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Brexit Watch: At-a-glance day-by-day summer briefing Brexit Watch: At-a-glance day-by-day summer briefing
(about 5 hours later)
The UK voted to leave the European Union in a referendum on 23 June. Here's your daily summer briefing of the latest Brexit-related news...The UK voted to leave the European Union in a referendum on 23 June. Here's your daily summer briefing of the latest Brexit-related news...
Recap for new readersRecap for new readers
The UK public voted 52% to 48% to leave the European Union in June's referendum. During the campaign there were warnings from the Remain side about the economic impact of leaving, while the Leave side suggested the UK would be able to take back control of immigration and the £350m a week they said the UK sent to the EU. New Prime Minister Theresa May has said "Brexit means Brexit" - but no-one yet seems too sure what Brexit means. Will the UK stay as a member of the EU single market? Will EU nationals retain the right to live and work in the UK? What economic impact has the Brexit vote had?The UK public voted 52% to 48% to leave the European Union in June's referendum. During the campaign there were warnings from the Remain side about the economic impact of leaving, while the Leave side suggested the UK would be able to take back control of immigration and the £350m a week they said the UK sent to the EU. New Prime Minister Theresa May has said "Brexit means Brexit" - but no-one yet seems too sure what Brexit means. Will the UK stay as a member of the EU single market? Will EU nationals retain the right to live and work in the UK? What economic impact has the Brexit vote had?
Tuesday 9 AugustTuesday 9 August
The main event: British retailers sold more in July than in the same month last year, defying predictions of a post-Brexit slump. Total sales increased by 1.9%, according to the British Retail Consortium and KPMG's latest survey. David McCorquodale, head of retail at KPMG, said warmer weather had "boosted the UK feel-good factor and gave consumers a sense that 'life goes on' following the initial shock of the Brexit vote".The main event: British retailers sold more in July than in the same month last year, defying predictions of a post-Brexit slump. Total sales increased by 1.9%, according to the British Retail Consortium and KPMG's latest survey. David McCorquodale, head of retail at KPMG, said warmer weather had "boosted the UK feel-good factor and gave consumers a sense that 'life goes on' following the initial shock of the Brexit vote".
Also in the news: Welsh First Minister Carwyn Jones is putting together an advisory group of business leaders and experts on Europe to help ministers understand the "real world impact" on Welsh communities, companies and public services. At the same time Welsh Conservative leader Andrew RT Davies predicted a surplus for Wales after the UK leaves the EU, and accused Labour of "wallowing in self-pity".Also in the news: Welsh First Minister Carwyn Jones is putting together an advisory group of business leaders and experts on Europe to help ministers understand the "real world impact" on Welsh communities, companies and public services. At the same time Welsh Conservative leader Andrew RT Davies predicted a surplus for Wales after the UK leaves the EU, and accused Labour of "wallowing in self-pity".
Financial news: The Office for National Statistics released figures showing that the UK's manufacturing industry picked up pace in June as the sector showed signs of recovery in the run up to Britain's vote to leave the European Union. Manufacturing output fell by 0.3%, stepping up from a 0.6% drop in May, but below the 0.0% expected by economists. "Very few" respondents reported an impact from the uncertainty surrounding the Brexit vote, the Office for National Statistics said. The pound was trading near a one-month low at 09:30 BST as manufacturing failed to meet expectations and the Bank of England's Ian McCafferty suggested more quantitative easing may be needed if the UK's economic decline worsens. Financial news: The Office for National Statistics released figures showing that the UK's manufacturing industry picked up pace in June as the sector showed signs of recovery in the run up to Britain's vote to leave the European Union. Manufacturing output fell by 0.3%, stepping up from a 0.6% drop in May, but below the 0.0% expected by economists. "Very few" respondents reported an impact from the uncertainty surrounding the Brexit vote, the Office for National Statistics said. The pound was trading near a one-month low as manufacturing failed to meet expectations and the Bank of England's Ian McCafferty suggested more quantitative easing may be needed if the UK's economic decline worsens.
From the papers: In The Times, the Bank of England's Ian McCafferty writes that "after the Brexit vote the growth outlook deteriorated sharply" and if the economy continues to turn down "more easing is likely to be required". The same paper reports that Alan Clarke, an economist at Scotiabank, believes that Brexit will force the government to raise borrowing by £60bn. After yesterday's story that more tourists are coming to Britain in the wake of the referendum, the Daily Mirror points out the fall in sterling means a "pounding for Brit tourists' holiday money". Max Hastings writes in the Daily Mail that the UK needs a "migration minister" to ensure promises made during the campaign on controlling migration are kept. In the Guardian, a former EU ambassador to the World Trade Organisation predicts the UK could negotiate an EU trade deal within two years, contrary to what some European leaders have said.From the papers: In The Times, the Bank of England's Ian McCafferty writes that "after the Brexit vote the growth outlook deteriorated sharply" and if the economy continues to turn down "more easing is likely to be required". The same paper reports that Alan Clarke, an economist at Scotiabank, believes that Brexit will force the government to raise borrowing by £60bn. After yesterday's story that more tourists are coming to Britain in the wake of the referendum, the Daily Mirror points out the fall in sterling means a "pounding for Brit tourists' holiday money". Max Hastings writes in the Daily Mail that the UK needs a "migration minister" to ensure promises made during the campaign on controlling migration are kept. In the Guardian, a former EU ambassador to the World Trade Organisation predicts the UK could negotiate an EU trade deal within two years, contrary to what some European leaders have said.
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Monday 8 AugustMonday 8 August
The main event: Scottish Secretary David Mundell has announced talks with key sectors in Scotland - including farming, oil and gas - on the impact of leaving the European Union. Mr Mundell said he wants to ensure Scottish interests are "at the heart" of Brexit negotiations. Last month First Minister Nicola Sturgeon detailed a number of areas she wants to protect as the process gets started, emphasising that a second referendum remains "highly likely". Mr Mundell has promised to work closely with her government.The main event: Scottish Secretary David Mundell has announced talks with key sectors in Scotland - including farming, oil and gas - on the impact of leaving the European Union. Mr Mundell said he wants to ensure Scottish interests are "at the heart" of Brexit negotiations. Last month First Minister Nicola Sturgeon detailed a number of areas she wants to protect as the process gets started, emphasising that a second referendum remains "highly likely". Mr Mundell has promised to work closely with her government.
Also in the news: Flight bookings to the UK have jumped since June, driven by a sharp fall in the pound. The think tank Policy Exchange has recommended that every British citizen should be given a unique "person number" in a register of the national population to help ease fears over immigration in the wake of the referendum - but the Lib Dems have criticised the idea as "ID cards by the back door". And the TUC has issued a call for zero tolerance on racism in the workplace, saying firms should set up systems so workers could report discrimination or abuse.Also in the news: Flight bookings to the UK have jumped since June, driven by a sharp fall in the pound. The think tank Policy Exchange has recommended that every British citizen should be given a unique "person number" in a register of the national population to help ease fears over immigration in the wake of the referendum - but the Lib Dems have criticised the idea as "ID cards by the back door". And the TUC has issued a call for zero tolerance on racism in the workplace, saying firms should set up systems so workers could report discrimination or abuse.
