United Kingdom

The road to Brexit

British lender Close Brothers warns of competition; shares fall

British lender Close Brothers Group said its banking business would face challenges due to a "highly competitive" environment, prompting analysts to warn that loan growth would be limited and net interest margin could be pressured.

PDF file

UK banks must bolster defences against consumer loan defaults - Bank of England

LONDON British banks have underestimated the risks from a surge in consumer borrowing and need to hold an extra 10 billion pounds of capital to guard against future dangers, the Bank of England said on Monday.


All ears - Brussels awaits detail from Davis on May's Brexit plan

BRUSSELS Three days after Theresa May sought to revive Brexit negotiations by hinting at concessions on the divorce terms and painting a glowing picture of future friendship, EU negotiators want to hear detail on Monday.


Britain would have to accept all EU rules during Brexit transition - Barnier

BRUSSELS Britain, which asked on Friday for a two-year transition period after it leaves the European Union in 2019, would have to abide by all EU rules during this phase, the EU's chief negotiator Michel Barnier said on Monday.


Scenting power, potential Merkel coalition partners edge closer on Europe

BERLIN Nominally, they are at odds on Europe. But Germany's Greens and liberal Free Democrats (FDP) gave remarkably similar messages on European reform on Monday as they began exploring a coalition alliance with Chancellor Angela Merkel's humbled conservatives.

No European banks have asked for UK licences as Brexit looms

LONDON Britain's financial watchdog has not had any applications as yet for licences from European Union financial firms operating in Britain which may lose the right to "passport" their services into the country once it leaves the EU in March 2019.


Aldi sticks with UK expansion despite profit fall

LONDON Aldi is pressing on with its expansion in Britain despite a third straight year of falling profits there, the German discount supermarket group said on Monday, signalling no let up in the pressure on UK rivals.

Labour Party demands corporations 'pay their way'

BRIGHTON, England Britain's opposition Labour Party said on Monday it would close tax loopholes used by the wealthy and ensure that corporations "pay their way", setting out its plan for the economy if it takes power from Prime Minister Theresa May.

Brexit can be 'comfortably' negotiated in two years - Johnson

PRAGUE Britain can negotiate its exit from the European Union within the two-year framework envisaged, Foreign Secretary Boris Johnson said on Monday.

UK's opposition Labour pledges to take control of all 'PFI' deals - spokesman

BRIGHTON, England Britain's opposition Labour Party said it would bring all existing 'Private Finance Initiative' deals - which fund public infrastructure with private capital - under government control if they are able to unseat the Conservative government.

Long-term customs union with EU is possible for Britain's Labour

BRIGHTON, England Britain's opposition Labour Party said on Monday that remaining in some form of customs union with the European Union after Brexit was possible even beyond a transitional period.


Breakingviews - Diminished Merkel will choke ambitious euro reform

FRANKFURT (Reuters Breakingviews) - Euro zone reform was barely addressed in the run-up to the German election on Sunday. Yet Europe’s ambition to strengthen the foundations of the single currency may be the most high-profile victim of the vote in its biggest economy.  

Factbox - Impact on banks from Britain's vote to leave the EU

Global banks have said they could move thousands of jobs out of Britain to prepare for Brexit, the country's planned exit from the European Union.


British banks' pessimism in worst run since financial crisis

LONDON Optimism about the business environment among Britain's financial services firms declined again in the third quarter of this year, the longest run of falling sentiment since the global financial crisis, according to a survey published on Monday.


Credit Agricole to move European govt bonds trading to Paris this month

LONDON Credit Agricole is to move its European government bonds trading platform from London to Paris in September 2017, a spokeswoman for the bank told Reuters.