Chancellor of the Exchequer Philip Hammond is scheduled to arrive in Buenos Aires Tuesday evening following a two day business promotion visit to Brazil. It will be the first time a leading UK cabinet minister sets foot in Argentina in sixteen years; the last was when ex Prime Minister Tony Blair met ex president Fernando De la Rua in the Iguazu falls in 2001.
The rift between senior ministers on how long to allow the free movement of people after Brexit shows all the signs of a Cabinet in a state of civil war, Vince Cable has said. The Liberal Democrat leader's remarks come after International Trade Secretary Liam Fox dismissed the idea that a consensus had been reached on the issue by the Prime Minister's top table.
Russian President Vladimir Putin said in a television interview that the U.S. must cut the size of its diplomatic force in his country by more than half, from about 1,210 to 455. Putin said on Sunday that the cut will make the size of the U.S. diplomatic mission in his country equal to that of Russia's diplomatic corps in the U.S.
The Brazilian Congress will return from recess this week and could bring back political uncertainty fears to local markets, as lawmakers are set to decide on Wednesday if the Supreme Court should trial President Michel Temer for corruption. Temer was formally charged with passive corruption by the prosecutor-general Rodrigo Janot at the end of last month.
Spain's economy grew by 0.9% in the second quarter thanks to improved exports and household spending. The growth figure, a first estimate from the National Statistics Institute (INE), suggests the country's economy has finally grown back to the size it was before the credit crunch of 2008.
The United States economy gathered speed in the second quarter of the year, growing at an annualized pace of 2.6%. The pick-up was helped by consumer spending in the quarter expanding at a pace of 2.8%, and businesses stepping up spending on equipment.
Allowing free movement of people after Britain leaves the European Union would not keep faith with the Brexit vote, the international trade secretary said, underling divisions in the government over the issue. Liam Fox told the Sunday Times that senior government ministers had not reached a consensus on retaining free movement of people for a transitional period, a proposal outlined by finance minister Philip Hammond on Friday.
Brazil posted another large budget deficit in June, the biggest on record for the month, highlighting the government's uphill battle to meet its budget target amid a slow economic recovery. The monthly primary deficit, before interest rate payments, narrowed in June to 19.552 billion reais (US$6.21 billion) from 30.7 billion in May.
Any transitional deal in the period after Brexit must end by June 2022, the time of the next general election, Philip Hammond has said. But the chancellor said there must be business as usual, life as normal for Britons as the UK left the EU.
Ireland is against the imposition of an economic border with Northern Ireland and the Irish government is not going to help Britain design one, Prime Minister Leo Varadkar said on Friday.