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Brexit Watch: At-a-glance day-by-day summer briefing Brexit Watch: At-a-glance day-by-day summer briefing
(about 4 hours later)
The UK voted to leave the European Union in a referendum on 23 June. Here's your daily summer briefing of the latest Brexit-related news...The UK voted to leave the European Union in a referendum on 23 June. Here's your daily summer briefing of the latest Brexit-related news...
Recap for new readersRecap for new readers
The UK public voted 52% to 48% to leave the European Union in June's referendum. During the campaign there were warnings from the Remain side about the economic impact of leaving, while the Leave side suggested the UK would be able to take back control of immigration and the £350m a week they said the UK sent to the EU. New Prime Minister Theresa May has said "Brexit means Brexit" - but no-one yet seems to 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 to 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?
Friday 29 JulyFriday 29 July
The main event: All eyes are on the surprise delay in the Hinkley Point C agreement, which is only Brexit-related insofar as the referendum ushered in a change of prime minister.The main event: All eyes are on the surprise delay in the Hinkley Point C agreement, which is only Brexit-related insofar as the referendum ushered in a change of prime minister.
Also in the news: Willie Walsh, chief executive of British Airways owner IAG, has played down the impact of the UK's vote to leave the EU, saying he firmly believed "business will settle down" in the wake of the referendum. That's despite BA and IAG reporting that currency movements cost it €148m (£124m) in the latest quarter of trading, mainly due to the weak pound. High-profile London estate agency Foxtons has announced a 42% fall in profits, blaming uncertainty around the EU referendum for the fall. Earlier this week the UK's biggest building society, the Nationwide, said that the Brexit effect on the property market and house prices could take months to become clear. 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 was down a touch as trading got underway at 6,705 points. Growth in the eurozone slowed in the second quarter to 0.3%, official EU data showed on Friday, with analysts warning that the consequences of Brexit could harm the economy later in the year. Financial news: The FTSE 100 closed at 6,724 - up just 3 points, helped by strong trade in shares in financial companies. Growth in the eurozone slowed in the second quarter to 0.3%, official EU data showed on Friday, with analysts warning that the consequences of Brexit could harm the economy later in the year.
From the papers: The Guardian reports Ford is considering closing factories and raising prices in the UK. The Financial Times gives top billing to its analysis that the referendum is creating a stark divide between "winners and losers", with exporters and producers of essentials seeing a lift, and importers and discretionary spending hit. The Daily Mail is critical of Lloyds' chief executive Antonio Horta Osario's warning that Brexit could slow growth - saying it was "entirely unconnected" to the job losses announced on Thursday. In the Telegraph, Allister Heath writes of the need to "energise our economy", recommending the halving of stamp duty, a green light to airport expansion and tax cuts for entrepreneurs. And in The Times, Ed Conway foresees a "Brexit lobbying boom", warning that it will take a "superhuman effort" not to let big business rule the roost.From the papers: The Guardian reports Ford is considering closing factories and raising prices in the UK. The Financial Times gives top billing to its analysis that the referendum is creating a stark divide between "winners and losers", with exporters and producers of essentials seeing a lift, and importers and discretionary spending hit. The Daily Mail is critical of Lloyds' chief executive Antonio Horta Osario's warning that Brexit could slow growth - saying it was "entirely unconnected" to the job losses announced on Thursday. In the Telegraph, Allister Heath writes of the need to "energise our economy", recommending the halving of stamp duty, a green light to airport expansion and tax cuts for entrepreneurs. And in The Times, Ed Conway foresees a "Brexit lobbying boom", warning that it will take a "superhuman effort" not to let big business rule the roost.
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And finally...And finally...
The Treasury has got a new cat - named Gladstone - to rival Larry, of No 10 Downing Street, and Palmerston, who is on mouse patrol at the Foreign Office.The Treasury has got a new cat - named Gladstone - to rival Larry, of No 10 Downing Street, and Palmerston, who is on mouse patrol at the Foreign Office.
BuzzFeed News reports that the announcement of the latest feline enforcer was scheduled for immediately after the referendum but was pushed back after voters decided the UK should leave the EU.BuzzFeed News reports that the announcement of the latest feline enforcer was scheduled for immediately after the referendum but was pushed back after voters decided the UK should leave the EU.
