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| Brexit Watch: At-a-glance day-by-day summer briefing | Brexit Watch: At-a-glance day-by-day summer briefing |
| (3 days 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 readers | Recap 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? |
| Monday 22 August | |
| The main event: The leaders of Germany, France and Italy are holding an informal meeting to discuss the future of Europe in the wake of the Brexit vote. The venue is the tiny island of Ventotene off the coast of Naples, chosen for symbolic reasons. Two Italian prisoners, Altiero Spinelli and Ernesto Rossi, held on the island during the Second World War, wrote the "Ventotene Manifesto" calling for "a free and united Europe". Following their talks, German Chancellor Angela Merkel, French President Francois Hollande and Italian Prime Minister Matteo Renzi will hold a news conference on the Italian aircraft carrier Garibaldi, which is coordinating the EU's migrant rescue operation. Ahead of the talks, Mr Renzi wrote that the leaders wanted "to relaunch an ideal based on unity and peace, freedom and dreams, dialogue and identity". | |
| Also in the news: Prominent referendum Leave campaigner Iain Duncan Smith has said Prime Minister Theresa May should begin formal negotiations for the UK to leave the EU "as soon as possible". He accused Remain supporters of trying to delay a triggering of Article 50, which starts the two-year process to leave the EU. Mrs May said she would not trigger Article 50 during 2016 but Mr Duncan Smith said she should start the process "early" in 2017, arguing that this would enable the UK to "get on and make the most of our new found independence". | |
| Financial news: There is potential for a lose-lose situation when negotiations for the UK to leave the European Union take place, according to the director of a Brussels-based economic think tank. Guntrum Wolff of the Bruegel Institute told the BBC: "If both sides take a confrontational stance, they will both lose." Mr Wolff also said the possibility of another EU member country following the UK's Brexit lead is unlikely, though there were causes for concern including low growth in the Eurozone. | |
| From the papers: Many papers lead with Team GB's Olympics success but the Financial Times warns that infrastructure spending has "declined sharply since the vote to leave the EU". The paper reports: "The value of contracts for July dropped to £1.5bn, a fall of 20% against the previous month and 23% lower than a year ago." This will put pressure on Theresa May "to press ahead" with new projects, the FT says. The PM might be aided in this by her Chancellor, if the FT's profile of Philip Hammond is anything to go by. Mr Hammond's "sober" image belies a "lively, risk-taking past" in business, the paper says, describing him as "a product of the swashbuckling Thatcher era". Over at the Guardian are two contrasting views of Brexit. Economist Anatole Kaletsky recalls the legend of King Canute and writes that the referendum result will "not turn back the economic tides driven by globalisation". He predicts: "As Britain's economy sinks into recession, and the government's promises of a quick 'successful Brexit' prove unrealistic, public opinion will shift." However, a piece at the weekend by the paper's own economics editor, Larry Elliott, says it is "obvious that the sky has not fallen in as a result of the referendum, and those who said it would look a bit silly". Mr Elliott says only "an extremely deep and prolonged recession" would make him regret voting to leave the EU's "failed project". | |
| Further reading: | |
| And finally... | |
| An alternative Olympics medals table, prepared by a German PR firm and tweeted by the European Parliament, has generated quite a press reaction. The US topped the official table for Rio 2016 with 46 gold medals, with Team GB in second place with 27. However, Euro-Informationen in Berlin combined the medals haul of EU member states to put the European Union top with 106 golds - but this also removed Team GB's separate ranking, as the UK is still an EU member. "How dare EU?" asked the Sun. "Cycling couple Laura Trott and Jason Kenny have won over twice as many medals in Rio as the whole of Belgium combined but Berlin agency claims them for 'winning team'." Zoe Strimpel in the Telegraph declared: "The truly amusing irony is that this ghastly competitor tops the chart largely because of the incredible medal haul of Britain, the very country it is currently absorbed in shaming and punishing for its rankly disobedient vote in June to leave the EU." However, the Independent calls the list "the Olympics medals table Brexiters don't want you to see". It calls Team GB's performance in Rio "brilliant" but argues that the UK would be top of the medals table if it competed as part of an "all-EU team". | |
| Friday 19 August | Friday 19 August |
| The main event: The City of London is seeking a "bespoke deal" having given up hope of getting full access to the European Union's single market, according to the Financial Times. The newspaper says those representing the financial sector will present their ideas to the government next month. The newspaper says the City thinks a Norway-style deal - with access to the single market but accepting free movement of people and contributing to the budget - would be "politically and practically very difficult" and is seeking its own "unique" deal - possibly a "beefed up version" of that used by Switzerland. BBC business correspondent Jonty Bloom says the Swiss deal with the EU would not be sufficient for the City because it does not include "passporting", which currently allows international banks and businesses based in London to do business anywhere in the EU. | |
| Also in the news: The UK government has reported a smaller budget surplus than expected in July. It was in surplus by £1bn in July - compared with £1.2bn in July 2015. The government said the fact the public finances were in surplus showed the economy was in a "position of strength" to face post-referendum challenges. Meanwhile a Plaid Cymru MP has accused the Welsh government of a "reckless indifference" to the country's needs in the way it has responded to the Brexit vote. Jonathan Edwards contrasted Labour First Minister Carwyn Jones's approach with that of the SNP in Scotland - Mr Jones's office dismissed the complaints as "ridiculous". And it's not just the City of London putting its wish-list for European deals to the government, according to Bloomberg. It says tech firms and data-centre operators want a deal that "keeps internet borders open" - European online shoppers' details currently "zip across borders to giant data centres in the UK" - amid concerns that changing data-protection agreements could lead to legal challenges. | |
| Financial news: Following on from the slightly baffling "They will soon be calling me MR BREXIT!" tweet from US Presidential candidate Donald Trump, the Telegraph's Tim Wallace has laid out why he believes Mr Trump is a "bigger threat to the global economy" than the UK's decision to leave the EU. In the Financial Times, BBC Money Box presenter Paul Lewis argues that the current weakness of the pound means the £75,000 limit on the amount of savings protected if a bank goes bust should rise. | |
| From the papers: There's been a bit of number crunching as the papers try to weigh up Brexit's impact on the economy, two months on. The Guardian looks back at the week's economic data to see if it amounts to "boom or gloom?" while the Telegraph comes down on the "boom" side of the argument, claiming it has the "five charts which show Britain has escaped an economics apocalypse". However elsewhere in the Telegraph, Allister Heath says that economists should "relearn a little humility" and admit that they cannot yet grasp the impact of a massive event such as Brexit as it is "far too soon" to tell. The Economist examines the difficulties of trying to leave the EU within the allotted two-year period, once Article 50 has been triggered, when trade deals are years in the making. | |
| Further reading: | Further reading: |
| The Spectator says "it's time to defend Brexit", arguing there has been "silence" from Vote Leave and: "Brexit risks being defined by its enemies and moulded to fit their caricature." | The Spectator says "it's time to defend Brexit", arguing there has been "silence" from Vote Leave and: "Brexit risks being defined by its enemies and moulded to fit their caricature." |
| Harry Phibbs, for Heatst.com, says reality is "finally silencing the Brexit doom-mongers" following news of a fall in unemployment claims and a boost to retail sales in July. | Harry Phibbs, for Heatst.com, says reality is "finally silencing the Brexit doom-mongers" following news of a fall in unemployment claims and a boost to retail sales in July. |
