Future of business in UK territories is uncertain

2019 ◽  
Keyword(s):  
Money Laundering ◽  
Tax Evasion ◽  
Political Pressure ◽  
Content Type ◽  
Uk Government ◽  
Financial Transparency ◽  
Overseas Territories ◽  
The Uk ◽  
The Eu

Subject UK financial transparency. Significance The UK government has withdrawn a bill that would have required the crown dependencies to enhance company ownership transparency. Its part of an apparent reluctance of the current government, despite domestic political pressure, to force the authorities in UK crown dependencies and overseas territories (OTs) to enhance their financial transparency policies following evidence of money laundering and tax evasion. Impacts Trade and services in the crown dependencies will not be directly affected by Brexit. Crown dependencies risk EU sanctions if they do not strengthen their financial transparency regulations. London may compromise the interests of the UK territories in order to gain concessions from the EU in phase two of the Brexit negotiations.

UK fraud and tax evasion measures enhanced

2017 ◽  
Keyword(s):  
Money Laundering ◽  
Tax Evasion ◽  
House Prices ◽  
Content Type ◽  
Terrorist Financing ◽  
Financial Activity ◽  
The United Kingdom ◽  
The Government ◽  
Overseas Territories ◽  
The Uk

Subject Money laundering and terrorist financing clampdown. Significance On March 15, the UK Treasury announced plans to create a new watchdog aiming to improve detection of crimes relating to money laundering and terrorist financing, and published draft updates to money-laundering regulations. After Brexit, the United Kingdom will no longer have to adhere to EU money-laundering rules; improving the regulatory framework around suspicious financial activity is crucial to ensure it does not become even more attractive to international launderers. Impacts The new watchdog should make compliance easier, minimising the regulatory burden on high-value sectors. Increased scrutiny of estate agents and lawyers may reduce demand for high-end UK residential property, slowing growth in house prices. Against the backdrop of Brexit, the government may shy away from pressuring Overseas Territories in case it provokes independence demands.

UK money-laundering moves will hit Caribbean economy

2018 ◽  
Keyword(s):  
Money Laundering ◽  
Virgin Islands ◽  
Cayman Islands ◽  
Content Type ◽  
Turks And Caicos Islands ◽  
Beneficial Ownership ◽  
Overseas Territories ◽  
The Uk ◽  
The Impact ◽  
The Eu

Subject The impact of anti-money laundering legislation. Significance The UK Sanctions and Anti-Money Laundering Act approved on May 23, 2018 requires British Overseas Territories (OTs) to introduce by December 31, 2020 public registers of the beneficial ownership of companies and trust funds registered in each OT. The OTs affected by this legislation are Anguilla, Bermuda, the British Virgin Islands (BVI), Cayman Islands, Montserrat and Turks and Caicos Islands. Impacts Company registrations provide jobs in the legal and compliance fields and will remain a key contributor to government revenue. The fall in company registrations in the BVI will likely spread to other OTs and accelerate in the wake of the Act. Given the number of EU banks in the OTs, the Brexit impact will be severe if financial institutions there lose access to the EU market.

Future of European fracking hinges on English projects

2017 ◽  
Keyword(s):  
Shale Gas ◽  
Significant Contribution ◽  
Content Type ◽  
Scottish Parliament ◽  
Energy Needs ◽  
Uk Government ◽  
The Uk ◽  
The Eu ◽  
Exploration And Development

Subject Shale gas in Europe. Significance Companies in England are preparing to recommence fracking at several sites with the enthusiastic support of the UK government. However, the Scottish Parliament on October 24 voted to ban fracking, underpinning the opposition to the exploration and development of shale gas in Europe. Impacts The Scottish government’s decision may damage its relationship with some of the country’s few remaining industrial players, notably INEOS. Even if English projects are successful, it will take years for the industry to make a significant contribution to UK energy needs. The EU could take greater responsibility for regulating shale gas development after Brexit.

EU-UK Brexit is unlikely to be stopped

2018 ◽  
Keyword(s):  
United Kingdom ◽  
Ongoing Debate ◽  
Content Type ◽  
The United Kingdom ◽  
Uk Government ◽  
Article 50 ◽  
The Uk ◽  
The Eu

Significance This comes after the Telegraph reported last week that Soros had donated 400,000 pounds to the group. There is an ongoing debate as to whether the United Kingdom will in fact leave the EU. Central to it is the question of whether the UK government can unilaterally revoke its decision to trigger Article 50 in March 2017. Impacts Voters would be less likely to support the revocation of Article 50 if the Council imposed conditions that made membership less attractive. Revoking Article 50 and remaining in the EU would reduce damage to the UK economy. If Article 50 is revocable, Eurosceptic governments could be tempted to use the prospect of triggering it as leverage in EU negotiations.