Financial news: UK consumer spending picked up in July, according to a survey from credit card company Visa UK which contrasts with other signs that Britons have become more cautious since the referendum. The latest business confidence survey from BDO showed optimism at a three-year low, but that the fall in sentiment after the Brexit vote was less than expected. Peter Hemington, of BDO LLP, said: "Brexit has compounded the continuing slowdown of the UK economy, but there is opportunity as well as challenge ahead for UK businesses.Financial news: UK consumer spending picked up in July, according to a survey from credit card company Visa UK which contrasts with other signs that Britons have become more cautious since the referendum. The latest business confidence survey from BDO showed optimism at a three-year low, but that the fall in sentiment after the Brexit vote was less than expected. Peter Hemington, of BDO LLP, said: "Brexit has compounded the continuing slowdown of the UK economy, but there is opportunity as well as challenge ahead for UK businesses.
From the papers: The Times carries some comments by Iain Duncan Smith, who warns that Leave voters will not support a "Brexit-lite" option, and rubbishes the idea that the House of Lords could block activation of Article 50, the formal mechanism that will take Britain out of the EU. In the same paper, there's a report that Brexit Secretary David Davis is fighting to prevent his department being relocated from Downing Street to Whitehall, apparently believing it to be "too far from the centre of power". The Sun observes that the Queen's former communications secretary, James Roscoe, has been appointed an adviser to Foreign Secretary Boris Johnson, and the Daily Mail features former minister Anna Soubry's opinion that the Remain campaign made a "terrible mistake" in not taking immigration concerns seriously enough. The Financial Times has a post-mortem of most pollsters' failure to accurately predict the outcome of the EU referendum, with several commentators of the view that polling companies may have got "caught up in the political zeitgeist".From the papers: The Times carries some comments by Iain Duncan Smith, who warns that Leave voters will not support a "Brexit-lite" option, and rubbishes the idea that the House of Lords could block activation of Article 50, the formal mechanism that will take Britain out of the EU. In the same paper, there's a report that Brexit Secretary David Davis is fighting to prevent his department being relocated from Downing Street to Whitehall, apparently believing it to be "too far from the centre of power". The Sun observes that the Queen's former communications secretary, James Roscoe, has been appointed an adviser to Foreign Secretary Boris Johnson, and the Daily Mail features former minister Anna Soubry's opinion that the Remain campaign made a "terrible mistake" in not taking immigration concerns seriously enough. The Financial Times has a post-mortem of most pollsters' failure to accurately predict the outcome of the EU referendum, with several commentators of the view that polling companies may have got "caught up in the political zeitgeist".
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And finally...And finally...
The Guardian has some fun with the meaning of Brexit, in a sketch by the creators of BBC sitcom Yes, Prime Minister, Jonathan Lynn and Antony Jay, who imagine what their legendary civil servant Sir Humphrey would make of it all. "Just move all the paperwork from your in-tray to your out-tray," the wily Mandarin tells his boss. Problem solved.The Guardian has some fun with the meaning of Brexit, in a sketch by the creators of BBC sitcom Yes, Prime Minister, Jonathan Lynn and Antony Jay, who imagine what their legendary civil servant Sir Humphrey would make of it all. "Just move all the paperwork from your in-tray to your out-tray," the wily Mandarin tells his boss. Problem solved.
Friday 5 AugustFriday 5 August
The main event: The Bank of England deputy governor, Ben Broadbent, told the BBC's Today programme there could be a further interest rate cut this year if the economy worsens, following Thursday's cut from 0.5% to 0.25%. Mr Broadbent said the Bank had acted after a series of surveys since the referendum on most aspects of the economy, including employment, the housing market and business confidence, which had turned down markedly.The main event: The Bank of England deputy governor, Ben Broadbent, told the BBC's Today programme there could be a further interest rate cut this year if the economy worsens, following Thursday's cut from 0.5% to 0.25%. Mr Broadbent said the Bank had acted after a series of surveys since the referendum on most aspects of the economy, including employment, the housing market and business confidence, which had turned down markedly.
Also in the news: The referendum was also a point of conflict in last night's Labour leadership hustings, with challenger Owen Smith sticking to his promise of a second referendum and Jeremy Corbyn saying he accepted that the "majority of people, sadly, did vote to leave" the EU and the party "has to win those people back". IHS Markit's monthly jobs report suggests the number of people in the UK securing a permanent job has fallen for two months in a row, with participants citing uncertainty caused by Brexit, although the group which sponsors the survey predicted confidence could return to employers as the political situation stabilises. The chief executive of Renault-Nissan has told the BBC he is "reasonably optimistic" that the UK will be an important partner with the EU, despite its vote to leave.Also in the news: The referendum was also a point of conflict in last night's Labour leadership hustings, with challenger Owen Smith sticking to his promise of a second referendum and Jeremy Corbyn saying he accepted that the "majority of people, sadly, did vote to leave" the EU and the party "has to win those people back". IHS Markit's monthly jobs report suggests the number of people in the UK securing a permanent job has fallen for two months in a row, with participants citing uncertainty caused by Brexit, although the group which sponsors the survey predicted confidence could return to employers as the political situation stabilises. The chief executive of Renault-Nissan has told the BBC he is "reasonably optimistic" that the UK will be an important partner with the EU, despite its vote to leave.
Financial news: The FTSE 100 has erased earlier gains to be flat at 6,741 - not helped by a 6% slide in RBS shares. That was after an earlier jump to its highest level in a year this morning as investors welcomed the Bank of England's new stimulus package.Financial news: The FTSE 100 has erased earlier gains to be flat at 6,741 - not helped by a 6% slide in RBS shares. That was after an earlier jump to its highest level in a year this morning as investors welcomed the Bank of England's new stimulus package.
From the papers: The Financial Times is considering the consequences of yesterday's rate cut, saying that business is "split" over the decision - some industry representatives welcoming it and others predicting it won't have much impact. The Times looks at a poll by Ipsos MORI suggesting the French will be the "least sad" to see the UK leave the EU and that many Italians are planning to stop buying British goods. In the Guardian, there's a feature on the impact of the referendum on the Edinburgh festival, reporting some comedians have had to rewrite their acts as it would be "odd not to talk about Brexit".From the papers: The Financial Times is considering the consequences of yesterday's rate cut, saying that business is "split" over the decision - some industry representatives welcoming it and others predicting it won't have much impact. The Times looks at a poll by Ipsos MORI suggesting the French will be the "least sad" to see the UK leave the EU and that many Italians are planning to stop buying British goods. In the Guardian, there's a feature on the impact of the referendum on the Edinburgh festival, reporting some comedians have had to rewrite their acts as it would be "odd not to talk about Brexit".
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And finally...And finally...
As part of The Sun's campaign to bring back the blue passport it has taken to the streets of London with a giant model of how it might look, reporting that it found "Brits only too happy to give the plan their stamp of approval". Should the British passport be blue?As part of The Sun's campaign to bring back the blue passport it has taken to the streets of London with a giant model of how it might look, reporting that it found "Brits only too happy to give the plan their stamp of approval". Should the British passport be blue?
