Media Coverage

Media Coverage

The Mark News (syndicated)
| Bursting the Brexit bubble

If Britain opts to leave the European Union in next week’s referendum, the repercussions will be felt far and wide, casting doubts on PM David Cameron’s leadership and emboldening other European nations to follow suit.

No one can say with confidence what the outcome of Britain’s referendum on Europe will be. Whatever the result, we can be certain it will leave a lasting impact on British politics and the nation’s relationships around the world.

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Euromoney
| FX: Brexit imperils City’s status as euro-clearing hub

The European Central bank (ECB) is likely to quickly challenge London’s status as the eurozone’s largest hub for the clearing of euro-denominated trades if the EU referendum goes against UK membership – but the move, which would be seen as highly political, would be beset with legal challenges.

The ECB believes clearing and settlement is a critical piece of market infrastructure that it should oversee for financial stability purposes, explains Gregor Irwin, chief economist at Global Counsel.

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Financial Director
| Tax tops list of political fears for FTSE 100 companies

Tax is one of the biggest fears for FTSE 100 companies, with businesses constantly wary of how BEPS could change international tax rules, a report from Global Counsel has revealed.

Dealing with political risk: What FTSE-100 companies say, found that tax accounts for over three quarters of fiscal risks for constituents of the FTSE 100.

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Voice of America
| EU officials: ‘Britain will have to pay a price’ for Brexit

Britain will have to pay a price, if it exits the European Union — if for no other reason than to send a warning message to other member countries that may consider leaving the bloc.

But leaving the European pact and shaping new agreements with EU countries could take 10 years, especially if relations between Brussels and London are fraught, argued Gregor Irwin, chief economist at Global Counsel, a political risk consultancy.

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Financial Times
| Brexit conspicuous by its absence in UK groups’ annual reports

Looking at the 2015 annual reports of every member of the FTSE 100, only 26 — just over a quarter — mention Brexit. 

Global Counsel, an advisory group that analysed the 100 reports, said the quality of reporting on political risks was variable, “with an excessive tendency to report risks in a generic form that provided investors and other stakeholders with little information to evaluate their importance”.

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Financial Times
| One in three FTSE 100 companies worries about tax

Tax, terrorism, regulation and Brexit are the four biggest worries for FTSE 100 companies, according to analysis of their annual reports.

“Some firms in the extractives sector... are worried about the impact of lower commodity prices on the fiscal positions of the countries they operate in and what this means for tax policies,” said a new report, from Global Counsel, an advisory firm.  

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Financial Times
| Brexit fear hits foreign direct investment

Gregor Irwin, of consultants Global Counsel, said foreign investors disliked regulatory and political uncertainty and that was what Brexit implied. “The frank admission by Michael Gove that leaving the EU would mean leaving the single market will concern any potential investor who wants to use the UK as a base for their European operations,” he said.

“Inward investment in the UK will be held back until the uncertainty over Britain’s relationship with the EU is resolved.”

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Bloomberg View
| Losing the U.K. wouldn't be so bad for Europe

In a 2015 paper, the strategic advisory firm Global Counsel wrote that, without the U.K. present, "it would become harder to block illiberal measures. Moreover, there would likely be a new regulatory dynamic."

The firm pointed out, however, that the EU would still be pressured to liberalize its policies because it would be competing with the U.K. for investment.

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