Finance & Trade

News Report Suggests Massive Tariff Reduction in No-Deal Brexit

March 07, 2019

Sky News reports that the UK Department for International Trade is prepared to roll back tariffs on 80 to 90 percent of goods imported to Britain in the case of a no-deal Brexit, leaving in place duties only on a narrow set of goods such as cars and various kinds of agricultural and textile products.
EC Launches €10-Billion Climate Innovation Fund

March 05, 2019

The European Commission (EC) has launched an Innovation Fund worth over €10 billion to improve the competitiveness of renewable energy projects in line with the EU’s pledges under the UN’s Paris climate deal.
Lawyer: UK’s Brexit Strategy Is Stymying Trade Talks

March 04, 2019

Trade lawyer Shanker Singham writes that the UK Department for International Trade has made more progress than recently reported in improving British trade prospects in case of a no-deal Brexit despite the UK’s inconsistent negotiating strategy with the EU hindering the ability of the agency to strike meaningful deals with other countries.
EU Officials Plan Extension of Airline Permissions in Case of No-Deal Brexit

February 22, 2019

Showing the ongoing efforts of EU and UK authorities to manage fallout from a no-deal Brexit, EU Reporter describes an agreement between the Presidency of the EU Council and the European Parliament on extending the permission of British airlines to provide service to the EU in case no withdrawal deal is agreed.
Germany, France Propose Reform of EU Competition Rules

February 22, 2019

Reuters reports that the German and French economy ministers have backed proposals to overhaul EU foreign investment rules and to give the Council of the EU the authority in some cases to override European Commission antitrust decisions.
EC Targets Billions in Funding for Environmental Projects

February 21, 2019

The European Commission (EC) has announced that it will provide €116.1 million as part of its “LIFE programme for the Environment and Climate Action” to fund projects across the EU aimed at promoting biodiversity and combating the impacts of global warming, potentially leading to €3.2 billion in environmental funding from the EU budget.
EU Institutions Agree to Bloc-Wide Pension Product

February 14, 2019

The European Parliament and diplomats from EU member states have reached a deal to advance legislation creating a “pan-European personal pension product” as another step toward the EU’s ongoing centralization of financial regulation in a Capital Markets Union.
EU Plans Transport Links with Ireland in Case of No-Deal Brexit

February 14, 2019

As EU institutions ramp up preparations to manage a no-deal Brexit, the rotating presidency of the Council of the EU, currently held by Romania, has agreed with the European Parliament to a set of contingency plans to establish transport links between Ireland and other EU members in case the UK and EU do not reach a withdrawal deal.
Economist: “Malthouse Compromise” Offers Path Forward for Brexit

February 13, 2019

Dr. Graham Gudgin of UK think tank Policy Exchange argues that EU institutions would likely accept the provisions of the “Malthouse Compromise” proposed by members of the UK Conservative Party as a free-trade alternative to the government’s current withdrawal deal and its “backstop” provisions that would keep the UK closely tied to EU regulations.
UK’s May Rejects Permanent Customs Union with EU

February 11, 2019

Reuters reports that UK Prime Minister Theresa May has rejected a push by the head of the British Labour Party Jeremy Corbyn to embrace a permanent customs union with the EU after Brexit, indicating her government’s preference for reclaiming an independent trade policy when it withdraws from the EU.