Weekly highlights—18 January 2018

Weekly highlights—18 January 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 18 January 2018.

Brexit

Article 50 is revocable, three top UK lawyers say

Three QC’s have written an opinion and a letter to the Prime Minister saying that Article 50 is revocable. Jessica Simor QC from Matrix Chambers, Marie Demetriou QC from Brick Court Chambers and Tim Ward QC from Monckton Chambers, say the United Kingdom may withdraw the Article 50 notification at any time prior to 29 March 2019 without needing to seek the agreement of the other EU member states. The trio says the mechanism for doing so would be a matter for Parliament and the executive but legally, there is nothing to prevent it from happening.

May and Hammond discuss Brexit with financial services business leaders

The Prime Minister Theresa May chaired a roundtable meeting with senior executives from some of the world’s leading financial institutions to discuss the opportunities and challenges for the financial sector posed by Brexit. Ms May gave an overview of the UK’s position and updated on Brexit negotiations—including the UK’s aim to agree an implementation period by the end of March. The business leaders gave their views on how to maximise the benefits of an implementation period.

Jobs and growth will decline after a hard Brexit, report warns

A ‘no deal’ hard Brexit could lead to a ‘lost decade’ or longer of significantly lower growth, Mayor of London Sadiq Khan warned in a report setting out new independent economic analysis. The report also shows that London could suffer much less from Brexit than the rest of the country, resulting in increased geographic inequalities across the UK. It sets out five possible scenarios showing possible outcomes

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About the author:
Prior to joining LexisNexis in 2016 as a paralegal, Lauren was an adjudicator at the Financial Ombudsman Service. There she resolved consumers’ complaints, and gained knowledge about a wide variety of financial products. Before this she studied Law at Nottingham Trent University.