HMRC is hiking its anti-money laundering supervision fees charged to estate agents by 250% from next month.

The annual renewal fee will go up from £130 to £300 per office.

Estate agents yesterday received emails saying:

“In continuing to strengthen its contribution to the UK’s fight against the threat of anti-money laundering and terrorist financing, HMRC is introducing significant changes to tackling non-compliance with the Money Laundering Regulations.

“Key improvements include:

• increasing the number of staff available for compliance activity. That means carrying out more face-to-face and desk-based interventions with registered and unregistered businesses
• providing more educational products and activity, including webinars and online learning. Helping registered businesses to get things right first time.

“These enhancements come at a cost. Our anti-money laundering supervision fees are changing from May 1, 2019:

• the annual registration fee is increasing to £300 per premises for businesses with turnover of £5,000 or above
• the annual registration fee is increasing to £180 for businesses with a turnover below £5,000.

“All customers will pay the £300 premises fee when they renew. However, if your turnover is less than £5,000 you can apply for a reduction.”

HMRC declined to comment, but a spokesperson pointed us to a web page which was updated yesterday and includes information as to how for apply for a reduction if your business turnover is less than £5,000.

HMRC is increasing its AML fees for all the businesses it regulates, for example including accountants.

It is removing the £100 one-off charge levied when businesses first register for AML supervision, and will not proceed with plans to charge those who are late to renew for supervision.

HMRC will be using income from the increased fees to enlarge the number of staff working on compliance activity, and to carry out 80% more interventions.

In previous years – after responsibility for supervising the sector for AML was passed from the OFT to HMRC – a number of agents found it almost impossible to renew their registration online.

Last month, HMRC announced a major crackdown on agents, paying spot checks to a number of office.

For more information see fees https://www.gov.uk/guidance/money-laundering-regulations-registration-fees

Britain took a decisive step away from a damaging no-deal Brexit as members of Parliament and political leaders backed efforts to prevent a disorderly departure from the European Union.

The House of Commons vote shortly before midnight Wednesday to block a no-deal divorce destroyed the dream of some of Prime Minister Theresa May’s Conservative Party members for a clean break with the bloc as soon as next week. The bill — which May herself opposed — won by a single vote and will now move to Parliament’s upper chamber to complete its progress Thursday.

The vote makes a no-deal split from the EU “very unlikely,” Health Secretary Matt Hancock told BBC Radio on Thursday. It is, though, up to the bloc to accept an extension, which is likely to come with conditions and needs unanimous support from EU leaders.

While the controversial bill is debated in the House of Lords, May’s Tories and Jeremy Corbyn’s opposition Labour Party will hold intensive talks to seek a compromise position on the post-Brexit relationship with the EU. The two leaders held initial discussions Wednesday that both described as “constructive,” and agreed to appoint teams to continue the talks.

The cross-party initiative is May’s last throw of the dice to get an agreement through Parliament so that the U.K. can leave the EU without having to hold European Parliamentary elections in May. But they’re fraught with danger for the premier, who suffered two ministerial resignations Wednesday over her outreach to the “Marxist” Labour leader.

A customs union looks like an area for compromise, with Attorney General Geoffrey Cox, one of the Brexiteer’s in May’s Cabinet, telling the BBC he could accept one if the alternative was not leaving the EU. Chancellor of the Exchequer Philip Hammond also signalled it’s an area to look at.

May has signalled she wants a further extension, but it’s now almost certain Parliament will have the legislation to force her to seek one after Wednesday nights vote 313-312 on a bill put forward by rank-and-file lawmakers seeking to avert a no-deal Brexit. Its passage through the House of Lords on Thursday — where there is a clear pro-EU majority — is likely to be less fraught than in the Commons, where Brexiteer’s reacted with anger at its narrow passage.

GBP held near the day’s highs on Wednesday due to expectations that Prime Minister Theresa May’s announcement of cross-party talks with the opposition Labour party as a sign Britain could end up with close ties to the European Union after Brexit.

While May’s announcement by no means lifts the fog of uncertainty over the pound, it offers a glimmer of hope to investors who are worried Britain might crash out of the EU without a withdrawal deal on April. 12.

GBP gained 0.3 percent against USD in early London trading to 1.3187, its highest since March 28. The currency had slipped below $1.30 on Friday on fears of a no-deal Brexit.

It is up more than 1.3 percent from Tuesday’s low of $1.3015, struck after lawmakers’ failure on Monday to agree an alternative plan to May’s withdrawal agreement pushed Britain closer to a no-deal Brexit, the worst scenario for sterling.

Against the euro, GBPEUR held near its strongest level since March. 27 at 1.1760.

May will not set preconditions when she begins talks aimed at breaking the Brexit deadlock with opposition Labour leader Jeremy Corbyn on Wednesday, her Brexit minister Stephen Barclay said.

“This (reaching out to Labour) is right and proper and I think a soft Brexit is the right outcome even it will infuriate both wings of the debate,” said Chris Bailey, a European strategist at Raymond James in London.

This week we will be looking ahead to Friday’s U.S. government employment report for March, with figures on wage growth likely to be closely watched after the Federal Reserve appeared to rule out the likelihood of any rate hikes this year.

We will also gain an update on U.S. retail sales and manufacturing activity.

High level trade talks between the U.S and China will also remain in focus as Chinese Vice Premier Liu He comes to Washington to meet with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

There are also Brexit headlines to monitor amid fears that no withdrawal deal will be reached before the April 12 deadline.

GBP came under pressure on Friday, with GBPUSD falling to a low of 1.2979, before pulling back to 1.3033 in late trade.

The currency remained well above lows hit in December, in part because “markets have begun to price in a long delay and that’s risk and sterling positive,” said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets.

