EBA to test banks' resilience in adverse Brexit scenario

Feb 02, 2018, 21:06
EBA to test banks' resilience in adverse Brexit scenario

It marks the first trip to China by a British prime minister since Chinese President Xi Jinping's tour to Britain in 2015 when both sides sealed the China-UK "Golden Era".

"It was right that we have made an agreement that ensured they could continue their life in the way they had wanted to - now for those who come after March 2019 that will be different because they will be coming to a United Kingdom that they know will be outside the EU".

After the meeting, May told reporters they agreed to expand investment in the fields of finance, education, and agriculture.

Trade volume between the two countries hit 79 billion US dollars in 2017, up almost 6.2 percent from the previous year, with British exports to China increasing by 19.4 percent.

Those words, however, put her at loggerheads with Philip Hammond, who earlier this week revealed Britain was aiming for "very modest changes" post-Brexit.

Her trip comes as the House of Lords, the upper chamber of the British parliament, is scrutinising a key piece of Brexit legislation and ministers sought to downplay a leaked government report offering only economic downsides to leaving the European Union in March 2019.

The hardest possible Brexit scenario would shrink the UK's economy by 8 percent over the next 15 years and a soft Brexit would slow growth by 2 percent.

But it has raised further questions over how prepared the government is for the complicated negotiations to end Britain's membership of the EU.

He said: "We haven't got to Brexit yet of course and that may be some time away if we've got an implementation period, but what we're doing is to ensure that when we have economic freedoms we can take advantage of them".

The Prime Minister is under increasing pressure from multiple fronts over Brexit. The U.K. government says it wants a "close and special" free trade deal with the bloc.

Gibraltar, which Spain ceded to Britain in 1713 but wants back, voted 96 percent in favour of staying in the European Union in the 2016 referendum and Picardo said the enclave had autonomy in areas including those relating to business and social care, meaning it set different tariffs in some sectors.

While the island-nation's imperial heyday has long since past, its impending divorce from the European Union has had many considering the possibilities of future cooperation and enhanced ties between the economic and financial powerhouses at opposite ends of the Eurasian landmass. There is a period of adjustment for business, and certainly for government, so that changes can be made, "May said".

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