Labour leader Jeremy Corbin is considering the nationalisation of the UK’s energy transportation and distribution lines, offering Treasury bonds as compensation to their owners, but at below market valuation. If this new energy policy was put into effect it would have a significant impact on Iberdrola.
Tristan de Bourbon (London) | The uncertainty of the Brexit is prolonged and a solution before day D does not seem possible. The risk is already too intense for many companies, which have begun to accelerate their contingency plans. In November Carolyn Fairbairn, the Director General of the Confederation of British Industry, the main platform of leading managers, warned that companies were stockpiling their products, investing in warehouses, cutting jobs.
Telefonica reached a non-binding agreement with Vodafone, which expands the current deal on sharing networks in the UK. The objective is to extend the duration and to include 5G. Both operators also want to modernize their fibre optic networks. The agreement depends on concluding the legally binding terms and securing the necessary regulatory approvals, which is expected to happen during 2019.
Theresa May wants to secure an orderly withdrawal from the EU (she was a lukewarm remainer in the Brexit referendum). But she also wants to hold her political party together. She does not want to be the Prime Minister which breaks the Conservative Party. Above all she does not want to be the new Ramsay MacDonald, the first Labour Prime Minister in 1924, who saved the national economy, but split the party.
Today the proposal of the British government will be known, although we do not know it will be a text agreed with the opposition , which insists it will not negotiate unless Theresa May renounces a no-deal Brexit. The UK is the fourth largest destination for Spanish exports. And the main foreign recipient of investment, so a hard Brexit would do significant damage to the country. All Spanish companies with presence in the UK have been discounting complicated scenarios since 2016.
After the winding management of Brexit, the EU Court of Justice in Luxembourg have opened a window for the UK to decide remain in the European Union in the end. The high court announced on Monday that Britain is free to revoke its so-called Article 50 notice any time before it’s due to leave the bloc on March 29., with no penalty.
Gestamp, the multinational company specialising in the design, development and fabrication of highly engineered metal components for the car industry, has recently inaugurated its new plant in Wolverhampton, in the West Midlands (UK). In fact, Gestamp counts with seven production plants in the country. Since 2012, the company has invested more than 200 million pounds in its installations in the UK.
What will happen? Is the debate more economic or political? What probability is there that in the end there is no Brexit? According to the economist oat Morgan Stanley in the UK, former Treasury Secretary of Tony Blair, there is a 60% chance of a soft Brexit or “partial integration of the UK in the EU”.
The United Kingdom can no longer count on the unequivocal support of its allies and the country’s exit from the European Union is already taking a toll on its international clout.
Last Friday, the UK and the European Union finally presented a 15-page exit deal, ending six months of tedious negotiations. According to Julius Baer’s analysts “it was the breakthrough UK Prime Minister May needed so badly”, but looking at the details, “the deal contains some serious political stumbling blocks.”