Brussels warns of far reaching Brexit impact as talks make little headway

Brussels has warned UK nationals to prepare for “thorough checks” at EU borders and the loss of rights such as free movement for pets and automatic recognition of driving licences, in a stark warning of Brexit’s ramifications. 

On the same day that Michel Barnier, the EU’s Brexit negotiator, said that “significant divergences” remained in Brussels’ future-relationship talks with Britain, the European Commission on Thursday issued a policy paper warning of “far reaching and automatic changes” regardless of the outcome of the negotiations. 

The paper, published to help companies and citizens prepare for the end of Britain’s transition period on December 31, reflects Mr Barnier’s repeated warnings that the UK cannot “cherry pick” the benefits of the single market in a future trade deal. 

Brussels also underlined that it would not mirror the UK’s intended policy of showing leniency when it comes to customs formalities in the months after the transition

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Audit watchdog holds break-up talks with top accountants | Business News

Directors from Britain’s leading audit firms have been summoned for talks with the industry regulator amid mounting boardroom concerns about the break-up plan it confirmed this week.

Sky News understands that independent non-executives from the big four – Deloitte, EY, KPMG and PricewaterhouseCoopers – have been asked to attend a meeting on Thursday with executives from the Financial Reporting Council (FRC).

Directors from BDO, Grant Thornton and Mazars have also been invited to the virtual meeting, which is expected to cover a broad range of issues.

‘Society wants to know much more about what business is doing’

Among those due to attend include Sir Peter Westmacott, the former British ambassador to the US, who sits on EY UK’s board; Guy Jubb, a corporate governance veteran who is an independent director of Mazars; and Justin King, the former J Sainsbury chief who is on the board of PwC UK.

The summit

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Coronavirus: Portugal in talks with UK over travel quarantine exemption | Politics News

Portugal is in talks with the British government over its exclusion from a list of countries exempt from the coronavirus travel quarantine.

The country’s prime minister, Antonio Costa, said: “The foreign minister had a long conversation with his counterpart.

“It is very important we build a confident relationship.”

Last week, the government unveiled a list of more than 70 countries which holidaymakers can visit without having to self-isolate for 14 days on their return to England.

Portugal was not among them, a decision Lisbon called “absurd”.

On Friday, Mr Costa tweeted a graph appearing to show the UK had a much higher number of cases per 100,000 people than the Algarve.

The Portuguese PM added: “Which is the safest place to stay? You are welcome to spend a safe holiday in Algarve! #UK #visitportugal.”

Exemptions from quarantine will apply from 10 July.

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Brexit shutout looms for UK funds as market access talks falter

The risk of UK funds being frozen out of the European market at the end of the year has risen after Brexit negotiators missed a key milestone aimed at securing market access for the City of London.

The EU and the UK failed to meet their June 30 deadline for completing assessments of each other’s regulatory regimes for financial services, a prerequisite for allowing mutual market access post-Brexit.

The missed deadline in the so-called “equivalence” regime has sparked fears of prolonged uncertainty and disruption for Britain’s £9tn asset management sector at a time when groups are already grappling with the fallout from the coronavirus crisis.

Patrick Thomson, chief executive of JPMorgan Asset Management’s business in Europe, the Middle East and Africa, said a no-deal Brexit would create “more complexity” for fund companies. That scenario has become more likely as a result of the UK’s decision not exercise the option to

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