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the latest: uk made no estimate of brexit's economic impact


brussels — the latest on britain's talks to leave the european union (all times local):11:50 a.m.the u.k. official shepherding britain's departure from the european union says no formal assessments have been made on the economic impact of leaving the 28-nation bloc.brexit secretary david davis told a house of commons committee on wednesday that the nation should be prepared for a profound shift in the way the economy operates on a scale similar to that of the 2008 financial crisis.he says that since britain must prepare for a "paradigm change," in the economy, any assessment in the automotive, aerospace financial services or other sectors would fail to be "informative."but the brexit committee's chair, hilary benn, described the decision as "rather strange" since authorities hope to renego






impact assessment of brexit on the uk 'don't exist'


image copyrighthouse of commonsthe government has not carried out an impact assessment of leaving the eu on the uk economy, brexit secretary david davis has told mps."there's no sort of systematic impact assessment," mr davis told the brexit committee.he said the government had produced a "sectoral analysis" of different industries but not a "forecast" of what would happen when the uk leaves the eu.a "very major contingency planning operation" is in place, he added.committee chairman hilary benn asked whether impact assessments had been carried into various parts of the economy, listing the automotive, aerospace and financial sectors."i think the answer's going to be no to all of them," mr davis responded.when mr benn suggested this was "strange", the minister said formal assessments were






the brexit 'impact assessment' row isn't going away


image copyrightreutersthe government has handed over its analysis of the impact of brexit on parts of the economy - but the reports are not complete.there has been a long-running row over the studies of 58 sectors. mps voted on 1 november for them to be released.labour and some conservative mps have demanded their publication, saying they were being kept in the dark about the impact brexit might have.documents have now been sent to the brexit committee of mps.but bbc political editor laura kuenssberg says she now expects a "big row" because brexit secretary david davis has admitted the reports are incomplete.in his letter to brexit committee chairman hilary benn, mr davis said the papers had been redacted because there was no guarantee the committee would keep them secret.he said: "given t






the brexit 'impact assessment' row isn't going away


image copyrightreutersthe government has handed over its analysis of the impact of brexit on parts of the economy - but the reports are not complete.there has been a long-running row over the studies of 58 sectors. mps voted on 1 november for them to be released.labour and some conservative mps have demanded their publication, saying they were being kept in the dark about the impact brexit might have.documents have now been sent to the brexit committee of mps.but bbc political editor laura kuenssberg says she now expects a "big row" because brexit secretary david davis has admitted the reports are incomplete.in his letter to brexit committee chairman hilary benn, mr davis said the papers had been redacted because there was no guarantee the committee would keep them secret.he said: "given t






brexit university ‘brain drain’ warning


image caption mps say that universities need to have certainty about the future of eu staff and students university staff from eu countries should be guaranteed a right to stay and work in the uk after brexit to avoid a "damaging brain drain", says a report from mps.the education select committee wants urgent steps taken to end uncertainty over the future status of eu academics.the mps also want overseas students to be taken out of migration figures.committee chairman neil carmichael said brexit risks damaging universities' "international competitiveness".about one in six academic staff in the uk is from eu countries.the cross-party committee of mps, investigating the potential impact of brexit on the higher education sector, heard warnings about the negative impact if eu staff, worried ab






brexit university ‘brain drain’ warning


image caption mps say that universities need to have certainty about the future of eu staff and students university staff from eu countries should be guaranteed a right to stay and work in the uk after brexit to avoid a "damaging brain drain", says a report from mps.the education select committee wants urgent steps taken to end uncertainty over the future status of eu academics.the mps also want overseas students to be taken out of migration figures.committee chairman neil carmichael said brexit risks damaging universities' "international competitiveness".about one in six academic staff in the uk is from eu countries.the cross-party committee of mps, investigating the potential impact of brexit on the higher education sector, heard warnings about the negative impact if eu staff, worried ab






brexit committee warns of impact of no deal being reached


image copyrightafp/gettymps have warned about the uk and the eu failing to reach a brexit agreement, urging the government to work out how much "no deal" would cost.the brexit committee said ministers' claim that "no deal is better than a bad deal" was "unsubstantiated" until an economic assessment was published.but the report divided the cross-party committee, with some members saying it was too pessimistic about brexit.the government said it was "preparing for all potential outcomes".prime minister theresa may has formally triggered brexit using article 50 of the lisbon treaty, with the uk due to leave in march 2017.the brexit committee's report assesses the government's objectives for the negotiations that are to come over the next two years, as set out in a white paper in february.'inf






