Rolling coverage of the latest economic and financial news, as markets are hit by anxiety over the global economy

The pound continues to be jolted around by the latest Brexit developments.

Sterling is down almost half a cent at $1.317 this morning, as MPs prepare to vote on whether to “take control” of the process (and Theresa May faces her cabinet).

Related: Brexit: May chairs cabinet ahead of statement to MPs as calls for her resignation continue – live news

In a “no-deal” scenario, the UK will become a third country without any transitionary arrangements. All EU primary and secondary law will cease to apply to the UK from that moment onwards. There will be no transition period, as provided for in the Withdrawal Agreement. This will obviously cause significant disruption for citizens and businesses.

In such a scenario, the UK’s relations with the EU would be governed by general international public law, including rules of the World Trade Organisation. The EU will be required to immediately apply its rules and tariffs at its borders with the UK. This includes checks and controls for customs, sanitary and phytosanitary standards and verification of compliance with EU norms. Despite the considerable preparations of the Member States’ customs authorities, these controls could cause significant delays at the border. UK entities would also cease to be eligible to receive EU grants and to participate in EU procurement procedures under current terms.

If you intend to travel between the UK and the EU in the event of ‘no deal’, #Prepare4Brexit on:
‍♂️ Border checks, visa and customs checks, VAT refund
Passenger rights
Validity of tickets
Healthcare when travelling
Driving licences
Pets
Roaming pic.twitter.com/Bg2Ok62Ctl

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European stock markets have recovered some of their earlier losses, thanks to the rise in German business confidence…

…however Ken Odeluga of City Index fears further losses ahead.

Europe stocks pull away from lows after #IFO biz sentiment upside surprise.
-10yr bund yield back above ‘0’
–Profit taking helps
–This is very probably just a breather before risk sell-off resumes ^KO pic.twitter.com/qsnXJL3mqJ

Continue reading…

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