Search Result for : British Government

The Dollar Business BureauBritish manufacturers on Monday urged Prime Minister Theresa May to relinquish her threat that she might pull out of the European Union without a new trade deal, underscoring that they would be the biggest loser of the trade barriers with the EU. May is scheduled to trigger the two-year Brexit process on March 29. She has warned the other 27 Europe Union members that no deal is better than a bad deal. "The idea of being able to walk away empty-handed might be a negotiating tactic, but it would in reality deliver a risky and expensive blow," said Terry Scuoler, chief executive of EEF, Britain's manufacturing lobby. "The rhetoric from the UK government needs to focus instead on achieving a ...

The Dollar Business Bureau The British Parliament on Monday overwhelmingly approved a bill allowing UK Prime Minister Theresa May to trigger Article 50 legislation by March 27, bringing Britain one step closer to its exit from the European Union.   Welcoming the Parliament's approval on Monday, British Brexit Secretary David Davis said: “Parliament has today backed the government in its determination to get on with the job of leaving the EU ... We are now on the threshold of the most important negotiation for our country in a generation." "So we will trigger Article 50 by the end of this month as planned and deliver an outcome that works in the interests of the whole of the UK," he said. The Bill passed both ...

The Dollar Business Bureau UK’s Prime Minister Theresa May faced the first parliamentary defeat over Brexit after the Upper House voted for an amendment thereby delaying the bill which empowers her to begin talks for her country’s exit from the European Union. The House of Lords or the Upper House, voted on Wednesday 358 to 256 for the amendment, indicating strongly the British ministers to safeguard the rights of EU citizens who are based in the UK after Brexit. But, the defeat of the government in the Upper House could be a symbolic one as Members of the Parliament can remove that amendment when it goes back to the Commons. The Department for Exiting the EU (DExEU) said, “We are disappointed the Lords have ...

The Dollar Business Bureau  Four UK’s Members of Parliament (MPs) have asked the British government to make it a priority to strengthen trade relations with India after Brexit.  During a debate on Thursday in Westminster Hall of Parliament on Commonwealth Trade, Jake Berry, a Conservative party MP led calls to focus on India as the UK exits the European Union (EU).  “We need to open trade deal talks with India. We will be helped significantly by the Indian diaspora of 1.4 million people, which creates strong cultural ties between our nations, and by the fact that India is currently UK's largest export market in the Commonwealth. The Government must make it a priority next month,” Berry said.  He cited a latest Commonwealth study that ...

The Dollar Business Bureau US President Donald Trump will meet UK’s Prime Minister Theresa May on January 27, his first meeting with an international leader after taking office, White House said. He will also host Enrique Pena Nieto, his Mexican counterpart, on January 31. “The President will welcome his first foreign leader...when the United Kingdom's Theresa May will come to Washington on Friday,” Sean Spicer, White House Press Secretary briefed the reporters. Trump’s meeting with the UK Prime Minister comes as Britain undergoes Brexit – the process of quitting the European Union (EU), a decision Trump supported. Trump also held telephonic discussions with the heads of two neighbouring nations - Mexico and Canada. “The President had a productive conversation with Canada’s Prime Minister Justin Trudeau on strengthening the ties ...

The Dollar Business Bureau   Britain's Finance Minister Philip Hammond in his first economic policy announcement post Brexit said the UK’s expected GDP growth would be 2.1% this year and 1.4% in 2017, mainly due to lower investment and weaker demand, and those are caused by greater uncertainty and higher inflation.   He projected the country’s GDP to grow by 1.7% in 2018, 2.1% in 2019, 2.1% in 2020 and 2% in 2021. “Over the forecast period, growth is expected to be 2.4% lower than forecast as a result of Brexit,” Hammond said.   Making his first budget announcement, Hammond said the government will form a new national productivity investment fund worth £23 billion to focus on innovation and infrastructure, as well as it will also ...

The Dollar Business Bureau “Brexit has thrown a spanner in the works,” said Maurice Obstfeld, chief economist, IMF. The decision by Britain to leave the EU group will affect global economic growth this year and the next, International Monetary Fund said. The IMF on Tuesday shared its earlier estimate for the global economic growth to 3.1% this year and 3.4% in 2017. The recent estimates are 0.1% lower than the institution’s April forecast.   The IMF said Brexit has created uncertainty which could wear away consumer and business confidence, resulting in freeze in investments. The UK must renegotiate its existing trade arrangements with Europe. United States and China, the world's two largest economies, are unlikely to experience much economic trouble from the turmoil in Europe, it said. The ...

The Dollar Business Bureau Indian realty companies having exposure to the property market in the London are going to be affected in the near future due to UK’s decision to exit the European Union, Fitch Ratings said. “The demand for commercial and luxury residential properties in London, the sectors in which some Indian real estate firms have invested, may stay sluggish for over the next 6 to 12 months as buyers delay their purchases and banks cut loans due to increased economic uncertainty,” the global rating agency said in a report. Lodha Developers and Indiabulls Real Estate (IBREL) have considerable exposure to the commercial and luxury residential property segments in London, where they had done significant investments in 2013 and 2014.  Of these two companies, IBREL has ...