brexit committee warns of impact of no deal being reached


image copyrightafp/gettymps have warned about the uk and the eu failing to reach a brexit agreement, urging the government to work out how much "no deal" would cost.the brexit committee said ministers' claim that "no deal is better than a bad deal" was "unsubstantiated" until an economic assessment was published.but the report divided the cross-party committee, with some members saying it was too pessimistic about brexit.the government said it was "preparing for all potential outcomes".prime minister theresa may has formally triggered brexit using article 50 of the lisbon treaty, with the uk due to leave in march 2019.the brexit committee's report assesses the government's objectives for the negotiations that are to come over the next two years, as set out in a white paper in february.'inf






brexit committee warns of impact of no deal being reached


image copyrightafp/gettymps have warned about the risks of the uk and eu failing to reach a brexit trading agreement, urging ministers to work out how much "no deal" would cost.the brexit committee said theresa may's claim that "no deal is better than a bad deal" was "unsubstantiated" until an economic assessment was published.but the report divided the cross-party committee, with some members saying it was too pessimistic about brexit. the government said it was "preparing for all potential outcomes".prime minister theresa may has formally triggered brexit using article 50 of the lisbon treaty, with the uk due to leave in march 2019.the brexit committee's report assesses the government's objectives for the negotiations that are to come over the next two years, as set out in a white paper






brexit committee warns of impact of no deal being reached


media playback is unsupported on your devicemedia captiontheresa may said the government is "looking at every scenario"mps have warned about the risks of the uk and eu failing to reach a brexit trading agreement, urging ministers to work out how much "no deal" would cost.the brexit committee said theresa may's claim that "no deal is better than a bad deal" was "unsubstantiated" until an economic assessment was published. but the report divided the cross-party committee, with some members saying it was too pessimistic about brexit. theresa may told the bbc the government was preparing for "all scenarios".mrs may, who last week formally triggered brexit negotiations between the uk and the eu, said she had been "very clear that i want to get the best deal possible for the uk" and that failing






brexit committee warns of impact of no deal being reached


image copyrightafp/gettymps have warned about the risks of the uk and eu failing to reach a brexit trading agreement, urging ministers to work out how much "no deal" would cost.the brexit committee said theresa may's claim that "no deal is better than a bad deal" was "unsubstantiated" until an economic assessment was published. but the report divided the cross-party committee, with some members saying it was too pessimistic about brexit. theresa may told the bbc the government was preparing for "all scenarios".mrs may, who last week formally triggered brexit negotiations between the uk and the eu, said she had been "very clear that i want to get the best deal possible for the uk" and that failing to get a deal would not be "in the interests of either side".the brexit committee's report ass






brexit committee warns of impact of no deal being reached


image copyrightafp/gettymps have warned about the risks of the uk and eu failing to reach a brexit trading agreement, urging ministers to work out how much "no deal" would cost.the brexit committee said theresa may's claim that "no deal is better than a bad deal" was "unsubstantiated" until an economic assessment was published.but the report divided the cross-party committee, with some members saying it was too pessimistic about brexit. the government said it was "preparing for all potential outcomes".prime minister theresa may has formally triggered brexit using article 50 of the lisbon treaty, with the uk due to leave in march 2019.the brexit committee's report assesses the government's objectives for the negotiations that are to come over the next two years, as set out in a white paper






uk banks could handle 'disorderly brexit'


image copyrightpaimage caption mark carney became governor of the bank of england in 2013 the uk's banks could cope if britain leaves the european union in a "disorderly brexit" in 2019, the bank of england has said.for the first time since the financial crisis, all of the uk's biggest lenders have passed the bank's stress tests.the tests of adverse economic scenarios discover if the banks could continue to lend money to support the uk economy.bank governor mark carney said they would be able to, even in "the unlikely event" of no deal when brexit happens.mr carney said that all parties were working to avoid the situation, but warned that if the uk did leave in a "sharp, disorderly" way there would be some economic "pain" for households and businesses.insurance worriesthe tests flagged up






lawmakers warn uk to assess impact of 'no deal' brexit


london — parliament's brexit committee says britain's aim of forging a new deal with the european union in two years may be unrealistic, and the government must set out the economic implications of failure.britain wants to strike a free-trade deal with the bloc, but prime minister theresa may says leaving without a deal would be better than a bad deal. the exiting the eu committee says that assertion is not based on evidence.the committee said tuesday that "the government should conduct a thorough assessment of the economic, legal and other implications of leaving the eu without a deal in place."the lawmakers also say "it is not yet evident" that the two-year timescale is realistic.may says she believes details of the "future partnership" can be sealed within two years.






