U.K. Government Split Over Carbon Market After Brexit

(Bloomberg) —



a man wearing a suit and tie: Rishi Sunak


© Bloomberg
Rishi Sunak

U.K. Chancellor Rishi Sunak’s Treasury is locked in a battle with Alok Sharma’s Business Department over how to ensure polluters pay for their emissions after Brexit.

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The Treasury is pushing to replace the European Union’s cap-and-trade system with an economy-wide carbon tax, which would come into effect after Britain exits the bloc in January. The Department for Business, Energy and Industrial Strategy is drawing up a new emissions-trading system to start in January similar to the EU program that the U.K. currently participates in.

One person familiar with the debate predicted that an ETS was a likely option, and a hybrid is also being considered. A decision is expected soon. It is likely to be announced by Dec. 12, when Prime Minister Boris Johnson will co-host a United Nations meeting on climate action, where he is expected to reveal a new 2030

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U.K. Government Split Over How to Charge Polluters After Brexit

(Bloomberg) —



a man wearing a suit and tie: Rishi Sunak


© Bloomberg
Rishi Sunak

U.K. Chancellor Rishi Sunak’s Treasury is locked in a battle with Alok Sharma’s Business Department over how to ensure polluters pay for their emissions after Brexit.

Loading...

Load Error

The Treasury is pushing to replace the European Union’s cap-and-trade system with an economy-wide carbon tax, which would come into effect after Britain exits the bloc in January. The Department for Business, Energy and Industrial Strategy is drawing up a new emissions-trading system to start in January similar to the EU program that the U.K. currently participates in.

One person familiar with the debate predicted that an ETS was a likely option, and a hybrid is also being considered. A decision is expected soon. It is likely to be announced by Dec. 12, when Prime Minister Boris Johnson will co-host a United Nations meeting on climate action, where he is expected to reveal a new 2030

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Fear sets in that Boris Johnson’s Brexit government is ill equipped to handle a pandemic | World

However, this reliance on (and success of) his Brexit persona, as opposed to his previous incarnation as the liberal-conservative Mayor of London, means that combative, confrontational style of politics is a must in the DNA of any government he leads.

Observers fear that taking this flavor of politics from the campaign trail to government might make central government too thinly stretched and chaotic for handling the dovetailed crises of a pandemic and Brexit.

CNN reached out to Downing Street but a spokesperson declined to comment on the record.

Constant source of controversy

There is an immediate concern that the government’s single-mindedness on Brexit has in itself hampered its handling of the pandemic. “This government doesn’t want to be seen to need the EU in any sense, which, in my view, resulted in its choice not to participate in joint procurement schemes at the start of the pandemic,” says Menon. Earlier

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Boris Johnson’s Brexit government is ill equipped to handle a pandemic, some fear

It’s been another week of difficult headlines for Boris Johnson. Once again, serious questions are being asked of Britain’s Prime Minister and his administration’s approach to handling the Covid-19 pandemic and, more broadly, the style of government.



Boris Johnson wearing a suit and tie: LONDON, ENGLAND - OCTOBER 05: Prime Minister Boris Johnson speaks to a member of staff as he visits the headquarters of Octopus Energy on October 05, 2020 in London, England. The prime minister and Chancellor of Exchequer Rishi Sunak visited the British "tech unicorn" - a startup company valued at more than USD$1 billion - to promote the company's plan to create 1,000 new technology jobs across sites in London, Brighton, Warwick and Leicester, and a new tech hub in Manchester. (Photo by Leon Neal - WPA Pool /Getty Images)


© Leon Neal/Getty Images Europe/Getty Images
LONDON, ENGLAND – OCTOBER 05: Prime Minister Boris Johnson speaks to a member of staff as he visits the headquarters of Octopus Energy on October 05, 2020 in London, England. The prime minister and Chancellor of Exchequer Rishi Sunak visited the British “tech unicorn” – a startup company valued at more than USD$1 billion – to promote the company’s plan to create 1,000 new technology jobs across sites in London, Brighton, Warwick and Leicester, and a new tech hub in Manchester. (Photo by Leon Neal – WPA Pool /Getty Images)

Things kicked off with Johnson being criticized for sending mixed messages in a BBC interview on Sunday,

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Third-Quarter 2020 Market Commentary: Despite Uncertainty Around U.S. Election And Hard Brexit, Hope Springs Eternal For COVID-19 Vaccine And Government Relief

Data Source: Bloomberg

Source: PxHere

3D Note: As part of our ongoing commentary concerning the coronavirus global contagion and its impact on human and global markets, we remind readers that the situation remains fluid as evidenced by volatile market reactions to most new developments, although the pace of these reactions seems to have slowed down from March/April. In addition to our bi-monthly articles and periodic podcasts, 3D has started publishing mid-month updates to our advisor partners as we navigate through the coronavirus pandemic. Please contact us if you would like to be added to the distribution list.

