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

  • The Governor of the Bank of England has warned that uncertainty around Brexit has already hit people’s incomes and is weighing down the economy. Mark Carney stated that “the UK economy is beginning the process of adjusting to a new and as of yet uncertain economic relationship within the European Union. Monetary policy cannot prevent the weaker real incomes likely to accompany the move to new trading arrangements with the EU.” His comments follow the Bank of England downgrading its forecasts for the British economy this year to 1.7 per cent growth (down from 1.9 per cent). Mark Carney noted that since the referendum businesses “have invested much less aggressively than usual in response to an otherwise very favourable environment”. (Independent)
  • Michael Gove has told the Danish fishing industry that boats from EU countries will still be able to operate in UK waters after Brexit, as the UK does not have enough capacity to catch and process all its fish alone. Previously in July Michael Gove had said that Britain would be “taking back control” by departing from the EU common fisheries policy and withdrawing from the London fisheries convention. The Department for Environment, Food and Rural Affairs has clarified that the intention had always been to allow other nations some access to UK territorial waters after Brexit. (Guardian)
  • The UK’s top universities have called on Theresa May to scrap her plan to make every EU citizen apply for a new settled status and instead to grant an automatic right to remain people already permanently resident here. The Russell Group, which comprises 24 universities, has produced a paper outlining ten demands for clarity over the rights of EU citizens noting that “this lack of clarity is causing considerable concern for EU nationals at our universities and impacting on our ability to recruit talented staff from the EU”. The universities have warned that the current approach is hurting their sector which generates £73bn a year for the economy. (Independent)
  • The UK government is reportedly planning to set up a new agency to handle trade-defence investigations. According to a job advertisement for a digital expert for the new team, the goal is to establish the new agency with 130 staff by October 2018. The government will propose legislation to the UK Parliament in September to establish the UK Trade Remedies Organisation which will be part of the Department for International Trade. The agency will “investigate and tackle incidents of unfair trade” such as dumping and subsidies by foreign states that are currently handled by the European Commission. The UK Trade Remedies Organisation is being created because “we need to develop the UK’s approach to tackling allegations of unfair competition and build the capability and capacity to investigate complaints and enforce the rules.” The job description acknowledges that it will be a “huge challenge” and notes that “what we expect to deliver and the related timescales could change as our detailed policy thinking develops, as the legislation moves through Parliament, or as a result of the on-going negotiation with the EU”. (BBC)