Financial Times UK - 03.03.2020

4 ★ FINANCIAL TIMES Tuesday 3 March 2020

its migration policy has come unstuck

in the face of rising anti-immigrant

sentiment across member states.

Ms von der Leyen has promised

to put forward a “new pact on migra-

tion”, which is intended to deal with

contentious issues, including the man-

datory quotas for relocation that pro-

voked outrage across eastern Europe in

2015.

Michael Roth, Germany’s Europe

minister, yesterday told Der Spiegel

news magazine it was “high time that we

as the EU finally wake up and develop a

sustainable migration concept”.

But EU officials admitted that work-

ing out a strategy to keep western and

eastern governments united was prov-

ing elusive. Countries led by Germany

wanted fair “burden sharing” of refu-

gees across Europe.

The Turkey deal was meant to

create some breathing space to allow

Europe to come up with a sustainable

internal system for handling refu-

gee policy in a more equitable

way, but Europe’s lack of

progress has left it vulnerable

when facing Mr Erdogan’s

threats.

Will Turkey secure more EU funds?

Despite his threats, Mr Erdogan will be

anxious to renew arrangements with

the EU. European governments are at

loggerheads over how to fund their next

long-term budget from 2021-27.

The bloc is facing a post-Brexit fund-

ing squeeze that is likely to cut cash for

spending projects such as patrols by the

Frontex, the EU’s border management

agency. Mr Erdogan may also want to

get more funds funnelled directly to his

government in future, rather than see-

ing them administered to third parties.

But one senior EU official admitted

that Europe could not afford to let the

deal slip. “The humanitarian conse-

quences of a fresh migration crisis —

especially for Turkey — are huge. We

will do a deal but not at a point where it

looks like we are being blackmailed,”

said the official.

What has changed in EU

migration policy since

2016?

Despite buying time with

the Turkey deal, Brussels’

a t t e m p t t o r e v a m p

tals. One Greek official said the deal was

all but “dead” after Athens decided to

suspend all asylum claims for a month

and deploy troops on its borders.

Ankara’s officials have also long

accused Europeans of failing to keep up

their end of the bargain on promises of

visa liberalisation and have demanded

the money is directly disbursed to the

government. The EU has also failed to

deliver on its targets to resettle refugees

from Turkey over the past three years.

But even before this week’s flare-up,

Brussels said it was committed to

renewing the deal with Mr Erdogan to

keep a lid on migration.

Ursula von der Leyen, commission

president, yesterday said Brussels was

ready to intensify talks with Ankara and

discuss “where support might be

needed and what is the right basis to

start a dialogue”. The commission has

refrained from accusing Mr Ergodan of

formally breaking the terms of the deal.

But as Mr Rutte’s comments show,

member states are likely to be divided

over extending further funding to Tur-

key. “There are children in the icy cold

no man’s land between Greece and Tur-

key,” said the Dutch prime minister.

M E H R E E N K H A N A N D SA M F L E M I N G
B R U S S E L S

The EU’s landmark migration deal with
Turkey is teetering on the brink after
Recep Tayyip Erdogan, Turkish presi-
dent, last week said he would no longer
stop mainly Syrian refugees in his coun-
try heading to Europe.
The multibillion-euro accord —
forged by EU countries and Ankara in
2016 during the bloc’s migration crisis —
led to a precipitous drop in the number
of people crossing the Aegean Sea to
Greece. But in the past four days Tur-
key’s land border with Greece has seen
thousands of new arrivals, with people
being met by military forces wielding
tear gas as they sought to enter Europe.
Mark Rutte, Dutch prime minister, an
architect of the initial agreement, con-
demned Mr Erdogan for flagrantly dis-
regarding the terms of an agreement
under which Turkey is given European
cash to house millions of refugees. He
warned Europe should not renegotiate
with “a knife at its throat”.

What is the EU-Turkey deal?