Thursday 28 JulyThursday 28 July
The main event: Theresa May embarked on the next leg of her European tour, taking in Bratislava and Warsaw. Her discussions with Slovakian counterpart Robert Fico and Polish Prime Minister Beata Szydlo are among the toughest she has had yet, given the priority attached by the two countries to maintaining free movement of labour between the EU and the UK. Since Poland joined the EU in 2004, hundred of thousands have moved to Britain, either temporarily or permanently, and Poles in the UK send back several billion pounds a year to their home country. Mrs May maintained any future deal would have to take into account "a clear message" from the Brexit vote over immigration control.The main event: Theresa May embarked on the next leg of her European tour, taking in Bratislava and Warsaw. Her discussions with Slovakian counterpart Robert Fico and Polish Prime Minister Beata Szydlo are among the toughest she has had yet, given the priority attached by the two countries to maintaining free movement of labour between the EU and the UK. Since Poland joined the EU in 2004, hundred of thousands have moved to Britain, either temporarily or permanently, and Poles in the UK send back several billion pounds a year to their home country. Mrs May maintained any future deal would have to take into account "a clear message" from the Brexit vote over immigration control.
Lloyds axes 3,000 jobs: Lloyds has announced it will cut 3,000 jobs and 200 branches - partly due to changes in the way people carry out their banking, but also in expectation of a "deceleration of growth" following the UK's decision to leave the EU. That sounds like it might be what some are calling a #Brexcuse - blaming bad news on the EU referendum result.Lloyds axes 3,000 jobs: Lloyds has announced it will cut 3,000 jobs and 200 branches - partly due to changes in the way people carry out their banking, but also in expectation of a "deceleration of growth" following the UK's decision to leave the EU. That sounds like it might be what some are calling a #Brexcuse - blaming bad news on the EU referendum result.
Also in the news: Foreign Secretary Boris Johnson is in Paris meeting French foreign minister Jean-Marc Ayrault. Relations between the two have not been exactly cordial so far, with Mr Ayrault criticising the appointment of his opposite number on the grounds he "lied" during the referendum campaign. Although the technicalities of the Brexit process are not officially part of Mr Johnson's portfolio - he said he hopes the UK will "be as close as possible to" France after the vote to leave the EU and that the two would work together "as friends and allies".Also in the news: Foreign Secretary Boris Johnson is in Paris meeting French foreign minister Jean-Marc Ayrault. Relations between the two have not been exactly cordial so far, with Mr Ayrault criticising the appointment of his opposite number on the grounds he "lied" during the referendum campaign. Although the technicalities of the Brexit process are not officially part of Mr Johnson's portfolio - he said he hopes the UK will "be as close as possible to" France after the vote to leave the EU and that the two would work together "as friends and allies".
Financial news: The FTSE 100 closed 0.4% lower at 6,721, hurt by a 4% fall in shares in Lloyds Banking Group. Lloyds' shares dipped with the news it is cutting jobs, partly in anticipation of slower growth after the Brexit vote, while Sky's shares were up 6%, with group chief executive Jeremy Darroch saying the Brexit vote "doesn't really change our thinking on any of our markets". The Society of Motor Manufacturers and Traders (SMMT) says UK car production jumped more than 10% year-on-year in June, but warns future growth may be hit if the government does not maintain unrestricted access to the single market. One index of consumer confidence measured by YouGov for the Centre for Economics and Business Research (CEBR) sank nearly five points to 106.6 in July - matching its biggest fall in six years. YouGov said the "public is still absorbing" the EU referendum result but it is "clear that consumer confidence has taken a significant dive".Financial news: The FTSE 100 closed 0.4% lower at 6,721, hurt by a 4% fall in shares in Lloyds Banking Group. Lloyds' shares dipped with the news it is cutting jobs, partly in anticipation of slower growth after the Brexit vote, while Sky's shares were up 6%, with group chief executive Jeremy Darroch saying the Brexit vote "doesn't really change our thinking on any of our markets". The Society of Motor Manufacturers and Traders (SMMT) says UK car production jumped more than 10% year-on-year in June, but warns future growth may be hit if the government does not maintain unrestricted access to the single market. One index of consumer confidence measured by YouGov for the Centre for Economics and Business Research (CEBR) sank nearly five points to 106.6 in July - matching its biggest fall in six years. YouGov said the "public is still absorbing" the EU referendum result but it is "clear that consumer confidence has taken a significant dive".
