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Brexit round-up – week commencing 8 May 2017
Matrix’s Legal Support Service provides a weekly round-up of Brexit-related links and news.
Brexit and the UK constitution
- For the Centre for European Reform, John Springford has argued that, in the context of Brexit, the weak checks on prime ministerial power and likely massive parliamentary majority after the General Election, are dangerous.
- The Chancellor of the University of Oxford, Chris Patten, has considered what Brexit means for Britain’s future.
The UK’s post-Brexit deal with the EU
- Guy Verhofstadt has written in the Financial Times that a Brexit deal is still more likely than not, as there is more uniting the two sides than separating them.
- The pressure group Leave.EU has have insulted Macron following his presidential win in France, whilst, following a warning by the French president-elect’s chief economic advisor, the UK reportedly views Macron as a tough Brexit negotiating partner, leading Theresa May to urge voters for an equally strong mandate.
- The Telegraph claims that the Commission’s lawyers have admitted that the €100bn Brexit bill is ‘legally impossible’ to enforce.
- Michel Barnier has spoken to the two houses of the Irish Parliament, reassuring them that their interest will be the EU’s interest throughout Brexit negotiations.
Impact of Brexit on the economy
- City firms have stated that they do not consider that the two year negotiating period for Brexit will be long enough, but are nonetheless making preparations for a hard Brexit. This view is backed up by Freshfields’ report on the legal impact of Brexit on the UK-based financial services sector.
- Following the release of the annual Sunday Times Rich List stating that there are now 134 billionaires based in the UK, it has been reported that the super-rich are reaping the benefits of a ‘Brexit boom’.
- The Financial Times has argued that the Brexit process will expose the basic weakness in European banking, whilst big banks in the City could shift at least 9000 roles out of the UK as a result of Brexit, according to a tally of job warnings since the EU referendum. However according to EY, financial services firms voicing intentions to move still remain in the minority and Barclays’ CEO has stated that he sees no reason to shift British jobs to Europe due to Brexit.
- On the Kluwer Arbitration Blog, Crina Baltag has considered whether Brexit might trigger foreign investor claims against the UK due to their legitimate expectations that the UK would maintain regulatory stability.
- The Financial Times reports that the EU venture capital body has cut activity in Britain following the triggering of Article 50, meaning UK tech investors are facing the loss of significant funding.
- In his press conference following the Inflation Report, Mark Carney of the Bank of England has taken a pointedly neutral tone on the potential impact of Brexit. Nonetheless, he did state, in publishing forecasts, that a smooth Brexit would result in normalised interest rates.
- For the LSE Brexit Blog, Pierre-Louis Vezina has argued that leaving the EU will inevitably hurt UK exports. Meanwhile the European head of Ford has warned that a transitional Brexit deal will be ‘critical’ for UK plants.
Brexit as it affects Practice Areas:
Jeremy Hunt has stated that a bad Brexit deal would be a disaster for the NHS.
Lawyers have warned in The Independent that people could lost their right to healthcare following Brexit as industry influence over public health laws will increase.
Figures compiled by the Passport Office and released to the Financial Times under an FOI show that the number of British passport applications from EU residents jumped by more than a third last year as they sought the right to reside and work in the UK post Brexit.
According to Politico, the British Government appears to be missing a European Parliament hearing on the implications of Brexit for EU citizens living in the UK.
In the second LSE Continental Breakfast, the participants discussed the challenges facing the Government as it tries to bring down immigration post-Brexit.
The University of Manchester is reportedly planning to axe 171 jobs, mostly academic positions in the faculties of arts, languages, biology, medicine and business, due to Brexit concerns.
The House of Lords EU Select Committee has published a report considering the impact of Brexit on agriculture.
- The Criminal Justice Centre and Centre for European and International Legal Affairs is hosting an event on Brexit and Criminal Justice Co-operation at Queen Mary University on 25 May 2017 from 6pm until 8pm.