EU taxpayers should not be made to pay for the U.K.’s decision to leave the bloc, European Commission President Jean-Claude Juncker told the European Parliament on Tuesday, adding that there had not yet been “sufficient progress” in the negotiations.
In a short speech to open the Parliament’s plenary debate on Brexit in Strasbourg, Juncker emphasized his intention to stick to the bloc’s hard lines on key divorce issues. “The taxpayers of the EU27 should not pay for the British decision,” he told MEPs.
UK low cost airline and holiday company Monarch Airlines has collapsed and been placed in administration leaving 110,000 customers stranded abroad.
The accountants KPMG announced in the early hours of Monday that Monarch, Britain’s longest-surviving airline, had been placed into administration and that all further flights from the UK had been cancelled and would not be rescheduled.
Britain and the EU on Thursday, September 28, hailed the progress of "constructive" Brexit divorce negotiations following a major speech by Prime Minister Theresa May, but Brussels warned that trade talks may still be months away.
Speaking after the 4th round of talks in Brussels, European Union negotiator Michel Barnier and his British counterpart David Davis agreed that May’s speech in Florence had created a "new dynamic" for the discussions.
Ratings agency Moody’s downgraded Britain’s credit rating by a further notch, saying the government’s plans to fix the public finances had been knocked off course and Brexit would weigh on the economy.
Moody’s brought the UK’s credit rating down from an Aa1 rating to an Aa2 rating over the weekend amid fears its public finances were not going to do well as a result of Brexit.
The BBC reported Friday banks and building societies in the UK will carry out checks from January to see if account holders are in the UK legally or not. The BBC quoted The Guardian as saying 70 million accounts will be looked at quarterly.
The BBC said financial institutions will be provided with a list from anti-fraud organisation Cifas on people who are liable for removal or deportation from the UK or who have absconded from immigration control, and these organisations will then have to report anyone they discover and freeze or close the accounts.
Specialist renewable energy investor Quercus will invest over half a billion euros in a solar power project in Iran, with construction to start in the first half of 2018, the company’s chief executive told Reuters.
The planned 600-megawatt (MW) plant, located in central Iran, will be the sixth largest globally, behind projects of up to 1.5 gigawatts (GW) in China and India. The work is expected to take three years, with the project coming online in 100 MW phases every six months, Quercus said of its first project outside Europe.
Analysts warned that UK’s economy will most likely downgrade this year. In your opinion, how long will it take for the UK economy to stabilise?
I would suggest that it depends on exactly what we mean by stabilise; in my opinion, growth is rather to be stable for the next few quarters, but it will still hold at a relatively low level. If we look at the GDP growth in the second quarter, it was 0.3%, slightly higher than in the first quarter. My current view is that the GDP will probably hold at the same level during the H2 of this year and in 2018 as well. Growth will be relatively stable, but again, stable at a relatively low level.
If you ask me when do we think that growth will be turned to a certain trend rate of growth, which is probably closer to 0.5% a quarter, then we do not think that this is likely to happen anytime soon; maybe in the H2 of 2018 at the earliest.
Proposals to force a post-Brexit cut in low-skilled migrants from the continent have ignited a political row on the eve of an explosive Commons battle over EU withdrawal.
A leaked Home Office document outlining ways to restrict immigration heightened the political temperature over Brexit after Labour insisted it would vote against the EU (Withdrawal) Bill, which gets its second reading in Parliament on Thursday, and pro-Europe Tory MPs threatened to back amendments to the landmark legislation.
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