Finance & Trade

EU Official Rejects Enhanced Status for UK in Customs Deal

June 07, 2018

Bloomberg reports that the European Commission's top Brexit negotiator Michel Barnier has warned the UK government that it would not carve out "special" exceptions for Britain in any post-Brexit deal permitting the UK to remain in the EU customs union, indicating that Britain would have no say over EU trade policy once it is no longer a member of the bloc.
Ireland, Apple Agree to Repayment of Claimed Back Taxes

June 06, 2018

Politico reports that the Irish government has agreed to a legal framework through which Apple will pay Ireland over €13 billion in funds to comply with a 2016 European Commission (EC) demand that Ireland recoup back taxes related to an allegedly illegal tax deal with the tech giant.
Cleppe: UK-EU Customs Union Proposals Are Unrealistic

June 06, 2018

Pieter Cleppe of the think tank Open Europe writes that remaining in a customs union with the EU after Brexit would reduce British sovereignty compared to its current status and that instead policymakers should prioritize "serious, realistic and sustainable ways" to maintain a close relationship between the UK and the EU after Britain's withdrawal from the bloc.
EU Official Points to Regulatory Equivalence as Brexit Solution

June 04, 2018

City A.M. reports that European Commissioner for financial services Valdis Dombrovskis recently identified the regulatory-equivalence model for the EU and UK financial-services industry as a "pragmatic solution" that could contribute to close economic relations between the jurisdictions after Brexit.
Swiss Official Warns Against UK-EU "Equivalence" Deal for Finance

May 31, 2018

The Belfast Telegraph reports that Swiss state secretary for international finance Jorg Gasser has warned UK officials an "equivalence" deal between the EU and Britain facilitating access between the jurisdictions' financial markets would be subject to the political whims of Brussels, identifying "mutual recognition" as a more stable way forward for such a post-Brexit agreement.
EC Proposes Tighter Regulation of Food Supply Chain

May 24, 2018

The European Commission (EC) has issued a proposal requiring EU member states to set up regulators to prohibit a variety of "unfair trade practices" by companies in the food supply chain, targeting actions by retailers and others that the EC asserts have harmed European farmers and small businesses by decreasing their bargaining power and lowering their prices.
Rees-Mogg: Call the Bluff of EU Negotiators on Irish Border

May 24, 2018

The Express reports that UK Member of Parliament and head of the European Research Group Jacob Rees-Mogg has called on Brexit negotiators to call the bluff of EU officials rejecting UK plans for minimal border disruptions between Ireland and Northern Ireland and ramp up preparations for a scenario in which there is no withdrawal deal between the UK and EU.
Barnier Rejects UK Solutions on Irish Border

May 24, 2018

The Guardian reports that the European Commission's top Brexit negotiator Michel Barnier recently rejected two proposals from the UK aimed at preventing cumbersome customs checks along the border between Ireland and Northern Ireland, claiming the EU would not accept British "cherry picking" in maintaining some commitments to EU rules while eschewing others.
EC Turns up Pressure for Bank Capitalization Rules

May 15, 2018

Reuters reports that the European Commission (EC) is pushing for the advancement of new bank capitalization rules before European parliamentary elections next year, in a push to further the bloc's plans for an EU Banking Union even as the international Basel Committee is moving toward a deal on new capitalization rules that could make the EU rules obsolete.
Expert Lists Viable Options for Post-Brexit UK-Irish Trade

April 26, 2018

Shanker Singham of the Institute of Economic Affairs explains a variety of options available to British, Irish, and EU policymakers in avoiding a "hard" border on the island of Ireland after Brexit and writes that there is no reason, aside from lack of political will, that negotiators cannot agree an acceptable arrangement on the issue.