Support for Scottish independence is growing stronger

2020 ◽  
Keyword(s):  
Prime Minister ◽  
Economic Impacts ◽  
Trade Agreement ◽  
Content Type ◽  
Uk Government ◽  
Scottish Independence ◽  
The Uk ◽  
First Time ◽  
The Eu ◽  
Sustained Increase

Significance For the first time, there is a sustained increase in support for Scottish independence. The main reasons include dislike of UK Prime Minister Boris Johnson and his cabinet north of the border, the UK government’s pursuit of a ‘hard’ Brexit and questions about its response to the COVID-19 pandemic. Impacts Soaring Scottish unemployment when the UK furlough schemes end would undermine London’s claim to be protecting Scottish jobs. Rising support for Scottish independence could prompt the UK government to seek a closer trade agreement with the EU. The UK government will be unable to conceal the economic impacts of Brexit under the economic fallout of COVID-19. A Scottish vote for independence would put huge pressure on the UK government to resign and call early elections.

Prospects for a close EU-UK trade deal are not good

2019 ◽  
Keyword(s):  
United Kingdom ◽  
Financial Services ◽  
Transition Period ◽  
Content Type ◽  
The United Kingdom ◽  
Uk Government ◽  
The Uk ◽  
The Impact ◽  
Limited Period ◽  
The Eu

Subject UK-EU trade talks. Significance The United Kingdom will leave the EU on January 31, 2020, but will abide by EU rules as part of the transition period, which runs to December 31, 2020. During this limited period of time, London and Brussels will seek to negotiate a permanent trading relationship. While the transition deadline can be extended, the UK government has committed not to seek an extension. Impacts The impact of no trade deal or a 'thin' one may force the UK government to increase taxes in order to meet spending pledges. UK financial services will rely on an equivalence deal with the EU; London hopes to agree this by mid-2020. The EU’s future trade policy will focus on having stronger sanction powers as well as legal ones for those that unfairly undercut EU firms.

Divergence from EU on AI rules may hurt UK firms

2021 ◽  
Keyword(s):  
Artificial Intelligence ◽  
United Kingdom ◽  
New Technologies ◽  
Digital Economy ◽  
Content Type ◽  
The United Kingdom ◽  
Uk Government ◽  
The Uk ◽  
The Eu

Significance Freed from the EU’s control, London insists, the United Kingdom could become a hub for new technologies. To this end, besides setting out some other objectives, it has prepared a ten-year strategy to foster innovation in artificial intelligence (AI) systems. Impacts UK plans to adapt GDPR to favour business and innovation will be opposed by consumer and privacy activists, possibly in courts. Regulatory divergence with the EU in critical sectors such as the digital economy will hurt UK-EU ties. The UK government may struggle to benefit from partnerships developed in the EU-US Trade and Technology Council.

Brexit will not defy EU data protection gold standard

2017 ◽  
Keyword(s):  
Data Protection ◽  
Gold Standard ◽  
Content Type ◽  
General Data Protection Regulation ◽  
General Data ◽  
Uk Government ◽  
The Uk ◽  
The Eu

Subject Data protection and Brexit. Significance On August 7 the UK government announced plans to unveil by year-end a Data Protection Bill to transfer into UK law the EU General Data Protection Regulation (GDPR), which takes effect on May 25, 2018. Impacts Large UK-based businesses have been preparing for the GDPR, but smaller ones have not and are unlikely to be compliant by the deadline. To reduce the risk to business, the UK government may seek to include GDPR compliance in any Brexit transition agreement. Although perfect ‘cyber resilience’ is impossible, demand for such services will increase.

UK government is preparing for an early election

2019 ◽  
Keyword(s):  
United Kingdom ◽  
Northern Ireland ◽  
General Election ◽  
Content Type ◽  
The United Kingdom ◽  
Uk Government ◽  
The Government ◽  
The Uk ◽  
The Eu

Significance Johnson's cabinet overhaul is the largest in decades, replacing 17 cabinet ministers from the previous government mostly with individuals who support Johnson’s hard-line stance on Brexit. Impacts Brussels could offer London a ‘Northern Ireland only’ backstop, but this will be rejected by the UK government. The government will likely pass legislation to protect EU citizens’ rights in the United Kingdom if there is a no-deal Brexit. The EU will only grant another extension if a deal is almost agreed, or if there is a UK general election or second Brexit referendum.

ECJ bugbear undermines London’s negotiating position

2017 ◽  
Keyword(s):  
United Kingdom ◽  
Eu Law ◽  
Content Type ◽  
The United Kingdom ◽  
Regulatory Standards ◽  
Uk Government ◽  
The Uk ◽  
Sticking Point ◽  
The Eu

Significance The role for the ECJ after Brexit will be a key sticking point as negotiations between London and Brussels progress. Impacts Fragmentation in regulatory standards would make it much harder for the United Kingdom to trade with the EU. The dissonant position adopted by the UK government increases the risk of delay, and ultimately of failing to secure a deal. Unless London settles on stable guidance for interpretation of EU law post-Brexit, uncertainty for firms, investors and citizens will rise.

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