JPMorgan to Move $230 Billion Assets to Germany Under Brexit – Bloomberg
- JPMorgan will move €200 billion from the UK to Frankfurt as part of its Brexit plans (under 10% of its total balance sheet).
- As a result, JPMorgan could become Germany’s 6th largest bank.
- As part of the plans, around 200 staff from the London office have been asked to move to continental Europe ahead of the UK’s exit.
- However, Brexit may not be the only trigger for this move. The bank has previously expressed that it wants to seek a greater market share in investment banking, corporate banking and wealth management within Germany.
Channel Tunnel Spat Risks Severing Crucial U.K.-France Rail Link – Bloomberg
- The UK government has rejected a plan put forward by France that safety and interoperability remain governed by EU laws and is yet to propose an alternative plan.
- According to the European Scrutiny Committee of the House of Commons, “without an agreement on the future safety framework applicable to the Fixed Link, there is a danger of legal and practical uncertainty”.
- The UK is currently negotiating a bilateral agreement with France. If no deal is reached, the UK will operate its contingency plans to keep the tunnel running.
- Eurostar has put in place licences and certifications with both EU and national regulators “to ensure we can continue to operate even in the face of a no-deal”.
‘Garden of England’ set to grow own borders under plan for Kent ports – FT
- Today Michael Gove announced that lorry drivers entering Kent will be tracked by number-plate recognition technology and forced to pay fines of £300 if travelling without the correct customs documentation.
- Drivers will need a “Kent Access Permit” to proceed through Kent and there are plans to build a 10,000 lorry capacity lorry park in Ashford.
- As reported previously this week, it is anticipated that there will be significant problems with this new system and the freight industry have reacted angrily to the suggestion that they were responsible for the lack of preparedness.
- The industry has not yet had guidance on how to apply for duty deferment accounts and simplified customs procedures, or how the inland lorry parks will operate.
- According to Labour’s Rachel Reeves, “it is incredible that ministers are only now admitting to their plans to arrest British truckers for entering Kent without new travel passports.”