• Ministers’ anger as May plans to force Brexit deal through (Times):The Times revealed this morning it had seen leaked cabinet papers sent round Whitehall in recent days which reveal that Mrs May’s Brexit plan could leave the UK in a “long-running” transition period over years. The report makes clear that the arrangement could last for many years on a “rolling” basis with an “annual decision point” where any transition extension is reviewed. The leak comes as Mrs May will today voluntarily appear before the 1922 Committee of Tory backbenchers, in a move that No 10 hopes will be regarded as a sign of confidence. Fifty MPs, however, have given a commitment to oppose key elements of her Brexit plan.
  • Brexit could lead to security threat at border, says watchdog (Guardian): Noting that many businesses are also largely unprepared, the National Audit Office (NAO) said there could be significant problems even if a Brexit deal is agreed. It follows a warning from the head of the National Crime Agency that a no-deal Brexit could mean efforts to tackle organised crime are “significantly impacted”. The NAO report also detailed a series of wider potential issues, highlighted by the fact that 11 out of 12 critical IT systems at borders have been assessed as being at risk of not being ready on time. On no-deal planning, the report details the extra responsibilities that will be placed on both businesses and officials, saying that such a departure would result in the current annual total of 55m customs declarations needed for the UK’s borders rising to 260m.
  • FRC asks companies to tackle Brexit (Financial Times): In an open letter to audit committee chairs and finance directors, the Financial Reporting Council urged companies to outline any “particular threats” to their business model that may arise as a result of the UK’s planned exit from the EU in March next year. The FRC said companies should also publish “sufficient information” to help investors understand the impact of different Brexit scenarios, such as a wider range of outcomes for cash flow projections.
  • Labour preparing anti-austerity budget to win back Brexit supporters (Guardian): The shadow chancellor, John McDonnell, is preparing an anti-austerity budget to deal with the grievances of voters who support Brexit if failure to strike a deal with the EU leads to a snap general election.
  • Sterling falls to six-week low on Brexit uncertainty (Financial Times): Sterling fell as much as 0.6 percent to $1.2902, the lowest level since September 10. The currency is down 4.5 percent on the year and has fallen some 10 percent since its peak in May. The weaker pound helped lift the FTSE 100 up 0.7 per cent in mid-morning trading.