Thursday 4 AugustThursday 4 August
The main event: The Bank of England has cut UK interest rates for the first time since March 2009 from 0.5% to 0.25% - an historic low. It also launched two new schemes: one to buy £10bn of high-grade corporate bonds and another - potentially worth up to £100bn - to ensure banks keep lending even after the cut in interest rates. The Bank faced increasing pressure to act after recent poor economic data. The rate cut is intended to boost the UK economy in the wake of the country's vote to leave the EU - but some analysts see it as a "wasted gesture", saying the main shock from the Brexit vote is "political" and difficult to address through monetary policy.The main event: The Bank of England has cut UK interest rates for the first time since March 2009 from 0.5% to 0.25% - an historic low. It also launched two new schemes: one to buy £10bn of high-grade corporate bonds and another - potentially worth up to £100bn - to ensure banks keep lending even after the cut in interest rates. The Bank faced increasing pressure to act after recent poor economic data. The rate cut is intended to boost the UK economy in the wake of the country's vote to leave the EU - but some analysts see it as a "wasted gesture", saying the main shock from the Brexit vote is "political" and difficult to address through monetary policy.
Also in the news: The National Trust is calling for an overhaul of agricultural subsidies after Brexit, saying farmers should only be paid public subsidies for managing the countryside in a wildlife-friendly way - an idea which has been given short shrift by the National Farmers' Union.Also in the news: The National Trust is calling for an overhaul of agricultural subsidies after Brexit, saying farmers should only be paid public subsidies for managing the countryside in a wildlife-friendly way - an idea which has been given short shrift by the National Farmers' Union.
Financial news: All eyes are on the Bank of England's decision to cut interest rates - which saw the value of the pound fall more than 1% against the dollar. The Bank has left its forecast for growth this year steady at 2% but 2017 brings a sharp downgrade to growth of just 0.8%, from a previous estimate of 2.3%. The Bank says the outlook has "weakened markedly" following the referendum vote.Financial news: All eyes are on the Bank of England's decision to cut interest rates - which saw the value of the pound fall more than 1% against the dollar. The Bank has left its forecast for growth this year steady at 2% but 2017 brings a sharp downgrade to growth of just 0.8%, from a previous estimate of 2.3%. The Bank says the outlook has "weakened markedly" following the referendum vote.
From the papers: The Guardian carries a warning that leaving the EU could "kill off" fruit and vegetable production if foreign workers are prevented from coming to the UK. The Financial Times reports pension funds are worried by a new round of quantitative easing, which is part of the steps announced by Bank of England to offset a slowdown in growth following the Brexit vote. An editorial in the Telegraph argues that UKIP needs to "face up to its responsibilities" and ensure the party is in a position to play an active role in the process by which the UK leaves the EU. And The Times' science correspondent sees tough decisions ahead for Environment Secretary Andrea Leadsom, as the powers the UK will regain over farming could "make or break" agriculture.From the papers: The Guardian carries a warning that leaving the EU could "kill off" fruit and vegetable production if foreign workers are prevented from coming to the UK. The Financial Times reports pension funds are worried by a new round of quantitative easing, which is part of the steps announced by Bank of England to offset a slowdown in growth following the Brexit vote. An editorial in the Telegraph argues that UKIP needs to "face up to its responsibilities" and ensure the party is in a position to play an active role in the process by which the UK leaves the EU. And The Times' science correspondent sees tough decisions ahead for Environment Secretary Andrea Leadsom, as the powers the UK will regain over farming could "make or break" agriculture.
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And finally...And finally...
The Telegraph's energy editor Emily Gosden reported last month that officials are divided over how to pronounce the abbreviation of the new Department for Business, Energy and Industrial Strategy, with staff from what used to be BIS saying "bays" and those from DECC saying "bees". Now Matt Foster of Civil Service World has an update: the FDA union is pronouncing BEIS as "bays". Next task: how to pronounce the shorthand DfEEU (Department for Exiting the EU), or DExEU, as some are calling it.The Telegraph's energy editor Emily Gosden reported last month that officials are divided over how to pronounce the abbreviation of the new Department for Business, Energy and Industrial Strategy, with staff from what used to be BIS saying "bays" and those from DECC saying "bees". Now Matt Foster of Civil Service World has an update: the FDA union is pronouncing BEIS as "bays". Next task: how to pronounce the shorthand DfEEU (Department for Exiting the EU), or DExEU, as some are calling it.
Wednesday 3 AugustWednesday 3 August
The main event: UKIP, which is looking for a new leader to succeed Nigel Farage, published a list of the candidates that are eligible to stand in the contest. There was immediate controversy after MEP Steven Woolfe, regarded as the frontrunner, was disqualified after he missed the deadline for submitting his application by 17 minutes. Contenders who are going forward after being vetted by UKIP's NEC are: MEPs Diane James, Jonathan Arnott and Bill Etheridge, councillor Lisa Duffy and former parliamentary candidates Elizabeth Jones and Phillip Broughton.The main event: UKIP, which is looking for a new leader to succeed Nigel Farage, published a list of the candidates that are eligible to stand in the contest. There was immediate controversy after MEP Steven Woolfe, regarded as the frontrunner, was disqualified after he missed the deadline for submitting his application by 17 minutes. Contenders who are going forward after being vetted by UKIP's NEC are: MEPs Diane James, Jonathan Arnott and Bill Etheridge, councillor Lisa Duffy and former parliamentary candidates Elizabeth Jones and Phillip Broughton.
Also in the news: Experts at the Migration Observatory at the University of Oxford have been looking at the existing system for EU migrants applying for permanent residence in the UK to examine possible issues that could arise if it was altered following the Brexit vote. They suggest if all the three million European Economic Area (EEA) citizens living in the UK at the beginning of 2016 applied for permanent residence in the same year, this would amount to the equivalent of about 140 years of work at recent rates of processing.Also in the news: Experts at the Migration Observatory at the University of Oxford have been looking at the existing system for EU migrants applying for permanent residence in the UK to examine possible issues that could arise if it was altered following the Brexit vote. They suggest if all the three million European Economic Area (EEA) citizens living in the UK at the beginning of 2016 applied for permanent residence in the same year, this would amount to the equivalent of about 140 years of work at recent rates of processing.
Financial news: Activity in the services sector saw its sharpest fall in seven years in July, according to the Markit/CIPS purchasing managers' index. Meanwhile, the National Institute of Economic and Social Research is arguing the UK has a 50/50 chance of falling into recession within the next 18 months. The think tank says the country will go through a "marked economic slowdown" this year and next as a "short-term consequence" of the decision to leave the EU. However, its forecasts still suggest the UK will avoid recession, the economy growing by 1.7% in 2016 and 1% in 2017. The FTSE 100 opened at 6630.13 - down slightly on the previous day, but still close to its year high. Meanwhile, the pound was at 1.19 euros (its 52 week high is 1.43 euros, its post Brexit low was 1.16 euros).Financial news: Activity in the services sector saw its sharpest fall in seven years in July, according to the Markit/CIPS purchasing managers' index. Meanwhile, the National Institute of Economic and Social Research is arguing the UK has a 50/50 chance of falling into recession within the next 18 months. The think tank says the country will go through a "marked economic slowdown" this year and next as a "short-term consequence" of the decision to leave the EU. However, its forecasts still suggest the UK will avoid recession, the economy growing by 1.7% in 2016 and 1% in 2017. The FTSE 100 opened at 6630.13 - down slightly on the previous day, but still close to its year high. Meanwhile, the pound was at 1.19 euros (its 52 week high is 1.43 euros, its post Brexit low was 1.16 euros).
