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Brexit Round-Up: Hammond Could Reset Economic Policy

It’s been a month since the vote to leave the EU, Theresa May has had her first meetings as prime minister with Eurozone leaders. In France, president Francois Hollande urged Brexit talks to begin as soon as possible and that accessing the single market would mean accepting ‘freedom of movement’. 

Here is a round-up of some of the top Brexit–related stories this week.

Possible Reset Of Economic Policy

Chancellor Philip Hammond has said he may use this year’s autumn statement to reset the country’s economic policy.

Making the statement on a trip to China, Hammond said he would review economic data in the coming months, adding that the Treasury will act “if we deem it necessary to do so”.

Job Security Following Brexit

Around 70% of employers have received concerns from workers about job security following the vote to leave the EU.

CIPD reports that 36% of employers have had staff express concerns while 36% said non-UK workers had voiced concerns about their continued right to work in the country.

Ben Willmott, head of policy at CIPD has urged the government to set out their plans for non-UK citizens to give those workers the “clarity and security” that they are seeking.

Principles For Brexit Negotiations

The Confederation of British Industry has set our 5 principles that should be addressed in Brexit negotiations to ensure a strong future for the economy:

  1. retain the ease of trade from the single market
  2. balancing regulatory equivalence with the EU and flexibility over domestic environment
  3. ensuring the migration system allows firms to access the people and skills they need
  4. developing a clear strategy for international trade and agreements
  5. protecting economic and social benefits of EU funded projects.

Carolyn Fairbairn, CBI director-general, said: 

“The principles are clear: businesses want to continue trading easily with EU neighbours while bringing down barriers to new opportunities around the world.”

Brexit Affects Global Growth

The International Monetary Fund has said that the vote to leave the EU has “thrown a spanner in the works” of its global growth forecast.

In its latest World Economic Outlook the fund said that the UK would likely be the worst affected of all the advanced economies and cut its growth forecast for this year from 2.2% to 1.3%.

Global growth for 2016 was also downgraded from 3.2% to 3.1%, and 3.4% in 2017.

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