U.S. consumer spending barely rose in January and income increased modestly in February. The report from the Commerce Department also showed price pressures muted in January, with a measure of overall inflation posting its smallest annual increase in nearly 2-1/2 years. Consumer spending accounts for more than two-thirds of American economic activity.

With growth slower and inflation benign, Friday’s data bolstered the Fed’s case for ending its three-year monetary tightening campaign.

The euro on Friday was headed for its worst month since October, weighed down by fears about economic growth and cautious signals from the European Central Bank. Policymakers cut growth forecasts for the euro zone economy earlier this month and launched a new round of cheap loans to its banks.

EURUSD was a tad lower at 1.1216, down 1.43% for the month.

Ahead of the coming week, Investing.com has compiled a list of significant events likely to affect the markets.

Monday, April 1

China is to publish its Caixin manufacturing PMI.

The U.K. is to release data on activity in its manufacturing sector.

The euro zone is to publish preliminary inflation data.

The U.S. is to report on retail sales and the Institute of Supply Management is to publish its manufacturing index.

Bank of Canada Governor Stephen Poloz is to speak.

Tuesday, April 2

Australia is to publish data on building approvals.

The Reserve Bank of Australia is to announce its benchmark interest rate and publish a rate statement, which outlines economic conditions and the factors affecting the monetary policy decision.

The U.K. is to publish data on construction sector activity.

The U.S. is to report on durable goods orders.

Wednesday, April 3

Australia is to release data on retail sales and trade.

China is to publish its Caixin services PMI.

The U.K. is to release data on service sector activity.

The U.S. is to publish the ASD nonfarm payrolls report and the ISM non-manufacturing index.

Thursday, April 4

Germany is to release data on factory orders.

The European Central Bank is to publish the minutes of its latest monetary policy meeting.

Friday, April 5

Financial markets in China will be closed for a holiday.

In the euro zone, Germany is to report on industrial production.

Canada is to publish its monthly employment report.

The U.S. is to round up the week with the government non-farm payrolls report for March.

GBPEUR Sub 1.16

GBPUSD Sub 1.30

The pound gained on Friday Morning’s trading on some hope British Prime Minister Theresa May will pull off her last-gasp attempt to win backing from lawmakers for her Brexit deal, but the British currency was still on track for its biggest monthly drop in five months.

GBP rallied as much as 0.7 percent before trimming some gains as hopes May would pass her deal fell back, to stand 0.3 percent up on the day at 1.3074 against USD. It was up 0.1 percent against the euro at 1.1631.

This afternoon all gains have been lost and GBPEUR is now trading sub 1.16 and GBPUSD sub 1.30 not seen for a while.. Dangerous times for GBP lay ahead..

Britain was supposed to have left the European Union on Friday but Brussels let London delay its departure while May battles to try to secure a consensus on how and when to leave the bloc.

The rising uncertainty has battered sentiment towards the pound this month after some optimism that the United Kingdom would successfully avoid crashing out of the EU without a deal bolstered the British currency.

Parliament will vote on a stripped-down version of May’s twice-defeated divorce deal agreed with Brussels on Friday. Even if she wins, another vote will be required for Britain to legally exit the EU and the uncertainty is dismaying investors.

It’s another prolonged period of economic uncertainty, but one after which we could end up with a softer Brexit than that on offer, or none at all..

GBP fell in early London trading on Thursday after Prime Minister Theresa May’s offer to quit failed to convince hard line opponents to back her Brexit withdrawal agreement.

The pound edged down on Wednesday after an offer by Prime Minister Theresa May to quit to get her European Union divorce deal through parliament failed to win over key opponents of the agreement.

The pound fell to a day’s low of 1.3132 against USD, 0.4 percent lower on the session. Against the euro sterling dropped 0.7 percent to 1.1689.

The British parliament’s bid to agree an alternative plan for Brexit to May’s agreement with Brussels fell short on Wednesday, leaving the Brexit process as deadlocked as ever.

Northern Ireland’s DUP party, which props up May’s government, said it would not support her Brexit divorce deal.

The move makes it highly unlikely May will get her deal through parliament at the third attempt.

Profound uncertainty about how, or even if, Brexit will proceed is keeping investors wary and weighing on sterling.

May’s offer to quit – a last-ditch attempt to persuade rebels in her Conservative Party to back her – slightly lifted the pound earlier on Wednesday.

British politics is at fever pitch and traders are struggling to navigate the blizzard of headlines. The pound is volatile but remains around the same levels it traded at in late January.

May has admitted she lacks support to put her Brexit withdrawal deal to a third vote and that has kept sterling under pressure.

A key question for investors is whether some of the most influential Brexit-supporting rebels, such as Jacob Rees-Mogg, decide to back her deal.

Dexters, the acquisitive London business, is said to have bought the Jackson-Stops businesses based in and around the capital, including in Weybridge, Surrey, and the associated central London three-branch business of Frank Harris.

The information comes from well-placed sources but this morning, a spokesperson for Dexters would neither deny nor confirm it, simply saying no comment.

Jackson-Stops London is headed up by chief executive Nick Butterworth, and has recently been appointed by the Howard de Walden Estate as being one of its four retained agents.

Jackson-Stops has 46 offices nationwide, each run under the brand name by licensees as their own businesses.

According to the Jackson-Stops website, the substantial London residential business consists of offices in Chelsea, Holland Park, Mayfair, Pimlico, Richmond, Teddington, Weybridge and Wimbledon.

Dexters has 35 offices in central London and over 70 across London.

Property Eye contributed to this article

The U.K. Parliament seized control of the Brexit process from Prime Minister Theresa May and will now seek to decide how Britain exits the European Union.

