Brexit effect British economy News

Chronic Scarcity of UK Workers Blamed on COVID and, of Course, Brexit

On the outskirts of the Scottish town of Kirkcaldy is a crop of new houses on their way to completion. There are two large banners pinned to the perimeter fence with a mobile phone number: “Bricklayers Required.” Rather than prices …

Impact of Brexit on City of London Is Worse than Expected: Study

LONDON – Over 400 financial firms in Britain have shifted activities, staff and a combined trillion pounds ($1.4 trillion) in assets to hubs in the European Union due to Brexit, with more pain to come, a study from New Financial …

Confidence Among UK CFOs Hits Record High, Helped by Vaccinations, Brexit Hopes

Confidence among big businesses in Britain about their profits in the year ahead has hit a record high, helped by the country’s coronavirus vaccinations and hopes for less Brexit disruption, a survey of chief finance officers showed. After the biggest …

UK and EU on Track to Agree on Financial Services Cooperation – but Trust Must Be Built

Britain and the European Union are on course to agree a deal on regulatory cooperation in financial services this month, but the UK’s actions in Northern Ireland makes it harder to build trust, the bloc’s financial services chief said on …

Britain Must Think ‘Creatively’ About Keeping London Competitive for Financial Services

Brexit starts a new chapter for Britain to think “creatively” about keeping the UK an attractive location for international financial services companies, Britain’s finance minister Rishi Sunak told the Bank of England. Britain left the EU’s single market on Dec. …

Post-Brexit Exodus of Staff and Assets from London to EU Slows

LONDON – The shift in financial staff and assets from the City of London to the European Union because of Brexit has eased after Britain completed its full departure from the bloc, a tracker from consultants EY showed on Tuesday. …

Brexit Boosts Amsterdam Ahead of London as Europe’s Top Stock Trading Center

Amsterdam has displaced London as Europe’s biggest share trading center after Britain left the European Union’s single market, and picked up a chunk of UK derivatives business along the way, according to data published on Thursday. Stock exchanges in the …

Many UK Companies Report Difficulties with Post-Brexit Trade Arrangements: HSBC

LONDON – Around 40% of British companies that import and export said the shift to a new trading arrangement with the European Union had made trade more cumbersome last month, a survey showed on Thursday. The report from HSBC UK …

UK Businesses Are Being Hit with Post-Brexit Delays, Bureaucracy – And Higher Costs

Truckloads of British pig meat waiting to be shipped to Germany and stuffed into bratwursts perished at UK ports this month while stuck in line for customs clearance. It’s a story that barely made a ripple in the UK, as …

European Freight Forwarders Reject UK Deliveries on Fears of Post-Brexit Border Chaos

European freight forwarders are rejecting contracts to take loads into the UK due to fears the chaos at Dover could be repeated post-Brexit. Transporeon, a German software company that monitors real-time data on freight traffic and rates for more than …