| YouGov says its polling suggests most people - 69% to 22% - believe, to quote Theresa May, "Brexit means Brexit" but there is little support for a "hard Brexit" with the UK leaving without seeking any formal trading relationship. | YouGov says its polling suggests most people - 69% to 22% - believe, to quote Theresa May, "Brexit means Brexit" but there is little support for a "hard Brexit" with the UK leaving without seeking any formal trading relationship. |
| And finally... | And finally... |
| Does Team GB's success in Rio bode well for Britain post-Brexit? The UK correspondent of Germany's Die Welt, Thomas Kielinger, says its history shows it has the ability to adapt and England is "not yet lost". "You just need to look at the Olympic medal table," he adds. Other European press commentators think otherwise. | Does Team GB's success in Rio bode well for Britain post-Brexit? The UK correspondent of Germany's Die Welt, Thomas Kielinger, says its history shows it has the ability to adapt and England is "not yet lost". "You just need to look at the Olympic medal table," he adds. Other European press commentators think otherwise. |
| Thursday 18 August | Thursday 18 August |
| The main event: A new report from the Equality and Human Rights Commission has highlighted a "very worrying combination of a post-Brexit rise in hate crime and long-term systemic unfairness and race inequality", in the words of its chairman David Isaac. The review found that black and ethnic minority people in Britain still face "entrenched" race inequality in many areas including health, education, employment and housing. BBC political correspondent Ross Hawkins said the report also concluded there had been "a spike in racism and hate crime in England and Wales after the Brexit vote" while Scotland, where a majority voted to remain in the EU, showed lower levels of hate crime. The commission said "the evidence suggests the minority of people with racist attitudes used that result to legitimise racism", our reporter added, though he cautioned that the report's footnotes say the spike could also be due to "increased reporting of these events". | The main event: A new report from the Equality and Human Rights Commission has highlighted a "very worrying combination of a post-Brexit rise in hate crime and long-term systemic unfairness and race inequality", in the words of its chairman David Isaac. The review found that black and ethnic minority people in Britain still face "entrenched" race inequality in many areas including health, education, employment and housing. BBC political correspondent Ross Hawkins said the report also concluded there had been "a spike in racism and hate crime in England and Wales after the Brexit vote" while Scotland, where a majority voted to remain in the EU, showed lower levels of hate crime. The commission said "the evidence suggests the minority of people with racist attitudes used that result to legitimise racism", our reporter added, though he cautioned that the report's footnotes say the spike could also be due to "increased reporting of these events". |
| Also in the news: A former Conservative Party treasurer has suggested the departure of David Cameron and George Osborne following the Brexit vote may have been "unnecessary". Peter Cruddas, who was a key financial backer of the Vote Leave campaign, told BBC Radio 5 Live's Wake Up to Money that he couldn't understand why the then-PM and chancellor risked their positions by backing Remain. "I couldn't see why the politicians - the prime minister and the chancellor - really took sides," he said. "You know it's up to the people to decide, are we in are we out? Sure they can give their opinions, but to campaign hard for one side left them in an untenable position. And I still don't understand why they left themselves in an untenable position." Mr Cameron resigned as prime minister following the referendum result and Mr Osborne left the cabinet when Theresa May took over. | Also in the news: A former Conservative Party treasurer has suggested the departure of David Cameron and George Osborne following the Brexit vote may have been "unnecessary". Peter Cruddas, who was a key financial backer of the Vote Leave campaign, told BBC Radio 5 Live's Wake Up to Money that he couldn't understand why the then-PM and chancellor risked their positions by backing Remain. "I couldn't see why the politicians - the prime minister and the chancellor - really took sides," he said. "You know it's up to the people to decide, are we in are we out? Sure they can give their opinions, but to campaign hard for one side left them in an untenable position. And I still don't understand why they left themselves in an untenable position." Mr Cameron resigned as prime minister following the referendum result and Mr Osborne left the cabinet when Theresa May took over. |
| Financial news: The Co-operative Bank has said economic uncertainty following the UK's Brexit vote may hamper growth. The bank, which almost collapsed in 2013, after bad property loans contributed to a £1.5bn hole in its finances, said market conditions are "challenging" for retail banks. The Bank of England lowered interest rates at the beginning of August to a record low, as part of measures to stimulate the UK economy after the Brexit vote. Co-op Bank said the vote could also lead to a contraction in the UK property market, affecting mortgage loan growth. While banks might be feeling the pinch, warmer weather and a weaker pound helped boost retail sales in July, according to official data. The retail data went against expectations of an immediate hit to consumer confidence from the UK's vote to leave the European Union - though some analysts predicted tougher times ahead. And the weaker pound could benefit farmers, who - for the time being - still receive payments under the European Union's Common Agricultural Policy (CAP). The payments are calculated in euros, meaning there could be a 15% increase in farmers' EU subsidies once they're converted into sterling - about an extra £500m. | Financial news: The Co-operative Bank has said economic uncertainty following the UK's Brexit vote may hamper growth. The bank, which almost collapsed in 2013, after bad property loans contributed to a £1.5bn hole in its finances, said market conditions are "challenging" for retail banks. The Bank of England lowered interest rates at the beginning of August to a record low, as part of measures to stimulate the UK economy after the Brexit vote. Co-op Bank said the vote could also lead to a contraction in the UK property market, affecting mortgage loan growth. While banks might be feeling the pinch, warmer weather and a weaker pound helped boost retail sales in July, according to official data. The retail data went against expectations of an immediate hit to consumer confidence from the UK's vote to leave the European Union - though some analysts predicted tougher times ahead. And the weaker pound could benefit farmers, who - for the time being - still receive payments under the European Union's Common Agricultural Policy (CAP). The payments are calculated in euros, meaning there could be a 15% increase in farmers' EU subsidies once they're converted into sterling - about an extra £500m. |