‘Slow Brexit’

In the House of Commons, May set out the choices as she saw them. “Unless this House agrees to it, no-deal will not happen,” she said. “No Brexit must not happen; and a slow Brexit that extends Article 50 beyond May 22nd, forces the British people to take part in European elections, and gives up control of any of our borders, laws, money or trade, is not a Brexit that will bring the British people together.”

‘Game Playing’

Having voted to take control, Parliament now has to decide what to do with it. The first stage is the “indicative votes” scheduled for Wednesday. Although the exact format hasn’t been agreed, it is likely to mean lawmakers voting on a series of Brexit options on a piece of paper.

The idea is that by allowing MPs to vote simultaneously for as many options as they like, some of the game-playing that has characterised Brexit votes so far will be avoided.

Options on the table are likely to include various closer relationships with the EU than May plans, a looser one, a no-deal Brexit, cancelling Brexit altogether and perhaps holding a second referendum.

Sterling slipped on Tuesday after the British parliament’s moved to wrest control of the Brexit process for a day, raising expectations that lawmakers can end an impasse on Britain’s European Union exit, but also the chances of a snap election.

Parliament will now vote on Wednesday on a range of Brexit options, giving parliament a chance to indicate whether it can agree on a deal with closer ties to Brussels – and then try to push the government in that direction.

However, Prime Minister Theresa May has stressed she will not implement any proposal counter to her pledge to a clean break with the EU. That means she could call an election, a prospect backed also by the opposition Labour.

If Britain cannot outline a plan by April 12, it must leave the European Union by May 22 with or without a deal, according to the terms of an extension granted recently by the bloc.

The pound traded at 1.3180, down 0.14 percent on the day, having risen to 1.3224 after Monday’s parliament vote. Against the euro it was flat at 1.1655.

The risk of a general election and a no-deal Brexit remain potential banana skins for the pound in the near-term

This week we will hear remarks from a number of Federal Reserve speakers as they continue to await developments in the U.S.-China trade talks and Brexit will also remain in the spotlight after EU leaders granted the U.K. a two week deadline extension.

Chicago Fed head Charles Evans, Boston Fed President Eric Rosengren and Kansas City Fed President Esther George are some of the Fed officials scheduled to speak this week.

The Fed kept interest rates on hold earlier this month and indicated that there would be no further rate hikes this year — after indicating in December that two could take place.

A U.S. trade delegation, headed by Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin is to travel to Beijing this week to meet with Chinese Vice-Premier Liu He for further talks aimed at resolving the trade conflict between the world’s two largest economies.

Friday’s deadline for the U.K. to exit the European Union has been pushed back by two weeks to April 12 to give British Prime Minister Theresa May more time to persuade lawmakers to accept the withdrawal deal she negotiated. If lawmakers refuse to approve the deal for a third time a number of options, including a no-deal Brexit, open up.

The dollar was sharply lower against the safe-haven Japanese yen on Friday as weak U.S. manufacturing data fuelled worries about the wider economy, and Treasury bond yields signalled growing fears of a recession.

USD/JPY was down 0.81% at 109.92 in late trade, for a weekly loss of 1.4%.

But the greenback rose against the euro, with EUR/USD losing 0.63% to trade at 1.1305 after weak euro zone data added to fears that the bloc’s economy is still slowing.

March’s flash PMIs add to evidence that GDP growth was subdued in the three largest advanced economies in Q1, with Germany continuing to take the brunt of the global manufacturing slowdown.

The pound rebounded against the dollar on Friday, with GBP/USD advancing 0.77% to 1.3208 after EU leaders gave Theresa May a Brexit deadline extension.

Sterling had plunged on Thursday in its biggest one-day fall of 2019 as fears mounted that Britain would crash out of the EU on March 29 without a deal to then bounce back on Friday’s trading with a last chance saloon on a Brexit decision.

The Week Ahead

Monday, March 25

The Ifo Institute is to publish a report on German business climate.

Chicago Fed President Charles Evans, Philadelphia Fed President Patrick Harker and Federal Reserve Bank of Boston President Eric Rosengren are all set to deliver remarks.

Tuesday, March 26

The U.S. is to release data on building permits, housing starts and consumer confidence.

Chicago Fed President Charles Evans, Philadelphia Fed President Patrick Harker are to speak again, as is Federal Reserve Bank of San Francisco Mary Daly.

Wednesday, March 27

The Reserve Bank of New Zealand is to announce its benchmark interest rate and publish a rate statement, which outlines economic conditions and the factors affecting the monetary policy decision.

European Central Bank President Mario Draghi is to speak at an ECB event in Frankfurt.

Canada is to release data on the trade balance.

Bank of Kansas City President Esther George deliver comments at an event hosted by the Money Marketeers of New York University.

Thursday, March 28

New Zealand is to release data on business confidence.

The U.S. is to publish the final revision to fourth quarter growth as well as data on initial jobless claims and pending home sales.

Fed Vice Chair Richard Clarida, Fed Governor Randal Quarles, Fed Governor Michelle Bowman and St. Louis Fed President James Bullard are all due to speak.

Friday, March 29

Canada is to produce data on GDP and raw material price inflation.

The U.S. is to wrap up the week with reports on personal spending, the core PCE price index, business activity in the Chicago area and new home sales.
Fed Governor Randal Quarles is also to speak.

Britain’s pound held above $1.31 on Friday after recovering overnight when European Union leaders gave Prime Minister Theresa May a two-week reprieve to decide how Britain will leave the European Union.

Sterling had plunged towards $1.30 on Thursday in its biggest one-day fall of 2019 as fears mounted that Britain would crash out of the EU on March 29.

