This week’s focus turns to Ireland’s Minister for Finance, Michael Noonan as he revealed Budget 2017. Noonan addressed the Dáil with the following introductory statement: The UK’s decision to exit the EU represents a real risk to our economy given the close links and the high level of trade between us. Around 16% of Irish exports go to the UK, but 40% of indigenous company exports go there. In turn, Ireland is the UK’s fifth biggest export market. Over €1.2 Billion of goods and services are exchanged between us on a weekly…Read More
The British Financial Industry could lose up to £38 billion (43 billion euro) in revenue if the UK undergo a so-called “Hard Brexit” restricting access to the European single market. This will result in the UK being subject to both tariffs and non-tariff barriers. A report by Oliver Wyman ordered by the industry lobby group TheCityUK, summaries two different outcomes following a “Hard Brexit”. One outcome would see the UK cut all ties with the single market. If this were to happen, revenue may fall by £20 billion causing a…Read More
British pharmaceutical companies are weathering the turmoil of Brexit that has engrossed every other sector in the stock market. Big players such as AstraZeneca, GlaxoSmithKline, Shire and BTG actually enjoyed a slight rise in their share prices on the EU referendum results day while many of their blue-chip counterparts’ prices plunged.Read More
The Bank of England (BoE) have decided to take drastic actions to stop the UK entering a recession by cutting interest rates from 0.5% to 0.25% and pushing billions of newly created money into the economy. This is the lowest level interest rate cut in the institution’s history of 322 years.Read More
Theresa May has been appointed as the new Prime Minister of the United Kingdom, only the second woman PM in the history of the UK.
As she begins post Brexit there will be no time for May to relax as there are pressing issues to be dealt with as soon as possible.
She will need to appoint a team to lead the process of exiting the EU.Read More