| From the papers: The Telegraph's business section reports that ratings agency Moody's predicts that "Britain's economy will slow down but will not go anywhere close to a recession". The agency says a fall in sterling should offset the "negative effect" of post-Brexit vote uncertainty, though risks including further hikes in US interest rates "could derail this forecast". The Financial Times says a fall in UK unemployment figures in July are "a sign of the labour market's resilience after June's vote to leave the EU", although a fall in vacancies sent a gloomier signal. Elsewhere, Wednesday's figures showing the number of EU workers in the UK has risen to 2.2m attracts the attention of the leader writers in three of the papers that backed Brexit. The Daily Express call on the prime minister to "demonstrate a firm commitment to border controls" during the Brexit negotiations. "Nobody wants to see the EU workers currently living here threatened with deportation," the paper says. "However it remains the case that we cannot accept a never-ending flow of new arrivals." The Sun says: "Jobs, wages and public services are under enormous strain. Brexit has handed Mrs May the mandate to fix that historic error." Meanwhile, the Daily Mail urges the prime minister to "hurry up and seize" the "great opportunities for a self-governing Britain" that it says Brexit provides. | From the papers: The Telegraph's business section reports that ratings agency Moody's predicts that "Britain's economy will slow down but will not go anywhere close to a recession". The agency says a fall in sterling should offset the "negative effect" of post-Brexit vote uncertainty, though risks including further hikes in US interest rates "could derail this forecast". The Financial Times says a fall in UK unemployment figures in July are "a sign of the labour market's resilience after June's vote to leave the EU", although a fall in vacancies sent a gloomier signal. Elsewhere, Wednesday's figures showing the number of EU workers in the UK has risen to 2.2m attracts the attention of the leader writers in three of the papers that backed Brexit. The Daily Express call on the prime minister to "demonstrate a firm commitment to border controls" during the Brexit negotiations. "Nobody wants to see the EU workers currently living here threatened with deportation," the paper says. "However it remains the case that we cannot accept a never-ending flow of new arrivals." The Sun says: "Jobs, wages and public services are under enormous strain. Brexit has handed Mrs May the mandate to fix that historic error." Meanwhile, the Daily Mail urges the prime minister to "hurry up and seize" the "great opportunities for a self-governing Britain" that it says Brexit provides. |
| Further reading: | Further reading: |
| And finally... | And finally... |
| The British Olympic Association has told a leading Brexit campaign group to stop using Team GB images in its social media posts. The group has received a letter - which it posted on its website - warning that its use of "Olympic-related intellectual property" was an infringement of the BOA's rights. Leave.EU said it would "continue to publish stories that showcase how Britain is thriving as we Leave the European Union" and accused the BOA of suing it "for pointing out how great Team GB are doing". However, the BOA said no legal action had been taken. Across the pond, US presidential candidate Donald Trump has, for some reason nobody seems able to fathom, tweeted: "They will soon be calling me MR. BREXIT!" As ex-Labour MP Ed Balls knows only too well, such cryptic tweeting invites merciless mockery. "Just to clarify for any Americans reading, we Britons have no idea what 'MR BREXIT' means either," read one tweet, while another Twitter user wrote: "Mr Brexit sounds like the worst superhero ever." And a Mr Brexit tweeted: "They will soon be calling me MR. TRUMP!". The Republican candidate was a keen supporter of Britain's exit from the EU, predicting, after the result, that the country would thrive. | The British Olympic Association has told a leading Brexit campaign group to stop using Team GB images in its social media posts. The group has received a letter - which it posted on its website - warning that its use of "Olympic-related intellectual property" was an infringement of the BOA's rights. Leave.EU said it would "continue to publish stories that showcase how Britain is thriving as we Leave the European Union" and accused the BOA of suing it "for pointing out how great Team GB are doing". However, the BOA said no legal action had been taken. Across the pond, US presidential candidate Donald Trump has, for some reason nobody seems able to fathom, tweeted: "They will soon be calling me MR. BREXIT!" As ex-Labour MP Ed Balls knows only too well, such cryptic tweeting invites merciless mockery. "Just to clarify for any Americans reading, we Britons have no idea what 'MR BREXIT' means either," read one tweet, while another Twitter user wrote: "Mr Brexit sounds like the worst superhero ever." And a Mr Brexit tweeted: "They will soon be calling me MR. TRUMP!". The Republican candidate was a keen supporter of Britain's exit from the EU, predicting, after the result, that the country would thrive. |
| Wednesday 17 August | Wednesday 17 August |
| The main event: The number of UK workers from eight eastern European countries that joined the EU in 2004 has passed one million for the first time. From April to June, workers from the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia increased by 44,000 compared to the same period in 2015. Official figures showed there were now a total of 2.23m EU workers in Britain. UK unemployment fell during the same three-month period. | The main event: The number of UK workers from eight eastern European countries that joined the EU in 2004 has passed one million for the first time. From April to June, workers from the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia increased by 44,000 compared to the same period in 2015. Official figures showed there were now a total of 2.23m EU workers in Britain. UK unemployment fell during the same three-month period. |
| Also in the news: Labour leader Jeremy Corbyn has said he wishes the UK had voted to remain in the EU as he faced renewed criticism of his role in the referendum campaign. "I did my best in that campaign," he insisted at a live BBC leadership hustings in front of party members. But one audience member said angrily: "David Cameron came across far more passionately than you ever did." However, another said he had been a Eurosceptic but Mr Corbyn persuaded him to vote Remain in June. Leadership rival Owen Smith said a deal reached in negotiations on leaving the EU should be "put back to the British people in a second referendum". And Scotland's First Minister, Nicola Sturgeon, has said it was "disgraceful" that the UK had not guaranteed the right of EU nationals to remain. She called for a guarantee as she hosted a question and answer session with hundreds of EU nationals, many of them concerned about whether they would have the right to live and work in Scotland when the UK leaves the EU. | Also in the news: Labour leader Jeremy Corbyn has said he wishes the UK had voted to remain in the EU as he faced renewed criticism of his role in the referendum campaign. "I did my best in that campaign," he insisted at a live BBC leadership hustings in front of party members. But one audience member said angrily: "David Cameron came across far more passionately than you ever did." However, another said he had been a Eurosceptic but Mr Corbyn persuaded him to vote Remain in June. Leadership rival Owen Smith said a deal reached in negotiations on leaving the EU should be "put back to the British people in a second referendum". And Scotland's First Minister, Nicola Sturgeon, has said it was "disgraceful" that the UK had not guaranteed the right of EU nationals to remain. She called for a guarantee as she hosted a question and answer session with hundreds of EU nationals, many of them concerned about whether they would have the right to live and work in Scotland when the UK leaves the EU. |
| Financial news: Total UK unemployment dropped between April and June in the run-up to the Brexit vote, official figures indicate. The UK's jobless total fell by 52,000 to 1.64 million and the unemployment rate remained at 4.9%. Howard Archer of IHS Global Insight said that the UK economy showed "impressive resilience in the run-up to the EU referendum and the immediate aftermath of the vote to leave". However, he warned: "It is premature to draw any firm conclusions from this... It remains likely that softening economic activity and heightened uncertainty will take a toll on the labour market over the coming months." And for the first time in at least three years, British holidaymakers have found that a pound buys less than a euro at some bureaux de change. | Financial news: Total UK unemployment dropped between April and June in the run-up to the Brexit vote, official figures indicate. The UK's jobless total fell by 52,000 to 1.64 million and the unemployment rate remained at 4.9%. Howard Archer of IHS Global Insight said that the UK economy showed "impressive resilience in the run-up to the EU referendum and the immediate aftermath of the vote to leave". However, he warned: "It is premature to draw any firm conclusions from this... It remains likely that softening economic activity and heightened uncertainty will take a toll on the labour market over the coming months." And for the first time in at least three years, British holidaymakers have found that a pound buys less than a euro at some bureaux de change. |