The pound was up 0.1% at against USD at 1.3117 by 0845 GMT, while its gains versus the euro were as high as 0.7 % to 1.1609 – largely on the back of weakness in the single currency following disappointing data out of Germany.

The EU has said Britain can have a short delay to Brexit, as requested by May, but she must first win parliamentary approval for her withdrawal deal that sets out the future relationship between London and its biggest trading partner.

May, however, has already lost two attempts to secure parliamentary support, and with the odds stacked against her for another vote next week the risk of a no-deal Brexit rose sharply.

The EU’s leaders have described the two-week extension as a “last chance” for Britain to secure an orderly Brexit. GBP is expected to be range bound with the latest headlines dictating its movement.

Paris has come top of a ranking of the world’s most expensive cities, alongside Hong Kong and Singapore.

It’s the first time three cities have shared the top spot in the 30-year history of the annual Economist Intelligence Unit survey.

The French capital – ranked second most expensive last year – is one of four European cities in the top 10.

The survey compares the cost of 160 items, such as food, drink, transport, utility bills, and rent, in 133 cities.

It then tracks whether prices have gone up or down by comparing them with the cost of living in New York, which is used as a benchmark.

The annual index was designed to help companies calculate cost-of-living expenses for expatriates and business travellers.

The Economist Intelligence Unit noted that costs in the cheapest cities were low by Western standards, partly because low wages limiting household spending are the norm there.

It also said a “growing number of locations” were becoming cheaper because of the impact of political or economic disruption, citing crisis-hit Caracas in Venezuela and war-torn Damascus in Syria, which are at the bottom of the list.

“There is a considerable element of risk in some of the world’s cheapest cities,” the report said, adding, “Put simply, cheaper cities also tend to be less liveable.”

Surveyors insist a slowdown in the housing market isn’t being reflected in mortgage approvals despite data showing approvals for large and small-sized home loans dropped in February.

Figures estimated there were 3.8% more approvals last month than a year ago.

However, small deposit borrowers – typically first-time buyers – saw their share of the market drop from 27.1% to 26.3% between January and February.

On an absolute basis, the number of small deposit borrowers fell slightly from 17,981 to 17,480 between January and February.

The proportion of large loan-to-value (LTV) loans – usually up to 60% LTV – fell from 28.1% to 26.9% over the month, while mid-market borrowers – those with deposits of up to 25% – saw their share rise from 44.8% to 46.8% between January and February 2019.

Richard Sexton, director at e.surv, said: “While confidence has fallen in the housing market due to economic and political turbulence, the mortgage market continues to grow.

“Existing home owners are able to lock into cheap fixed rate deals while first-time buyers are being helped by more generous criteria being offered by banks and building societies.

“Raising a deposit remains a challenge for young borrowers, but there are more products being launched which are targeting those with little cash to spare.”

Property Eye contributed to this report..

The Chancellor, Philip Hammond, presented his Spring Statement on 13 March to Parliament. According to him, The UK economy continues to grow, with wages increasing and unemployment at historic lows.

Economy

UK gross domestic product (GDP) is set to grow by 1.2% in 2019, less than the 1.3% forecast in the 2018 Autumn Budget, but the economy will expand over the each of the next five years.

The UK economy is set to grow by 1.4% in 2020 and by 1.6% in the following three years, according to the Office for Budget Responsibility (OBR), although this year’s growth forecast was reduced to 1.2%.

The unemployment rate of 4.0% is the lowest rate since 1975 and wages are increasing at their fastest pace in over a decade.

Public Finance

Public finances have reached a turning point as debt fell last year, and is forecast to fall continuously to 73.0% of GDP in 2023-24 compared to the peak of 85.1% in 2016-17.

Financial Services Legislation

The Chancellor made it clear that it is vital for the UK to remain an open and competitive place to do business. Before the summer, the Government will set out its approach to consulting on how to ensure the financial services regulatory framework adapts to a new constitutional position outside the EU.

Housing and Infrastructure

In the Autumn 2017 Budget, the government set out a comprehensive package of new policies to raise housing supply by the end of this Parliament to its highest level since 1970, on track to reach 300,000 a year on average. The Spring Statement set out further steps.

Later this year. the Government will publish the first National Infrastructure Strategy, responding to the National Infrastructure Commission’s National Infrastructure Assessment. The strategy will set out how to embrace new technologies, decarbonise the economy and create infrastructure fit for the 21st Century.

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Sellers are being cautious rather than panicking about Brexit, research claims.

Analysis of listings by property search website Home.co.uk found that new stock coming to market last month was down 4% year-on-year in February, while total supply levels are up 6.4% compared with February 2018.

Typical time on the market has increased by 12 days to 111 compared with the same period last year.

But Doug Shephard, director of Home.co.uk, said this data suggests the fallout from Brexit and recent buy-to-let clampdowns on landlords may have been overstated.

He said: “Overall, neither Brexit anxiety nor the landlord exodus has precipitated the level of over-supply required to cause a property crash.

“To see those kinds of levels we need only to look back to February 2008 when the sub-prime crisis hit lenders’ ability to lend and the typical standard variable rate mortgage had been ratcheted up to 7.25%.

“The flood of forced sales that piled up – in a market with serious mortgage liquidity problems – drove price growth from 4.4% in February 2008 down to -6.4% in February 2009.

“Today’s supply levels would need to more than double to match those darkest of days for the UK property market.

“In fact, the long view shows the market to be relatively stable in terms of supply, despite all the fear mongering over Brexit and fiscal and regulatory attacks on private landlords. It may be argued that this overall stability of supply is a key strength of the UK property market.”

He argued that the property market benefits from sales and prices in regions performing differently, adding: “This vital characteristic of the UK property market, known since at least the 1980s, appears to be hardwired into the way the sales market operates.

