Please see below for today’s update on key Brexit news items:

  • 28 EU member states’ leaders gathered at a Brussels summit, where Prime Minister Theresa May has promised to set out some of the UK’s plans for leaving the EU. In particular, she will address how she proposes to protect the rights of EU and UK citizens following Brexit. Ahead of the summit, European Council President Donald Tusk suggested that the door remains open to the UK staying in the EU. (BBC)
  • A Guardian analysis of economic news has suggested that Britain’s vote to leave the EU has squeezed living standards, hit consumer spending and dampened the country’s growth prospects. The economy has so far avoided recession, but at the beginning of this year the UK slipped to the bottom of the European growth league and was left trailing behind the world’s advanced economies. (The Guardian)
  • Chancellor of the Exchequer Philip Hammond has admitted that businesses are already pulling investment because of Brexit. He said that a temporary deal with the EU was badly needed to get “businesses investing again”. The Chancellor noted that a smooth path to the UK’s future relationship with the EU was also a critical issue for firms on the continent, such as car manufacturers seeking longer contracts with British firms. (Independent)
  • Japanese banks Nomura and Daiwa have chosen Frankfurt as their new EU hubs after Brexit. Nomura plans to move several dozen bankers and back-office staff from London to run its new Frankfurt office, which will primarily handle sales to continental European clients. Nomura’s existing London base will remain the bank’s headquarters for EMEA. (Financial Times)