| From the papers: The Times says figures showing a record number of people from eastern Europe were employed in the UK "will heap pressure on Theresa May before formal Brexit negotiations begin". Its article adds: "The free movement of people within the EU is likely to be a central issue." Meanwhile the Daily Mail interprets comments by German minister Michael Roth as indicating "Britain will be given a 'special status' by the rest of the EU". EU officials have said access to the single market is conditional on states accepting freedom of movement of people but, while Mr Roth said there could not be "cherry-picking" by the UK, he added: "Given Britain's size, significance and its long membership of the European Union, there will probably be a special status which only bears limited comparison to that of countries that have never belonged to the European Union." | From the papers: The Times says figures showing a record number of people from eastern Europe were employed in the UK "will heap pressure on Theresa May before formal Brexit negotiations begin". Its article adds: "The free movement of people within the EU is likely to be a central issue." Meanwhile the Daily Mail interprets comments by German minister Michael Roth as indicating "Britain will be given a 'special status' by the rest of the EU". EU officials have said access to the single market is conditional on states accepting freedom of movement of people but, while Mr Roth said there could not be "cherry-picking" by the UK, he added: "Given Britain's size, significance and its long membership of the European Union, there will probably be a special status which only bears limited comparison to that of countries that have never belonged to the European Union." |
| Further reading: | Further reading: |
| And finally... | And finally... |
| Did Daphne du Maurier predict Brexit? Breaking apart from Europe, resentment towards Westminster elites, financial uncertainty - the author anticipated it all in her 1972 novel Rule Britannia. It imagines a future UK facing severe economic instability after joining and then leaving the EU's predecessor, the Common Market. The electorate has voted to leave in a referendum and the government has instead formed a new union with the United States. However, when the marines arrive on British soil, it begins to look like an invasion. Du Maurier also envisions a divided political nation, with London-based characters such as the prime minister and financiers showing support for union with the United States, while much of the rest of the country fiercely resists. | Did Daphne du Maurier predict Brexit? Breaking apart from Europe, resentment towards Westminster elites, financial uncertainty - the author anticipated it all in her 1972 novel Rule Britannia. It imagines a future UK facing severe economic instability after joining and then leaving the EU's predecessor, the Common Market. The electorate has voted to leave in a referendum and the government has instead formed a new union with the United States. However, when the marines arrive on British soil, it begins to look like an invasion. Du Maurier also envisions a divided political nation, with London-based characters such as the prime minister and financiers showing support for union with the United States, while much of the rest of the country fiercely resists. |
| Tuesday 16 August | Tuesday 16 August |
| The main event: A leading Vote Leave figure has said EU citizens in the UK have been "left in limbo" since the referendum. Labour MP Gisela Stuart is to head a cross-party inquiry, for the British Future think tank, which will examine what kind of legal status could be granted to EU citizens in the UK. Ms Stuart, former co-chair of the Vote Leave campaign, said the government should make clear "soon" that EU citizens in the UK - about three million people - will be allowed to stay after Brexit. Ministers have said it would be "unwise" to fully "guarantee" EU citizens' rights without a deal for Britons abroad. | The main event: A leading Vote Leave figure has said EU citizens in the UK have been "left in limbo" since the referendum. Labour MP Gisela Stuart is to head a cross-party inquiry, for the British Future think tank, which will examine what kind of legal status could be granted to EU citizens in the UK. Ms Stuart, former co-chair of the Vote Leave campaign, said the government should make clear "soon" that EU citizens in the UK - about three million people - will be allowed to stay after Brexit. Ministers have said it would be "unwise" to fully "guarantee" EU citizens' rights without a deal for Britons abroad. |
| Also in the news: New Secretary of State James Brokenshire is on a fortnight's tour of Northern Ireland to canvass public opinion on the implications of Brexit. The Northern Ireland secretary said he hoped to spend August talking to business and community leaders and politicians, and would also meet groups representing victims and survivors of the Troubles. Mr Brokenshire said the UK was "a great and strong country with a bright future" and that Northern Ireland would have "a huge part to play" in that future. A majority of voters in Northern Ireland backed remaining in the EU and some politicians have voiced concerns about the implications for the land border with the Republic of Ireland. | Also in the news: New Secretary of State James Brokenshire is on a fortnight's tour of Northern Ireland to canvass public opinion on the implications of Brexit. The Northern Ireland secretary said he hoped to spend August talking to business and community leaders and politicians, and would also meet groups representing victims and survivors of the Troubles. Mr Brokenshire said the UK was "a great and strong country with a bright future" and that Northern Ireland would have "a huge part to play" in that future. A majority of voters in Northern Ireland backed remaining in the EU and some politicians have voiced concerns about the implications for the land border with the Republic of Ireland. |
| Financial news: UK inflation, as measured by the Consumer Prices Index (CPI), rose to 0.6% in the year to July 2016, according to the Office for National Statistics. The price of goods bought and sold by UK manufacturers, the Producer Price Index, rose by 0.3% in the year to July 2016 following two years of falls. "There was no obvious impact on today's consumer prices figures following the EU referendum results, though the Producer Prices Index suggests the fall in the exchange rate is beginning to push up import prices faced by manufacturers," said Mike Prestwood, head of prices at the ONS. Meanwhile, the UK's benchmark share index fell in early trade, while the pound remained weak ahead of a big few days for economic statistics. Sterling has been under pressure as analysts wait for a string of key UK economic data due this week. | Financial news: UK inflation, as measured by the Consumer Prices Index (CPI), rose to 0.6% in the year to July 2016, according to the Office for National Statistics. The price of goods bought and sold by UK manufacturers, the Producer Price Index, rose by 0.3% in the year to July 2016 following two years of falls. "There was no obvious impact on today's consumer prices figures following the EU referendum results, though the Producer Prices Index suggests the fall in the exchange rate is beginning to push up import prices faced by manufacturers," said Mike Prestwood, head of prices at the ONS. Meanwhile, the UK's benchmark share index fell in early trade, while the pound remained weak ahead of a big few days for economic statistics. Sterling has been under pressure as analysts wait for a string of key UK economic data due this week. |
| From the papers: The Guardian leads with coverage of a report from the Resolution Foundation which found, in the paper's words, that "damage to the economy caused by Brexit will more than offset the modest wage gains for British-born workers in low-paid jobs caused by cutting net migration to the tens of thousands a year". The Guardian says the think tank's report showed there "would be a small pay increase to native-born employees in sectors such as security and cleaning" but that "would fail to compensate" for higher inflation and an economic slowdown. The Daily Mail's comments section, however, says the report highlights "the negative effects of cheap foreign labour". It calls on the government "to implement a points system to control migration from within the EU without delay". And the Times reacts to the announcement on Monday that Foreign Secretary Boris Johnson is standing in for Theresa May this week: "Cripes! PM puts Johnson in charge for second half of holiday." After Mr Johnson abandoned his own leadership hopes after the EU referendum, he is now "not only politically rehabilitated but running the country", the Times adds. | From the papers: The Guardian leads with coverage of a report from the Resolution Foundation which found, in the paper's words, that "damage to the economy caused by Brexit will more than offset the modest wage gains for British-born workers in low-paid jobs caused by cutting net migration to the tens of thousands a year". The Guardian says the think tank's report showed there "would be a small pay increase to native-born employees in sectors such as security and cleaning" but that "would fail to compensate" for higher inflation and an economic slowdown. The Daily Mail's comments section, however, says the report highlights "the negative effects of cheap foreign labour". It calls on the government "to implement a points system to control migration from within the EU without delay". And the Times reacts to the announcement on Monday that Foreign Secretary Boris Johnson is standing in for Theresa May this week: "Cripes! PM puts Johnson in charge for second half of holiday." After Mr Johnson abandoned his own leadership hopes after the EU referendum, he is now "not only politically rehabilitated but running the country", the Times adds. |
