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Brexit Round-Up: Residency Application Backlog At Home Office 

The issue of what the legal status of European citizens residing in the UK will be after Brexit has been a contentious issue since the referendum result was announced.

Kier Stramer, shadow Brexit secretary, said this week that the government should pass legislation to secure the rights of up to 3 million EU citizens currently living in the UK.

Here’s a round-up on the top Brexit-related stories this week.

Home Office Residency Backlog

The home office’s official backlog of EU citizens applying for UK residency has tripled since the summer of 2015.

The number of outstanding applications “currently in progress” was 37,618 in June 2015but had risen to around 100,000 in July 2016.

Davis Suggests UK Could Pay For Access To Single Market

Paying for access to the single market might be an option for the UK after the government invokes article 50, David Davis has told MPs.

During questions in the House of Commons, the secretary of state for exiting the European Union, was asked if the government had considered making a contribution for access.

Davis said:

“The major criterion here is that we get the best possible access for goods and services to the European market.”

Carney Warns Of Damage To EU Economies

The governor of the Bank of England, Mark Carney, has warned that European economies could feel negative consequences if their access to the City of London is disrupted after Brexit.

In an assessment of risks to the financial markets, Carney said:

“The UK is effectively the investment banker for Europe. More than half the equity and debt raised (for European governments and business) is raised in the UK, quite often from investors based in the United Kingdom.”

For any help or advice with financial planning talk to RPD

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