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

  • The Secretary of State for International Trade has revealed that negotiations will begin with the US on a post-Brexit trade deal on 24 July. Although EU rules prohibit member states from making separate trade deals outside of the bloc, Liam Fox has repeatedly insisted there is nothing preventing discussions with his US counterparts to “scope out” a future trade relationship. Liam Fox re-iterated that the UK wants an open and liberal trading arrangement with Europe but noted that “there are some very, very big markets out there that we will be able to take advantage of”. (Independent)
  • The head of international financial services at Ireland’s Industrial Development Authority has claimed that Ireland has secured deals with more than a dozen London-based banks and finance houses to move some of the operations to Dublin in preparation for Brexit. This is ahead of the 14 July deadline for financial firms to provide details of their Brexit plans to the Bank of England. (Irish Times)
  • According to French Finance Minister Bruno Le Maire, France will set up a special court to handle English-law cases for financial contracts post-Brexit with proceedings taking place in English. At a conference in New York Bruno Le Maire emphasised the new French government’s pro-business outlook noting that they “understand the need to make it easier for financial institutions operating in France”. The French Prime Minister is set to announce measures in the coming weeks to boost the attractiveness of Paris as a global financial hub. (Reuters)