From the papers: The Times warns against "self-fulfilling prophecies of doom" on the economy, pointing out that the picture going into Brexit was one of "unusually good health". Writing in the Telegraph, Ambrose Evans-Pritchard says the age of fiscal restraint is over, and governments in Europe and beyond are using Brexit as an "excuse" to let rip with stimulus measures. The Financial Times reports that European executives in the UK and EU-based British businesspeople are being offered "Brexit insurance" by the firm AIG. And the Daily Mail takes a dim view of the new lead Brexit negotiator for the European Commission Michel Barnier, calling him an "inflexible, anti-British, arch-federalist" whose appointment was "calculated to poison talks" with the UK.From the papers: The Times warns against "self-fulfilling prophecies of doom" on the economy, pointing out that the picture going into Brexit was one of "unusually good health". Writing in the Telegraph, Ambrose Evans-Pritchard says the age of fiscal restraint is over, and governments in Europe and beyond are using Brexit as an "excuse" to let rip with stimulus measures. The Financial Times reports that European executives in the UK and EU-based British businesspeople are being offered "Brexit insurance" by the firm AIG. And the Daily Mail takes a dim view of the new lead Brexit negotiator for the European Commission Michel Barnier, calling him an "inflexible, anti-British, arch-federalist" whose appointment was "calculated to poison talks" with the UK.
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 JulyWednesday 27 July
The main event: Prime Minister Theresa May has continued her series of meetings with other EU leaders, heading to Italy for talks with PM Matteo Renzi. There, she said she retained an "open mind" about the UK's trading relationships after Brexit amid reports some cabinet colleagues want the UK to pull out of the EU's customs union. Mr Renzi said the UK's vote to leave the EU was sad, but he hoped "some good would come of it". Mrs May's visit follows Downing Street talks on Tuesday with Enda Kenny and last week's meetings with Angela Merkel and Francois Hollande.The main event: Prime Minister Theresa May has continued her series of meetings with other EU leaders, heading to Italy for talks with PM Matteo Renzi. There, she said she retained an "open mind" about the UK's trading relationships after Brexit amid reports some cabinet colleagues want the UK to pull out of the EU's customs union. Mr Renzi said the UK's vote to leave the EU was sad, but he hoped "some good would come of it". Mrs May's visit follows Downing Street talks on Tuesday with Enda Kenny and last week's meetings with Angela Merkel and Francois Hollande.
EC names Brexit negotiator: Michel Barnier, a former French minister and ex-European Commission vice president, has been appointed as the commission's chief Brexit negotiator, by Jean-Claude Juncker. Mr Juncker said he wanted "an experienced politician for this difficult job". Mr Barnier will take up his position on 1 October. He will not necessarily be the European Union's chief negotiator as the European Council looks set to head-up negotiations, with Belgian diplomat Didier Seeuws leading their preparations, while the European Parliament will also seek to take the lead at some stages.EC names Brexit negotiator: Michel Barnier, a former French minister and ex-European Commission vice president, has been appointed as the commission's chief Brexit negotiator, by Jean-Claude Juncker. Mr Juncker said he wanted "an experienced politician for this difficult job". Mr Barnier will take up his position on 1 October. He will not necessarily be the European Union's chief negotiator as the European Council looks set to head-up negotiations, with Belgian diplomat Didier Seeuws leading their preparations, while the European Parliament will also seek to take the lead at some stages.
Also in the news: MPs on the Home Affairs committee warn in a report that there could be a spike in migration ahead of Brexit. They call for the government to give an "effective cut-off date" after which EU citizens moving to the UK do not have the automatic right to stay. The "most obvious" cut-off dates they suggest include the referendum day itself - June 23 - the date when the UK triggers the two year Article 50 process of leaving the EU, which will be early 2017 at the earliest, or the date when the UK actually leaves the EU.Also in the news: MPs on the Home Affairs committee warn in a report that there could be a spike in migration ahead of Brexit. They call for the government to give an "effective cut-off date" after which EU citizens moving to the UK do not have the automatic right to stay. The "most obvious" cut-off dates they suggest include the referendum day itself - June 23 - the date when the UK triggers the two year Article 50 process of leaving the EU, which will be early 2017 at the earliest, or the date when the UK actually leaves the EU.
Financial news: Lots today. The Office for National Statistics released economic growth figures for the second quarter of the year. They show that growth was 0.6%, higher than 0.4% in the first quarter, and higher than expected. The figures appear to show uncertainty ahead of the referendum had "limited", if any, impact on growth. Meanwhile GlaxoSmithKline is to invest £275m to expand its UK manufacturing sites, saying the country remains "an attractive location" despite Brexit. The news is particularly interesting given the firm had warned ahead of the referendum of the impact a Brexit vote would have. The FTSE 100 index was up slightly on the GDP news, to 6749.12 at 16:00 BST, so once again nudging its high point of the last year. The pound was at 1.19 euros (its 52 week high is 1.43 euros, its post Brexit low was 1.16 euros).Financial news: Lots today. The Office for National Statistics released economic growth figures for the second quarter of the year. They show that growth was 0.6%, higher than 0.4% in the first quarter, and higher than expected. The figures appear to show uncertainty ahead of the referendum had "limited", if any, impact on growth. Meanwhile GlaxoSmithKline is to invest £275m to expand its UK manufacturing sites, saying the country remains "an attractive location" despite Brexit. The news is particularly interesting given the firm had warned ahead of the referendum of the impact a Brexit vote would have. The FTSE 100 index was up slightly on the GDP news, to 6749.12 at 16:00 BST, so once again nudging its high point of the last year. The pound was at 1.19 euros (its 52 week high is 1.43 euros, its post Brexit low was 1.16 euros).
