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Week Ahead (2 September)

Monday 2 September, Greece to fully lift capital controls


Capital controls will be fully lifted in Greece with the final restraints removed today. This follows Greek Prime Minister Kyriakos Mitsotakis’ announcement that the government is “fully restoring normality in capital movements”. The move signals a return to stability as Greece attempts to cultivate investors again and ease its debt repayments.


Last week, Mitsotakis met with French President Emmanuel Macron and German Chancellor Angela Merkel, as a part of his plan to persuade European countries to relax the budget surplus targets linked to the 2015 bailout, on the basis that he will deliver higher economic growth. However, European capitals have so far continued their reluctance to see Greece diverge from its existing commitments.


Tuesday 3 September, Scottish Courts to consider motion to block prorogation after interim request refused


On Tuesday, the Court of Session in Edinburgh will hold a full hearing on the request by MPs to block Boris Johnson’s bid to prorogue parliament. The legal action was launched by 75 politicians in July and headed by SNP MP Joanna Cherry and Jo Swinson, leader of the Liberal Democrats.


Following the 28 August prorogation announcement, MPs sought an interim interdict that would prevent parliament being suspended until after the Court had ruled on the motion. This was denied last Friday morning but the presiding judge, Lord Doherty, decided to bring proceedings forward from Friday 6 September until Tuesday 3 September on the grounds that it was in the public interest that the case “proceeds sooner rather than later”.


A parallel legal challenge will get underway in the English Courts on Thursday. This is being coordinated by campaigner Gina Miller and former Prime Minister Sir John Major is expected to join this action. A further legal challenge is also underway in the High Court in Belfast which will be heard this week.


Tuesday 3 September, UK Parliament returns with MPs expected to launch a series of attempts

to prevent no deal and to block prorogation


On Tuesday, British MPs will return to parliament from the summer recess. MPs are expected to take control of the order paper the following day in order to pass legislation preventing no deal. This could entail an amendment to the withdrawal act which would prevent the UK from leaving the EU without a deal. House Speaker John Bercow is expected to accommodate MPs efforts both to prevent no deal and to block prorogation. The government is expected to also use unusual tactics, potentially even creating a new bank holiday, to limit MPs rooms for manoeuvre.


On Wednesday, Mark Carney will update Westminster on the Bank of England’s take on the impact of Brexit on the UK economy.


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