• Public in favour of abandoning EU state aid rules – Research commissioned by the Institute for Public Policy Research has revealed that 53 per cent of the British public supports Jeremy Corbyn’s plan to scrap restrictions on state support for British industry, even if this is achieved at the expense of securing a far-reaching EU trade deal. Theresa May has suggested Britain would likely keep its state and competition rules “in step with the EU” after Brexit and has shown no sign of wanting to opt out of the restrictions. Unlike Labour, May wants to leave the customs union, arguing that an independent trade policy would allow Britain to strike beneficial free trade agreements with other countries. (The Independent)
  • Norway offers to roll over UK trade agreements after Brexit – Norway is open to rolling over its tariff-free trade arrangements with Britain (which have heretofore been ensured by EU treaties) during the post-Brexit transition period. Norway’s finance minister warned against “regulatory arbitrage” after Brexit and expressed an interest in the UK “continuing to endorse the idea of common rules and a level playing field”. (The Financial Times)
  • FCA sets aside £30m to smoothen Brexit process for City banks – Outlining plans to smoothen the process for City banks and insurers, the FCA said it would drop some “non-critical” projects this year and set aside £30 million for managing the changes triggered by Brexit. Leading City banks are drawing up plans to relocate staff elsewhere within Europe to cope with Brexit, depending on the ultimate deal struck between London and Brussels. The FCA would be tasked to oversee such changes to years of joint regulations covering the entire 28-nation EU bloc. (The Guardian)