From the papers: The Guardian says charities fear Brexit will increase demand for their services but imperil their funding. According to the Daily Telegraph, as many as 2,000 farmers have been left in limbo after a string of multi-million grant schemes for the countryside were frozen after the Brexit vote. The Times reports that investors used fears over Brexit to withdraw £3.5bn from UK managed investment funds in June, dwarfing the worst month in the 2008 financial crisis. The Sun says Tory MPs and MEPs are rallying behind its campaign to axe the UK's burgundy passports and reinstate the previous British navy passport design.From the papers: The Guardian says charities fear Brexit will increase demand for their services but imperil their funding. According to the Daily Telegraph, as many as 2,000 farmers have been left in limbo after a string of multi-million grant schemes for the countryside were frozen after the Brexit vote. The Times reports that investors used fears over Brexit to withdraw £3.5bn from UK managed investment funds in June, dwarfing the worst month in the 2008 financial crisis. The Sun says Tory MPs and MEPs are rallying behind its campaign to axe the UK's burgundy passports and reinstate the previous British navy passport design.
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And finally...And finally...
Brexit spelled the end of David Cameron's leadership but now the ex-prime minister appears to have suffered a further indignity - his waxwork image has been removed from display by Madame Tussauds in London. The figure will be kept in storage and will not be immediately replaced by Theresa May in front of its Downing Street display. A spokeswoman told the Mirror its policy was not to display figures of leaders that have not been elected by the public - although it may review this in future.Brexit spelled the end of David Cameron's leadership but now the ex-prime minister appears to have suffered a further indignity - his waxwork image has been removed from display by Madame Tussauds in London. The figure will be kept in storage and will not be immediately replaced by Theresa May in front of its Downing Street display. A spokeswoman told the Mirror its policy was not to display figures of leaders that have not been elected by the public - although it may review this in future.
Tuesday 2 AugustTuesday 2 August
The main event: The UK has a new European Commissioner following the resignation of Lord Hill of Oareford, who quit as financial services commissioner after the Brexit vote. Sir Julian King, a career civil servant and former ambassador to France, will spearhead EU co-operation on terrorism, organised crime and cyber-security. It's being seen as a higher-profile role than that which was expected to be conferred on the UK following the decision to leave the EU, and could give an indication of how the Commission sees the future of the UK's cooperation with EU member states.The main event: The UK has a new European Commissioner following the resignation of Lord Hill of Oareford, who quit as financial services commissioner after the Brexit vote. Sir Julian King, a career civil servant and former ambassador to France, will spearhead EU co-operation on terrorism, organised crime and cyber-security. It's being seen as a higher-profile role than that which was expected to be conferred on the UK following the decision to leave the EU, and could give an indication of how the Commission sees the future of the UK's cooperation with EU member states.
Also in the news: Theresa May's new cabinet subcommittee met to hold its first talks on how to strengthen the economy in light of the UK's vote to leave the EU. The prime minister has billed it as underlining the importance of "building on the strong fundamentals of the British economy and ensuring that everyone who works hard is able to enjoy wage growth, job security and opportunities to progress". The UK's net contribution to the EU rose last year to almost £200m a week, according to the Office for National Statistics.Also in the news: Theresa May's new cabinet subcommittee met to hold its first talks on how to strengthen the economy in light of the UK's vote to leave the EU. The prime minister has billed it as underlining the importance of "building on the strong fundamentals of the British economy and ensuring that everyone who works hard is able to enjoy wage growth, job security and opportunities to progress". The UK's net contribution to the EU rose last year to almost £200m a week, according to the Office for National Statistics.
Financial news: The UK's construction industry suffered its sharpest downturn in seven years last month, according to a business survey that suggests the economy is at risk of recession after the Brexit vote. The Markit/CIPS UK Construction Purchasing Managers' Index (PMI) inched down to 45.9 in July from 46.0 in June - the lowest reading since June 2009 and some way below the 50 mark that divides growth from contraction. While better than all forecasts in a Reuters poll of economists that pointed to a reading of 43.8, the figures - compiled after the referendum - show commercial construction dwindled and confidence flagged.Financial news: The UK's construction industry suffered its sharpest downturn in seven years last month, according to a business survey that suggests the economy is at risk of recession after the Brexit vote. The Markit/CIPS UK Construction Purchasing Managers' Index (PMI) inched down to 45.9 in July from 46.0 in June - the lowest reading since June 2009 and some way below the 50 mark that divides growth from contraction. While better than all forecasts in a Reuters poll of economists that pointed to a reading of 43.8, the figures - compiled after the referendum - show commercial construction dwindled and confidence flagged.
From the papers: The Financial Times is predicting that pensions for British officials working in Brussels "are set to be one of the most poisonous parts of Brexit talks", pointing out the typical employee of the EU institutions is entitled to a pension of up to 70% of their basic salary. The Daily Mail has more on Monday's story about peers considering moves to delay Brexit, saying No 10 has "slapped down" the idea and the peer who made the suggestion "thinks she knows better than voters". Writing in the Telegraph, former Labour MP Alan Milburn describes the Brexit vote as "a demand from voters for more social mobility". The Guardian has a feature on the impact of the referendum on academic research, which includes the claim from one scientist that EU colleagues are "worried" about collaborating with their British counterparts.From the papers: The Financial Times is predicting that pensions for British officials working in Brussels "are set to be one of the most poisonous parts of Brexit talks", pointing out the typical employee of the EU institutions is entitled to a pension of up to 70% of their basic salary. The Daily Mail has more on Monday's story about peers considering moves to delay Brexit, saying No 10 has "slapped down" the idea and the peer who made the suggestion "thinks she knows better than voters". Writing in the Telegraph, former Labour MP Alan Milburn describes the Brexit vote as "a demand from voters for more social mobility". The Guardian has a feature on the impact of the referendum on academic research, which includes the claim from one scientist that EU colleagues are "worried" about collaborating with their British counterparts.
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And finally...And finally...
It was what some might have regarded as a side-issue in the referendum: the colour of passports. But The Sun has launched a campaign for the UK's official travel documents to revert from maroon to dark blue and lose the words "European Union". The Home Office has already said there are "no immediate plans" to make changes, but if the cause gathers momentum, ministers may have to nail their colours to the mast.It was what some might have regarded as a side-issue in the referendum: the colour of passports. But The Sun has launched a campaign for the UK's official travel documents to revert from maroon to dark blue and lose the words "European Union". The Home Office has already said there are "no immediate plans" to make changes, but if the cause gathers momentum, ministers may have to nail their colours to the mast.