From the papersFrom the papers
The Financial Times leads on International Trade Secretary Liam Fox wanting the UK to quit the EU customs union so that he has maximum freedom to negotiate new trade deals around the world - the FT quotes him as saying he was "scoping out about a dozen free trade deals outside the EU to be ready for when we leave". The Daily Telegraph says that Brexit could lead to BT being broken up because regulator Ofcom would have more powers.The Financial Times leads on International Trade Secretary Liam Fox wanting the UK to quit the EU customs union so that he has maximum freedom to negotiate new trade deals around the world - the FT quotes him as saying he was "scoping out about a dozen free trade deals outside the EU to be ready for when we leave". The Daily Telegraph says that Brexit could lead to BT being broken up because regulator Ofcom would have more powers.
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 JulyTuesday 26 July
The main event: There are no answers yet on what will happen to the border between the Republic of Ireland and Northern Ireland when the UK leaves the EU, but diplomatic overtures continue with Theresa May hosting Irish Taoiseach Enda Kenny at Downing Street. She said they were in agreement that Ireland and the UK "want to maintain the closest possible economic relationship". Mr Kenny said Brexit "was not the outcome we in Ireland wanted" but expressed hope the UK would remain "outward-looking".The main event: There are no answers yet on what will happen to the border between the Republic of Ireland and Northern Ireland when the UK leaves the EU, but diplomatic overtures continue with Theresa May hosting Irish Taoiseach Enda Kenny at Downing Street. She said they were in agreement that Ireland and the UK "want to maintain the closest possible economic relationship". Mr Kenny said Brexit "was not the outcome we in Ireland wanted" but expressed hope the UK would remain "outward-looking".
Also in the news: There were widespread calls for action in June after figures showed a rise in reported racist incidents following the referendum - and now Home Secretary Amber Rudd has announced a review of how the police handle hate crime. Another consequence of the Brexit vote was Nigel Farage's decision to step down as UKIP leader. The contest to succeed him showed signs of livening up, with Suzanne Evans ruling herself out with a pledge to back councillor Lisa Duffy - and MEP Steven Woolfe heading to Manchester for his first big speech.Also in the news: There were widespread calls for action in June after figures showed a rise in reported racist incidents following the referendum - and now Home Secretary Amber Rudd has announced a review of how the police handle hate crime. Another consequence of the Brexit vote was Nigel Farage's decision to step down as UKIP leader. The contest to succeed him showed signs of livening up, with Suzanne Evans ruling herself out with a pledge to back councillor Lisa Duffy - and MEP Steven Woolfe heading to Manchester for his first big speech.
Financial news: No relevant financial data released. London's FTSE 100 index ended almost 14 points higher at 6,724.7 - well up on its immediate post-referendum level and approaching its highest of the past year. The FTSE 250 was up to 17,108, about 13% above its June low and back to average levels for the past year. Most papers carry the news that Ryanair plans to "pivot" investment away from the UK by cutting frequency of flights on some routes.Financial news: No relevant financial data released. London's FTSE 100 index ended almost 14 points higher at 6,724.7 - well up on its immediate post-referendum level and approaching its highest of the past year. The FTSE 250 was up to 17,108, about 13% above its June low and back to average levels for the past year. Most papers carry the news that Ryanair plans to "pivot" investment away from the UK by cutting frequency of flights on some routes.
