SUNNY UPLANDS......21 Mar 2022 20:09
Trade data for the first month since post-Brexit paperwork demands increased at the start of the year offered a glimpse at the cost of the breakup. Exports to the EU plunged in January, widening the U.K.’s trade deficit to a record high. The British Chambers of Commerce said the extra red tape was having a “major effect” on trade. The U.K. Office for National Statistics said about two-thirds of the 21% fall in exports to the bloc was due to a change in methodology.
The EU is introducing new rules to boost its efficiency in settling securities to boost its members’ ability to win clients and liquidity from U.K. clearing houses, which will lose access to its markets after 2025. The main improvements would simplify so-called passporting, allowing Central Securities Depositories to operate across the EU with a single license, and allowing them to offer settlement for more currencies.