“Moreover, owing to the fact that the regions’ surges in supply and demand are asynchronous, they tend to be averaged out at the national level. Should the converse be the case, where all regions operate their boom bust cycles synchronously, the market would be alarmingly volatile and a truly ruinous affair for all concerned.”

The website’s data also showed that asking prices have fallen 0.3% annually this month to £305,221.

Separately, Rightmove has named Welsh town Barry as the most thriving housing market, where average prices have risen by 11% over the past 12 months to £191,050.

Average asking prices in Barry are more than 20% higher than they were five years ago when they were £156,878, says Rightmove.

The Vale of Glamorgan location is perhaps best known as the home town of the female lead in BBC comedy Gavin & Stacey.

One agency, Chris Davies Estate Agents, is currently listing a three-bedroom end-of-terrace property on Trinity Street – which is the road that Stacey lived on in the series – for £155,000.

Miles Shipside, property expert for Rightmove, said: “It’s great to see Barry named as the country’s hottest property market right now. It’s a great tourist spot thanks to the popularity of Gavin and Stacey, and not forgetting Barry also boasts some quite stunning coastal views.”

Property Eye contributed to this article..

GBP rallied this morning against the dollar and euro in early trading in Europe Wednesday, as the market leans on balance towards believing that Brexit will be softened, delayed or even cancelled.

The U.K. parliament rejected the government’s deal on leaving the European Union for a second time on Tuesday, effectively killing it as the EU has said it isn’t prepared to negotiate any more on the terms of leaving.

At 03:00 AM ET (0800 GMT), the pound was at 1.3142, up from around 1.3060 immediately after the vote, while GBPEUR squeezed higher to the 1.1646 level from sub 1.1600 levels.

The House of Commons is due to vote later Wednesday on whether to leave the EU without a deal on March 29, an option that has never commanded a majority and is highly unlikely to do so now.

The pound fell sharply against USD falling over 1% after Britain’s Attorney General Geoffrey Cox said the legal risks to the United Kingdom of the Brexit backstop remained unchanged despite assurances from the European Union.

GBP fell 0.7 percent to a day’s low of 1.3041. It had been as high as 1.3290 earlier in the session on hopes British Prime Minister May would eventually secure a deal before Brexit in less than three weeks.

The pound also fell sharply against the euro, falling by one percent to the day’s low of 1.1583.

Up to three key votes could take place in the Commons this week.

The first vote will be on another meaningful vote this evening.

Prime Minister Theresa May won legally binding Brexit assurances from the European Union last night in a last ditch attempt to save her Brexit deal before the votes.

If the withdrawal agreement finally passes, MPs will move on to legislation to implement the deal.

However, it is not clear if the assurances she has agreed will be enough to win over the 116 additional MPs she needs to reverse the crushing defeat her deal suffered on Jan. 15th.

So, in the most likely outcome- if her deal is rejected, a vote on ‘leaving the EU without a deal’ on March 13th will take place.

If the no-deal vote also gets rejected, a third vote will take place on March 14th.

This vote will see MPs decide on whether the Prime Minister should seek an extension to the UK’s exit from the EU, which is currently due to happen on March 29.

What happens during these three days will determine the future of the UK outside the European Union.

British lawmakers crushed Prime Minister Theresa May’s European Union divorce deal on Tuesday, thrusting Britain deeper into crisis and forcing parliament to decide within days whether to back a no-deal Brexit or seek a last-minute delay.

MPs voted against May’s amended Brexit deal by 391 to 242 as her last-minute talks with EU chiefs on Monday to assuage her critics’ concerns ultimately proved fruitless.

The vote puts the world’s fifth largest economy in uncharted territory with no obvious way forward; exiting the EU without a deal, delaying the March 29 divorce date, a snap election or even another referendum are all now possible.

May might even try a third time to get parliamentary support in the hope that hardline eurosceptic MPs in her Conservative Party, the most vocal critics of her withdrawal treaty, might change their minds if it becomes more likely that Britain might stay in the EU after all.

While she lost, the margin of defeat was smaller than the record 230-vote loss her deal suffered in January.

MPs will now vote at 1900 GMT on Wednesday on whether Britain should quit the world’s biggest trading bloc without a deal, a scenario that business leaders warn would bring chaos to markets and supply chains, and other critics say could cause shortages of food and medicines.

The European Union said the risk of a damaging no-deal Brexit has “increased significantly” but there would be no more negotiations with London on the divorce terms.

Sterling, which had earlier in the day fallen by 2 percent to 1.3005, was trading at around 1.3086 against USD and at 1.1572 against the Euro shortly after the vote.

Reuters contributed to this article

Prime Minister Theresa May put the onus on the European Union to make concessions over the thorny issue of the Irish backstop in Brexit talks, or risk Britain leaving the EU without a deal, which she said would be against EU interests.

The two sides are at an impasse over the so-called backstop aimed at ensuring that there is a frictionless border between Northern Ireland and Ireland – the only land frontier between the United Kingdom and the bloc.

May is seeking legally binding assurances that Britain will not be trapped permanently in the backstop in order to win support for her exit deal, which was defeated by a record margin in parliament in January.

MPs will vote again on the deal next week, and May will say on Friday that the EU that should give ground in discussions over the backstop before then to help the deal go through.

“Just as MPs will face a big choice next week, the EU has to make a choice, too. We are both participants in this process. It is in the European interest for the UK to leave with a deal,” May will say in a speech in Grimsby, northern England, according to pre-released extracts.

“We are working with them but the decisions that the European Union makes over the next few days will have a big impact on the outcome of the vote.”

May’s top lawyer returned empty handed from negotiations in Brussels this week.

