The sacrifice at heart of May’s Brexit deal

  • 12 July 2018
  • From the section Business
City of London Image copyright Getty Images

If you are one of the thousands of firms - and millions of jobs - that rely on the £423bn annual trade in goods between Britain and the EU, today you may be feeling a little brighter.

Yes, it is still far from clear that the EU will even go part of the way to accepting the government's offer of a "common rule book" on that goods trade.

Or, in a technologically indistinct future, whether it ever allow a "third country" to be responsible for collecting its own customs tariffs.

But the White Paper on UK-EU relations has at least put that goods relationship at the heart of attempts to secure a future trade deal.

The Government has said it will be willing to fully abide by EU rules and regulations, even though after March 2019 it will have no formal say in how those rules are constructed.

Read full article The sacrifice at heart of May’s Brexit deal

Submarine Treasury plays 'softest' Brexit card

Chancellor Philip Hammond Image copyright EPA
Image caption The Treasury’s economic argument has gained traction in government talks

When Boris Johnson, the Foreign Secretary, described the Treasury as the "heart of Remain" he was only partially correct.

When a Cabinet minister said directly to me when asked about relations with Philip Hammond, "Well, he's a Remainer", that person missed the target.

Read full article Submarine Treasury plays 'softest' Brexit card

Global economy 'under threat as tariff war bites'

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Media captionWTO boss: Protectionism 'will hit global economy'

Global economic growth is under threat as the world's economic super powers trade tit-for-tat trade sanctions, according to the World Trade Organization.

In its most sober assessment of the growing tariff war between the US, European Union and China, the WTO said the global system of agreed trade rules was at "potentially large risk".

Read full article Global economy 'under threat as tariff war bites'

Hammond under fire over Bank of England's lack of women

  • 29 June 2018
  • From the section Business
Bank of England

The Chancellor is facing fresh pressure over the lack of women in senior roles at the Bank of England.

Nicky Morgan MP, who chairs the Treasury Select Committee, has expressed her "disappointment" to Treasury head Sir Tom Scholar.

Read full article Hammond under fire over Bank of England's lack of women

Politicians and business – Brexit’s grumpy bedfellows

  • 27 June 2018
  • From the section Business
Transport Secretary Chris Grayling MP, gives his keynote speech at the Society of Motor Manufacturers and Traders Image copyright PA
Image caption Transport Secretary Chris Grayling addressed Brexit concerns of the UK car industry

"Some regard private enterprise as a predatory tiger to be shot, others look on it as a cow to be milked, only a handful see it for what it really is, the strong and willing horse that pulls the whole cart along."

There are a few business leaders who would quite like to repeat the words of Sir Winston Churchill about the role, as they see it, of business in Britain - if they ever got close enough to a Cabinet minister.

Read full article Politicians and business – Brexit’s grumpy bedfellows

Brexit: Car investment slumps as 'uncertainty bites'

  • 26 June 2018
  • From the section Business
Car production Image copyright Getty Images

Investment in Britain's car industry has fallen by half, according to figures from the motoring sector.

The Society of Motor Manufacturers & Traders (SMMT) said that Brexit uncertainty was "thwarting" decisions by major car companies to put more money into UK factories.

Read full article Brexit: Car investment slumps as 'uncertainty bites'

August interest rate rise moves step closer

  • 21 June 2018
  • From the section Business
Bank of England

The Bank of England has held interest rates but signalled an August rate rise is more likely than previously thought.

In a decisive move, Andrew Haldane, the Bank's chief economist, joined two other Monetary Policy Committee members in voting to raise rates to 0.75%.

Read full article August interest rate rise moves step closer

Hammond: Taxes will rise to pay for NHS boost

  • 20 June 2018
  • From the section Business
Stock image of a hospital Image copyright Getty Images

The chancellor is to admit for the first time that taxes will have to rise to cover the costs of increased spending on the NHS.

In a speech on Thursday, Philip Hammond will say that any increases will be done in a "fair and balanced way".

Read full article Hammond: Taxes will rise to pay for NHS boost

The NHS, taxes and that 'Brexit dividend'

  • 18 June 2018
  • From the section Business
Doctor Image copyright PA

"It is our firm intention to reduce taxes on British businesses and working families."

Page 14 of the Conservative Party's 2017 manifesto is clear and could have come straight from the pen of Philip Hammond. The chancellor, those close to him repeat, is something of a tax and spending hawk.

Read full article The NHS, taxes and that 'Brexit dividend'

Brexit barriers could cost households £1k each, report argues

  • 18 June 2018
  • From the section Business
A lorry drives past an EU sign in Dover Image copyright AFP

Households could be left up to £1,000 a year worse off because of Brexit trade barriers, a report will suggest.

Global consultancy firm Oliver Wyman will say that under the most negative scenario of high import tariffs and high regulatory barriers the cost to the economy could total £27bn.

Read full article Brexit barriers could cost households £1k each, report argues