In his introduction to the government’s controversial Brexit white paper; the country’s first attempt to try to explain on paper how leaving the EU by March 29th, 2019 might work; new Brexit secretary Dominic Raab talks about how “technological revolutions and scientific transformations are driving major changes in the global economy.” Read more
Yesterday, we described the circumstances relating to the release of the UK governments much anticipated White Paper, which outlines how the UK intends to go about leaving the EU on 29th March 2019, and briefly described some of the ways that Brexit is expected to disrupt international trade between the UK and EU. Today let’s look at financial services in more detail. Read more
Chequers, Brexit & The Long Awaited White Paper; How Will The UK Trade Overseas After Leaving The EU?
Even by Brexit standards, it has been a tumultuous week for UK politics. A much-publicised meeting at Chequers took place over the weekend to discuss the White Paper that Theresa May has spent the past 2 years preparing, describing under what specific terms exactly the UK will complete its divorce from the European Union. The discussions resulted in the resignations of Boris Johnson and David Davis, 2 key “Leave” campaigners who helped swing the referendum in favour of Brexit. The White Paper has continued to attract outspoken criticism from both hardline Brexiteers like Jacob Rees Mogg and Iain Duncan Smith, the opposition Labour party, and the EU itself.
It has been a difficult start for Dominic Raab, the new Brexit secretary, but looking beyond the chaos, we feel it is more than worthwhile to review the White Paper in detail and try to understand what the implications are, starting from an international trade perspective. There is, after all, much to be learned from this 108 page document, some of which has even met with approval from a majority of stakeholders! Read more
Tempted To Move Abroad? UBS Reveals List Of Most Expensive Cities For Expats, & Some Of The Best Priced
Life as an expat can be full of surprises; a new culture to learn, surroundings to explore and barriers to overcome. Amidst so much uncertainty, if you are planning to make a big move overseas but have not yet decided where, or want to get the lowdown on your destination of choice, UBS’s latest Cost Of Living Around The World report may well have the answers you are looking for. Read more
Demand For “High Quality” British Goods Boosting Exports To Record Levels & Narrowing Trade Deficit, Says DTI
Figures from the Department for International Trade (DTI) for the year to March 2018 reveal that exports of UK goods have hit record highs, with the combined sales of goods and services overseas exceeding £620.2bn. Read more
The technology industry is sometimes guilty of over-hyping its influence over the world, and over-exaggerating the usefulness of its products. Is a restaurant food ordering app really so very different from a takeaway menu leaflet? Was a taxi-cab rank genuinely the inconvenience that it is made out to be today? And remember when dating meant face-to-face contact over dinner or a drink, rather than swiping left or right in a couple of milliseconds?
In the case of money transfer, you could be forgiven for concluding that, despite the hype about mobile wallets, blockchain remittance services, superior exchange rates offered and fees reduced to all-time lows, you’d rather stick with the tried and tested. Read more
It’s coming home. England’s nerve-shredding victory over Colombia last night was watched by an incredible 23m of the population, and whilst many may have been hiding behind the sofa as the goals, fouls, and penalties flew in, a nation is celebrating, and contemplating an unprecedented run all the way to the final of Russia 2018. Can you get to Russia in time for the QF? Maybe, just maybe. Read more
Now that it is all but official that the UK will leave the EU on the 20th March 2019, there will doubtless be a flurry of activity by firms, particularly within the financial sector, to try to establish what the various scenarios and implications of Brexit will mean for them. Read more
Amidst all the recent discussion and hand-wringing around the new GDPR regulations, it’s easy to forget that it was only in January this year that the updated Payment Services Directives, a set of EC-wide regulations designed to make it easier, faster and less expensive to for customers to pay for goods and services, by promoting innovation, came into force.
If the introduction of PSD2 has gone a little under the radar, a new report from PWC, in association with the Open Data Institute, argues that the effects of the Open Banking “revolution” certainly won’t. The report estimates that “Open Banking has the potential to create a revenue opportunity of at least £7.2bn by 2022 across retail and SME markets.” Read more
The Department for International Trade has published its annual set of figures outlining the number of foreign direct investment projects currently being operated in the UK. The total of 2,072 projects represents a 9% year on year drop, and whilst the total number of jobs created, 75,968, represents a 1% increase on 2016-17, the number of safeguarded jobs, the DTI reveals, has fallen by 54% to just 15,063. Read more
Ant Financial Introduces Low Cost Blockchain Money Transfers for Lucrative Hong Kong Philippines Remittance Channel
Filipino workers in Hong Kong, of which there are more than 180,000, received a potential boost to their finances this week as Jack Ma, the billionaire co-founder of Alibaba, which counts fintech firms Ant Financial and Alipay as subsidiaries, made good on a promise he had made years ago to help his Filipino friends spend less on fees when sending money back home to friends and relatives. Read more
2 London startups who both enjoy stellar reputations as customer focused, tech savvy disruptors of their big bank rivals are joining forces to launch an international money transfer service. Read more
Summer is here, and although it’s an opportunity to enjoy some rare sunshine (for those of us based in the UK), it also tends to give many of us itchy feet. Whatever you plan to do with your summer holidays, or even if you are considering upping sticks and embarking on a long term travel adventure, it helps to have the right resources to hand.
We have selected 5 travel blogs that will put you firmly in the know, introduce you to new experiences, and prepare you well for your next travel adventure. Who, knows, after spending time on some of these five sites, you may never want to come back! Read more
Ever since Britain joined the European Union in 1973, property in London has represented about as sound an investment as anybody could hope for. But now that Britain is set to cut ties with the EU, is the city’s property market about to suffer a correction, and is it worth looking at alternative options? Read more
In a recent article in Finextra, Lakshmi Narayanan at Travelex discusses the contrasting approaches taken by the Pakistan and India governments to the problems inherent in their countries remittance industries.
India is the largest market for inbound remittance in the world, receiving more than $72bn of inbound money transfers from overseas, whilst Pakistan also has a large inbound remittance market worth around £19.3bn. Read more
Duke Of Cambridge Gives Exporting SMEs Royal Seal Of Approval Ahead Of International Business Festival In Liverpool
Prince William told The Times last week about how he recognises the importance of Britain’s SMEs trading overseas, and praised the Commonwealth, describing it as “the mother” of all business networks. Read more
I recently returned from an event of bucket-list ticking importance in my life. It may have “only” been Thursday Free Practice, it may have been the cheap seats (home straight, watching the cars come blasting out of Anthony Noges, the last corner) but my brief and surprisingly affordable experience of the 2018 Monaco Grand Prix is definitely one that will stay with me for a long time. Read more
Research published by the Higher Education Policy Institute (HEPI) and Kaplan International Pathways has revealed that international students in the UK are worth more than ten times more than the costs associated with supporting their studies; £68,000 per typical EU-based student, and £95,00 per non-EU student – a total of more than £22 billion overall. Read more
The Week In International Payments; Partnerships Galore, & Currencies Direct Tests Blockchain Solution
It’s been an eventful week in the world of international money transfer. Whilst Trump launches trade wars with Europe, China, Canada, and Mexico (to name a few), which is guaranteed to lead to tricky exchange rate calculations for many businesses (don’t forget to check the latest rates and save up to 80% on fees using The Money Cloud), there has plenty of activity in the consumer international payments market too.
Here’s how the big stories have broken down in the past week or so. Read more