August Kicks Off With Brexit Good News Hat-Trick

August kicked off with yet another triple-whammy of good economic news for booming Brexit Britain. In the City this morning Moody’s lifted the ratings of several major British banks and building societies. CityAM reports:

“Santander and TSB banks and Nationwide, Coventry and Nottingham building societies have all had their deposit ratings from negative to stable, while the stable outlooks for three issuers – Close Brothers, West Bromwich Building Society and Yorkshire were maintained.”

Before the referendum, Moody’s warned that Brexit was likely to have a long-term negative impact on bank credit ratings. No need to be so moody after all…

Staying with the banking sector, Deutsche Bank yesterday signed a 25-year commitment to a new London headquarters. The bank has signed up for a minimum of 469,000 sq ft of office space and has taken an option allowing it to expand further at a later date. About 5,000 employees will move to the new office when work is completed in 2023. That’s the same Deutsche Bank that just last month stoked up remainstream media headlines with its warning that it would downsize its London operation. Actions speak louder than words…

Last but not least, British manufacturing continues to strengthen: the sector grew at a faster rate last month than EU countries including France, Spain and Ireland. British factories are on a hiring spree as they scramble to keep up with a booming global order book. The IHS Markit purchasing managers’ index rose to 55.1 in July, from 54.2 in June. Manufacturing number-crunchers said they saw a “significant boost” in activity. A cracking summer to be had in booming Brexit Britain




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Quote of the Day

Dominic Raab wrote in his letter of resignation…

“This is, at its heart, a matter of public trust,” he told the PM, concluding: “I cannot reconcile the terms of the proposed deal with the promises we made to the country in our manifesto at the last election… I believe that the regulatory regime proposed for Northern Ireland presents a very real threat to the integrity of the United Kingdom. I cannot support an indefinite backstop arrangement, where the EU holds a veto over our ability to exit…”

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