Monday 1 AugustMonday 1 August
The main event: The Sunday Times has published details of what it claims is David Cameron's resignation honours list - including prominent Remain campaigners such as Will Straw, head of Stronger In, Tory and Remain campaign donors Ian Taylor and Andrew Cook, and Cabinet ministers Philip Hammond, Michael Fallon, Patrick McLoughlin, and David Lidington. Outgoing UKIP leader Nigel Farage said the list amounted to "rewards for failure", but recently knighted Conservative MP Sir Desmond Swayne said it was right to recognise those who "deserve a little bit more of a thank you than their salary".The main event: The Sunday Times has published details of what it claims is David Cameron's resignation honours list - including prominent Remain campaigners such as Will Straw, head of Stronger In, Tory and Remain campaign donors Ian Taylor and Andrew Cook, and Cabinet ministers Philip Hammond, Michael Fallon, Patrick McLoughlin, and David Lidington. Outgoing UKIP leader Nigel Farage said the list amounted to "rewards for failure", but recently knighted Conservative MP Sir Desmond Swayne said it was right to recognise those who "deserve a little bit more of a thank you than their salary".
Also in the news: A Conservative peer, Baroness Wheatcroft, has raised the idea that a cross-party coalition of Lords could delay or block Article 50, the mechanism for leaving the EU, if Parliament is asked to approve it. And the BBC caught up with fishermen who were part of a pro-Brexit flotilla during the referendum campaign.Also in the news: A Conservative peer, Baroness Wheatcroft, has raised the idea that a cross-party coalition of Lords could delay or block Article 50, the mechanism for leaving the EU, if Parliament is asked to approve it. And the BBC caught up with fishermen who were part of a pro-Brexit flotilla during the referendum campaign.
Financial news: The UK's manufacturing sector activity fell in July, a survey by Markit/CIPS suggests. The measure of output and new orders fell below the 50 mark that denotes growth for the first time since early 2013. Some analysts have interpreted as evidence that the vote to leave the EU "has added to pressures on the sector", with others advising "it will take time to really understand" the true implications of the decision. Those manufacturing figures sent the pound down 0.2% to $1.32. It had been up 0.1% until the release of the index, and the measure is now at its lowest level since February 2013.Financial news: The UK's manufacturing sector activity fell in July, a survey by Markit/CIPS suggests. The measure of output and new orders fell below the 50 mark that denotes growth for the first time since early 2013. Some analysts have interpreted as evidence that the vote to leave the EU "has added to pressures on the sector", with others advising "it will take time to really understand" the true implications of the decision. Those manufacturing figures sent the pound down 0.2% to $1.32. It had been up 0.1% until the release of the index, and the measure is now at its lowest level since February 2013.
From the papers: Several papers are looking ahead to the meeting of the Bank of England's Monetary Policy Committee on 4 August, with The Guardian talking about a cut in interest rates to 0.25% in an attempt to offset uncertainty associated with the vote to leave the EU and The Financial Times predicting the Bank will downgrade its growth forecast. But The Daily Mail accuses experts of being "doom-mongers" who have "forgotten all the good news".From the papers: Several papers are looking ahead to the meeting of the Bank of England's Monetary Policy Committee on 4 August, with The Guardian talking about a cut in interest rates to 0.25% in an attempt to offset uncertainty associated with the vote to leave the EU and The Financial Times predicting the Bank will downgrade its growth forecast. But The Daily Mail accuses experts of being "doom-mongers" who have "forgotten all the good news".
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And finally...And finally...
European Commission President Jean-Claude Juncker keeps a little black book of grudges, according to an article (in French) in Le Soir - and it even has a name, Little Maurice. But a spokesman for Mr Juncker today refused to divulge details to BBC political reporter Adam Fleming, saying: "You will have to ask him if the BBC is in it."European Commission President Jean-Claude Juncker keeps a little black book of grudges, according to an article (in French) in Le Soir - and it even has a name, Little Maurice. But a spokesman for Mr Juncker today refused to divulge details to BBC political reporter Adam Fleming, saying: "You will have to ask him if the BBC is in it."
Friday 29 JulyFriday 29 July
The main event: All eyes are on the surprise delay in the Hinkley Point C agreement, which is only Brexit-related insofar as the referendum ushered in a change of prime minister.The main event: All eyes are on the surprise delay in the Hinkley Point C agreement, which is only Brexit-related insofar as the referendum ushered in a change of prime minister.
Also in the news: Willie Walsh, chief executive of British Airways owner IAG, has played down the impact of the UK's vote to leave the EU, saying he firmly believed "business will settle down" in the wake of the referendum. That's despite BA and IAG reporting that currency movements cost it €148m (£124m) in the latest quarter of trading, mainly due to the weak pound. High-profile London estate agency Foxtons has announced a 42% fall in profits, blaming uncertainty around the EU referendum for the fall. Earlier this week the UK's biggest building society, the Nationwide, said that the Brexit effect on the property market and house prices could take months to become clear. Following a written question from Conservative Lord Blencathra asking if UK passports will be changed from maroon to blue and remove the words "European Union" from the cover, the Home Office has said "there are no immediate plans" to alter its appearance.Also in the news: Willie Walsh, chief executive of British Airways owner IAG, has played down the impact of the UK's vote to leave the EU, saying he firmly believed "business will settle down" in the wake of the referendum. That's despite BA and IAG reporting that currency movements cost it €148m (£124m) in the latest quarter of trading, mainly due to the weak pound. High-profile London estate agency Foxtons has announced a 42% fall in profits, blaming uncertainty around the EU referendum for the fall. Earlier this week the UK's biggest building society, the Nationwide, said that the Brexit effect on the property market and house prices could take months to become clear. Following a written question from Conservative Lord Blencathra asking if UK passports will be changed from maroon to blue and remove the words "European Union" from the cover, the Home Office has said "there are no immediate plans" to alter its appearance.
Financial news: The FTSE 100 closed at 6,724 - up just 3 points, helped by strong trade in shares in financial companies. Growth in the eurozone slowed in the second quarter to 0.3%, official EU data showed on Friday, with analysts warning that the consequences of Brexit could harm the economy later in the year.Financial news: The FTSE 100 closed at 6,724 - up just 3 points, helped by strong trade in shares in financial companies. Growth in the eurozone slowed in the second quarter to 0.3%, official EU data showed on Friday, with analysts warning that the consequences of Brexit could harm the economy later in the year.
From the papers: The Guardian reports Ford is considering closing factories and raising prices in the UK. The Financial Times gives top billing to its analysis that the referendum is creating a stark divide between "winners and losers", with exporters and producers of essentials seeing a lift, and importers and discretionary spending hit. The Daily Mail is critical of Lloyds' chief executive Antonio Horta Osario's warning that Brexit could slow growth - saying it was "entirely unconnected" to the job losses announced on Thursday. In the Telegraph, Allister Heath writes of the need to "energise our economy", recommending the halving of stamp duty, a green light to airport expansion and tax cuts for entrepreneurs. And in The Times, Ed Conway foresees a "Brexit lobbying boom", warning that it will take a "superhuman effort" not to let big business rule the roost.From the papers: The Guardian reports Ford is considering closing factories and raising prices in the UK. The Financial Times gives top billing to its analysis that the referendum is creating a stark divide between "winners and losers", with exporters and producers of essentials seeing a lift, and importers and discretionary spending hit. The Daily Mail is critical of Lloyds' chief executive Antonio Horta Osario's warning that Brexit could slow growth - saying it was "entirely unconnected" to the job losses announced on Thursday. In the Telegraph, Allister Heath writes of the need to "energise our economy", recommending the halving of stamp duty, a green light to airport expansion and tax cuts for entrepreneurs. And in The Times, Ed Conway foresees a "Brexit lobbying boom", warning that it will take a "superhuman effort" not to let big business rule the roost.
