Economy

Separate customs territory for Northern Ireland 'unacceptable': PM May's spokeswoman

Separate customs territory for Northern Ireland 'unacceptable': PM May's spokeswoman”

Slack maintained the line that the governments seek a Brexit deal as soon as possible.

The biggest obstacle to a Brexit deal has been Britain's wish to keep the border of its province of Northern Ireland with Ireland open - preserving frictionless trade and a 1998 peace deal that ended sectarian violence - while leaving the EU's single market and customs union to forge its own trade deals.

But Mr Raab suggested that he expected a deal within the next three weeks and set a date for himself and negotiator Olly Robbins to appear before the House of Commons Exiting the EU Committee.

European Union officials said the EU's financial market access system known as "equivalence", under which Brussels grants access to foreign banks and insurers, if their home rules converge with the bloc's, is probably Britain's best bet.

"Given the widescale disruption that would likely occur, we suspect policymakers would "look through" any spike in prices caused by a weaker pound, and cut interest rates/increase quantitative easing fairly swiftly", he said.

Mr Raab was accused of a "messy U-turn" after he indicated he expected an European Union withdrawal deal finalised by November 21, only for his department to later insist there was no set date.

Whitehall sources yesterday said the talks remained stalled on the vexed issue of the Irish border.

UniCredit's Silvestre cautions that it remains unclear whether the United Kingdom government is ready to accept such a proposal, given that the E.U.is still insisting on a "backstop to the backstop" whereby only Northern Ireland would remain in the E.U. customs union (applying the full EU customs code) and the single market for goods.

Bank of England Governor Mark Carney says British households and businesses are responding in different ways to the uncertainty surrounding Brexit.

He added that a disruptive withdrawal would probably cause a slump in the pound, delays at borders, higher production costs and tariffs, turmoil in supply chains and rising inflation.

Thursday brings the latest Interest Rate Decision and Monetary Policy Statement from the BoE, dropping on markets at 12:00 GMT, and a too-dovish showing from the UK's central bank, which continues to get knocked off of their plans to raise interest rates could see the Cable continue its bearish spiral.

The UK's lead Brexit negotiator, Dominic Raab, has said a divorce deal could be finalized by Nov 21.

This still envisages interest rates of around 1.5 per cent by the end of 2021 - double the current rate.

The Bank of England's nine rate-setters voted unanimously to hold rates at 0.75% today, as expected by economists in a Reuters poll.

In a sign of how Brexit is affecting the economy, the BOE slashed its forecast for business investment and sees stagnation this year.

Wages have been rising and the job market has also strengthened since the Bank's last report in August. It also lowered its 2019 economic growth outlook slightly, to 1.7 percent.



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