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rollover

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  1. UK economy ‘has blossomed within the EU’, say researchers from INET Oxford (2014)Boris Johnson recently asserted that the “EU is a graveyard of low growth”. The UK’s growth has exceeded the US while tracking it, even since the crisis of 2008. This makes it hard to argue that the EU is dragging the UK down. Alternatively, compare this to the UK’s performance during the “glory days” of the Empire from 1872 to 1914. Back then Britain’s per capita growth was only 0.9% per year, in contrast to its robust 2.1% since joining the EU. History is clear: things have gone very well for Britain as a member of the EU. The EU is hugely important as a trading partner of the UK. The UK sells 45% of its exports to other EU member countries.
  2. UK trade with the EUMore than half of the UK’s total trade could be subject to new tariffs if we exit the EU, as we would no longer be part of the EU’s free trade agreement. As a non-member the UK would lose its automatic access to the EU’s Single Market of over 500 million consumers. Non-EU countries are required to pay for access and to follow regulations over which they have no control. Once the UK has left the EU (which it will have up to two years to do) it will have to negotiate a new trading relationship with both the EU and all of the EU’s current trading partners. In total the UK will need to renegotiate about 60 different trade deals so this process is expected to take around decade. It is clear that the EU will have a significant advantage in any negotiations to regain access to the Single Market, as the UK accounts for only 13% of the EU’s total trade, whereas the EU is the UK’s largest trading partner, responsible for 52% of all UK trade. In addition much of the UK’s service sector, accounting for 78% of the UK economy, relies on unfettered access to the single market in order to operate. This is not something which is included in regular trade deals.
  3. The Article 50 process would cut across and emasculate the 1972 act, and so, the argument goes, the prime minister needs the backing of a new act of Parliament to give him or her the constitutional authority to push the Leave button. Lord Pannick QC, an eminent specialist in public law, said: "Whether Parliament would enact legislation to allow for an Article 50 withdrawal is a matter for it. "However, without such legislation, the prime minister cannot lawfully give a notification." If it was decided that a prime minister acting alone under prerogative powers lacked the constitutional authority to trigger Article 50, an act of Parliament would need to be passed giving him or her that authority. The passage of that act would of course provide the opportunity for MPs (a majority of whom favour Remain) to express their views on Brexit and in theory vote according to their consciences. However, it seems constitutionally inconceivable that Parliament would fly in the face of the Leave vote secured through a national referendum and refuse to pass an act that gave the prime minister authority to begin the "divorce" process.
  4. Post-Brexit property planning: should you buy, sell or stick? I have a declaration to make: I am in the middle of a five-property chain. At the bottom is a first-time buyer purchasing a flat in East London, and at the top, downsizers leaving Farnham, Surrey. I am waiting for that fateful phone call from the estate agent telling me that following the referendum result the first-time buyers are trying to renegotiate on price, sending reverberations up the chain, or, worse still, that someone has pulled out. Could I become a property casualty of Brexit?
  5. Can the law stop Brexit?Legal opinions are emerging as to how the UK's departure from the European Union might be slowed or even stopped. They fall into three main areas: the operation of Article 50 of the Lisbon Treaty a Scottish "block" a second national referendum
  6. Equity withdrawn per customer from remortgaging activity has risen by 43% The average amount of equity withdrawn per customer from remortgaging activity has risen by 43% month on month, from £23,479 in April to £33,691 in May. The average amount of equity withdrawn is also up by a quarter in comparison to May last year when equity withdrawn stood at £26,863. The total amount of equity withdrawn rose by 33% over April from £817 million to £1089 million in May, some 64% more year on year from the £664 million recorded in May 2015. This is also the highest amount of total equity withdrawn since May 2008, back when remortgagors withdrew almost £1.21 billion.
  7. Mess after referendum and loosing to Island. Honestly, who is in the property buying mood right now?
  8. Yes, I think it is and is spreading. Leadership of the country in mess, bankers panicking, Joe Public is very confused and don't know what to do.
  9. Brexit Boon Seen for European Cities Poaching From LondonParis, Frankfurt and Dublin expected to lure financial jobs. Luxembourg, Amsterdam among cities that may also grab share. The U.K. will now negotiate the terms of its exit, a process that can take two years from when secession is triggered. Bank jobs most at risk are those trading products governed by MiFID II -- EU rules covering everything from derivatives trading to bond pricing. Firms may have a harder time trading securities governed by MiFID II if Britain is unable to maintain so-called passporting rights.
