Businesses need a Brexit transition deal to be “urgently reached” to avoid a costly exodus of banks and jobs, a top City lobby group has warned.
Echoing comments made by a leading Bank of England official earlier this month, TheCityUK has slammed the failure to agree a transitional agreement so far, and warned of the damage to investment and jobs if such a deal is not struck by early next year – at the very latest.
“Firms are beyond the planning stage now,” said chief executive Miles Celic. “If they haven’t done so already, most will be ready to press go on their contingency plans in the New Year.
“They can still take their foot off the accelerator if a transitional deal is agreed, but without progress soon, it may be too late.”
In a summary paper on transitional agreements, TheCityUK outlines what it believes is at stake for both the UK and the EU if a credible political agreement on transition, supported by all the relevant regulators, cannot be reached by the first quarter of 2018.
The stark warnings followed a last-ditch attempt by British Prime Minister Theresa May to persuade European leaders to open talks on a transition period, ahead of a crunch EU summit later this week.
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Mrs May had dinner with European Commission chief Jean-Claude Juncker in Brussels on Monday night, in a meeting that was described by both sides afterwards as "constructive and friendly".
But in reality, concern has been mounting at home due to the deadlock in the divorce talks, and the lack of progress in agreeing a two-year transition period so that financial institutions aren't left facing a ‘cliff-edge’ switch when the negotiation period ends in March 2019.
The lack of clarity has already forced a number of firms to step up their Brexit contingency plans.
Goldman Sachs, Morgan Stanley, JP Morgan, Citigroup and Standard Chartered are just a few of the institutions which have revealed plans to shift some of their operations out of London amid the stalemate in Brexit talks.
Without a transition deal in place, many more firms will be forced to accelerate their contingency plans, TheCityUK warned.
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“EU and UK negotiators cannot delay discussing a transitional deal any longer if they want it to hold any real value,” Mr Celic said.
“This isn’t just about business leaving the UK,” Mr Celic said. “It is about the very high risk of jobs, capital and inward investment leaving Europe entirely. The resulting fragmented markets will be of benefit to no one, with costs likely to increase for customers right across the continent.”
He added that some of the damage would be irreversible.
"Once businesses start moving, there is no reverse gear. It is simply not efficient or economically viable to move operations twice."
The group called on UK and EU leaders to strike a transitional deal by the first quarter of 2018, which provides continued mutual market access, avoids two sets of costly adaptation phases, and sees the UK accept all of the rights – and obligations – of the single market in line with EU law during the transition period.
“Equally, the transition period must be long enough to finalise the new relationship between the UK and the EU27, including the conclusion of an ambitious and comprehensive UK/EU free trade agreement and the design of the new regulatory framework accompanying it,” the group said.
Director: Nag Ashwin
Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana
Rating: ★★★★
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
SPEC SHEET: APPLE M3 MACBOOK AIR (13")
Processor: Apple M3, 8-core CPU, up to 10-core CPU, 16-core Neural Engine
Display: 13.6-inch Liquid Retina, 2560 x 1664, 224ppi, 500 nits, True Tone, wide colour
Memory: 8/16/24GB
Storage: 256/512GB / 1/2TB
I/O: Thunderbolt 3/USB-4 (2), 3.5mm audio, Touch ID
Connectivity: Wi-Fi 6E, Bluetooth 5.3
Battery: 52.6Wh lithium-polymer, up to 18 hours, MagSafe charging
Camera: 1080p FaceTime HD
Video: Support for Apple ProRes, HDR with Dolby Vision, HDR10
Audio: 4-speaker system, wide stereo, support for Dolby Atmos, Spatial Audio and dynamic head tracking (with AirPods)
Colours: Midnight, silver, space grey, starlight
In the box: MacBook Air, 30W/35W dual-port/70w power adapter, USB-C-to-MagSafe cable, 2 Apple stickers
Price: From Dh4,599
Five expert hiking tips
- Always check the weather forecast before setting off
- Make sure you have plenty of water
- Set off early to avoid sudden weather changes in the afternoon
- Wear appropriate clothing and footwear
- Take your litter home with you
‘White Elephant’
Director: Jesse V Johnson
Stars: Michael Rooker, Bruce Willis, John Malkovich, Olga Kurylenko
Rating: 3/5
The specs
Engine: 2-litre 4-cylinder
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Fuel consumption: 6.3L/100km
Price: Dh106,900
On sale: now
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Champion v Champion (PFL v Bellator)
Heavyweight: Renan Ferreira v Ryan Bader
Middleweight: Impa Kasanganay v Johnny Eblen
Featherweight: Jesus Pinedo v Patricio Pitbull
Catchweight: Ray Cooper III v Jason Jackson
Showcase Bouts
Heavyweight: Bruno Cappelozza (former PFL World champ) v Vadim Nemkov (former Bellator champ)
Light Heavyweight: Thiago Santos (PFL title contender) v Yoel Romero (Bellator title contender)
Lightweight: Clay Collard (PFL title contender) v AJ McKee (former Bellator champ)
Featherweight: Gabriel Braga (PFL title contender) v Aaron Pico (Bellator title contender)
Lightweight: Biaggio Ali Walsh (pro debut) v Emmanuel Palacios (pro debut)
Women’s Lightweight: Claressa Shields v Kelsey DeSantis
Featherweight: Abdullah Al Qahtani v Edukondal Rao
Amateur Flyweight: Malik Basahel v Vinicius Pereira
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
THE HOLDOVERS
Director: Alexander Payne
Starring: Paul Giamatti, Da'Vine Joy Randolph, Dominic Sessa
Rating: 4.5/5
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
Heather, the Totality
Matthew Weiner,
Canongate
UAE finals day
Friday, April 13
Rugby Park, Dubai Sports City
3pm, UAE Conference: Dubai Tigers v Sharjah Wanderers
6.30pm, UAE Premiership: Dubai Exiles v Abu Dhabi Harlequins