Brexit

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UK manufacturing firms could begin cutting investment and jobs within months unless the Government radically clarifies its aims for the Brexit deal, an industry body has said. Terry Scuoler, chief executive of EEF, which represents the UK’s manufacturers, is addressing the President of the European Parliament, Antonio Tajani, in Strasbourg on Tuesday. He will say that British firms face a “tipping point” well before March 2019 when the negotiations are supposed to be complete and must make decisions on investment and jobs within months.

Brexit: Manufacturers face ‘tipping point’ unless Government urgently clarifies strategy, says industry body | The Independent

The cost faced by UK banks of restructuring operations because of Brexit could be as high as €15bn (£13.1bn) and is likely to put a “material strain” on those institutions' earnings over the coming years, according to a new study. Research commissioned by the Association for Financial Markets in Europe and conducted by Boston Consulting Group and Clifford Chance, argues that lenders operating with UK bank licences will most likely have to create subsidiaries within the remaining countries of the EU in order to keep operating as they have done up until now in the aftermath of the split..

Brexit: UK banks could face £13bn restructuring bill after EU split | The Independent

Investment in the UK car industry has fallen to just £322m in the first half of 2017, in a sign that companies are delaying or cancelling spending ahead of the UK leaving the EU. Last year £1.66bn was invested in the auto sector, more than 30 per cent down from £2.5bn in 2015, as carmakers and their suppliers delayed non-essential investment following the EU referendum in June 2016. But investment looks to have fallen even further in the first six months of this year, according to figures compiled by the Society of Motor Manufacturers and Traders, an industry body. If the same levels of investment are seen in the second half of the year, it would bring total annual spend on the UK car industry to just £644m — nearly one-quarter of the amount invested two years ago and a sharper fall than many in the industry had expected.

Investment in UK car industry plummets amid Brexit uncertainty