From the papersFrom the papers
Martin Weale from the Bank of England's interest rate-setting committee, the MPC, has spoken out in favour of a stimulus package - which, according to the Financial Times, "all but guarantees" the bank will announce one at its meeting on 4 August.Forget any "emergency Budget" - the new chancellor is unlikely to make a significant announcement until November, as it will be difficult to read the economic runes cast by the referendum before then, advises Paul Johnson of the Institute for Fiscal Studies in The Times. The Daily Telegraph and others report on the views of the president of the Royal Society, Sir Venki Ramakrishnan, who says he has seen no evidence UK researchers are being overlooked for EU funding in the wake of the referendum, and the UK's attractiveness to international academics is "not going to change". Reuters reports Liam Fox, the new international trade minister, got a lukewarm reception in Washington DC, where US counterpart Michael Froman warned of no "meaningful advance" US-UK trade negotiations until "basic issues around the future EU-UK relationship have been worked out".Martin Weale from the Bank of England's interest rate-setting committee, the MPC, has spoken out in favour of a stimulus package - which, according to the Financial Times, "all but guarantees" the bank will announce one at its meeting on 4 August.Forget any "emergency Budget" - the new chancellor is unlikely to make a significant announcement until November, as it will be difficult to read the economic runes cast by the referendum before then, advises Paul Johnson of the Institute for Fiscal Studies in The Times. The Daily Telegraph and others report on the views of the president of the Royal Society, Sir Venki Ramakrishnan, who says he has seen no evidence UK researchers are being overlooked for EU funding in the wake of the referendum, and the UK's attractiveness to international academics is "not going to change". Reuters reports Liam Fox, the new international trade minister, got a lukewarm reception in Washington DC, where US counterpart Michael Froman warned of no "meaningful advance" US-UK trade negotiations until "basic issues around the future EU-UK relationship have been worked out".
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 JulyMonday 25 July
The main event: Theresa May paid her first visit to Northern Ireland as prime minister, where she met First Minister Arlene Foster and Deputy First Minister Martin McGuinness to discuss issues facing the country following the referendum result. She said their talks were "positive and constructive". The key issue was what happens to the border between Northern Ireland the Republic of Ireland after Brexit. Mrs May said: "No-one wants to return to borders of the past."The main event: Theresa May paid her first visit to Northern Ireland as prime minister, where she met First Minister Arlene Foster and Deputy First Minister Martin McGuinness to discuss issues facing the country following the referendum result. She said their talks were "positive and constructive". The key issue was what happens to the border between Northern Ireland the Republic of Ireland after Brexit. Mrs May said: "No-one wants to return to borders of the past."
Also making the news: Scottish First Minister Nicola Sturgeon spoke about the future of the UK and the EU, saying it was in the UK government's interest to help find a solution short of a second independence poll -"or we can consider again the option of independence".Also making the news: Scottish First Minister Nicola Sturgeon spoke about the future of the UK and the EU, saying it was in the UK government's interest to help find a solution short of a second independence poll -"or we can consider again the option of independence".
Financial news: London's main share index was lower on Monday morning, while other major European markets saw gains. Shares had been in positive territory until publication of the CBI's latest industrial trends survey, which suggested Brexit was hitting business confidence. The Financial Times reported that billions of euros have been pulled out of investment funds since the UK voted to leave the EU, although some analysts say this could just be an initial knee-jerk response.Financial news: London's main share index was lower on Monday morning, while other major European markets saw gains. Shares had been in positive territory until publication of the CBI's latest industrial trends survey, which suggested Brexit was hitting business confidence. The Financial Times reported that billions of euros have been pulled out of investment funds since the UK voted to leave the EU, although some analysts say this could just be an initial knee-jerk response.
From the papers: What the commentators say: Roger Bootle of Capital Economics, writing in the Telegraph, is bullish about the UK's financial outlook, saying "alarmist views have proved unjustified" - with the equity market "stabilised" and the fall of sterling "of net benefit to the economy overall". Ian King in the Times asks whether Philip Hammond's courtship of Chinese investment could create the potential for clashes at Downing Street, saying Theresa May has been far more "sceptical" about inviting Chinese involvement in UK projects. The Guardian's Larry Elliott assesses some options for an "economic reboot", including quantitative easing or loosening credit controls - "something governments need to have up their sleeves when time gets tough".From the papers: What the commentators say: Roger Bootle of Capital Economics, writing in the Telegraph, is bullish about the UK's financial outlook, saying "alarmist views have proved unjustified" - with the equity market "stabilised" and the fall of sterling "of net benefit to the economy overall". Ian King in the Times asks whether Philip Hammond's courtship of Chinese investment could create the potential for clashes at Downing Street, saying Theresa May has been far more "sceptical" about inviting Chinese involvement in UK projects. The Guardian's Larry Elliott assesses some options for an "economic reboot", including quantitative easing or loosening credit controls - "something governments need to have up their sleeves when time gets tough".
And finally... EU Commission president Jean-Claude Juncker on Foreign Secretary Boris Johnson, who once compared the EU to Nazis: "I haven't met him, but I would love to, so that I can persuade him that there is more separating myself and Hitler than just a nuance."And finally... EU Commission president Jean-Claude Juncker on Foreign Secretary Boris Johnson, who once compared the EU to Nazis: "I haven't met him, but I would love to, so that I can persuade him that there is more separating myself and Hitler than just a nuance."