| Further reading: | Further reading: |
| And finally... | And finally... |
| After Liberal Democrat leader Tim Farron said that "putting Boris in charge of the country is like putting the Chuckle Brothers in charge of Newsnight", the BBC programme did exactly that. | After Liberal Democrat leader Tim Farron said that "putting Boris in charge of the country is like putting the Chuckle Brothers in charge of Newsnight", the BBC programme did exactly that. |
| Monday 15 August | Monday 15 August |
| The main event: EU funding for farmers, scientists and other projects will be replaced by the Treasury after Brexit, Chancellor Philip Hammond has said. In a move which could cost up to £6bn a year, the Treasury announced that it would guarantee to back EU-funded projects signed before the chancellor's Autumn Statement later this year. Agricultural funding now provided by the EU will also continue until 2020. Shadow chancellor John McDonnell welcomed the weekend announcement but called on Mr Hammond to "speak up on the importance of keeping Britain's membership of the European Investment Bank". The Scottish government's Finance Minister, Derek Mackay, said the funding "leaves Scotland hundreds of millions of pounds short of what we would receive as members of the EU". And Welsh First Minister Carwyn Jones said the guarantee only covers "about half" of regional funding for Wales. | The main event: EU funding for farmers, scientists and other projects will be replaced by the Treasury after Brexit, Chancellor Philip Hammond has said. In a move which could cost up to £6bn a year, the Treasury announced that it would guarantee to back EU-funded projects signed before the chancellor's Autumn Statement later this year. Agricultural funding now provided by the EU will also continue until 2020. Shadow chancellor John McDonnell welcomed the weekend announcement but called on Mr Hammond to "speak up on the importance of keeping Britain's membership of the European Investment Bank". The Scottish government's Finance Minister, Derek Mackay, said the funding "leaves Scotland hundreds of millions of pounds short of what we would receive as members of the EU". And Welsh First Minister Carwyn Jones said the guarantee only covers "about half" of regional funding for Wales. |
| Also in the news: At a briefing for reporters, the prime minister's spokesman insisted that triggering Article 50 of the Lisbon Treaty, starting the two-year process for the UK to leave the EU, "won't happen before the end of 2016" - even when asked whether it may or may not be triggered at any time in 2017. If the process does not begin in 2017, that could mean the UK does not actually leave the EU until 2020. The spokesman also said Foreign Secretary Boris Johnson is the senior minister on duty in London this week, while Theresa May is on holiday in Switzerland, but he insisted the PM "is still very much in charge". Over the weekend, UKIP's Suzanne Evans told the BBC there was no need for the government to trigger Article 50, as it can bypass negotiations by transferring EU law into UK law. The government could then repeal the 1972 European Communities Act and "we'd be out as soon as Parliament voted on that", she claimed. She added that the person who wrote Article 50 "never thought it would be used" by an EU member state. And UKIP MEP Tim Aker told the Westminster Hour that, if the government does not put an end to free movement during Brexit negotiations, his party "wouldn't be able to print the membership forms quick enough for people to take them away". | Also in the news: At a briefing for reporters, the prime minister's spokesman insisted that triggering Article 50 of the Lisbon Treaty, starting the two-year process for the UK to leave the EU, "won't happen before the end of 2016" - even when asked whether it may or may not be triggered at any time in 2017. If the process does not begin in 2017, that could mean the UK does not actually leave the EU until 2020. The spokesman also said Foreign Secretary Boris Johnson is the senior minister on duty in London this week, while Theresa May is on holiday in Switzerland, but he insisted the PM "is still very much in charge". Over the weekend, UKIP's Suzanne Evans told the BBC there was no need for the government to trigger Article 50, as it can bypass negotiations by transferring EU law into UK law. The government could then repeal the 1972 European Communities Act and "we'd be out as soon as Parliament voted on that", she claimed. She added that the person who wrote Article 50 "never thought it would be used" by an EU member state. And UKIP MEP Tim Aker told the Westminster Hour that, if the government does not put an end to free movement during Brexit negotiations, his party "wouldn't be able to print the membership forms quick enough for people to take them away". |
| Financial news: Some employers are becoming increasingly concerned about the potential impact of Brexit on their migrant workforces. Ian Brinkley, chief economist at HR professional body the CIPD, told BBC Radio 4's Today that some bosses are taking steps such as helping their employees to apply for British citizenship. If Brexit does happen, employers will have to spend more on skills and training, he said - but some could face recruitment issues given the already low unemployment rate and difficulties in getting staff from domestic sources. The FTSE 100 was becalmed as trading got underway for another week at 6,917 points - just 1.7 points higher. And housebuilder Bovis Homes said it was too early to tell what the impact of the EU referendum on the housing market would be but the "underlying market fundamentals for UK housing remain positive". | Financial news: Some employers are becoming increasingly concerned about the potential impact of Brexit on their migrant workforces. Ian Brinkley, chief economist at HR professional body the CIPD, told BBC Radio 4's Today that some bosses are taking steps such as helping their employees to apply for British citizenship. If Brexit does happen, employers will have to spend more on skills and training, he said - but some could face recruitment issues given the already low unemployment rate and difficulties in getting staff from domestic sources. The FTSE 100 was becalmed as trading got underway for another week at 6,917 points - just 1.7 points higher. And housebuilder Bovis Homes said it was too early to tell what the impact of the EU referendum on the housing market would be but the "underlying market fundamentals for UK housing remain positive". |
| From the papers: While Team GB's Olympics medal haul dominates the front pages, the Times reports that a holidaying Theresa May has intervened in a "turf war" between the senior minister in charge this week, Boris Johnson, and International Trade Secretary Liam Fox. The report follows a "leaked letter" obtained by the Sunday Telegraph. showing Dr Fox had "launched a power offensive" - in the Times' words - against Foreign Secretary Mr Johnson's department, suggesting the Foreign Office handle diplomacy and security but that promoting trade should belong to the Department for International Trade. However, Mr Johnson "robustly rejected the demands, it is understood". The PM created Dr Fox's department in the wake of the EU vote, also appointing David Davis as "Brexit secretary" - and the Times claims "civil servants fear that tensions will rise" between the two new departments and the Foreign Office. The PM's spokesman has said he "wasn't aware of" Mrs May having spoken to Mr Johnson or Dr Fox since the story of their row appeared. | From the papers: While Team GB's Olympics medal haul dominates the front pages, the Times reports that a holidaying Theresa May has intervened in a "turf war" between the senior minister in charge this week, Boris Johnson, and International Trade Secretary Liam Fox. The report follows a "leaked letter" obtained by the Sunday Telegraph. showing Dr Fox had "launched a power offensive" - in the Times' words - against Foreign Secretary Mr Johnson's department, suggesting the Foreign Office handle diplomacy and security but that promoting trade should belong to the Department for International Trade. However, Mr Johnson "robustly rejected the demands, it is understood". The PM created Dr Fox's department in the wake of the EU vote, also appointing David Davis as "Brexit secretary" - and the Times claims "civil servants fear that tensions will rise" between the two new departments and the Foreign Office. The PM's spokesman has said he "wasn't aware of" Mrs May having spoken to Mr Johnson or Dr Fox since the story of their row appeared. |