The arrival in 2015 of more than 1m
mainly Syrian migrants on Europe’s
shores prompted European govern-
ments to strike a €6bn cash and resettle-
ment scheme with Ankara.
Under the “EU-Turkey statement”,
refugees arriving on Europe’s frontiers
were systematically turned back and
housed in Turkey. Ankara was also
promised that about 70,000 refugees
would be resettled from Turkey to the
rest of the EU that year.
In monetary terms, the European
Commission and EU member states
promised to fund projects to help the
integration of nearly 4m refugees in
Turkey. Rather than giving payments
directly to Ankara, disbursement is
made to about 100 projects. Three years
after the deal, irregular arrivals were
97 per cent lower than in the period
before the deal, according to a commis-
sion report last March.
Of the €6bn, the commission said
€4.7bn had been earmarked for initia-
tives and €2.3bn paid since 2016. The
commission called on Turkey to go
“back to the normality of how this deal
was applied before the end of this
week”.

Will the deal stay alive?

Mr Erdogan’s threats to open b orders
have poisoned relations with EU capi-

I N T E R N AT I O N A L

K E R I N H O P E— AT H E N S
L AU R A P I T E L— I S TA N B U L
M E H R E E N K H A N— B R U S S E L S

Greek authorities yesterday fired tear
gas and staged military exercises with
live ammunition on the country’s east-
ern borders in an effort to prevent the
crossing of thousands of migrants from
Turkey, deepening a stand-off between
Brussels and Ankara.
Tensions rose after more than 10,
people gathered outside a northern
Greek border post without shelter,
reviving fears of a repeat of the refugee
crisis that rocked the EU in 2015. Greece

has warned it would do “whatever it

takes” to protect its borders against

migrants after Turkey opened its end of

the border, breaking an agreement with

the EU that Ankara would hold back ref-

ugees from Syria in exchange for funds.

Turkey opened the gates to Europe

last week after the death of 34 Turkish

soldiers in the Syrian province of Idlib.

Recep Tayyip Erdogan, Turkey’s leader,

has repeatedly called for international

help to stave off a Syrian regime offen-

sive in the rebel-held enclave that has

forced an estimated 1m people to flee

towards the Turkish border for safety.

Turkey is already home to more than

4m refugees from Syria and elsewhere

and Mr Erdogan has warned that his

country could not take any more.

Athens on Sunday announced it was

temporarily suspending its asylum

process in an attempt to reduce a grow-

ing numbers of arrivals by sea on the

eastern Aegean Islands. The Greek

coastguard has reported that a child

drowned when an inflatable boat

carrying almost 50 asylum seekers cap-

sized off the island of Lesbos, the main

destination for people being trafficked

from Turkey. All the others were res-

cued, a coastguard official said.

More than 800 asylum seekers landed

on Lesbos and another 200 on the

neighbouring islands of Chios and

Samos “in the past 24 hours, a big

increase on the normal daily number

that makes it across in calm weather”,

the same official said.

The influx of refugees landing on Les-

bos has exacerbated local tensions. The

island’s reception facilities are over-

crowded with migrants waiting for

months to have their asylum requests

processed before being transferred to

the Greek mainland to wait for a final

decision on their application.

Hundreds of Lesbos residents last

month clashed with riot police during

protests against a government decision

to build two new processing facilities.

Greece’s defence ministry yesterday

said that one-day military exercises

were carried out in line with Nato alli-

ance practice and involved units firing

heavy artillery weapons located on the

northern land border and on the eastern

Aegean Islands facing the Turkish coast.

European Commission president

Ursula von der Leyen, European Coun-

cil president Charles Michel and Euro-

pean parliament president David Sas-

soli are to visit the land border today

with Kyriakos Mitsotakis, the Greek

prime minister.

But Mr Erdogan said yesterday the

refugee flows would continue, despite

his receiving “telephone call after tele-

phone call” from European nations ask-

ing him to close the country’s borders.

“We told them: the issue is over. The

gates are open now. You are now taking

your share.”

S E BA ST I A N PAY N E— LO N D O N

Striking a free trade deal with the US

may deliver only a 0.16 per cent boost

to the UK economy over the next 15

years, the government said yesterday,

whichcriticssaywillfailtomakeupthe

lossintradefromleavingtheEU.

