While six years have elapsed since the Brexit vote, the point at which all things changed was 31 January 2020, right in the middle of Covid, so it is difficult to gauge the full effect.
IGTV’s Jeremy Naylor caught up with Simon French, managing director and chief economist at Panmure Gordon. French says, under his calculations, UK GDP is three percentage points smaller than it would otherwise have been had Brexit not happened but conceded that Covid has been an issue that’s clouded the waters somewhat.
The UK is facing chaos. With supplies of some key goods becoming scarce, the military have been called in. Is Brexit to blame?
Our guests: Vendeline von Bredow (The Economist), Jon Worth (freelance journalist), Simon Young (DW)
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The UK government has announced further measures to ease the rising demands for fuel, including the approval to put a pool of military drivers on standby. The country is facing a post-Brexit shortage of truck drivers.
Trade
with Great Britain has been severely disrupted since the Brexit
agreement came into force. Fish traders and clothing sellers are
struggling to cope with new customs and health regulations. Companies
often bear the burden of the extra costs.
Nerys
Edwards is a shellfish wholesaler from Wales. Her family has been in
the business for generations, but since the start of the year, trading
has become more complicated than ever before. Her company buys shellfish
such as shrimps and lobster from local fishermen and exports them to
the EU, chiefly to Spain. Requirements for new health certificates have
delayed deliveries to the extent that some sea creatures, which are
transported live, have perished en route. Each truckload is worth 50,000
pounds (about 58,400 euros). The financial losses for her family and
the fishermen are considerable. Tensions are running high and Nerys
Edwards worries about every shipment.
There
are problems in continental Europe, too. German-British truck driver
Colin Francis has been struggling with his schedule since Brexit. He
transports goods through the Eurotunnel, in both directions, for a
German logistics company. Like many other drivers, he has been held up
for long periods at the new customs checkpoints in the UK. When Colin
Francis sets off in the morning, he hopes to make it home to his family
in the evening, instead of having to sleep in his truck. Now, he can’t
be sure where he will spend the night. The logistics firm and their
customers now often need to plan three times as long for trips that used
to take a day.
Brexit
has also forced entrepreneurs like Edzard van der Wyck from London to
rethink their business strategy. His company produces clothing from New
Zealand wool. Since January, it’s become more expensive to export to the
EU than to the United States. Like many other British exporters, he now
wants to set up a new distribution center and move parts of his
business to continental Europe.
It’s a slow start for the FTSE this Thursday with all eyes on the Bank
of England’s meeting later on today for more signs of further stimulus
with both the UK employment sector under pressure as well
Brexit issues
with further tensions between the UK and EU over the divorce deal. The
London markets are also shaking off another disastrous day for tech
stocks on WallStreet.
retailer Next (LON:NXT) has upgraded its profit forecast for the
second time this year after reporting more resilient sales than it
expected. Although the company still expects full-year sales to fall 12%
due to the the end of the government’s furlough scheme and uncertainty
over the pandemic.
John Lewis (LON:JLH) has scrapped its bonus for the first time since
1953 after it was hit by lockdown store closures. This comes after
posting a £55m loss.
The current market volatility is seemingly an advantage for the spread
betting firm IG Group (LON:IGG) which topped the FTSE 250 - with
revenues continuing to grow at above 60% in the past quarter as new
customers joined and existing ones traded more.
Amongst the small caps Tiziana Life Sciences (LON:TILS, NASDAQ:TLSA) is
to conduct a COVID-19 human clinical study in Brazil using what they
call a “potentially transformative approach” to modulating the immune
system.
Supermarket Income REIT PLC (LON:SUPR) has said it is to raise £150mln
to take advantage of opportunities that have become available since the
onset of coronavirus restrictions.
And finally Spire Healthcare
Group PLC (LON:SPI) has announced that its chairman Garry Watts is
looking to retire after nearly ten years in his role.
The European Union has issued an ultimatum to Boris Johnson’s government over its plans to override part of the Brexit withdrawal deal it signed up to, which would be in breach of international law.
The EU has called on the UK to abandon the plan or risk jeopardising talks on a future trade deal. Brussels said the threat by the UK had “seriously damaged trust” and it has raised the possibility of taking legal action.
However Michael Gove, speaking for the British government, said it would not withdraw the proposed legislation.
Sophie Raworth presents BBC News at Ten reporting by political editor Laura Kuenssberg and Europe editor Katya Adler.
The first and only head-to-head TV debate between conservative
leadership rivals Boris Johnson and Jeremy Hunt was peppered with feisty
exchanges and personal jibes.
Mr Johnson repeatedly accused Mr Hunt of being "defeatist" over Brexit,
while Mr Hunt said his rival was "unrealistic" and "peddling optimism".
The two contradicted, harangued and spoke over each other at several
points, with ITV host Julie Etchingham forced to intervene to restore
order.
But towards the end they had to respond to a challenge from an audience
member - for each to identify a characteristic they admired in the
other, what did they say?
First Property CEO Ben Habib, who was recently elected as an MEP for the
Brexit Party told IGTV’s Victoria Scholar that the ‘uncertainty of
Brexit’ is ‘bad for the market’. Habib says ‘something has to give in
parliament’ when it comes to Brexit which he says will either be a
general election or a referendum.
What Investors Should Know About First Property Group plc's (LON:FPO) Financial Strength. Investors are always looking for growth in small-cap stocks like First ..
Theresa May has said she will quit as Conservative leader on 7 June, paving way for a contest to decide a new prime minister.
In an emotional statement in Downing Street
Mrs May said she had "done my best" to honour the 2016 EU referendum result.
It would remain a matter of "deep regret" that she had been unable to deliver Brexit, she added.
But a new PM was "in the best interests of the country".
British expats living in Spain have been urged to register before the 29th of March to make sure the Spanish authorities recognise their residency after the UK leaves the EU. But in the event of a no-deal Brexit, what then?
Frogo Continental Europe to the USA - Gary Gibbon and his guests discuss the international view of Brexit - and what our imminent departure from the EU could mean for how the world sees Britain for years to come.
MPs have been debating Brexit next steps in the House of Commons today. Voting on possible next steps is expected to start at 5pm.
You can also follow what’s happening with the House of Commons Twitter feed and watch everything on UK Parliament’s live streaming website, www.parliamentlive.tv
British expats living in Spain have been urged to register before the 29th of March to make sure the Spanish authorities recognise their residency after the UK leaves the EU. But in the event of a no-deal Brexit, what then?
Many of those who've retired abroad are facing unanswered questions about their rights to healthcare, freedom of movement and even their ability to keep pets.
We have been to Spain to speak to the Brits facing an uncertain future.
The EU and UK will hold further talks on changes to their Brexit deal to help Theresa May get it through the Commons.
It comes after what both sides said was a "robust but constructive" meeting between Mrs May and European Commission President Jean-Claude Juncker.
Mrs May wants to prevent the UK being "trapped" in the backstop - the plan to keep the Irish border open.
Mr Juncker ruled out legally-binding changes to the backstop clause in the withdrawal agreement.
But he said the EU would be open to adding words to the non-binding future relations document that goes with the withdrawal agreement, following their meeting.
British trade secretary Liam Fox is giving a speech today, in which he will stress that there is "A world beyond Europe ... and there will be a time beyond #Brexit.”