Media Coverage

Media Coverage

City A.M.
| Brexit gives the UK a chance to rethink energy policy, but business must stay at the forefront of negotiations

Britain should use Brexit as an opportunity to rethink some aspects of its long-term energy policy, a new report suggests.

“The most likely outcome for the UK’s energy system is continued physical linkage to the internal energy market, through a bilateral agreement on energy, either forming part of, or ‘flanking’, a wider free trade deal. But there is a long way to go to secure such agreement” said Matthew Duhan, energy lead at Global Counsel.

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Financial Times
| Brexit forces some US banks to consider shifting funds out of UK

Some of the biggest US financial groups including Morgan Stanley, Bank of America and Citigroup, are examining whether to move transactions out of London to rival hubs because of Brexit.

But reducing the funds they hold in the UK could have consequences for their presence in the country — including staffing. “From a supervisory perspective what matters is aligning the risk taking, the management and the money (both in the form of capital and revenues),” says Stephen Adams, senior director at the consultancy Global Counsel.

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CNN Money
| Big Oil wants to tax itself and give cash to Americans

Major oil companies including ExxonMobil, BP, Royal Dutch Shell and Total backed a carbon tax proposal on Tuesday that has been gaining traction in Washington.

"Viewed in glorious isolation from the rest of the world, it has a lot going for it," said Gregor Irwin, chief economist at strategic advisory firm Global Counsel. "But as soon as you start looking at how they propose to make it work... it becomes really complicated and really messy." Irwin said that it would, for example, be hard to calculate fair carbon taxes on imports ranging from oil to cars to semiconductors.

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| Trump could start a trade war by ditching the Paris climate accord

President Trump has risked starting a trade war by deciding to pull the U.S. out of the Paris climate accord. However, any tax or tariff imposed on U.S. firms would be a logistical and political challenge. "Carbon tariffs are a great idea in the classroom... [but] it's harder to translate into practical policy," said Gregor Irwin, chief economist at strategic advisory firm Global Counsel.

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The Straits Times
| British old guard sees wisdom in Singapore way

British politician and business figure Paul Myners has faced many challenges in a glittering career, but the ones posed by Brexit and the Trump presidency are proving more testing than most.

He believes Global Counsel, a consulting firm on policy and regulatory risks, will do more to help companies and investors navigate the choppy waters of populist politics across the world. Many people in the region - which Global Counsel serves out of its Singapore office - are trying to make sense of what has occurred in Britain, long a favoured destination to live, study, work and invest.

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The Register
| Drugs, vodka, Volvo: The Scandinavian answer to Britain's future new border

The UK and EU both want to retain a "soft" border between Northern Ireland and the Republic of Ireland by retaining the Common Travel Area agreement.

But controls will be required, according to Stephen Adams, a trade policy expert and consultant for advisory firm Global Counsel. “If you’re leaving the customs union, if you’re leaving the external tariff of the EU, if you’re leaving the free movement zone for goods, all of which the UK plans to do, you have no choice but to have a hard border of some kind. You can’t pretend that line will not be there,” he told The Reg.

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Al Jazeera English
| The Economics of Brexit

The UK is holding a snap general election in June, one which is shaping up to be all about Brexit. UK Prime Minister Theresa May said an early election was the only way to guarantee political stability as Britain negotiates its way out of the European Union.

Gregor Irwin, chief economist at Global Counsel - which advises corporations around the world on political risk - tells us why policy uncertainty is likely to hang over investment decisions in the UK.

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Global Trade Review
| UK snap election “unlikely to affect trade”

In an unexpected U-turn, UK Prime Minister Theresa May has proposed and won approval to hold a snap general election that could have significant implications for the country’s Brexit negotiating position.

“There are unlikely to be any implications for trade. While Brexit is a central issue, trade policy will be a more marginal issue, although there may be some questions about environmental and other standards in future trade agreements,” chief economist at advisory group Global Counsel, Gregor Irwin, tells GTR.

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| Lobbyists grapple with Brexit puzzle

Many big companies have been scarred by the experience of lobbying publicly for Britain to remain in the EU. Having lost that battle, some are keeping a much lower profile when it comes to the terms of Britain’s departure.

“Business and civil society are largely in retreat because they were so strongly aligned with the Remain campaign,” said Tom White, an adviser at Global Counsel, which counts amongst its clients Centrica, Santander and Ford. He said companies “are keeping their heads down.”

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The Press and Journal
| Sector unsettled by big questions

Following the vote to leave the EU, many in the energy sector had assumed they would remain far from the Brexit frontline.

And while the economic logic of maintaining and even increasing current physical interconnections in both gas and powermarkets is strong, political developments are now perhaps giving the sector pause for thought.  

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