Lloyds bank has announced that there will be an additional 3000 job cuts alongside the current plans to axe 9000 jobs over the next three years. The banking group sites the concern over negative interest rates as a result of Brexit for the need to make the extra cuts.
I am somewhat sceptical about whether this is the real reason for Lloyds announcing these job cuts. My question is that if Lloyds needs to cut the jobs due to the likelihood of negative interest rates, shouldn’t all other banks be announcing similar job cuts and bank closures? Shouldn’t Lloyds have had contingency plans in place to weather the storm in the case of negative interest rates, even if it does mean a cut in profits? Negative interest rates could have been on the way without a Brexit some commentators have suggested.
Michel Barnier is appointed Brussels’ chief negotiator for the UK’s exit talks with the EU.
There is concern that Michel Barnier is no friend of the UK and there is speculation that he blames the UK for losing his job as EU commissioner for internal markets and services.
Has Jean-Claude Junker, President of the European Commission, deliberately employed Michel Barnier to ruffle Britain’s feathers? Or does he believe that Michel Barnier will be the best person to negotiate a good deal for the EU?
The high court will hear a legal challenge to the EU referendum outcome in October. To my understanding, the premise of the legal challenge is that the referendum was never legally binding, only advisory. The claim is that in order for the government to trigger Article 50 a vote would need to take place in Parliament. Some commentators have expressed the view that the premise is precarious at best as the Prime Minister Theresa May can use historic Royal Prerogative powers to start the process of withdrawing from the EU without the need to consult Parliament. Others have also pointed out that the leaflet that the government spent £9 million on stated that the outcome of the referendum would be acted upon.
It is expected that the case will be appealed either way and one thing is for sure, it will be at the tax payers expense.
The allure of investing into the UK has not dampened it seems. Softbank, a Japanese telecommunications group, have agreed a price of £24bn to acquire ARM holdings, a technology company who develops computer chips for iPhone.
The fall in sterling and rise in the yen could be the reason the technology firm has decided to invest in the UK. Are the Japanese seeing an opportunity that others are missing? Or could it be the fact that technology is somewhat insulated from some of the doom predicted from brexit compared to other business industries?
So I check my twitter trending feed and I see Chris Bryant’s name. So I search and find the following:
His comment was followed by accusations of drinking too much, which he denied.
It now seems that anything that is going wrong in the world can be attributed to Brexit in some way. I’m not sure how helpful Chris Bryant’s comments are in this very serious situation in Turkey and in his ability to assess a situation. He has not really given an explanation for his view or clearly outlined why he believes brexit is partly responsible for the Turkey coup.
It seems time after time people in the public eye do not learn the lessons of posting on Twitter without thinking through their comments. They should treat Twitter with the same cautiousness as making a statement in front of a live TV camera. Or do you believe this helps us to see politicians in their true light?
The concern over Theresa May’s leadership is that she campaigned to remain, although fairly quietly. In each speech I have heard her make since entering the race to become Conservative leader has included emphasis on Brexit meaning Brexit, that she will act on the leave outcome of the EU referendum. However, I still hear people who are concerned that she will not trigger Article 50 and that Brexit will not happen because she does not feel truly believe in a Brexit. Or did she? There are those who believe Theresa May did not campaign enough because she was a reluctant remainer. We will all find out over the course of the next few months.
Well I am struggling to keep up with politics at the moment because the story keeps changing. Just when I had geared myself up for a mud-slinging match between Theresa May and Andrea Leadsom, yesterday Andrea pulls out of the leadership contest. And there we have it, Theresa May will be, or should I say is our new Prime Minister.
Theresa May will be the one to initiate Article 50, and begin negotiating our way out of the European Union. Or will she?