  10. Brexit turmoil hits world stocksWorld stocks tumbled and European bank shares were on track for their biggest ever two-day fall on Monday as the political and economic fallout of Britain's shock vote to leave the European Union drove sterling to a fresh 31-year low against the dollar. Faced with a second day of turmoil after Thursday's referendum, which most in markets had thought would deliver a vote in favor of staying in the EU, investors sought safe havens such as the yen, gold and core government debt.
  11. EU plans moving bank regulator from LondonThe EU is preparing to move its European Banking Authority from London following Britain's vote to leave the Union, EU officials said on Sunday, setting up a race led by Paris and Frankfurt to host the regulator.
  12. 'Wait and see' in housing market 09:49The Council of Mortgage Lenders, which represents lenders in the UK, says it expects a “wait and see” approach from potential buyers and sellers of property following the referendum vote – but no house price falls. There is likely to be considerable uncertainty as a result of the EU referendum decision. We expect this to affect sentiment and reduce activity below levels that would otherwise be expected in the near term, as both buyers and sellers adopt a wait-and-see attitude until the dust begins to settle. Market fundamentals underpinning house prices still look sound, and we do not expect significant house price falls, especially given the current supply demand imbalance."
  13. Now when pound dropped, will the government protected limit be raised to 100 000 Euro?
  14. Hoarding Cash in Vaults Seen More Attractive After Brexit Vote Investors will consider hoarding cash in vaults as government bond yields fall deeper into negative territory following the U.K.’s vote to leave the European Union, according to Talanx AG, Germany’s third-biggest insurer. “Storing physical cash as an alternative to paying negative interest rates does look increasingly attractive,” Chief Financial Officer Immo Querner said in an interview.
  15. 'Wait and see' in housing market 09:49The Council of Mortgage Lenders, which represents lenders in the UK, says it expects a “wait and see” approach from potential buyers and sellers of property following the referendum vote – but no house price falls. There is likely to be considerable uncertainty as a result of the EU referendum decision. We expect this to affect sentiment and reduce activity below levels that would otherwise be expected in the near term, as both buyers and sellers adopt a wait-and-see attitude until the dust begins to settle. Market fundamentals underpinning house prices still look sound, and we do not expect significant house price falls, especially given the current supply demand imbalance."
  16. Trading in bank shares was suspended this morning as the value of UK lenders tumbled in response to the vote to leave the EU. Barclays is currently down 10 per cent on Friday's close at 138p, while RBS is down by 14 per cent. The fall follows sharp losses of around 20 per cent for both banks during trading on Friday. Financial giants Barclays and Royal Bank of Scotland (RBS) both fell more than ten per cent by mid-morning as markets increasingly turn on stocks perceived to most at risk from prolonged uncertainty over the UK's relationship with Europe. The fall was so steep at the FTSE 100 banks it triggered circuit breakers on the London Stock Exchange, which automatically bring trading to a five minute halt if a stock falls by more than eight per cent from its opening price. City AM
  17. Another trillion will be wiped out from Asian markets, so until then, a very good night!
  18. Risk Rout Deepens as Pound Slides Further on Post-Brexit Turmoil The bleeding in financial markets continued Monday, with the pound extending its record one-day selloff after the U.K.’s vote to exit the European Union threw British politics into chaos, fueling anxiety over the decision’s impact on the global economy. The rout in riskier currencies picked up where it left off Friday, with the Australian and New Zealand dollars slipping with the euro as the Norwegian krone tumbled more than 2 percent after U.S. oil broke below $48 a barrel. Sterling sank beyond $1.35, extending losses near weakest level since 1985 as investors face months of uncertainty over Britain’s future. “Markets will likely be in a febrile state for weeks to come,” said Ray Attrill, global co-head of foreign exchange strategy at National Australia Bank Ltd. in Sydney. “I’m not sure that changes even when the political leadership vacuum in the U.K. is filled.”
  19. Crisis in the City: 70,000 banking jobs at risk after Brexit voteThousands of banking jobs are set to be lost from the City after the vote for Britain to leave the EU, it was claimed today. HSBC has reportedly begun plans to move 1,000 of its employees from London to Paris because of concerns over the prospect of losing access to the European single market. City sources have predicted that as many as 70,000 financial jobs could be moved out of Britain in the next year, after the referendum result sparked immediate market turmoil.
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