the latest: pound trading lower in the run-up to brexit


london — the latest on brexit (all times local):8:50 a.m.the british pound is facing some selling pressure before the formal triggering of the country's two-year process to leave the european union.with just hours to go before the start of the brexit process, the pound was 0.4 percent lower at $1.2398. since the country voted to leave the eu in a referendum last june, the currency has suffered a steep decline, losing around 20 percent of its value as traders fret over the potential economic impact of the decision to leave the world's largest trading bloc.craig erlam, senior market analyst at oanda, thinks the pound is "likely to remain quite volatile" throughout wednesday's trading session. however, he says that following some weakness in the run-up to the triggering of the article 50 proc






the latest: eu official: brexit negative message for europe


london — the latest on brexit (all times local):10:45 a.m.a powerful european union commissioner says that the british letter to trigger two years of brexit proceedings "is a negative message for europe as a whole, for the u.k. especially."guenther oettinger, a german who is eu commissioner for budget and human resources, said he expected "many difficult negotiations in the next weeks and months."a letter signed by british prime minister theresa may that formally triggers brexit will be handed over to european council president donald tusk in less than an hour.___8:50 a.m.the british pound is facing some selling pressure before the formal triggering of the country's two-year process to leave the european union.with just hours to go before the start of the brexit process, the pound was 0.4






reversing brexit would boost economy, says oecd


image copyrightgetty imagesreversing the brexit process would boost the uk economy, the international economic body, the oecd has said. a new referendum or a change of government leading to the uk staying within the eu would have a "significant" positive impact on growth, the oecd said.it also warned "no deal" would see investment seize up, the pound hit new lows and the uk's credit rating cut.it said the outcome of the brexit negotiations was hard to predict.the chancellor, philip hammond, said the uk would consider the organisation for economic co-operation and development (oecd)'s report and act where it could.at a press conference following the release of the report, mr hammond reiterated that companies in the uk and the european union would benefit from the certainty of a limited tran






the brexit 'impact assessment' row isn't going away


image copyrightreutersthe government has handed over its analysis of the impact of brexit on parts of the economy - but the reports are not complete.there has been a long-running row over the studies of 58 sectors. mps voted for them to be released on 1 november.labour and some conservative mps have demanded their publication, saying they were being kept in the dark about the impact brexit might have.documents have now been sent to the brexit committee of mps.but bbc political editor laura kuenssberg says she now expects a "big row" because brexit secretary david davis has admitted the reports are incomplete.in his letter to brexit committee chairman hilary benn, mr davis said the papers had been redacted because there was no guarantee the committee would keep them secret.he said: "given t






clean bill of health for uk banks


image copyrightpafor the first time since the financial crisis, all of the uk's biggest lenders have passed the bank of england's stress tests. the tests imagine a series of adverse economic scenarios to see whether the banks could continue to lend money to support the uk economy.the bank said barclays and rbs did not pass the stress tests in a snapshot of their businesses at the end of 2016.however, both banks had improved their financial positions since then.and, as a result, both were deemed to have passed the stress tests overall. the worst case scenario the bank imagined included a 33% fall in house prices, a rise in interest rates from 0.5% to 4% within two years, and the unemployment rate rising to 9.5% from its current rate of 4.3%. the bank also looked more closely at the impact o






british government pressed to release full brexit dossier


london — british lawmakers are taking the government to task over its reluctance to disclose a series of studies it commissioned on the likely economic impact of brexit.earlier this month the house of commons passed a motion by the opposition labour party calling for the 58 reviews to be released. commons speaker john bercow said the government could be found in contempt of parliament if it refused to comply.government ministers argued that making the assessments public would undermine its divorce negotiations with the european union.on tuesday the government said it had sent the documents to parliament's exiting the eu committee, but with "commercially, market and negotiation sensitive information" withheld.the committee says that is not good enough, and has summoned brexit secretary davi






uk economy resilient to brexit impasse in late summer


london — a raft of economic figures show the british economy largely performing stronger than anticipated in late summer, a development that may ease concerns over the economic impact of the country's struggles to progress in brexit talks with the european union.official figures from the office for national statistics showed industrial production was 0.2 percent higher in august from the previous month, while construction rose 0.6 percent during the same period. one disappointment was the news that the country's trade deficit, including goods and services, widened in the three months to august 2017 by 2.9 billion pounds to 10.8 billion pounds ($14.2 billion).elsewhere, the british retail consortium found that same-store retail sales were 1.9 percent in september from the year before.