| Further reading: | Further reading: |
| And finally... | And finally... |
| It would be an understatement to say that Boris Johnson standing in during Theresa May's holiday does not exactly inspire confidence in Labour MP Angela Eagle. The former Labour leadership candidate tweeted simply: "What? Aghhhh" | It would be an understatement to say that Boris Johnson standing in during Theresa May's holiday does not exactly inspire confidence in Labour MP Angela Eagle. The former Labour leadership candidate tweeted simply: "What? Aghhhh" |
| Friday 12 August | Friday 12 August |
| The main event: Wales should be allowed to borrow more money to prevent the economy suffering a Brexit "slowdown", Plaid Cymru leader Leanne Wood has said. From April 2018, ministers in Cardiff Bay will have the power to borrow up to £500m of capital money to pay for infrastructure projects. Under an agreement with the UK government, that money will be available earlier if it is spent on the planned M4 relief road around Newport - but Ms Wood said there should be no restrictions on how the money is spent. A majority of voters in Wales backed leaving the EU in June's referendum. | The main event: Wales should be allowed to borrow more money to prevent the economy suffering a Brexit "slowdown", Plaid Cymru leader Leanne Wood has said. From April 2018, ministers in Cardiff Bay will have the power to borrow up to £500m of capital money to pay for infrastructure projects. Under an agreement with the UK government, that money will be available earlier if it is spent on the planned M4 relief road around Newport - but Ms Wood said there should be no restrictions on how the money is spent. A majority of voters in Wales backed leaving the EU in June's referendum. |
| Also in the news: A victims campaigner in Northern Ireland has launched a legal challenge to Brexit. Raymond McCord, whose son was murdered by loyalist paramilitaries, is seeking a judicial review, arguing that it would be unlawful to begin the formal process of the UK leaving the EU without a parliamentary vote. His legal team also claim it could undermine the UK's treaty obligations under the 1998 Good Friday Agreement and the peace process. It is the first challenge of its kind in Northern Ireland, though similar action is under way in England. | Also in the news: A victims campaigner in Northern Ireland has launched a legal challenge to Brexit. Raymond McCord, whose son was murdered by loyalist paramilitaries, is seeking a judicial review, arguing that it would be unlawful to begin the formal process of the UK leaving the EU without a parliamentary vote. His legal team also claim it could undermine the UK's treaty obligations under the 1998 Good Friday Agreement and the peace process. It is the first challenge of its kind in Northern Ireland, though similar action is under way in England. |
| Financial news: The CBI has said the UK's economic relationship with the United States needs "close care and attention" after the Brexit vote. With the details of the UK's future relationship with the EU - an important trading partner - far from clear, the business organisation said "the economic special relationship" between the US and the UK needs to be top of the list of government priorities. "The relationship between the US and UK is in incredibly good shape but we mustn't be complacent about it," said CBI director general Carolyn Fairbairn. Meanwhile, James Rosener, president of the European American Chamber of Commerce in New York, said US companies are now thinking hard about future investments and London could lose out to Frankfurt, Paris and Dublin. "I think the general consensus is there won't be any mass movement but it will occur in stages," he said. | Financial news: The CBI has said the UK's economic relationship with the United States needs "close care and attention" after the Brexit vote. With the details of the UK's future relationship with the EU - an important trading partner - far from clear, the business organisation said "the economic special relationship" between the US and the UK needs to be top of the list of government priorities. "The relationship between the US and UK is in incredibly good shape but we mustn't be complacent about it," said CBI director general Carolyn Fairbairn. Meanwhile, James Rosener, president of the European American Chamber of Commerce in New York, said US companies are now thinking hard about future investments and London could lose out to Frankfurt, Paris and Dublin. "I think the general consensus is there won't be any mass movement but it will occur in stages," he said. |
| From the papers: At the Guardian, columnist Martin Kettle dismisses "chatter in Westminster" about the prospect of an early election. He argues that Theresa May will not call one, having said so when she launched her campaign to succeed David Cameron. He writes: "She said it because she meant it, and in part because the markets needed to hear her say it so soon after the Brexit vote." The piece follows former Conservative activist Tim Montgomerie's view in the Times on Thursday that the PM has "an open goal" if she went for an early poll. "Going to the country looks the safer option for the Tories and will also help the Labour Party by killing off Corbynism," he claimed. | From the papers: At the Guardian, columnist Martin Kettle dismisses "chatter in Westminster" about the prospect of an early election. He argues that Theresa May will not call one, having said so when she launched her campaign to succeed David Cameron. He writes: "She said it because she meant it, and in part because the markets needed to hear her say it so soon after the Brexit vote." The piece follows former Conservative activist Tim Montgomerie's view in the Times on Thursday that the PM has "an open goal" if she went for an early poll. "Going to the country looks the safer option for the Tories and will also help the Labour Party by killing off Corbynism," he claimed. |
| And finally... | And finally... |
| Anyone for an organogram? The government has unveiled the senior team at the new Department for Exiting the European Union. The department is responsible for negotiating the UK's exit and forging a new relationship with the EU. An organogram is a sort of professional family tree that shows the structure of an organisation in the form of a diagram. Heaven for politics and management geeks - if you can make sense of it. | Anyone for an organogram? The government has unveiled the senior team at the new Department for Exiting the European Union. The department is responsible for negotiating the UK's exit and forging a new relationship with the EU. An organogram is a sort of professional family tree that shows the structure of an organisation in the form of a diagram. Heaven for politics and management geeks - if you can make sense of it. |
| Thursday 11 August | Thursday 11 August |
| The main event: The UK housing market paused for breath after the Brexit vote, but could take off again over the next 12 months, a poll of surveyors has suggested. The Royal Institution of Chartered Surveyors (Rics) survey showed house price rises slowed significantly in the three months to the end of July. However, the Rics survey suggests that house price inflation could resume its upward path within a year. A month ago - in the wake of the EU vote - surveyors were evenly divided about whether prices would rise or fall over the next 12 months. But any such growth is likely to be modest compared to 2015, or the start of 2016, when prices were rising by up to 10% a year. | The main event: The UK housing market paused for breath after the Brexit vote, but could take off again over the next 12 months, a poll of surveyors has suggested. The Royal Institution of Chartered Surveyors (Rics) survey showed house price rises slowed significantly in the three months to the end of July. However, the Rics survey suggests that house price inflation could resume its upward path within a year. A month ago - in the wake of the EU vote - surveyors were evenly divided about whether prices would rise or fall over the next 12 months. But any such growth is likely to be modest compared to 2015, or the start of 2016, when prices were rising by up to 10% a year. |
