaving without an agreement on 29 March. The pound has been rising…

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UK house prices grow fastest in north of England and Midlands | Money – Business Article

House prices have grown fastest since the UK voted to leave the EU in cities in the Midlands, the north of England, Wales and Scotland, according to the property website Zoopla. Birmingham (up 16%), Manchester and Leicester (both up 15%) have seen the fastest growth since the June 2016 referendum, followed by Edinburgh and Nottingham (14%), Leeds and Cardiff (12%), and Liverpool and Sheffield (11%). Zoopla said economic and political uncertainty caused by the Brexit vote was more acutely felt…

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European shares open lower ahead of key US-China trade talks – business live | Business – Business Article

Reuters has done a useful explainer on the trade negotiations. The two sides are trying to resolve deep differences over China’s trade and intellectual property practices, industrial subsidies and market access – to avert an increase in US tariffs on Chinese goods scheduled for 2 March. What are Washington and Beijing fighting about? After years of steadily rising US trade deficits with China and US complaints that Beijing has systematically obtained American intellectual property and trade secrets through coercion and…

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No-deal Brexit: UK firms ‘praying’ for article 50 extension, says KPMG | Business – Business Article

British firms are “praying for an extension to article 50” rather than face a no-deal Brexit as it emerged that foreign investment has fallen steeply and the outlook for growth has slumped to a six-year low. The Confederation of British Industry said that firms’ reported growth prospects were at their weakest for almost six years, while other research shows the number of acquisitions of UK companies by foreign buyers is falling 11% year on year. The warnings emerged after the…

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UK cannot simply trade on WTO terms after no-deal Brexit, say experts | Politics – Business Article

The UK will be unable to have frictionless, tariff-free trade under World Trade Organization rules for up to seven years in the event of a no-deal Brexit, according to two leading European Union law specialists. The ensuing chaos could double food prices and plunge Britain into a recession that could last up to 30 years, claim the lawyers who acted for Gina Miller in the historic case that forced the government to seek parliament’s approval to leave the EU. It…

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UK firms plan mass exodus if May allows no-deal Brexit | Politics – Business Article

Thousands of British companies have already triggered emergency plans to cope with a no-deal Brexit, with many gearing up to move operations abroad if the UK crashes out of the EU, according to the British Chambers of Commerce. Before a crucial week in parliament, in which MPs will try to wrest control from Theresa May’s government in order to delay Brexit and avoid a no-deal outcome, the BCC said it believed companies that had already gone ahead with their plans…

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Drug firm Novartis fears no-deal Brexit could put patients at risk | Business – Business Article

The Swiss pharmaceuticals company Novartis has said it is stockpiling drugs in the UK before a possible no-deal Brexit, which it warned would be “hugely impactful” for patients. Firms across the economy are bracing for the possibility of the UK leaving the EU on 29 March without a deal after parliament resoundingly rejected Theresa May’s withdrawal agreement. The Basel-based company said on Friday it imported 120m packs of medicines to the UK from the continent each year but suggested a…

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Who is the Brexit-supporting Lord Bamford of JCB fame? | Business – Business Article

Long before Lord Bamford, the chairman of the machinery manufacturer JCB, invited Boris Johnson to speak at his company earlier this month, the billionaire had bulldozed his way into British politics. Johnson was paid £10,000 by the company three days before he gave his 18 January Brexit-themed speech, which was widely seen as his latest tilt at the Conservative leadership and which he peppered with repeated praise for the company’s business acumen and innovation. The payment was disclosed on the…

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Philip Hammond urges business leaders to accept Brexit result | Business – Business Article

Philip Hammond has told business leaders they need to accept the result of Britain’s EU referendum and warned that a failure to implement it would damage the country’s political stability. The chancellor told increasingly restless business leaders that he was working for a deal that safeguarded the economy, and said he understood their frustration but companies had to accept that changes were coming – such as an end to the free movement of people and business models built on a…

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