From now on until Britain has left the EU, CPA are going to post regular blogs for the comments we have seen in the press and elsewhere about Brexit, which is perhaps the most momentous event that will happen to the UK for a very long time and will have long-term implications for every citizen living in this country for good or ill. We aim to be balanced in our reports which will be divided into three categories;

  • Category 1 – Positive comments on Brexit
  • Category 2 – Negative comments on Brexit
  • Category 3 – Neutral comments on Brexit

We posted our first blog on 12th May 2017 (CPA Brexit blog on 12/5/2017)
We posted our second blog on 16th May 2017 (CPA Brexit blog on 16/5/2017)
We posted our third blog on 17th May 2017(CPA Brexit blog on 17/5/2017)
We posted our fourth blog on 22nd May 2017(CPA Brexit blog on 22/5/2017)
We posted our fifth blog on 26th May 2017(CPA Brexit blog on 26/5/2017)
We posted our sixth blog on 2nd June 2017(CPA Brexit blog on 2/6/2017)


Please find below our seventh Brexit blog which has been compiled today on 16th June 2017:-

BREXIT; NEGATIVE COMMENT: In The Morning Account, 8th June, under the heading “Fears Brexit will dampen entrepreneurial spirit”, Jamie Hopkins, head of small businesses landlord Workspace, has warned of a loss of “vibrancy and entrepreneurial spirit” in the capital after Brexit. He said: “We can only talk about what we are seeing today, which is a very healthy environment. But my main concern is much longer term if London loses its vibrancy and entrepreneurial spirit and people decide they don’t want to be here. I hope that doesn’t happen, but that is the main longer-term risk.” Evening Standard, Page: 43

BREXIT; NEGATIVE COMMENT: In The Morning Account, 8th June, under the heading “OECD predicts slowing UK growth” it was reported that the OECD has predicted UK growth forecasts of 1.6% in 2017 and 1% in 2018. It said the UK economy will slow in the coming years as Brexit uncertainty hampers growth and consumers endure a spending squeeze caused by higher prices and lower wages. The OECD said: “Households are expected to continue to support their consumption by further reducing their saving rate. Business investment is projected to contract amid the large uncertainty and because of lower corporate margins”. The OECD said that low interest rates and the long duration of national debt gave the government “substantial fiscal space” to borrow for investment. “Further fiscal initiatives to increase public investment should be considered,” it said. Writing in the Guardian, economist Joseph Stiglitz also backs the case for increased investment. Financial Times   The Times, Page: 46    City AM   BBC News The Daily Telegraph, Business, Page: 5   The Guardian, Page: 33   The Scotsman, Page: 36

BREXIT; NEGATIVE COMMENT: The Morning Account, 9th June, “Brand: Brexit deal must protect financial services” Writing in the Telegraph, ACCA CEO Helen Brand says regardless of the outcome of the general election, the financial services industry must be given greater clarity over Brexit. She says financial services are a concern to many major UK cities, including Cardiff, Edinburgh, Glasgow, Leeds and Manchester, not just the City of London and the South East. The immediate demands from the industry are clear, states Brand: minimal disruption to passporting and regulatory equivalence as possible, and access to highly skilled global talent; but adapting to change is made tougher by the likely state of play in 2019 remaining so opaque. SMEs in particular must wait for clarity from policyholders as they do not have the resources of big banks to implement precautionary measures. She adds that a fracturing of the European financial services market would benefit only New York and a transition deal should be put in place while those involved in the negotiations, hopefully, “aim to prepare for the best outcome: one that keeps financial services at the heart of the UK and European economies.” The Daily Telegraph, Business, Page: 2

BREXIT; POSITIVE COMMENT: In The Morning Account, 15th June, under the heading “Brexit could mean lower taxes and wages” The chairman of the European Movement in Northern Ireland has suggested the UK could become a country of low taxes and low wages post Brexit. Ian Parsley also predicted that London could become a “casino type town” for Arab sheiks and Russian oligarchs if the country seeks to attract people of high net worth. Belfast Telegraph

BREXIT; NEUTRAL COMMENT: In The Morning Account, 15th June, under the heading “Hammond seeks Brexit that protects the economy” It was reported that Chancellor Philip Hammond will use his Mansion House speech today to make the case for a new Brexit that focuses on protecting jobs and economic growth. Mr Hammond reportedly wants the PM to push for a significant transition period to allow British firms to adapt to leaving the customs and single market. Financial Times; The Daily Telegraph.