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And finally...And finally...
The Treasury has got a new cat - named Gladstone - to rival Larry, of No 10 Downing Street, and Palmerston, who is on mouse patrol at the Foreign Office.The Treasury has got a new cat - named Gladstone - to rival Larry, of No 10 Downing Street, and Palmerston, who is on mouse patrol at the Foreign Office.
BuzzFeed News reports that the announcement of the latest feline enforcer was scheduled for immediately after the referendum but was pushed back after voters decided the UK should leave the EU.BuzzFeed News reports that the announcement of the latest feline enforcer was scheduled for immediately after the referendum but was pushed back after voters decided the UK should leave the EU.
Thursday 28 JulyThursday 28 July
The main event: Theresa May embarked on the next leg of her European tour, taking in Bratislava and Warsaw. Her discussions with Slovakian counterpart Robert Fico and Polish Prime Minister Beata Szydlo are among the toughest she has had yet, given the priority attached by the two countries to maintaining free movement of labour between the EU and the UK. Since Poland joined the EU in 2004, hundred of thousands have moved to Britain, either temporarily or permanently, and Poles in the UK send back several billion pounds a year to their home country. Mrs May maintained any future deal would have to take into account "a clear message" from the Brexit vote over immigration control.The main event: Theresa May embarked on the next leg of her European tour, taking in Bratislava and Warsaw. Her discussions with Slovakian counterpart Robert Fico and Polish Prime Minister Beata Szydlo are among the toughest she has had yet, given the priority attached by the two countries to maintaining free movement of labour between the EU and the UK. Since Poland joined the EU in 2004, hundred of thousands have moved to Britain, either temporarily or permanently, and Poles in the UK send back several billion pounds a year to their home country. Mrs May maintained any future deal would have to take into account "a clear message" from the Brexit vote over immigration control.
Lloyds axes 3,000 jobs: Lloyds has announced it will cut 3,000 jobs and 200 branches - partly due to changes in the way people carry out their banking, but also in expectation of a "deceleration of growth" following the UK's decision to leave the EU. That sounds like it might be what some are calling a #Brexcuse - blaming bad news on the EU referendum result.Lloyds axes 3,000 jobs: Lloyds has announced it will cut 3,000 jobs and 200 branches - partly due to changes in the way people carry out their banking, but also in expectation of a "deceleration of growth" following the UK's decision to leave the EU. That sounds like it might be what some are calling a #Brexcuse - blaming bad news on the EU referendum result.
Also in the news: Foreign Secretary Boris Johnson is in Paris meeting French foreign minister Jean-Marc Ayrault. Relations between the two have not been exactly cordial so far, with Mr Ayrault criticising the appointment of his opposite number on the grounds he "lied" during the referendum campaign. Although the technicalities of the Brexit process are not officially part of Mr Johnson's portfolio - he said he hopes the UK will "be as close as possible to" France after the vote to leave the EU and that the two would work together "as friends and allies".Also in the news: Foreign Secretary Boris Johnson is in Paris meeting French foreign minister Jean-Marc Ayrault. Relations between the two have not been exactly cordial so far, with Mr Ayrault criticising the appointment of his opposite number on the grounds he "lied" during the referendum campaign. Although the technicalities of the Brexit process are not officially part of Mr Johnson's portfolio - he said he hopes the UK will "be as close as possible to" France after the vote to leave the EU and that the two would work together "as friends and allies".
Financial news: The FTSE 100 closed 0.4% lower at 6,721, hurt by a 4% fall in shares in Lloyds Banking Group. Lloyds' shares dipped with the news it is cutting jobs, partly in anticipation of slower growth after the Brexit vote, while Sky's shares were up 6%, with group chief executive Jeremy Darroch saying the Brexit vote "doesn't really change our thinking on any of our markets". The Society of Motor Manufacturers and Traders (SMMT) says UK car production jumped more than 10% year-on-year in June, but warns future growth may be hit if the government does not maintain unrestricted access to the single market. One index of consumer confidence measured by YouGov for the Centre for Economics and Business Research (CEBR) sank nearly five points to 106.6 in July - matching its biggest fall in six years. YouGov said the "public is still absorbing" the EU referendum result but it is "clear that consumer confidence has taken a significant dive".Financial news: The FTSE 100 closed 0.4% lower at 6,721, hurt by a 4% fall in shares in Lloyds Banking Group. Lloyds' shares dipped with the news it is cutting jobs, partly in anticipation of slower growth after the Brexit vote, while Sky's shares were up 6%, with group chief executive Jeremy Darroch saying the Brexit vote "doesn't really change our thinking on any of our markets". The Society of Motor Manufacturers and Traders (SMMT) says UK car production jumped more than 10% year-on-year in June, but warns future growth may be hit if the government does not maintain unrestricted access to the single market. One index of consumer confidence measured by YouGov for the Centre for Economics and Business Research (CEBR) sank nearly five points to 106.6 in July - matching its biggest fall in six years. YouGov said the "public is still absorbing" the EU referendum result but it is "clear that consumer confidence has taken a significant dive".
From the papers: The Times warns against "self-fulfilling prophecies of doom" on the economy, pointing out that the picture going into Brexit was one of "unusually good health". Writing in the Telegraph, Ambrose Evans-Pritchard says the age of fiscal restraint is over, and governments in Europe and beyond are using Brexit as an "excuse" to let rip with stimulus measures. The Financial Times reports that European executives in the UK and EU-based British businesspeople are being offered "Brexit insurance" by the firm AIG. And the Daily Mail takes a dim view of the new lead Brexit negotiator for the European Commission Michel Barnier, calling him an "inflexible, anti-British, arch-federalist" whose appointment was "calculated to poison talks" with the UK.From the papers: The Times warns against "self-fulfilling prophecies of doom" on the economy, pointing out that the picture going into Brexit was one of "unusually good health". Writing in the Telegraph, Ambrose Evans-Pritchard says the age of fiscal restraint is over, and governments in Europe and beyond are using Brexit as an "excuse" to let rip with stimulus measures. The Financial Times reports that European executives in the UK and EU-based British businesspeople are being offered "Brexit insurance" by the firm AIG. And the Daily Mail takes a dim view of the new lead Brexit negotiator for the European Commission Michel Barnier, calling him an "inflexible, anti-British, arch-federalist" whose appointment was "calculated to poison talks" with the UK.
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And finally...And finally...