The European Union has told Britain to rework its Irish backstop proposal by Friday, but a British source said on Thursday that the Brexit impasse was unlikely to be broken before the weekend because the EU was not moving.

But foreign minister Jeremy Hunt said he was hopeful that there would be success in negotiations at the weekend, in time for the parliamentary vote.

Keir Starmer, Brexit spokesman for the opposition Labour party, said it was “increasingly clear Theresa May will not be able to deliver the changes she promised to her failed Brexit deal.”

“This speech looks set to be an admission of failure,” he said.

Reuters contributed to this article..

Sterling recorded its steepest loss against the dollar in seven weeks on Thursday after British and European Union sources said Brexit negotiations had hit an impasse.

Nothing suggests anything will change in Britain’s Brexit talks with the European Union over the next 48 hours, a government source said on Thursday, adding that the EU was simply not moving.

EU Brexit negotiators rejected the latest proposals on the Irish backstop presented by Britain’s Attorney General Geoffrey Cox in Brussels on Tuesday and told him to rework them and come back on Friday, EU diplomats said.

The pound fell to $1.3075, down 0.73 percent, marking its biggest one-day drop against the greenback since Jan. 18. It touched $1.3067, the lowest level since Feb. 25.

Against a weaker euro, it gained 0.37 percent at 85.55 pence versus the euro after the European Central Bank delayed a possible interest rate increase until 2020 and will restart a program to make cheap loans to banks.

In afternoon U.S. trading, Bloomberg, citing people familiar with the EU side of the Brexit talks, reported the EU offered a proposal aimed to make the Irish backstop more acceptable among British lawmakers in a bid for them to approve a Brexit deal. But EU’s latest offer falls short of what Britain wants.

Most economists in a Reuters poll thought Brexit would be delayed by a few months and the two sides would eventually agree to a free-trade deal, according to the poll conducted between Feb. 28 and March 5.

Yesterday, MPs described estate agents as the “weak link” in the anti-money laundering regime, in a new report on economic crime from the Treasury Select Committee which called for HMRC to tighten up on ensuring that all agents are registered with it for anti-money laundering purposes.

It follows information put out this week by HMRC on anti-money laundering enforcement which should make every agent look very closely at their own compliance position.

Also of interest to agents is the new guidance from NTSEAT on disclosure of referral fees.

The focus on agents is ever increasing, as are the constantly growing number of obligations, and so compliance must move up your priority list.

Twenty-five years ago, I started out on the road of providing compliance services to agents. Back then compliance obligations were nothing like they are today and compliance was never a priority for agents, probably because the risk of being caught was slim, and even if you were, the implications were not great.

However, you can see how things have changed, because if I go back only three or four years, I was a lonely figure on our compliance stand at various events, but at this year’s NAEA conference there were five stands focusing on compliance and we weren’t one of them!

Things have definitely moved on. Obligations on agents have increased considerably and will continue to increase at a pace. Consumer protection generally has moved up the political agenda and is treated as a potential vote winner.

Add to this the changing enforcement climate, where the implications of not complying are far more damaging, and I think compliance might need to be top of agents’ to do list for a while.

The climate started to change a few years ago with the introduction of penalty notices for non-compliance with obligations.

There were a few smaller fixed penalties, but the first big one came with the Consumer Rights Act obligation to display lettings fees. The penalty here is £5,000, as quite a few agents will testify to.

The process for issuing these penalties is actually very simple for Trading Standards. They send a letter to you advising of the obligation to display fees. Months later they check your website and visit your office, and if there are any omissions they issue the £5,000 penalty. Almost all appeals have proved fruitless.

A far more important change was the closing of the Office of Fair Trading. This was the supervisory authority for estate agents (now supervised by NTSEAT) and anti-money laundering. The latter then transferred over to HMRC.

The change could not have been any worse, because HMRC is an agency that is geared up to generating income. HMRC then made the Anti-Money Laundering Section of HMRC self-funding, which would focus anyone’s mind on income generation.

You can see why the larger corporate and online agencies were targeted first – big penalties!

This week’s naming by HMRC of Countrywide as having been fined £215,000 for AML breaches illustrates this.

However, HMRC’s approach is beginning to filter down to smaller agencies and to chasing agencies which have not registered for AML – of which there are many.

I said the implications of non-compliance are now more damaging and I suspect the top brass at Countrywide probably agree, given that it is first on the new HMRC naming and shaming list and the penalty imposed was a considerable one.

However, that penalty is not the largest to have been imposed in the past and there will be bigger ones in the future.

I would recommend that all agents, no matter what size, take a pro-active and critical view of compliance.

Conduct an audit and implement improvements.

It won’t make you any money, but it will prevent damage to your business. And it could save you from being hit with very large penalties.

Property Eye contributed to this article.

Sterling would lose around 9 percent of its current value against the dollar and trade at $1.20 in the immediate aftermath of Britain leaving the EU without a deal, a Reuters poll of foreign exchange strategists predicted.

However, most economists expect the two sides to eventually agree a free trade deal, and medians in the Feb 28-March 5 poll of over 60 strategists said cable would be at $1.32 at the end of March as the divorce is due to take effect close to the $1.314 it was hovering around on Wednesday.

In six months’ time the pound will have strengthened to $1.35 and in a year to $1.39, the poll found, little changed from a February poll and still significantly below levels it was trading at before the June 2016 referendum vote to leave the bloc.

While no other respondents were that gloomy, even the most optimistic forecast for no-deal cable was a drop to $1.28.

“A disorderly Brexit – for us a very unlikely scenario – would push cable towards the cycle lows of $1.18-$1.20,” said Roberto Cobo Garcia at BBVA.

