WHAT’S NEWS

Europe’s Greater Autonomy from the U.S.

Germany and France are calling on Europe to establish greater autonomy from the U.S. Both are pushing the EU to take on more global responsibility for defense while weighing a plan to create a separate financial system to ensure European autonomy. “I want Europe to be a sovereign continent not a vassal, and that means having totally independent financing instruments that do not today exist,” said French Finance Minister Bruno Le Maire. A key trigger for moves to establish greater independence was Trump’s decision to pull the U.S. out of the Iran nuclear accord, forcing European companies to pull out to avoid U.S. sanctions. – Bloomberg

No-Deal Brexit

No-deal Brexit “would not be a walk in the park, but it wouldn’t be the end of the world,” Prime Minister Theresa May said. “I’ve said right from the beginning that no deal is better than a bad deal.” – Bloomberg

Chancellor Philip Hammond says no deal Brexit will damage UK GDP for years to come, warning that the UK may have to increase its borrowing by £80bn a year by 2033/34 in the event of a no-deal Brexit. – Economia

No-deal Brexit thrusts UK into ‘legal vacuum’, warns Labour’s Keir Starmer. New legislation would have to be passed hastily in four key policy areas: EU citizens’ rights; immigration rules for EU travellers entering Britain; criminals held under the European arrest warrant; and the Irish border. – The Guardian

Quitting the European Union without agreement will pose a huge challenge for UK small businesses. The problems may range from investing in warehousing to store goods and software to help to deal with additional paperwork and other regulatory hurdles through seeking the advice of customs brokers, freight forwarders and logistics providers regarding supply chains to renegotiating commercial terms with European customers and suppliers to reflect changes in customs and excise procedures and new tariffs. – The Times

Organic farms face anxious wait over certification after no-deal Brexit. Organic businesses fear that a no-deal Brexit could leave them struggling to reach key European customers and having to set up operations in mainland Europe to mitigate against potential disruptions to trade. – The Times

Guidance on how to prepare for Brexit if there’s no deal, published by the UK Department for Exiting the European Union on 23 August. – Gov.Uk

$1.5tn US Student Debt

The US student loan burden has swelled past $1.5tn, with many students falling behind on their payment plans and debt relief programmes failing to offer adequate solutions. – FT

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