Market action during the third quarter was largely uneventful despite a moderate pickup in volatility and a “pause” in the global reflation trade. The first two months saw rallies in the global reflation trade, broadly represented by growth technology stocks, emerging markets, commodities/non-U.S. currencies, and corporate credit, only to see investors back

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Pound falls on reports UK could quit Brexit talks next week

Britain's Prime Minister Boris Johnson as fears grow Brexit talks could collapse. Photo: Justin Tallis/AFP via Getty Images
Britain’s Prime Minister Boris Johnson as fears grow Brexit talks could collapse. Photo: Justin Tallis/AFP via Getty Images

The pound slid on Wednesday, after a report that the UK government could pull out of Brexit talks as soon as next week if not enough progress has been made towards a deal.

Sterling had lost 0.8% against the dollar (GBPUSD=X) by mid-afternoon in the UK, trading just below $1.29. It shed 0.7% against the euro (GBPEUR=X), with the pound selling for $1.09.

The flight from sterling reflects investors fears’ Britain could face severe economic upheaval if no deal is reached. It would likely spark disruption and sudden new barriers to long-standing trade and other ties with most of Europe when the Brexit transition period expires at the end of the year.

Talks between negotiators are ongoing in London this week. The pound’s decline came after a source told Bloomberg the UK

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EU launches legal action against UK for breaching Brexit deal and international law | World

Since the UK government has not pulled this legislation, the Commission has written a letter of formal notice to the UK government, the first step in an infringement procedure — something the EU commonly uses when parties breach agreements with the union.

“The letter invites the UK government to send its observations within a month and besides this the Commission will continue to work hard towards full and timely implementation of the Withdrawal Agreement. We stand by our commitments,” von der Leyen concluded.

The move, though dramatic, was expected in London. The government had previously admitted that its Internal Market Bill would breach the treaty and break international law in a “very specific and limited way.” The government claims that the bill is a safety net to ensure seamless trade between the four nations of the United Kingdom in the event of a no deal Brexit at the end of

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EU takes legal action against Britain over U.K. bill that violates Brexit deal, international law

“The heat’s on Donald Trump” after last night’s “We Miss America pageant” in Cleveland, Jimmy Kimmel said on Wednesday’s Kimmel Live. “There were quite a few TV news people who were like, ‘I’ve never seen anything like this,'” he shrugged, but “I’ve been seeing this almost every day for about four years now.”

“Maybe the most egregious lie Trump told is when he said Joe Biden played more golf than he does — Phil Mickelson doesn’t play more golf than he does,” Kimmel said. “Trump attacked Biden’s family” and “refused to commit to accepting the results of the election,” but his lowest moment was “when specifically asked to condemn white supremacy, he wouldn’t.”

“The only thing he avoids more than condemning white supremacists is paying taxes,” Trevor Noah said at The Daily Show. “If you see someone making the same ‘mistake’ over and over again, at some point

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Brexit: Government Brexit plan gets MPs’ final backing

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PA Media

MPs have given their final backing to government plans to override parts of its Brexit agreement with the EU.

Amid concerns that the move would break international law, ministers agreed to give Parliament a say before ever using the powers they would be granted by the Internal Market Bill.

The legislation, which passed through the House of Commons by 340 votes to 256, will now go to the House of Lords.

The government says it will help protect the integrity of the UK.

But Labour, the Liberal Democrats, the SNP and the EU argue that – in allowing the government to undo parts of a treaty signed by the EU and UK – it could damage the country’s international reputation and standing.

The UK’s five living former prime ministers – Sir John Major, Tony Blair, Gordon Brown, David Cameron and Theresa May – have spoken out

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Brexit: Government plan gets MPs’ final backing

FlagsImage copyright
PA Media

MPs have given their final backing to government plans to override parts of its Brexit agreement with the EU.

Amid concerns that the move would break international law, ministers agreed to give Parliament a say before ever using the powers they would be granted by the Internal Market Bill.

The legislation, which passed through the House of Commons by 340 votes to 256, will now go to the House of Lords.

The government says it will help protect the integrity of the UK.

But Labour, the Liberal Democrats, the SNP and the EU argue that – in allowing the government to undo parts of a treaty signed by the EU and UK – it could damage the country’s international reputation and standing.

The UK’s five living former prime ministers – Sir John Major, Tony Blair, Gordon Brown, David Cameron and Theresa May – have spoken out

Read More