Brexit Bulletin, 2 November 2018

Nov 02, 2018

Today the UK’s Brexit Secretary makes a visit to the Northern Ireland border to meet with local politicians while Tánaiste Simon Coveney hosts the British-Irish Intergovernmental Conference in Dublin.   In other news, the EU has warned that they will decide what rights UK financial services firms will have to operate in the EU after Brexit and interest rates may rise or fall in the UK depending on the Brexit outcome.

Dominic Raab visits border

Could a deal on the Irish border be edging closer to becoming a reality?  The UK’s Brexit Secretary Dominic Raab travels to Northern Ireland today to discuss the border issue, while Northern Ireland Secretary Karen Bradley is in Dublin today for talks with Tánaiste Simon Coveney as part of the British-Irish Intergovernmental Conference.  It’s hoped a deal can be reached by the end of November. Watch this space.

No deal yet on financial services?

The EU’s chief negotiator Michel Barnier responded to media reports that a deal had been reached between the EU and the UK on giving the UK access to the EU’s financial services market after Brexit.  Mr Barnier said the reporting was “misleading” and issued a reminder that it would be up to the EU whether to recognise the UK’s financial services as equivalent.  Equivalence would make it easier for non-EU companies to operate in the EU’s Single Market but is generally not as generous as having full passporting rights; which the UK currently enjoys as part of the EU.

Interest rates

The Bank of England Governor Mark Carney has suggested that if Brexit goes smoothly, faster rises in interest rates could be expected.  However in the event of a disruptive Brexit, the Bank was unsure whether rates would need to rise or fall in response.

Lunchtime webinar: Brexit & Customs: Wednesday 7 November 13:00 – 14:00

Are you involved in trade with the UK?  If so, regardless of a hard or soft Brexit outcome, you will need to know how to file customs returns and declarations once the UK leaves the EU.  During this 1 hour webinar, Carol Lynch, Partner in BDO’s Customs and International Trade Services division will talk you through customs compliance and border requirements, trading under World Trade Organisation rules and free trade agreements, as well as the declarations that are required to be lodged with customs under various scenarios.

To register for this CPD event use this link.

Read all of our Brexit updates and Back to Brexit Basics on the dedicated Brexit section of our website.