Boris Johnson addressed the French foreign ministry En Francais, and made a decent fist of it. That may stand him in good stead later on, since the Times reports that Michel Barnier "insists on conducting all his negotiations in French". Still, it could be worse. Paul Cambon, French ambassador in London 1898-1920, is described in Christopher Clark's book The Sleepwalkers: "[He] spoke not a word of English. During his meetings with [Foreign Secretary] Edward Grey (who spoke no French), he insisted every utterance be translated into French, including easily recognized words such as 'yes'. He firmly believed - like many members of the French elite - that French was the only language capable of articulating rational thought."Boris Johnson addressed the French foreign ministry En Francais, and made a decent fist of it. That may stand him in good stead later on, since the Times reports that Michel Barnier "insists on conducting all his negotiations in French". Still, it could be worse. Paul Cambon, French ambassador in London 1898-1920, is described in Christopher Clark's book The Sleepwalkers: "[He] spoke not a word of English. During his meetings with [Foreign Secretary] Edward Grey (who spoke no French), he insisted every utterance be translated into French, including easily recognized words such as 'yes'. He firmly believed - like many members of the French elite - that French was the only language capable of articulating rational thought."
Wednesday 27 JulyWednesday 27 July
The main event: Prime Minister Theresa May has continued her series of meetings with other EU leaders, heading to Italy for talks with PM Matteo Renzi. There, she said she retained an "open mind" about the UK's trading relationships after Brexit amid reports some cabinet colleagues want the UK to pull out of the EU's customs union. Mr Renzi said the UK's vote to leave the EU was sad, but he hoped "some good would come of it". Mrs May's visit follows Downing Street talks on Tuesday with Enda Kenny and last week's meetings with Angela Merkel and Francois Hollande.The main event: Prime Minister Theresa May has continued her series of meetings with other EU leaders, heading to Italy for talks with PM Matteo Renzi. There, she said she retained an "open mind" about the UK's trading relationships after Brexit amid reports some cabinet colleagues want the UK to pull out of the EU's customs union. Mr Renzi said the UK's vote to leave the EU was sad, but he hoped "some good would come of it". Mrs May's visit follows Downing Street talks on Tuesday with Enda Kenny and last week's meetings with Angela Merkel and Francois Hollande.
EC names Brexit negotiator: Michel Barnier, a former French minister and ex-European Commission vice president, has been appointed as the commission's chief Brexit negotiator, by Jean-Claude Juncker. Mr Juncker said he wanted "an experienced politician for this difficult job". Mr Barnier will take up his position on 1 October. He will not necessarily be the European Union's chief negotiator as the European Council looks set to head-up negotiations, with Belgian diplomat Didier Seeuws leading their preparations, while the European Parliament will also seek to take the lead at some stages.EC names Brexit negotiator: Michel Barnier, a former French minister and ex-European Commission vice president, has been appointed as the commission's chief Brexit negotiator, by Jean-Claude Juncker. Mr Juncker said he wanted "an experienced politician for this difficult job". Mr Barnier will take up his position on 1 October. He will not necessarily be the European Union's chief negotiator as the European Council looks set to head-up negotiations, with Belgian diplomat Didier Seeuws leading their preparations, while the European Parliament will also seek to take the lead at some stages.
Also in the news: MPs on the Home Affairs committee warn in a report that there could be a spike in migration ahead of Brexit. They call for the government to give an "effective cut-off date" after which EU citizens moving to the UK do not have the automatic right to stay. The "most obvious" cut-off dates they suggest include the referendum day itself - June 23 - the date when the UK triggers the two year Article 50 process of leaving the EU, which will be early 2017 at the earliest, or the date when the UK actually leaves the EU.Also in the news: MPs on the Home Affairs committee warn in a report that there could be a spike in migration ahead of Brexit. They call for the government to give an "effective cut-off date" after which EU citizens moving to the UK do not have the automatic right to stay. The "most obvious" cut-off dates they suggest include the referendum day itself - June 23 - the date when the UK triggers the two year Article 50 process of leaving the EU, which will be early 2017 at the earliest, or the date when the UK actually leaves the EU.
Financial news: Lots today. The Office for National Statistics released economic growth figures for the second quarter of the year. They show that growth was 0.6%, higher than 0.4% in the first quarter, and higher than expected. The figures appear to show uncertainty ahead of the referendum had "limited", if any, impact on growth. Meanwhile GlaxoSmithKline is to invest £275m to expand its UK manufacturing sites, saying the country remains "an attractive location" despite Brexit. The news is particularly interesting given the firm had warned ahead of the referendum of the impact a Brexit vote would have. The FTSE 100 index was up slightly on the GDP news, to 6749.12 at 16:00 BST, so once again nudging its high point of the last year. The pound was at 1.19 euros (its 52 week high is 1.43 euros, its post Brexit low was 1.16 euros).Financial news: Lots today. The Office for National Statistics released economic growth figures for the second quarter of the year. They show that growth was 0.6%, higher than 0.4% in the first quarter, and higher than expected. The figures appear to show uncertainty ahead of the referendum had "limited", if any, impact on growth. Meanwhile GlaxoSmithKline is to invest £275m to expand its UK manufacturing sites, saying the country remains "an attractive location" despite Brexit. The news is particularly interesting given the firm had warned ahead of the referendum of the impact a Brexit vote would have. The FTSE 100 index was up slightly on the GDP news, to 6749.12 at 16:00 BST, so once again nudging its high point of the last year. The pound was at 1.19 euros (its 52 week high is 1.43 euros, its post Brexit low was 1.16 euros).
From the papersFrom the papers
The Financial Times leads on International Trade Secretary Liam Fox wanting the UK to quit the EU customs union so that he has maximum freedom to negotiate new trade deals around the world - the FT quotes him as saying he was "scoping out about a dozen free trade deals outside the EU to be ready for when we leave". The Daily Telegraph says that Brexit could lead to BT being broken up because regulator Ofcom would have more powers.The Financial Times leads on International Trade Secretary Liam Fox wanting the UK to quit the EU customs union so that he has maximum freedom to negotiate new trade deals around the world - the FT quotes him as saying he was "scoping out about a dozen free trade deals outside the EU to be ready for when we leave". The Daily Telegraph says that Brexit could lead to BT being broken up because regulator Ofcom would have more powers.
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And finally...And finally...
We already know that there are going to be plenty of Brexit-related jobs created - for example trade negotiators - but one that caught our eye today was from NHS England for someone to be Head of its EU Transition Team "a new unit to manage the impact of the NHS of leaving the European Union".We already know that there are going to be plenty of Brexit-related jobs created - for example trade negotiators - but one that caught our eye today was from NHS England for someone to be Head of its EU Transition Team "a new unit to manage the impact of the NHS of leaving the European Union".
Tuesday 26 JulyTuesday 26 July
The main event: There are no answers yet on what will happen to the border between the Republic of Ireland and Northern Ireland when the UK leaves the EU, but diplomatic overtures continue with Theresa May hosting Irish Taoiseach Enda Kenny at Downing Street. She said they were in agreement that Ireland and the UK "want to maintain the closest possible economic relationship". Mr Kenny said Brexit "was not the outcome we in Ireland wanted" but expressed hope the UK would remain "outward-looking".The main event: There are no answers yet on what will happen to the border between the Republic of Ireland and Northern Ireland when the UK leaves the EU, but diplomatic overtures continue with Theresa May hosting Irish Taoiseach Enda Kenny at Downing Street. She said they were in agreement that Ireland and the UK "want to maintain the closest possible economic relationship". Mr Kenny said Brexit "was not the outcome we in Ireland wanted" but expressed hope the UK would remain "outward-looking".
