- The German digital bank N26 is has blamed Brexit
for its decision to pull out of the UK and close more than 200,000 customer
- The lender has given customers less than two
months to move their money, with all UK accounts to be closed by 15 April. It
has also stopped offering new accounts to UK residents.
- The move comes less than 18 months after the
Berlin-based firm launched in the UK. It had about a dozen employees in the UK,
with the rest of the business run remotely from the German capital.
- The “challenger bank”, which has attracted
investors including the US and Hong Kong billionaires Peter Thiel and Li
Ka-shing, and the Chinese tech giant Tencent, blamed Brexit for its decision to
leave the UK.
- “The timings and framework outlined in the EU
withdrawal agreement mean that the company will in due course be unable to
operate in the UK with its European banking licence.”
Brexit on Amazon
- Post-Brexit transition border checks could cause
fresh food supply problems, an industry body has warned.
- Shoppers will notice the supply issues next
January unless there is a “massive upgrade” in border facilities, the
British Retail Consortium said.
- The warning came after cabinet minister Michael
Gove said that border checks are “inevitable” after the Brexit
transition period ends on 31 December.
- Officials said firms have enough time to prepare
for the changes.
- Border checks could quickly cause hold-ups at
Channel ports of thousands of trucks, including those carrying fresh food, the
- The government will have to “move
fast” to put in place the necessary border infrastructure and staff to
cope with those checks by the end of the year, it said.
- If it doesn’t, “consumers in the UK will
see significant disruption, particularly in the availability of fresh fruit and
vegetables” the BRC’s director of food and sustainability Andrew Opie
- Bank of England Governor Mark Carney spoke to
lawmakers in the upper house of Britain’s parliament on Tuesday, little more
than a month before his scheduled departure from the central bank.
- On Brexit:
- “The judgement on productivity is more of the
same in effect.”
- “The lack of investment in recent years and the
prospect of some reorganisation of this economy as we move to the new
relationship with the European Union within 12 months, with the frictions that
come with that come some weight on short-term productivity.”
- “The equivalence regime in the EU is a
relatively unstable equivalence regime. In other words, equivalence can be
withdrawn on relatively short notice.”