Manufacturing shrinks as Brexit stockpiling halts – BBC ; FT

  • The UK manufacturing sector contracted in May for the first time since July 2016 as stockpiling eased ahead of Brexit, an influential survey by HIS Markit/CIPS shows.
  • The manufacturing Purchasing Managers’ Index (PMI) was 49.4, down from 53.1 in April when it was lifted by stockpiling ahead of the UK’s expected EU exit.
  • The reading of 49.4 on the index was well below the figure expected by economists polled by Reuters who had forecast a reading of 52, which would have meant the sector was still expanding.
  • Thomas Pugh, UK economist at Capital Economics, said manufacturing was likely to remain subdued and that the “hangover from Brexit preparations in the sector will weigh on GDP” in the second quarter.

Jeremy Hunt would back no-deal Brexit ‘with heavy heart’ – The Guardian

  • Jeremy Hunt has pledged to push for a no-deal Brexit if required should he become prime minister, as pressure grew on Conservative party grandees to find ways to trim a bloated field of 13 candidates so as to speed up the race to succeed Theresa May.
  • Speaking later on Today, Hunt was asked whether he could back a no-deal departure. As a former remainer, the foreign secretary faces pressure to appeal to more Eurosceptic Tory MPs. The list of candidates will be whittled down by MPs to a final pair, to be decided on by party members.
  • Asked if that meant potentially seeking to leave without a deal on 31 October, the latest Brexit deadline, Hunt said: “I would be prepared to do it in extremis. But I wouldn’t do it if there was a prospect of a better deal. And I think there is a prospect of a better deal, and I think it’s possible to get one before 31 October, although I don’t pretend it’s going to be easy.”
Author

Jessica's practice focuses on international trade and anti-bribery work, encompassing customs, export control and sanctions matters. Jessica's trade work includes advising international clients on fast-moving and evolving EU and UN sanctions, notably in respect of Iran and Russia, and on compliance with UK and EU export controls. Her trade experience also includes advising on tariff classification and customs valuations. Jessica's anti-bribery experience includes assisting with investigations, and advising clients on compliance with anti-bribery laws. Jessica has also taken a lead role in monitoring Brexit-related developments; analysing how they will affect the UK's trading position generally, and clients' businesses specifically. She has helped clients begin to conduct risk assessments of how Brexit will impact their businesses, and has assisted them in developing tailored Brexit strategies. Jessica also presents at various seminars, webinars, and conferences on the complexities of Brexit. Jessica advises global clients on complex issues arising from international transactions and works with clients across a number of sectors including pharmaceuticals, defence, finance, aviation, energy, and telecommunications. Jessica has also worked previously in Paris, and is fluent in French.

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