The UK's service sector stagnated last month, with new orders falling for the first time in two-and-a-half years, according to the IHS Markit/CIPS purchasing managers' index (PMI). The figures showed a reading of 50.1 in January lower than December's 51.2.
Over 300,000 jobs could be at risk in the Travel & Tourism sector in the United Kingdom and almost 400,000 in Europe if the UK leaves the EU without a deal on 29 March, according to a new analysis from the World Travel & Tourism Council released on Monday. A “No Deal” Brexit would have a damaging impact on one of the UK’s most important economic sectors.
Japanese carmaker Nissan is cancelling plans to make the next model of its X-Trail sports utility vehicle in Britain, less than two months before the country is due to leave the European Union, broadcaster Sky News said on Saturday.
Almost a third of UK companies could move operations abroad because of Brexit, a survey has suggested. Research for the Institute of Directors revealed that 16% already had relocation plans while a further 13% were actively considering doing so. The IoD said it took “no pleasure” in revealing “these worrying signs”.
The United Kingdom and Chile signed on Wednesday in Santiago a trade continuity agreement that will see British businesses and consumers benefitting from preferential trading arrangements with Chile after Britain leaves the European Union. Ambassador to Chile Jamie Bowden and Chilean Foreign Minister Roberto Ampuero stamped the agreement.
Investment in the UK car sector almost halved last year and output tumbled as Brexit fears put firms on red alert, the industry's trade body said. Inward investment fell 46.5% to £588.6m last year from £1.1bn in 2017, the Society of Motor Manufacturers and Traders (SMMT) says.
Barclays is moving €190bn (£166bn) of assets to Dublin because it cannot wait any longer to implement its Brexit contingency plan. The High Court, which has approved the move, says the move involves 5,000 clients. However, few jobs in London are expected to be affected.
The clouds darkened over Europe's slowing economy on Wednesday as the German government slashed its growth forecast and said concerns about a chaotic Brexit and trade tensions were holding back the continent's powerhouse. Germany's Economy Ministry said Wednesday it was cutting its 2018 forecast to 1% from 1.8% in its previous outlook issued last fall.
The Polish Prime Minister and senior German politicians have urged Brussels to strike a Brexit deal with Britain in the first sign of divisions within the European Union over its blanket opposition to offering fresh concessions to Theresa May.
United States lobby groups for agriculture and pharmaceutical firms want UK standards changed to be closer to those of the US in a post-Brexit trade deal. The meat lobby wants the sale of growth hormone-fed beef, currently banned in the UK and EU, to be allowed in the UK.