Also in the news: There were widespread calls for action in June after figures showed a rise in reported racist incidents following the referendum - and now Home Secretary Amber Rudd has announced a review of how the police handle hate crime. Another consequence of the Brexit vote was Nigel Farage's decision to step down as UKIP leader. The contest to succeed him showed signs of livening up, with Suzanne Evans ruling herself out with a pledge to back councillor Lisa Duffy - and MEP Steven Woolfe heading to Manchester for his first big speech.Also in the news: There were widespread calls for action in June after figures showed a rise in reported racist incidents following the referendum - and now Home Secretary Amber Rudd has announced a review of how the police handle hate crime. Another consequence of the Brexit vote was Nigel Farage's decision to step down as UKIP leader. The contest to succeed him showed signs of livening up, with Suzanne Evans ruling herself out with a pledge to back councillor Lisa Duffy - and MEP Steven Woolfe heading to Manchester for his first big speech.
Financial news: No relevant financial data released. London's FTSE 100 index ended almost 14 points higher at 6,724.7 - well up on its immediate post-referendum level and approaching its highest of the past year. The FTSE 250 was up to 17,108, about 13% above its June low and back to average levels for the past year. Most papers carry the news that Ryanair plans to "pivot" investment away from the UK by cutting frequency of flights on some routes.Financial news: No relevant financial data released. London's FTSE 100 index ended almost 14 points higher at 6,724.7 - well up on its immediate post-referendum level and approaching its highest of the past year. The FTSE 250 was up to 17,108, about 13% above its June low and back to average levels for the past year. Most papers carry the news that Ryanair plans to "pivot" investment away from the UK by cutting frequency of flights on some routes.
From the papersFrom the papers
Martin Weale from the Bank of England's interest rate-setting committee, the MPC, has spoken out in favour of a stimulus package - which, according to the Financial Times, "all but guarantees" the bank will announce one at its meeting on 4 August.Forget any "emergency Budget" - the new chancellor is unlikely to make a significant announcement until November, as it will be difficult to read the economic runes cast by the referendum before then, advises Paul Johnson of the Institute for Fiscal Studies in The Times. The Daily Telegraph and others report on the views of the president of the Royal Society, Sir Venki Ramakrishnan, who says he has seen no evidence UK researchers are being overlooked for EU funding in the wake of the referendum, and the UK's attractiveness to international academics is "not going to change". Reuters reports Liam Fox, the new international trade minister, got a lukewarm reception in Washington DC, where US counterpart Michael Froman warned of no "meaningful advance" US-UK trade negotiations until "basic issues around the future EU-UK relationship have been worked out".Martin Weale from the Bank of England's interest rate-setting committee, the MPC, has spoken out in favour of a stimulus package - which, according to the Financial Times, "all but guarantees" the bank will announce one at its meeting on 4 August.Forget any "emergency Budget" - the new chancellor is unlikely to make a significant announcement until November, as it will be difficult to read the economic runes cast by the referendum before then, advises Paul Johnson of the Institute for Fiscal Studies in The Times. The Daily Telegraph and others report on the views of the president of the Royal Society, Sir Venki Ramakrishnan, who says he has seen no evidence UK researchers are being overlooked for EU funding in the wake of the referendum, and the UK's attractiveness to international academics is "not going to change". Reuters reports Liam Fox, the new international trade minister, got a lukewarm reception in Washington DC, where US counterpart Michael Froman warned of no "meaningful advance" US-UK trade negotiations until "basic issues around the future EU-UK relationship have been worked out".
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And finally... The Times' Red Box caught up with Brexit backer Conservative Tim Loughton today, and snapped (sorry) this excellent picture.And finally... The Times' Red Box caught up with Brexit backer Conservative Tim Loughton today, and snapped (sorry) this excellent picture.
Monday 25 JulyMonday 25 July
The main event: Theresa May paid her first visit to Northern Ireland as prime minister, where she met First Minister Arlene Foster and Deputy First Minister Martin McGuinness to discuss issues facing the country following the referendum result. She said their talks were "positive and constructive". The key issue was what happens to the border between Northern Ireland the Republic of Ireland after Brexit. Mrs May said: "No-one wants to return to borders of the past."The main event: Theresa May paid her first visit to Northern Ireland as prime minister, where she met First Minister Arlene Foster and Deputy First Minister Martin McGuinness to discuss issues facing the country following the referendum result. She said their talks were "positive and constructive". The key issue was what happens to the border between Northern Ireland the Republic of Ireland after Brexit. Mrs May said: "No-one wants to return to borders of the past."
Also making the news: Scottish First Minister Nicola Sturgeon spoke about the future of the UK and the EU, saying it was in the UK government's interest to help find a solution short of a second independence poll -"or we can consider again the option of independence".Also making the news: Scottish First Minister Nicola Sturgeon spoke about the future of the UK and the EU, saying it was in the UK government's interest to help find a solution short of a second independence poll -"or we can consider again the option of independence".
Financial news: London's main share index was lower on Monday morning, while other major European markets saw gains. Shares had been in positive territory until publication of the CBI's latest industrial trends survey, which suggested Brexit was hitting business confidence. The Financial Times reported that billions of euros have been pulled out of investment funds since the UK voted to leave the EU, although some analysts say this could just be an initial knee-jerk response.Financial news: London's main share index was lower on Monday morning, while other major European markets saw gains. Shares had been in positive territory until publication of the CBI's latest industrial trends survey, which suggested Brexit was hitting business confidence. The Financial Times reported that billions of euros have been pulled out of investment funds since the UK voted to leave the EU, although some analysts say this could just be an initial knee-jerk response.
From the papers: What the commentators say: Roger Bootle of Capital Economics, writing in the Telegraph, is bullish about the UK's financial outlook, saying "alarmist views have proved unjustified" - with the equity market "stabilised" and the fall of sterling "of net benefit to the economy overall". Ian King in the Times asks whether Philip Hammond's courtship of Chinese investment could create the potential for clashes at Downing Street, saying Theresa May has been far more "sceptical" about inviting Chinese involvement in UK projects. The Guardian's Larry Elliott assesses some options for an "economic reboot", including quantitative easing or loosening credit controls - "something governments need to have up their sleeves when time gets tough".From the papers: What the commentators say: Roger Bootle of Capital Economics, writing in the Telegraph, is bullish about the UK's financial outlook, saying "alarmist views have proved unjustified" - with the equity market "stabilised" and the fall of sterling "of net benefit to the economy overall". Ian King in the Times asks whether Philip Hammond's courtship of Chinese investment could create the potential for clashes at Downing Street, saying Theresa May has been far more "sceptical" about inviting Chinese involvement in UK projects. The Guardian's Larry Elliott assesses some options for an "economic reboot", including quantitative easing or loosening credit controls - "something governments need to have up their sleeves when time gets tough".
And finally... EU Commission president Jean-Claude Juncker on Foreign Secretary Boris Johnson, who once compared the EU to Nazis: "I haven't met him, but I would love to, so that I can persuade him that there is more separating myself and Hitler than just a nuance."And finally... EU Commission president Jean-Claude Juncker on Foreign Secretary Boris Johnson, who once compared the EU to Nazis: "I haven't met him, but I would love to, so that I can persuade him that there is more separating myself and Hitler than just a nuance."