uk economy resilient to brexit impasse in late summer


london (ap) — a raft of economic figures show the british economy largely performing stronger than anticipated in late summer, a development that may ease concerns over the economic impact of the country’s struggles to progress in brexit talks with the european union.official figures from the office for national statistics showed industrial production was 0.2 percent higher in august from the previous month, while construction rose 0.6 percent during the same period. one disappointment was the news that the country’s trade deficit, including goods and services, widened in the three months to august 2017 by 2.9 billion pounds to 10.8 billion pounds ($14.2 billion).elsewhere, the british retail consortium found that same-store retail sales were 1.9 percent in september from the year before.






eu raises growth forecasts but warns on threat from brexit and trump


brussels—the european union raised its 2017 economic growth forecast thursday, saying the bloc’s revival is strengthening despite geopolitical risks that could undermine its fifth year of recovery.gross domestic product in the 28-country eu will grow by 1.9% in both 2017 and 2018, the bloc estimated in its latest economic outlook, up from its...






report: by 2035, 20 percent of 5g's economic impact will be in automotive


it's no secret that 5g networks will have a tremendous impact on the automotive market. qualcomm on wednesday is publishing a report that attempts to quantify that impact.by 2035, 5g will enable more than $2.4 trillion in total economic output across the automotive sector, its supply chain, and its customers, according to the paper "5g mobile: disrupting the automotive industry." that's nearly 20 percent of the total economic impact of 5g, which a previous qualcomm-commissioned report projected would reach $12.3 trillion in 2035.the latest study, produced by uc berkeley economist david teece, builds on that research to more specifically explore 5g's impact on the automotive sector -- an area where qualcomm and several other technology companies are making bold investments. last fall, qualc






report: by 2035, 20 percent of 5g's economic impact will be in automotive


it's no secret that 5g networks will have a tremendous impact on the automotive market. qualcomm on wednesday is publishing a report that attempts to quantify that impact.by 2035, 5g will enable more than $2.4 trillion in total economic output across the automotive sector, its supply chain and its customers, according to the paper "5g mobile: disrupting the automotive industry." that's nearly 20 percent of the total economic impact of 5g, which a previous qualcomm-commissioned report projected would reach $12.3 trillion in 2035.the latest study, produced by uc berkeley economist david teece, builds on that research to more specifically explore 5g's impact on the automotive sector -- an area where qualcomm and several other technology companies are making bold investments. last fall, qualco






british government pressed to release full brexit dossier


london (ap) — british lawmakers are taking the government to task over its reluctance to disclose a series of studies it commissioned on the likely economic impact of brexit.earlier this month the house of commons passed a motion by the opposition labour party calling for the 58 reviews to be released. commons speaker john bercow said the government could be found in contempt of parliament if it refused to comply.government ministers argued that making the assessments public would undermine its divorce negotiations with the european union.on tuesday the government said it had sent the documents to parliament’s exiting the eu committee, but with “commercially, market and negotiation sensitive information” withheld.most read storiesunlimited digital access. $1 for 4 weeks.the committee says






the latest: german official: prepare for brexit 'worst case'


london — the latest on the brexit negotiations (all times local):10:35 a.m.a senior german official is indicating that he is concerned about britain crashing out of the european union without a deal.news agency dpa reported that thomas steffen, a deputy finance minister, told an economic conference in frankfurt on monday that "we should all be prepared for the worst case actually happening in march 2019."he added: "and then we will see whether anyone in london or anywhere else can produce a different scenario. today, i don't see it."eu leaders are due to assess at a dec. 14-15 summit whether "sufficient progress" has been made on divorce terms to move to talks on future trade relations. the eu's chief negotiator said friday there must be real progress in the next two weeks if britain wants






the latest: uk official looking for 'positive' brexit talks


brussels — the latest on brexit negotiations (all times local):11:15 a.m.u.k. negotiator david davis says that britain has gone into brexit negotiations looking for a "positive and constructive tone" to deal with the myriad issues dividing both sides.reflecting on britain's longtime eu membership, davis says that "there is more that unites us than divides us" despite the june 23, 2016 referendum in which britain decided to break away from the 27 other member nations.eu negotiator michel barnier said the negotiations which should lead to a breakup by march 2019 "must first tackle the uncertainties caused by brexit — first for citizens, but also for the beneficiaries of the eu policies and for the impact on borders, in particular ireland."___10:20 a.m.the head of the biggest group in the eur






from ducks to trucks, ireland's exporters pivot for brexit


ireland, the european union member with the greatest economic stake in the u.k.’s exit from the bloc—is preparing for brexit, as the government offers aid and businesses diversify.






