German digital bank N26 pulls out of UK, blaming Brexit – The Guardian

  • The German digital bank N26 is has blamed Brexit for its decision to pull out of the UK and close more than 200,000 customer accounts.
  • The lender has given customers less than two months to move their money, with all UK accounts to be closed by 15 April. It has also stopped offering new accounts to UK residents.
  • The move comes less than 18 months after the Berlin-based firm launched in the UK. It had about a dozen employees in the UK, with the rest of the business run remotely from the German capital.
  • The “challenger bank”, which has attracted investors including the US and Hong Kong billionaires Peter Thiel and Li Ka-shing, and the Chinese tech giant Tencent, blamed Brexit for its decision to leave the UK.
  • “The timings and framework outlined in the EU withdrawal agreement mean that the company will in due course be unable to operate in the UK with its European banking licence.”

Brexit: Border delays ‘could cause fresh food problems’ – BBC

  • Post-Brexit transition border checks could cause fresh food supply problems, an industry body has warned.
  • Shoppers will notice the supply issues next January unless there is a “massive upgrade” in border facilities, the British Retail Consortium said.
  • The warning came after cabinet minister Michael Gove said that border checks are “inevitable” after the Brexit transition period ends on 31 December.
  • Officials said firms have enough time to prepare for the changes.
  • Border checks could quickly cause hold-ups at Channel ports of thousands of trucks, including those carrying fresh food, the BRC said.
  • The government will have to “move fast” to put in place the necessary border infrastructure and staff to cope with those checks by the end of the year, it said.
  • If it doesn’t, “consumers in the UK will see significant disruption, particularly in the availability of fresh fruit and vegetables” the BRC’s director of food and sustainability Andrew Opie warned.

Carney speaks about investment, Brexit, coronavirus – Reuters

  • Bank of England Governor Mark Carney spoke to lawmakers in the upper house of Britain’s parliament on Tuesday, little more than a month before his scheduled departure from the central bank.
  • On Brexit:
  • “The judgement on productivity is more of the same in effect.”
  • “The lack of investment in recent years and the prospect of some reorganisation of this economy as we move to the new relationship with the European Union within 12 months, with the frictions that come with that come some weight on short-term productivity.”
  • “The equivalence regime in the EU is a relatively unstable equivalence regime. In other words, equivalence can be withdrawn on relatively short notice.”
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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