Prime minister issues challenge to EU
Theresa May accuses the European Union of not treating the UK with respect in a forceful address that prompts a sharp fall in the pound amid fears that it made a no deal Brexit more likely.
It comes 24 hours after Donald Tusk, the head of the European Council, says the UK Prime Minister’s proposed new economic partnership with the EU “will not work”, at a meeting in Salzburg.
IMF warning on Brexit
The International Monetary Fund (IMF) says all likely Brexit scenarios would “entail costs”, but a disorderly departure could lead to “a significantly worse outcome” and adds that the challenges in getting a deal done remained “daunting”.
The IMF expects Britain’s economy to grow by 1.5% in both 2018 and 2019 if a broad Brexit agreement is struck.
It comes as BMW plans to shut its Mini plant for a month-bringing forward annual maintenance work- straight after the UK’s official departure from the European Union.
OECD warns of slowdown
In its latest update on the health of the world economy, the Organisation for Economic Cooperation and Development (OECD) says the outlook for both 2018 and 2019 was less good than it had predicted in May.
The economic thinktank warns the expansion in the global economy may have peaked after cutting its growth forecasts for an array of rich and developing countries.
The robots are coming
The World Economic Forum (WEF) says about 133m jobs globally could be created with the help of rapid technological advances in the workplace over the next decade, compared with 75m that could be displaced.
Danske head exits over money laundering at bank
Danske Bank CEO Thomas Borgen’s quits after admitting that the majority of €200bn (£178bn) flowing through Denmark’s biggest bank’s Estonian branch was money-laundered.
The bank says an independent investigation had found “a series of major deficiencies” in its controls to prevent money laundering and that more than half of Dankse’s 15,000 customers in Estonia were suspicious.