• RBS sets up Brexit buffer: RBS have implemented several profit-hitting measures to prepare for the fallout from a disorderly Brexit. The bank took a £100m impairment charge to steel itself against an expected rise in customers defaulting on their loans due to what it described as a “more uncertain economic outlook”. It also took steps to hoard liquidity rather than lending it out, in a move that led to a larger than expected drop in its net interest margin. (FT)
  • Heathrow raises £1.6bn to defend against hard Brexit: Heathrow has raised £1.6bn to keep it financially secure even if flights are grounded in the event of a hard Brexit. The airport, which released its third-quarter results on Friday, said the money was to build its “financial resilience ahead of Brexit”. If the UK leaves the EU without an agreement at the end of March next year, there is a risk that airlines will not be able to fly to and from the UK. (FT)
  • Russia blocks Liam Fox’s WTO plan: Russia is among 20 countries that are looking to gain a commercial advantage from Brexit after blocking an attempt by the international trade secretary, Liam Fox, to fast-track a World Trade Organisation Deal on the UK’s terms of trade with the world. Whitehall is now facing “up to two dozen” different negotiations with countries over how much meat and dairy produce will be permitted into the British market and what tariffs the UK will set on imports. (The Guardian)