IMF QUOTA REFORMS DELAY

Finance minister Arun Jaitley stressed that the IMF should strictly abide by new deadlines to implement quota reforms. “We are somewhat disappointed that the deadline for completing the 15th Review will be pushed back to the 2019 Spring Meetings,” he said at the International Monetary and Finance Committee (IMFC) plenary session.

PTI/WASHINGTON LONDON: As the pound continues to take a pounding, the message coming out of the recent Conservative party conference about a ‘hard Brexit’ – including exiting the European Single Market – has unnerved the British firms keen to retain access to the market.

Speeches at the Birmingham conference by Prime Minister Theresa May and others signalled Britain was going in for complete detachment from the European Union. May said Article 50 of the Lisbon Treaty to initiate Britain’s exit would be triggered by the end of March 2017.

Rattled by the uncertainty caused by June 23 Brexit vote, a group of major business lobby groups such as the Confederation of British Industry and manufacturers body EEF wrote an open letter urging the government to preserve barrier-free trade with Europe.

Lack of access to Europe after Brexit is also a matter of concern for over 900 Indian companies, who use their base in Britain to access the European market.

The open letter said: “The way in which we leave the EU and on what terms is of critical importance to jobs and investment in the UK. ”

The letter insisted that Britain should retain access to the European Single Market.