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

  • The OECD has predicted that Theresa May will fail to secure a comprehensive free trade agreement with the rest of the EU by 2019. Its latest Global Economic Outlook report has upgraded its 2017 GDP growth forecast for the UK to 1.6 per cent (up from 1.2 per cent last November). However, it has predicted UK growth will slow to just 1 per cent in 2018, on the assumption that ‘most favoured nation’ treatment will govern trade after the UK leaves the EU. (Independent)
  • LCH, London’s biggest clearing house, said on Wednesday it will accept more direct oversight from Brussels of euro-denominated derivatives. The majority of euro-denominated derivatives clearing takes place in London, which may cause difficulties following Brexit. LCH has suggested a system of direct registration, allowing EU authorities closer supervision of clearing houses outside the bloc. (Financial Times)