Likely offering some support for sterling, the U.S. Federal Reserve is in a holding pattern while the Bank of England is expected to raise borrowing costs towards the end of this year.

But interest rate differentials will provide little help for sterling versus the euro. The European Central Bank is seen delaying a rate hike from record lows until 2020.

Reuters news contributed to this article..

Talks with Britain on amending its divorce deal with the European Union have made no headway and no swift solution is in sight, EU officials said on Wednesday, a week before British lawmakers must vote on the plan to avoid a chaotic Brexit.

Diplomats said talks in Brussels on Tuesday led by British Prime Minister Theresa May’s chief lawyer, Geoffrey Cox, failed to yield a repackaged deal, with barely over three weeks to go before Britain’s scheduled departure on March 29.

At the heart of the impasse is the Irish “backstop”, an insurance policy May accepted in the withdrawal deal to ensure no return to a hard border between the British province of Northern Ireland and EU member Ireland after Brexit.

May now wants a legally guaranteed time limit to the backstop, saying otherwise Britain could be locked indefinitely in a customs union with the EU. Brussels has offered assurances the backstop would be temporary pending a future trade deal.

EU Brexit negotiator Michel Barnier said after more than three hours of talks with Cox that “while the talks take place in a constructive atmosphere, discussions have been difficult”, according to the European Commission spokeswoman.

“No solution has been identified at this point,” Margaritis Schinas told a news conference.

Reuters news contributed to this report..

The pound remained stuck near a one-week low on Wednesday as lack of progress in Brexit talks prompted concern that a vote on Prime Minister Theresa May’s proposed deal could be delayed.

Talks between May’s top government lawyer and European Union negotiators to win concessions from the EU on Brexit ended on Tuesday without agreement, and no breakthrough is expected before the weekend.

Britain is due to leave the EU in 23 days and sterling investors are on edge. GBP has dropped this week as doubts mount over how, or possibly even if, Britain’s exit will take place.

Most economists thought Brexit would be delayed by a few months and the two sides will eventually agree a free-trade deal.

May has offered lawmakers a chance to seek to prevent a no-deal departure and to delay Brexit if parliament rejects her deal in a vote she has promised to hold by March 12.

“Even if a no-deal Brexit is taken off the agenda next week, the uncertainty of what would happen in case of a postponement remains. Pound traders cannot ignore this fact … things remain tense for sterling,” said Esther Maria Reichelt, an FX strategist at Commerzbank in Frankfurt.

GBP was down this morning 0.3 percent at $1.3140, close to Tuesday’s one-week low of $1.3097. It was also struggling against the euro, down 0.2 percent at 1.1625.

GBP was one of the best-performing major currencies so far in 2019, sterling rose last week as investors bet a no-deal Brexit would be avoided and Britain’s EU exit delayed.

Reuters news contributed to this article..

Monday, March 4

Australia is to release reports on building approvals and company operating profits.

The euro zone is to publish Sentix investor confidence data and figures on producer prices.

The U.K. is to publish a report on construction sector activity.

Tuesday, March 5

China is to release its Caixin services index.

The RBA is to announce its benchmark interest rate and publish a rate statement, which outlines economic conditions and the factors affecting the monetary policy decision.

The U.K. is to release data on service sector activity.

The U.S. is to produce data on new home sales and the Institute of Supply Management is to release its index of non-manufacturing activity.

Bank of England Governor is due to testify before the House of Lords in London.

Wednesday, March 6

Australia is to publish figures on fourth quarter economic growth.

The U.S. is to release data on ADP nonfarm payrolls.

Both Canada and the U.S. are to produce trade figures.

The BoC is to announce its benchmark interest rate and publish a rate statement.

New York Fed President John Williams is to speak at an event in New York.

The Fed is to release its Beige Book, which contains insights on business activity.

Thursday, March 7

Australia is to publish figures on retail sales and trade.

The ECB is to announce its benchmark interest rate and publish a rate statement. The policy announcement is to be followed by a press conference with President Mario Draghi.

Canada is to report on building permits.

The U.S. is to release the weekly report on initial jobless claims.

Fed Governor Lael Brainard is to speak.

Friday, March 8

China is to publish its latest trade figures.

Canada is to publish its monthly employment report.

The U.S. is to round up the week with what will be a closely watched non-farm payrolls report, along with figures on building permits and housing starts.

While trade talks between the U.S. and China continue to take centre stage, this week we will get an update on the health of the U.S. labour market on Friday and central bank developments will also be in focus.

The February employment report could underline the Federal Reserve’s case for patience when it comes to future interest rate hikes. The consensus forecast is for 180,000 new jobs and an unemployment rate of 3.9%, but wage data will be particularly closely watched at a time when inflation remains low.

Other U.S. economic data reports on tap include figures on new home sales and the Institute for Supply Management’s non-manufacturing index on Tuesday, an update on private sector hiring on Wednesday and housing starts on Friday.

Away from the U.S., the European Central Bank is to announce its latest monetary policy decision on Thursday and President Mario Draghi will speak at a press conference.

The ECB is expected to keep rates on hold, but could drop hints that cheap bank loans are imminent given that euro zone heavyweight Germany is struggling and Italy is in recession. The ECB will also release its latest economic forecasts, with downward revisions looking likely.

The Reserve Bank of Australia and the Bank of Canada are to hold their own rate setting meetings on Tuesday and Wednesday, respectively. Other global economic reports to look out for this week are China’s trade balance on Friday and Australia’s GDP report on Wednesday.

U.K Sterling gained around 1.2% for the week as fears over the prospect of a no-deal Brexit receded, while the Euro ended the week up 0.3% against the greenback.

