Brexit: Five things we learnt last week
A round up of last week's biggest Brexit news.
ICAS announces additional Brexit insight sessions for the ICAS Conference 2016
For the past few months it seems as if the two words on everyone’s lips are ‘Brexit’ and ‘uncertainty’.
When will the UK leave the EU? How will the UK negotiate the best Brexit deal? What will happen to UK citizens living in EU countries and vice versa? What effect is Brexit having on the accounting profession and the financial services industry as a whole?
These are just some of the vital questions that will be covered during this year’s ICAS Conference.
In keeping with its continued commitment to providing its members with the highest quality information and analysis on the issues that matter to them, ICAS is pleased to announce an additional round of sessions at this year’s conference focusing on Brexit Britain.
Source: CA Today
US hedge fund bets EU will benefit from Brexit
US hedge fund Marathon is investing in European property, with the £9.9bn fund’s chief executive Bruce Richards saying that countries like Germany, Ireland and France "have the most stable outlook and [are the] most likely to benefit from Brexit".
Marathon made the move as it suspects financial institutions to move their headquarter out of London in the lead up to a final Brexit deal being met.
Bruce added: "Many bank service sector jobs will undoubtedly move to Frankfurt and Paris as EU rules will likely require bank employees to be domiciled within the EU when servicing EU clients."
Source: City AM
Finance Directors’ Survey 2016: Freedom to hire EU nationals is top priority for UK FDs post-Brexit
The annual ICAS Finance Directors’ Survey found that the majority of business leaders are most concerned with retaining the ability to hire EU nationals in a post-Brexit Britain.
The survey of more than 100 CAs in FD or CFO positions also found that business confidence took a dramatic dip after the EU referendum vote. Almost half (45%) of those surveyed said that they predict the UK will experience an economic decline over the next 12 months. A further 41% believe that growth will be flat or negligible for the remainder of this year.
Source: CA Today
Bank of England interest rate cut causes pension headache
Over the last month pension deficits at UK companies spiralled by £100bn as a result of the Bank of England cutting interest rates following the Brexit vote.
According to analysis by Big Four firm PwC, pension funds now own assets worth £710bn less than the amount they will have to pay to workers on retirement.
“With the prospect of further action from the Bank of England to reassure the economy in these uncertain times, the challenging environment for pension funds is likely to endure for several years,” said Raj Mody, PwC’s global head of pensions.
Source: The Independent
Indy Ref 2?
Scotland’s First Minister Nicola Sturgeon has announced plans to listen to more than 2 million Scots’ views on the possibility of a second referendum on Scottish independence from the rest of the UK.
The leader of the SNP said that the Brexit vote has opened the doors for the debate around Scotland becoming an independent country.
Speaking to an assembly of the party’s MPs, MSPs and MEPs in Stirling, she said: “We want to understand in detail how people feel now about Europe, Brexit and independence. We want to know the concerns that people have and the questions they want answered. We want to build, if we can, a consensus on the way ahead.”
Described as “the biggest listening exercise in our party’s history” a series of surveys, doorstep discussions and town hall meetings will take place until St Andrew’s Day on 30 November.
Source: The Guardian