North East will suffer most from leaving EU says Sheffield study

May 26, 2016 9:46 AM
By Peter Morris, European Movement

A study published by The Sheffield Political Economy Research Institute (SPERI) and picked up by Politico Morning Trade says that the U.K.'s poorer areas would suffer most from a possible Brexit. Northern Ireland, the North East and South West, the report said, are most dependent on free trade in goods with other EU countries, pointing out that the loss of EU funds would also disproportionately affect these poorer regions. More: http://speri.dept.shef.ac.uk/2016/05/25/new-speri-research-highlights-brexit-risks-for-the-uks-poorest-regions/

European Union officials and diplomats launched a round of confidential discussions this week to prepare a coordinated response to a possible British vote to leave the bloc next month, EU sources told Reuters on Wednesday…Britain was not present -- a situation its diplomats and ministers would rapidly have to get used to if Prime Minister David Cameron's "In" campaign loses, comments Reuters: http://uk.reuters.com/article/uk-britain-eu-preparations-exclusive-idUKKCN0YG2LD

In an interview with the Financial Times, picked up by Politico Morning Trade, the World Trade Organization's Director-General Robert Azevedo warned that a Brexit will lead to unprecedented negotiations between the U.K. and the WTO's members. "Pretty much all of the U.K.'s trade [with the world] would somehow have to be negotiated," he said. The complexity of negotiations, he warned, could mean that they would take years and Britons would have to pay £9 billion ($13.2 billion) in annual additional import tariffs: https://dub129.mail.live.com/?tid=cmyNA4GwEj5hGR2oDBbm1Vag2&fid=flinbox

As the referendum campaign has progressed, those campaigning for a withdrawal have struggled to describe what kind of economic relationship they would want Britain to have with the European Union after a separation, comments the New York Times in a piece on yesterday's report on Brexit from the Institute for Financial Studies. Access to the bloc's single market of around 500 million people generally entails making some financial contribution and accepting the free movement of workers across national boundaries, says the NYT: http://www.nytimes.com/2016/05/26/business/international/brexit-austerity-eu-referendum.html?emc=edit_ee_20160526&nl=todaysheadlines-europe&nlid=74103272&_r=0

S&P says Brexit could cost the pound its 'reserve currency' status: An additional warning following the one about the U.K. losing its pristine AAA rating, reports Politico Morning Exchange: https://dub129.mail.live.com/?tid=cmoEguEBYj5hGNPmw75af6zg2&fid=flinbox

European Commission President Jean-Claude Juncker and European Council President Donald Tusk held a joint press conference ahead of the G7 summit in Japan, reports Politico Morning Exchange. Juncker said the EU's recovery was "on track" and "on solid ground" after the financial crisis, despite "a more difficult global environment." He added: "The GDP level of the euro area has now surpassed the pre-crisis high records in 2008. Unemployment continues to fall … Investment is picking up in the euro area and in the European Union as a whole." Juncker said the EU would be sticking to its strategy, building "a virtuous triangle of investment, structural reforms and fiscal responsibilities": https://dub129.mail.live.com/?tid=cmoEguEBYj5hGNPmw75af6zg2&fid=flinbox

The deal reached at Tuesday's Eurogroup meeting (24 May) "politically benefits all sides", diplomatic sources close to the negotiation have told EurActiv.com. Eurozone finance ministers agreed with Greece to start debt relief for Athens, as demanded by the International Monetary Fund, and to unlock €10.3 billion in bailout cash: http://www.euractiv.com/section/euro-finance/news/eurogroups-greece-deal-beneficial-for-all-sides/?nl_ref=13654385

Member states will discuss again in June a proposed directive to outlaw practices used by large companies to avoid paying taxes, reports EUobserver. Meanwhile, the European Parliament makes progress on its probe of Panama Papers: https://dub129.mail.live.com/?tid=cm5bSzDhQj5hG0sQAhWtlxMg2&fid=flinbox

Slovakia promises to address the review of wholesale roaming prices across the European Union [during its EU presidency] and progress on a cross-border parcel delivery proposal, announced yesterday by the Commission. The telecoms framework review will be prioritized and they want to finalize talks with the Parliament on a proposal on freeing up the 470-790 MHz spectrum band for 5G connectivity. Politico reports: https://dub129.mail.live.com/?tid=cm4lwJPf8i5hGPJ9idZ1xJHQ2&fid=flinbox

European officials proposed on Wednesday a new set of rules that could force video streaming services to carry a minimum amount of local content in individual countries, as well as to help pay for its development. The plan is intended to help level the playing field with national broadcasters, which are already required to fund television shows and other programming in their home countries, reports the New York Times. It is part of a broader effort to regulate how the 500 million people in the region can buy, get access to and consume online services like video streaming and messaging applications. The changes form the building blocks for Europe's broad plan for a single digital market, a strategy that officials say they hope will help bolster the region's sluggish economy: http://www.nytimes.com/2016/05/26/technology/eu-proposals-apple-netflix-facebook.html?emc=edit_ee_20160526&nl=todaysheadlines-europe&nlid=74103272

EUobserver says the European Commission on Wednesday (25 May) came out with a set of proposals that aim to ease access to online services and goods for customers across the EU: https://euobserver.com/digital/133549

A political deal has been reached between the European Parliament, the Commission and the member states to strengthen export control legislation for goods that can be used for the death penalty and torture, MEP Marietje Schaake of the Liberals and Democrats announced. The deal comes after three months of negotiations and is yet to be approved officially, reports Politico Morning Trade. Goods involved include electric chairs and certain kinds of handcuffs, and there will also be a ban on advertising the prohibited goods: https://dub129.mail.live.com/?tid=cmyNA4GwEj5hGR2oDBbm1Vag2&fid=flinbox

The European Central Bank warned that the rise of populist parties could threaten growth in the Eurozone, reports EUobserver: https://euobserver.com/economic/133540

As the European Commission elaborates its Energy Union strategy, and as national and local governments plan their contribution to the union's aims of energy security, decarbonisation and cost-efficiency, they need to create an environment that nurtures innovation in policy, technology and business models, write Pascal Lamy and Philip Lowe in an op-ed in EurActiv. Pascal Lamy is former Head of the World Trade Organisation and President Emeritus of the Jacques Delors Institute. He was European Commissioner for Trade in the Prodi Commission (1999-2004). Philip Lowe is former Director-General for Energy and Competition at the European Commission: http://www.euractiv.com/section/energy/opinion/putting-innovation-at-the-heart-of-the-energy-union/?nl_ref=13654385

Courtesy of Peter Morris, European Movement in North East