Bloomberg UK Profile picture
Sep 14, 2020 10 tweets 5 min read Read on X
1/ Boris Johnson’s plan to tear up parts of the Brexit divorce agreement he secured from the EU has sparked consternation in Brussels and a rebellion in Westminster.


Here’s why it’s so controversial (thread) ⬇️ bloom.bg/3bTfAYX
2/ Boris Johnson is rowing back from the policies on Northern Ireland he signed up to only last year as part of the Brexit Withdrawal Agreement.


His government says it is prepared to break international law to undo parts of the deal bloom.bg/3bTfAYX
3/ At stake is the Northern Ireland Protocol agreed between Johnson's government and the EU.

It's designed to prevent a hard border on the island of Ireland — at the cost of putting the customs border in the Irish Sea bloom.bg/3bTfAYX
4/ The Internal Market Bill would give U.K. ministers powers to:

• Waive customs paperwork on trade between NI and Great Britain

• Unilaterally define which goods entering NI are liable for tariffs in event of no deal

• Strike down EU state aid rules bloom.bg/3bTfAYX
5/ These issues are highly sensitive to the EU, which has responded with an ultimatum: The U.K. has three weeks to amend the legislation, or face legal action.

bloom.bg/3bTfAYX
6/ All of Britain’s living ex-leaders have expressed concern over the plan.

Some of Johnson’s own Tory MPs have also threatened to rebel, though they would need to overcome his 80-seat majority in the House of Commons bloom.bg/3bTfAYX
7/ Boris Johnson could also face a fight in the House of Lords — though it doesn’t have an absolute veto.

The upper chamber can only delay legislation approved by elected MPs for a year bloom.bg/3bTfAYX
8/ Aside from damaging trust between the U.K. and its biggest and nearest trading partner, the move could also damaged prospects of a trade agreement with the U.S., according to Nancy Pelosi

bloom.bg/3iwAQ9a
9/ And it could also give fresh impetus to nationalists in Scotland

bloom.bg/35Ezrdn
10/ Back in Westminster, Boris Johnson is about to put his plan to its first debate and vote in Parliament

More ⬇️ bloom.bg/3bURNYx

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More from @BloombergUK

Oct 19, 2022
BREAKING: Suella Braverman has left her role as the UK’s home secretary, The Guardian reports, piling even more pressure on Prime Minister Liz Truss trib.al/PlvPx0v
NEW: Liz Truss’s advisers are concerned members of her Cabinet are planning to resign to try to force the UK prime minister out of office, after Home Secretary Suella Braverman resigned trib.al/ZHLMSmQ Image
BREAKING: "Pretending we haven't made mistakes... and hoping that things will magically come right is not serious politics" — Former Home Secretary Suella Braverman rebukes PM Liz Truss in resignation letter, questioning the "direction" of the government bit.ly/3eKzgnu Image
Read 4 tweets
Oct 18, 2022
For potential homebuyers and borrowers in the UK the question now is what’s next for mortgages after weeks of turmoil

We crunched the numbers to get some answers ⬇️

bloom.bg/3S9gLqz
Q: How much and when will my mortgage go up?

A: Unlike fixed-rate mortgages, tracker mortgages follow fluctuations in the market

When the Bank of England raises their policy rate, tracker mortgage rates increase immediately in line with the BOE’s hike bloom.bg/3S9gLqz Image
Q: Will the BOE rate go up and if so, when?

A further percentage point jump in the base interest rate is expected to arrive when the BOE meets at the beginning of November bloom.bg/3S9gLqz Image
Read 6 tweets
Oct 17, 2022
BREAKING: UK Chancellor Jeremy Hunt announces government will scrap planned income tax cuts indefinitely and shorten energy bill support scheme, as he lays out overhaul of mini-budget that sparked market turmoil bloom.bg/3D3iaL3
Pound extends gains against dollar as UK Chancellor Jeremy Hunt reverses almost all tax cuts from mini-budget bloom.bg/3D3iaL3 Image
BREAKING: Jeremy Hunt announces he will reverse almost all the remaining tax cuts announced in Liz Truss’s mini-budget, with the new chancellor promising more difficult decisions lie ahead bloom.bg/3D3iaL3 Image
Read 4 tweets
Oct 17, 2022
With Chancellor Jeremy Hunt set to speak and pressure on Liz Truss rising, it's going to be another big day for UK markets and politics

We'll bring you all the latest updates: trib.al/cq6yzdm Image
Mel Stride, the influential Tory chairman of the Treasury Committee, is due to host a dinner this evening to encourage colleagues to back Rishi Sunak for prime minister

Latest updates: trib.al/cq6yzdm Image
The markets have given Jeremy Hunt a thumbs-up so far this morning for his decision to speed up the fiscal statement

Latest updates: bloom.bg/3D3iaL3 Image
Read 4 tweets
Oct 14, 2022
BREAKING: UK Prime Minister Liz Truss announces government will reverse planned freeze on corporation tax, which will raise £18 billion a year, admitting mini-budget went "further and faster than markets were expecting" bloom.bg/3EFA47I
BREAKING: UK Prime Minister Liz Truss U-turns on corporation tax, confirming it will rise to 25% as previously planned under Boris Johnson's government bloom.bg/3EFA47I
Pound drops after Liz Truss statement on fiscal plan, down 1.2% against the dollar bloom.bg/3EFA47I Image
Read 5 tweets
Oct 14, 2022
Liz Truss has been prime minister for just five weeks, and MPs are already talking about removing her

Here are betting odds on who might replace her ⬇️ bloom.bg/3rTc6OO
Rishi Sunak is the clear frontrunner if Liz Truss is forced out. Sky Bet is offering 2/1 odds

bloom.bg/3rTc6OO
Labour Party leader Keir Starmer is the second favourite at 3/1, but bookmakers’ odds suggest the next election won’t take place until 2024

bloom.bg/3rTc6OO
Read 6 tweets

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