| Also in the news: Theresa May is to take a summer holiday in Switzerland after her first month as prime minister, Number 10 has announced. Despite being in the heart of Europe, Switzerland is not an EU member or a member of the European Economic Area, but signed its first free trade agreement with the EU in 1972. It is currently embroiled in long-running talks with the EU over how to implement a 2014 referendum result in which the Swiss people backed limiting immigration through quotas, including EU citizens. But the PM has previously said she loves holidaying there because she can get some "peace and quiet". | Also in the news: Theresa May is to take a summer holiday in Switzerland after her first month as prime minister, Number 10 has announced. Despite being in the heart of Europe, Switzerland is not an EU member or a member of the European Economic Area, but signed its first free trade agreement with the EU in 1972. It is currently embroiled in long-running talks with the EU over how to implement a 2014 referendum result in which the Swiss people backed limiting immigration through quotas, including EU citizens. But the PM has previously said she loves holidaying there because she can get some "peace and quiet". |
| Financial news: While the FTSE 100 fell, shares in travel group TUI climbed as it reaffirmed profit forecasts despite a difficult year for the travel industry. The company - which includes Thomson and Hapag-Lloyd cruises - said there had been "no apparent slowdown" in UK bookings following the Brexit vote. TUI said it can charge more for countries such as Spain as demand shifts there from North Africa and Turkey. | Financial news: While the FTSE 100 fell, shares in travel group TUI climbed as it reaffirmed profit forecasts despite a difficult year for the travel industry. The company - which includes Thomson and Hapag-Lloyd cruises - said there had been "no apparent slowdown" in UK bookings following the Brexit vote. TUI said it can charge more for countries such as Spain as demand shifts there from North Africa and Turkey. |
| From the papers: The Financial Times reports that a fall in yields from government bonds has led to fears that the UK pensions industry faces a funding crisis. The Bank of England launched a "£70bn bond-buying plan", the paper said, "to stimulate the economy amid fears of a Brexit-related slowdown" which has pushed up prices and cut returns for investors. Pension funds invest heavily in government bonds and "the accelerating collapse of yields has widened already substantial gaps in many big pension funds". The FT also reports on the return of "some optimism" to the housing market. The Telegraph, meanwhile, noted that "Theresa May is following in the footsteps of the late Baroness Thatcher" by holidaying in Switzerland. "The late Baroness Thatcher holidayed in Switzerland several times during her premiership with the retired Tory MP Sir Douglas Glover and his wife Eleanor at their lakeside home in Schloss Freudenberg," the paper reported. | From the papers: The Financial Times reports that a fall in yields from government bonds has led to fears that the UK pensions industry faces a funding crisis. The Bank of England launched a "£70bn bond-buying plan", the paper said, "to stimulate the economy amid fears of a Brexit-related slowdown" which has pushed up prices and cut returns for investors. Pension funds invest heavily in government bonds and "the accelerating collapse of yields has widened already substantial gaps in many big pension funds". The FT also reports on the return of "some optimism" to the housing market. The Telegraph, meanwhile, noted that "Theresa May is following in the footsteps of the late Baroness Thatcher" by holidaying in Switzerland. "The late Baroness Thatcher holidayed in Switzerland several times during her premiership with the retired Tory MP Sir Douglas Glover and his wife Eleanor at their lakeside home in Schloss Freudenberg," the paper reported. |
| More reading: | More reading: |
| And finally... | And finally... |
| An Ulster Unionist MLA has bitten back at Northern Ireland's first minister after she compared him to a "Chihuahua" in a verbal dog fight over Brexit. Arlene Foster campaigned for Brexit but the UUP accused her of a "U-turn" after she signed a joint letter to the prime minister outlining several concerns. Mrs Foster said the UUP had set up MLA Steven Aiken as its "attack dog" but claimed he was more like a Chihuahua. He snapped back that Chihuahuas were "small but intelligent and ferocious". | An Ulster Unionist MLA has bitten back at Northern Ireland's first minister after she compared him to a "Chihuahua" in a verbal dog fight over Brexit. Arlene Foster campaigned for Brexit but the UUP accused her of a "U-turn" after she signed a joint letter to the prime minister outlining several concerns. Mrs Foster said the UUP had set up MLA Steven Aiken as its "attack dog" but claimed he was more like a Chihuahua. He snapped back that Chihuahuas were "small but intelligent and ferocious". |
| Wednesday 10 August | Wednesday 10 August |
| The main event: The cost to the UK of leaving the European Union without negotiating a replacement trade deal has been highlighted in a new report. The Institute for Fiscal Studies (IFS) said that if the UK failed to negotiate any new trade arrangements, the cost could be the equivalent of 4% of economic output. The government has yet to start negotiating the UK's departure from the EU following the vote to leave in June. Ian Mitchell, IFS research associate and co-author of the report, said: "From an economic point of view we still face some very big choices indeed in terms of our future relationship with the EU. There is all the difference in the world between 'access to' and 'membership of' the single market. Membership is likely to offer significant economic benefits, particularly for trade in services." | The main event: The cost to the UK of leaving the European Union without negotiating a replacement trade deal has been highlighted in a new report. The Institute for Fiscal Studies (IFS) said that if the UK failed to negotiate any new trade arrangements, the cost could be the equivalent of 4% of economic output. The government has yet to start negotiating the UK's departure from the EU following the vote to leave in June. Ian Mitchell, IFS research associate and co-author of the report, said: "From an economic point of view we still face some very big choices indeed in terms of our future relationship with the EU. There is all the difference in the world between 'access to' and 'membership of' the single market. Membership is likely to offer significant economic benefits, particularly for trade in services." |
| Also in the news: Nicola Sturgeon has announced £100m of extra funding to boost Scotland's economy and support businesses in the wake of the UK's vote to leave the EU. The Scottish government is to create extra support for job-creating projects and arrangements to help businesses deal with uncertainty. Ms Sturgeon has also called for the UK government to help boost the economy. The UK government's Scottish Secretary, David Mundell, is also to hold talks with business leaders and youth groups about Brexit - and has said he will work closely with the Scottish government. And a former adviser to the Welsh government has said Wales needs a dedicated minister for Brexit to co-ordinate its response to leaving the EU. Economist Gerry Holtham said plans to appoint an advisory group of business leaders and experts were "probably not sufficient". | Also in the news: Nicola Sturgeon has announced £100m of extra funding to boost Scotland's economy and support businesses in the wake of the UK's vote to leave the EU. The Scottish government is to create extra support for job-creating projects and arrangements to help businesses deal with uncertainty. Ms Sturgeon has also called for the UK government to help boost the economy. The UK government's Scottish Secretary, David Mundell, is also to hold talks with business leaders and youth groups about Brexit - and has said he will work closely with the Scottish government. And a former adviser to the Welsh government has said Wales needs a dedicated minister for Brexit to co-ordinate its response to leaving the EU. Economist Gerry Holtham said plans to appoint an advisory group of business leaders and experts were "probably not sufficient". |