Releasing its negotiating objectives for

talks with Washington, the Department

for International Trade claimed a trade

pact could boost the UK economy by

£15.3bn “in the long run”. Scotland, the

Midlands and north-east England are

expected to benefit the most, the gov-

ernment added.

The DIT said that such a deal could

boost trade between 0.07 and 0.16 per

cent — prompting claims from some

trade experts that the net effect would

be negligible compared to the loss of

trade from leaving the EU’s single mar-

ket and customs union. A cross-

Whitehall study conducted in 2018 sug-

gested that growth would be reduced by

2 to 8 per cent in the same period.

But a UK-US trade deal is seen by

Brexiters as one of the biggest prizes

from leaving the EU, and would

strengthen transatlantic economic ties.

The government’s “negotiating objec-

tives” document said the UK is focused

on boosting trade for small- and

medium-sized businesses. Although the

primary focus of a deal is on goods trade,

the UK is also hopeful of boosting trade

in digital services and aims to boost

links on financial services.

The government is insistent that the

UK will not open up its public services to

the US. Throughout the 180 page docu-

ment, it states a dozen times that the

National Health Service is “not on the

table”, including the price paid for drugs

and services it provides. It also seeks to

maintain standards for consumers,

environment and food production.

Liz Truss, the international trade sec-

retary, said that the UK will not compro-

mise on standards in order to strike a

deal. “If we don’t get the deal we want,

we will be prepared to walk away, and

that includes the red lines of food stand-

ards and the National Health Service,”

she told the BBC.

According to the document, the UK is

seeking primarily to reduce tariff barri-

ers with the US. Trade experts said this

suggested that Boris Johnson’s govern-

ment has lowered its ambitions for a

comprehensive trade deal due to politi-

cal constraints.

David Henig, director of the UK Trade

Policy Project and a former UK govern-

ment trade official, said striking a deal

would be “tricky” due to differing food

and regulatory standards, along with

the demands of American farmers.

“The UK is seeking a relatively unam-

bitious trade deal with the US. It is defi-

nitely less ambitious than what was

being talked about six months ago,” said

Mr Henig. “The government appears to

be just focusing on tariffs, there’s not

much on financial services or services in

general.”

Mr Henig added that the scope of the

potential deal had also been reduced.

“No 10 appears to have become worried

about a US trade deal being seen as con-

troversial. Now they’re seeking a deal,

any deal, call it great and say we

achieved what nobody said we could. It’s

very Trumpian.”

Asylum seekers

Greece fires tear gas to stop refugee influx

Athens conducts military

exercises to deter those

fleeing Syrian conflict

Migration Brussels’ pact with Turkey on verge of collapse

Brexit

US-UK trade

deal will not

make up for

leaving EU,

critics say

No way through:

migrants and

refugees gather

yesterday on the

Turkish side of

the closed

Kastanies

border crossing

into Greece.

Below, President

Recep Tayyip

Erdogan

Dimitris Tosidis/EPA-EFE

There has been ‘a big

increase on the normal

daily number that makes

it across in calm weather’

SA M J O N E S— Z U R I C H

When Austrian Railways’ new night

train to Brussels departed from Vienna

for the first time in January, the coun-

try’s green “super minister” Leonore

Gewesslerwastheretoseeitoff.

The train, with a carbon footprint one-

tenth of the equivalent journey by air, is

a symbol of Austria’s new-found envi-

ronmental credentials under Chancel-

lor Sebastian Kurz, thanks to the

groundbreaking coalition forged last

month between his conservative Peo-

ple’s party and the Green party.

Ms Gewessler — whose sobriquet

derives from her vast portfolio which

straddles the environment, energy,

transport and innovation — is at the

forefront of the government’s pledge to

blaze a green trail, after the Greens

made gains in European parliament

elections last year.

But there are questions whether the

Greens can keep their agenda on track

while in power with Mr Kurz, whose

previous government entered a mark-

edly different coalition with the far-

right Freedom party. Some observers

say the Greens will struggle to dispel

criticism that they do not have the inter-

ests of Austria’s mostly conservative,

small-town and rural voters at heart.

