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Hello and welcome to our slippery coverage of the global economy, financial markets, the euro zone and businesses.
There are only 115 days left before Brexit Day and British companies are getting more and more nervous. The prospect of new customs controls at the border and delays at ports worries CEOs as they wonder when they should activate their plans for no agreement (or tinker with them together).
The automotive industry is particularly worried, given its close ties with channel providers.
And this morning, Tony Walker, Toyota's Deputy Director General for Europe, supported Theresa's transition agreement with the EU.
Speaking this morning on the Today program, Walker warned that escaping from the EU without an agreement on March 29, 2019 would cause "unimaginable" problems.
The production of its Derby car plant would be severely damaged, Walker said, predicting:
"Stop production for weeks, probably months. It would be extremely expensive and disturbing. "
Toyota ships 50 trucks a day in the Channel Tunnel, carrying vital parts. Not only must they all arrive, they need to get there in good order. Any new friction at the border would be extremely serious, especially since Toyota only has four hours of parts.
Nor is it convenient to store large quantities of parts in advance, adds Walker.
Martin Burns??????????️?
(@MartinBurnsSCO)Toyota Europe boss discusses Brexit at @ BBCr4today, having already mentioned the lyrical on JIT, built in sequence and weak WiP, one asked the following question: "what about the storage; would it work for you? The horror in the voice of the guy …
SorLuca ?
(@Watch of alarm)Toyota needs 4 hours of JIT supplies. Any delay, production stops. The spokesperson prefers not to have Brexit, but WA is a start .. #r4 today
Walker will bring his concerns to the members of the Select Committee on Business this morning, along with Sydney Nash the SMMT (Society of Engine Manufacturers and Vendors), and Dermot Sterne from the manufacturer Welsh Applied Component Technologies
And in the hall, Mark Carney of the Bank of England will also discuss Brexit. Last week, the BoE had warned that the British economy could sink into a serious recession if Britain left without a deal, housing prices falling and interest rates rising.
In this warning, the governor has been called a "second-rate Canadian bankruptcy policy"; MEPs will surely reach more mature analyzes this morning …..
Also coming today,
After the rally yesterday, the markets will be more agitated today. The easing of the US-China trade truce is being replaced by the concern that a permanent agreement will be difficult to reach.
The pound could be put under pressure as MPs question whether the government would be in contempt of Parliament for not publishing its legal opinions on Brexit. This potential bomb will obscure the beginning of the debate on Theresa May's deal.
Whips of work
(@Labourwhips)Good morning, another big day in Parliament where the soap opera and the process will be essential. We have a motion of privilege whereby the government faces the unprecedented judgment of being found in contempt of Parliament before the start of the five-day debate on the Brexit agreement of May 1 / x pic.twitter.com/YMhRRd4DQ0
On the eurozone front, euro finance ministers have stood up all night to discuss budget proposals for 2019 and the push for a closer monetary union.
Mehreen
(@ MehreenKhn)??We have an agreement to #Eurogroupe. European leaders will sign a package on EMU that will feature * mention of a eurozone budget stating "about a stabilization! The agreement took over 15 hours
Kathimerini English Edition
(@Ekathimerini)Eurozone finance ministers officially approved the #Greek budget for 2019, which cancels pension reductions planned for 2019 https://t.co/FJrdpNazS2
L & # 39; s calendar
- 9:15 GMT: Treasury Committee hearing on economic relations between the UK and the EU, with the Bank of England
- 10:00 GMT: Hearing of the BEIS commission on the theme "Leaving the EU: consequences for UK companies and the car industry"
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