This weekend, The Grand National will be taking place – which is basically our substitute for March Madness in the London office! The horse race attracts tens of millions of pounds in bets every year with an estimated 25% of British adults betting on the race. People bet on horses due to a variety of factors such as horse name, horse colour or jockey number, but in the London office we’ve gone with the very sophisticated route of drawing names from a hat. The event is sure to be great fun, and check this link out if you want to know other random statistics about why people bet on horses with an ‘R’ name and more.
As the EU prepared to initiate trade talks with Australia, they warned that the UK may be excluded from trade talks before Brexit. Many EU leaders are worried that allowing the UK to continue to receive the routine updates until it leaves the bloc in 2019 will strengthen Britain’s bargaining position in post-Brexit trade talks and potentially enable it to outbid the EU in future negotiations. UK government spokespeople, however, have reiterated the message that the UK remains a full member of the EU will full rights and obligations until the divorce is complete. The EU, however, may see this as a case of having their cake and eating it too.
In more economic news, the latest figures from the Office for National Statistics indicate economic growth showing signs of slowing in the UK. Industrial production, a sector accounting for 15 percent of the economy, unexpectedly declined during the month, falling by 0.7 percent compared with January. Some are hoping for April showers to bring economic powers.
Today Bank of England governor Mark Carney warned about the impact of Brexit on global financial stability and the importance ensuring regulatory collaboration. He advised against countries taking a "low road" where they turn inwards, cut back on regulations and do not work with other regulators. He said such an approach would lead to fewer jobs, lower growth and higher domestic risks.