eu raises growth forecasts despite risks from brexit, trump


brussels—the european union on monday raised economic growth forecasts for 2017, predicting growth across the bloc even as it faces mounting political risks and uncertainties.in its first economic forecasts since u.s. president donald trump took office, the european commission, the eu’s executive arm, said the bloc had shown its economic resilience to shocks last year, when the u.k. voted to leave the union.in the latest of...






brexit: uk to be 'educated' about consequences, says barnier


image copyrightafpimage caption the latest salvos come after a week of brexit talks involving david davis (left) and michel barnier the eu's brexit negotiator has said he sees the process as an opportunity to "teach the british people and others what leaving the eu means".michel barnier said he would never resort to blackmail but saw it as his job to "educate" the uk about the price it would pay for leaving the eu "club".the uk has hit back, saying the eu does "not want to talk about the future". brexit secretary david davis said it was "frightened" and the uk would not be bounced into a divorce bill deal.the latest salvos come after a week of talks in brussels about the uk's withdrawal from the eu - scheduled to take place in march 2019 - which increased tensions between the two sides. th






brexit: uk to be 'educated' about consequences, says barnier


image copyrightafpimage caption the latest salvos come after a week of brexit talks involving david davis (left) and michel barnier the eu's brexit negotiator has said he sees the process as an opportunity to "teach the british people and others what leaving the eu means".michel barnier said he would never resort to blackmail but saw it as his job to "educate" the uk about the price it would pay for leaving the eu "club".the uk has hit back, saying the eu does "not want to talk about the future". brexit secretary david davis said it was "frightened" and the uk would not be bounced into a divorce bill deal.the latest salvos come after a week of talks in brussels about the uk's withdrawal from the eu - scheduled to take place in march 2019 - which increased tensions between the two sides. th






brexit: uk to be 'educated' about consequences, says barnier


image copyrightafpimage caption the latest salvos come after a week of brexit talks involving david davis (left) and michel barnier the eu's brexit negotiator has said he sees the process as an opportunity to "teach the british people and others what leaving the eu means".michel barnier said he would never resort to blackmail but saw it as his job to "educate" the uk about the price it would pay for leaving the eu "club".the uk has hit back, saying the eu does "not want to talk about the future". brexit secretary david davis said it was "frightened" and the uk would not be bounced into a divorce bill deal.the latest salvos come after a week of talks in brussels about the uk's withdrawal from the eu - scheduled to take place in march 2019 - which increased tensions between the two sides. th






eu on brexit: progress made but not enough to open trade talks


brussels—the european union’s chief brexit negotiator warned thursday it could still be months before enough progress is made in talks with the u.k. for the bloc to be ready to discuss a future trade relationship with britain.as the fourth round of brexit talks wrapped up, both sides said progress had been made on two key issues: citizens...






the latest: eu: uk elections lend stability to brexit talks


brussels — the latest on britain's withdrawal from the european union (all times local):11:55 a.m.the european union's brexit negotiator says the elections in britain will produce a more stable, long-term partner to negotiate the u.k.'s departure with — but it will have no impact on the eu's position.michel barnier said wednesday that the government formed after britain's june 8 polls "will have a longevity and stability for five years that the current government does not have."but he said "these elections change nothing" in the eu's determination to protect its interests.barnier said "we will defend the interests of the 27 (remaining) member states and the single market."___11:45 a.m.the european union's brexit negotiator says the bloc has made contingency plans in case a deal cannot be r






u.k.’s apparent serenity on brexit leaves brussels perplexed


british government ministers are keeping calm and carrying on, in public at least, in the face of the many challenges posed by brexit negotiations.this apparent lack of urgency has created bewilderment in brussels. and among british businesses, there is growing anxiety over the absence of a clear vision of the government ‘s desired future trade and economic relationship with the european union.britain’s brexit secretary...






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