| Financial news: The Bank of England has stumbled in its post-Brexit economic stimulus plans after it failed to find enough sellers for new bond buying programme. It fell £52m short of its £1.17bn target to buy long-dated government debt, which has driven up prices and pushed down the return to investors. Printing money to buy up government bonds is a key plank in the Bank's plans to boost the economy, along with a cut in interest rates to a record low of 0.25%. In a statement, the Bank said it will make up the shortfall in the second half of the year, with details of exactly when to be announced in November. Meanwhile, a post-referendum fall in sterling has left the Ministry of Defence facing extra costs of up to £700m a year, say defence experts. The Royal United Services Institute (RUSI) says the increased costs are due to military equipment purchases made in US dollars. | Financial news: The Bank of England has stumbled in its post-Brexit economic stimulus plans after it failed to find enough sellers for new bond buying programme. It fell £52m short of its £1.17bn target to buy long-dated government debt, which has driven up prices and pushed down the return to investors. Printing money to buy up government bonds is a key plank in the Bank's plans to boost the economy, along with a cut in interest rates to a record low of 0.25%. In a statement, the Bank said it will make up the shortfall in the second half of the year, with details of exactly when to be announced in November. Meanwhile, a post-referendum fall in sterling has left the Ministry of Defence facing extra costs of up to £700m a year, say defence experts. The Royal United Services Institute (RUSI) says the increased costs are due to military equipment purchases made in US dollars. |
| From the papers: "Britain could be up to £70bn worse off if it leaves the single market after Brexit because of slower growth," is the Telegraph's take on the IFS report. The article adds that EU leaders "have warned that Britain cannot remain a full member of the single market without agreeing to the free movement of EU migrants". The Times reports that "the value of the pound fell to its lowest level in a month" following a widening of the UK's trade deficit and warnings of more quantitative easing. The Express, meanwhile, says the UK adopting the so-called "Norwegian model" of single market membership outside the EU could be blocked by Norway itself. "Oslo has said it may throw a huge spanner in the works by vetoing any future UK membership of the European Free Trade Association (EFTA) over fears such a large country would dominate the small group," the paper claims, However, it also quotes the leader of Norway's Socialist Left party arguing that the UK could help secure a better deal for countries including Norway. The Guardian has an extract from a new book by US economist Joseph Stiglitz, who argues that the EU's problems are chiefly the fault of the euro, which needs to be "radically rethought". Mr Stiglitz writes: "While there are many factors contributing to Europe's travails, there is one underlying mistake: the creation of the single currency, the euro. Or, more precisely, the creation of a single currency without establishing a set of institutions that enabled a region of Europe's diversity to function effectively." | From the papers: "Britain could be up to £70bn worse off if it leaves the single market after Brexit because of slower growth," is the Telegraph's take on the IFS report. The article adds that EU leaders "have warned that Britain cannot remain a full member of the single market without agreeing to the free movement of EU migrants". The Times reports that "the value of the pound fell to its lowest level in a month" following a widening of the UK's trade deficit and warnings of more quantitative easing. The Express, meanwhile, says the UK adopting the so-called "Norwegian model" of single market membership outside the EU could be blocked by Norway itself. "Oslo has said it may throw a huge spanner in the works by vetoing any future UK membership of the European Free Trade Association (EFTA) over fears such a large country would dominate the small group," the paper claims, However, it also quotes the leader of Norway's Socialist Left party arguing that the UK could help secure a better deal for countries including Norway. The Guardian has an extract from a new book by US economist Joseph Stiglitz, who argues that the EU's problems are chiefly the fault of the euro, which needs to be "radically rethought". Mr Stiglitz writes: "While there are many factors contributing to Europe's travails, there is one underlying mistake: the creation of the single currency, the euro. Or, more precisely, the creation of a single currency without establishing a set of institutions that enabled a region of Europe's diversity to function effectively." |
| More reading: | More reading: |
| And finally... | And finally... |
| Do your favourite brands show how divided Brexit Britain is? Many attempts have been made to analyse the views and motives of Leave and Remain voters, but new analysis has looked at their consumer preferences. It suggests there are other profound cultural differences between the two sides beyond their attitude to the EU. Researchers looked at the data gathered by the polling organisation YouGov and have drawn up lists of the brands which are most highly regarded or used by Leave and Remain voters. The resulting Top 10 lists of brands most favoured by each set of voters were revealed in an article in the advertising trade paper Campaign. Top brands for Leave voters include HP sauce, Bisto, Birds Eye, PG Tips and ITV News. The Top 10 for Remain voters includes Instagram, Spotify, LinkedIn and, erm... the BBC website. | Do your favourite brands show how divided Brexit Britain is? Many attempts have been made to analyse the views and motives of Leave and Remain voters, but new analysis has looked at their consumer preferences. It suggests there are other profound cultural differences between the two sides beyond their attitude to the EU. Researchers looked at the data gathered by the polling organisation YouGov and have drawn up lists of the brands which are most highly regarded or used by Leave and Remain voters. The resulting Top 10 lists of brands most favoured by each set of voters were revealed in an article in the advertising trade paper Campaign. Top brands for Leave voters include HP sauce, Bisto, Birds Eye, PG Tips and ITV News. The Top 10 for Remain voters includes Instagram, Spotify, LinkedIn and, erm... the BBC website. |
| Tuesday 9 August | Tuesday 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 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 August | Monday 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". |
| More reading: | More reading: |
| 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 August | Friday 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". |
| More reading: | More reading: |
| 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 August | Thursday 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. |
| More reading: | More reading: |
| 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 August | Wednesday 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. |
| More reading: | More reading: |
| 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 August | Tuesday 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. |
| More reading: | More reading: |
| 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 August | Monday 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". |
| More reading: | More reading: |
| 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 July | Friday 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. |
| More reading: | More reading: |
| 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 July | Thursday 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. |
| More reading: | More reading: |
| 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 July | Wednesday 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 papers | From 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. |
| More reading: | More reading: |
| 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 July | Tuesday 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 papers | From 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". |
| More reading: | More reading: |
| 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 July | Monday 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." |