The dollar rose on Friday, hitting 10-week highs against the Yen as market sentiment was boosted by a more upbeat outlook on some major world economies and the prospect of a trade deal between the U.S. and China.

“Looking at the whole G10 (Group of 10 major currencies) space, there has been more follow-through from U.S.-China trade optimism that was already in the process of getting priced in during the month of February,” said Stephen Gallo, European head of FX strategy, at BMO Capital Markets in London.

“Meanwhile, one of the biggest boosts to the U.S. dollar is coming from a weak yen,” he added.

Reuters contributed to this report

Chestertons has called the bottom of the London housing market.

However, while the firm says buyer interest is recovering, it warns of a dramatic drop in the number of new properties coming up for sale stating it has seen 35% more buyer applicants since the start of the year, with viewings up 12% on a year ago.

However, new listings since the start of this year are down 22% on the same period last year.

The imbalance between supply and demand has helped slow the rate that house prices in London have been falling – with isolated instances of gazumping.

Managing director Guy Gittins said: “Following two years of substantial price drops, the market is now bottoming out in London.

“Property values in the capital – particularly in prime locations – have now come down to a level that is proving increasingly attractive to potential buyers, driving a huge surge in the number of people registering with agents and buying property since January.

“At the same time, the number of new properties being put up for sale has plummeted.

“This dramatic imbalance between supply and demand is starting to fuel small price increases in areas like Hyde Park and Putney as competition ramps up – and we’re even seeing instances of buyers attempting to ‘gazump’ others by offering to pay over asking price.

“The signs of recovery are there, with the prime market leading the way.

“It’s not just local buyers who are coming to the market in their droves now, but investors too, who are seeing improved yields and good opportunities.

“With March 29 looming large in people’s minds, overseas buyers fear their window of opportunity is closing and are moving fast to invest in the London property market while prices are low and sterling is weak.”

Chestertons’ take on the London market having hit bottom may not be altogether reassuring for regional markets outside the capital.

The historical ‘ripple’ effect means that London is the first to suffer a slump and the first to recover. In the past, the London market has tended to be in recovery mode by the time the downturn reaches further-away locations.

Property Eye contributed to this article

Following this weeks rally the pound edged lower on Thursday as investors booked profits and assessed the continued uncertainty about when Britain will exit the European Union and on what terms.

Sterling has surged to multi-month highs this week after Prime Minister Theresa May said lawmakers would get the chance to vote on a delay to Brexit if they choose not to back her Brexit withdrawal agreement. Sterling touched its highest since September, $1.3351 versus the dollar, on Wednesday and a 21-month high of 85.295 pence per euro. It is up more than 4 percent against both currencies so far in 2019.

The opposition Labour party said this week it would support a new referendum on Brexit after parliament defeated its alternative plan for leaving the EU.

Many banks have lowered their forecasts for a no-deal Brexit this week but there remains a high degree of uncertainty, with options ranging from May’s deal being passed, a delay to Brexit or even a second referendum.

On Thursday, the British currency slipped 0.2 percent to $1.3286 by 1535 GMT. The losses were of a similar magnitude versus the euro, with sterling 0.2 percent lower at 1.1683.

Investors have rushed to adjust their positions as the risks of a no-deal Brexit look less worrying, pushing sterling higher.

Germany faces the risk of steep U.S. tariffs on cars and a no-deal Brexit, a double whammy which could bring a golden decade of growth in Europe’s powerhouse economy to an end.

A stagnating German economy or even a recession would hold back the euro zone as a whole and cast uncertainty over the European Central Bank’s planned exit from its loose monetary policy.

The Berlin government is already facing a budget shortfall of up to 25 billion euros (21.5 billion pounds) by 2023 as the economic slowdown means tax revenues will come in below previous estimates, according to a finance ministry document.

Nonetheless, faced with the threat of a recession, Finance Minister Olaf Scholz is prepared to bend Germany’s strict debt rules.

Germany, which barely avoided a recession last year, is especially vulnerable to both the risks of U.S. tariffs of up to 25 percent on cars and Britain sliding out of the EU on March 29 without a deal to govern future trade relations with the bloc.

Jeremy Corbyn says Labour will back another EU referendum after his alternative Brexit plan was again defeated in the Commons.

But the Labour leader said he will also continue to push for “other available options” including a general election.

John McDonnell said the party would table an amendment for a referendum when the “meaningful vote” on Theresa May’s deal returns to Parliament.

The shadow chancellor also told ITV’s Peston show he would vote for remain.

It came as MPs voted to endorse Theresa May’s Brexit strategy – but only after she made a series of concessions.

The PM also faced a Brexiteer rebellion, after 20 Tory MPs voted against proposals, backed by the government, to delay the UK’s 29 March departure date if there is a no-deal scenario.

But Conservative MP Jacob Rees-Mogg, who was not among the 20 Tory rebels, offered an olive branch to Mrs May, as she continues to seek concessions from the EU on the controversial Irish backstop clause.

“I really do not mind what form of words the Attorney General and the EU agree on regarding the backstop – as long as it expires before the next election and has the same legal status as the deal.”

Other leading figures in the ERG, including deputy chairman Steve Baker, have previously dismissed the legal annex to Mrs May’s agreement being negotiated by Attorney General Geoffrey Cox.

Labour’s Brexit proposals – which would see the UK join an EU customs union – were defeated by 323 votes to 240, a bigger margin than the last time MPs voted on them.

Mr Corbyn confirmed to MPs on Monday he would back another public vote if such a defeat took place after resisting calls to do so from pro-EU Labour MPs.

Conservative Party chairman Brandon Lewis accused Jeremy Corbyn of being “happy to ignore the biggest democratic vote in our nation’s history” by saying he would back another referendum.

BBC News contributed to this article