Brexit

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The prime minister is under pressure, economists are slashing growth forecasts and companies are warning of Brexit’s dire consequences. London? No, Dublin. The intertwining of trade and finance means no other country is feeling the fallout from the U.K.’s vote to leave the European Union more than Ireland. In the year the Irish marked the centenary of their uprising against British rule, the country remains at the mercy of the unfolding drama in its closest neighbor. “It’s the most serious, difficult issue facing the country for 50 years,” said John Bruton, 69, who was Irish prime minister between 1994 and 1997 and later served as the EU’s ambassador to the U.S.

Ireland Hits Brexit Alarm in Biggest Foreign Crisis in 50 Years - Bloomberg

“Brexit means Brexit” has become Theresa May’s catchphrase. What withdrawing from the European Union actually means is a matter of debate even within her team. Just a week since May became U.K. prime minister, a review of recent comments from her and those she’s tasked with negotiating the country’s departure suggests some contradictions are already surfacing. “We don’t really know what version of Brexit they want,” said Simon Hix, professor of political science at the London School of Economics.

Brexit Means What? It Depends Who in May’s Government You Ask - Bloomberg

The pace of North Sea oil-field shutdowns is picking up as the impact of the market slump is compounded by the uncertain investment environment created by Brexit. Projected spending on decommissioning in the British sector in the decade to 2024 has risen to 16.9 billion pounds ($22.4 billion), according to Oil & Gas UK, an industry group. That’s 16% higher than a 10-year forecast in 2014 as more sites are targeted for closing, it said.

North Sea field shutdowns to climb as Brexit deepens oil gloom

But however much Brussels is reviled for burdensome regulations, especially in the conservative British press, it is primarily up to the national governments to regulate business and ensure that their regulation is competitive. In recent years, individual European countries have actually improved the environment for doing business. Half of the 25 countries in the world where it is easiest to do business are EU members, according to the 2016 World Bank’s Doing Business survey. These are Denmark (3), United Kingdom (6), Sweden (8), Finland (10), Germany (15), Estonia (16), Ireland (17), Lithuania (20), Austria (21), Latvia (22), Portugal (23), and Poland (25). Malta is the lowest-ranked EU country, at 80 (of 189 economies).

European Red Tape Is a Bogus Justification for Brexit | PIIE