ECB criticises banks’ relocation plans after Brexit

Central bank warns against setting up ‘empty shell’ operations in euro area without adequate staff

The European Central Bank has warned banks that some of their Brexit plans are inadequate as they involve setting up “empty shell” operations in the EU that are not properly staffed.

The Frankfurt-based institution said “elements in a number” of relocation plans submitted by banks that use the UK as their gateway to the EU “did not fully meet” its expectations.

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Drivy launches its car rental marketplace in the UK

 French startup Drivy is expanding to another European country. This time, the company is launching in the U.K. For now, the service is mostly live in London and it’s slowly going to expand across the U.K. throughout 2018. The company has been somewhat careful when it comes to international rollout, with only six European countries in seven years. Drivy already has 1.5 million… Read More

Call to ban sale of IoT toys with proven security flaws

 Ahead of 2017’s present buying season, UK consumer rights group Which? has warned parents about the risks of giving connected toys to their children, and called for devices with known security and/or privacy risks to be banned from sale on kids safety grounds. Read More

Perkbox acquires digital rewards platform Loyalty Bay

 Two companies are better than one: Perkbox, the U.K. startup that helps companies engage and reward employees and customers, has acquired London-based Loyalty Bay, which offers a SaaS platform for the automated delivery of digital rewards. Read More

Honda UK warns MPs of consequences of leaving EU customs union

Motor industry says threatened new tariffs could add £1,500 to price of an imported car, and make exports more expensive too

The devastating impact of a hard Brexit on the UK car industry was laid bare on Tuesday to MPs, who were told every 15 minutes of customs delays would cost some manufacturers up to £850,000 a year.

Presenting the industry’s most detailed evidence yet to the business select committee, Honda UK said it relied on 350 trucks a day arriving from Europe to keep its giant Swindon factory operating, with just an hour’s worth of parts being held on the production line.

Related: Brexit: failure to update customs system could be ‘catastrophic’

Related: EU business leaders tell PM: agree Brexit deal or face collapse in confidence

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Jacob Rees-Mogg: hard Brexit would boost UK by £135bn over five years

Pro-Brexit backbencher says dividend only possible with policy of free trade, reduced regulation and lower taxes

The UK economy could enjoy a post-Brexit financial dividend of £135bn in the five years after its departure from the EU, Jacob Rees-Mogg has said, an opinion that attracted a direct if brief endorsement from the Department for International Trade.

At a speech in London, the leading pro-Brexit backbencher lambasted what he called the “false assumptions” of Philip Hammond’s Treasury before next week’s budget, insisting that leaving the EU would provide a huge economic boost.

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Lofelt raises $5.4M to develop next-gen haptic tech for gaming, AR, VR, automobile, and more

 Lofelt, a Berlin-based startup that is developing ‘next-generation’ haptic technology for use in a range of products — including gaming, AR, VR, automobile, consumer electronics, toys, medical, and entertainment — has raised $5.4 million in Series A funding. Leading the round is Wolfman.One, with participation from Q Venture Partners, Coparion, and previous backer… Read More

Fintech startup Flux partners with Barclays for itemised receipts

 Flux, the London fintech startup founded by former early employees at Revolut, has announced a partnership with Barclays in the U.K. that will see it trial its itemised receipt technology with 10,000 of the bank’s customers. Read More