“You have a lot more opportunity to

change something in government than

you do in opposition,” said Paul

Schmidt, head of the Austrian Society

for European Politics, a Vienna-based

think-tank. “That’s why [the Greens]

have taken this risk. But the question is

about implementation. They have this

super-ministry but the whole govern-

ment needs to move on these issues.”

Austria’s coalition of conservatives

and Greens is a recipe rarely tried in

Europe. Mr Kurz has suggested it might

offer lessons for neighbouring Germany,

where polls suggest a Green surge could

make the party a contender for govern-

ment alongside the ruling conservative

Christian Democratic Union.

The chancellor has given Ms Gew-

essler what is, on paper, a powerful min-

isterial portfolio, but the political cost

paid by the Greens has been steep. The

People’s party has its hands on most of

the other levers of government includ-

ing the big ministries of state: finance,

the interior and foreign and EU policy.

But Ms Gewessler “thinks politically,

and is able to bring politics into practice

to combine and find others’ needs and

work out how to bring these into a prac-

tical alignment”, said Susanne Rieger,

co-president of the Green European

Foundation’s board, who oversaw Ms

Gewessler during her time in Brussels as

director of the GEF from 2008.

Before entering parliament, as head

of Austria’s biggest environmental char-

ity, Global 2000, she championed a pop-

ular campaign against the expansion of

the ageing Soviet-era Mochovce nuclear

power plant in Slovakia, just 100km

from the Austrian border.

“She is very good at developing work-

ing relationships with people. She and

[Mr] Kurz had productive conversa-

tions over [Mochovce],” said Reinhard

Uhrig, political director of Global 2000.

But Mr Uhrig said Austria had a long

way to go: “There are very strong points

in the government programme, but

Austria has not been very good when it

comes to climate protection in the past.”

Carbon emissions have risen steadily

year on year in Austria since a 2014 low,

and the country is significantly above

the EU average. Yet the new govern-

ment’s goal is to achieve net zero emis-

sions by 2040. “The crucial point will be

March 18 when Gernot Blümel [the

finance minister] is going to present the

budget. If all these titles and subtitles in

the green plan are not funded, then it

means nothing,” said Mr Uhrig.

Mr Kurz may be wary of allowing his

coalition partners too much leeway. In

his last government, Mr Kurz was burnt

by ceding too much autonomy to the

far-right in sensitive policy areas such as

security. The finance ministry may

prove an invaluable lever to use this

time around.

But many also believe that Mr Kurz’s

interests are more aligned with the

Greens than may at first appear. “The

People’s party has to understand that

the Greens have to win as well in this

government, even if they are junior. I

think Kurz is very much aware of this,”

said Mr Schmidt.

Political tension

Austria’s Green party battles to make mark in coalition

Leonore Gewessler:

on paper she has a

powerful portfolio

but the People’s

party runs the big

ministries of state

STOCK MARKETSMar 30prev %chgWorldMarkets

S&P 500FTSEurorst 300Nasdaq CompositeDow Jones IndEuro Stoxx 5020703.38 20659.32 0.215902.742365.931500.723481.671493.755897.553475.272361.130.470.090.200.

FTSE 100FTSE All-ShareXetra DaxCAC 40Nikkei 19063.22 19217.48 -0.8012256.43 12203.00 0.447369.524011.015089.645069.044011.80 -0.027373.72 -0.060.

Hang SengFTSE All World $24301.09 24392.05 -0.37297.99297.730.

CURRENCIES$ per €$ per £Mar 301.0741.249prev1.0751.

SFr per €£ per €¥ per $€ index¥ per £111.295 111.03589.046 89.372139.035 137.8221.0690.8591.0720.866$ indexSFr per ££ per $€ per £¥ per €£ index€ per $119.476 119.363Mar 30104.636 103.93076.705 76.9511.2441.1640.8010.9320.806prev1.2381.1550.

COMMODITIESOil Brent $Oil WTI $Mar 3052.9850.2252.5449.51prev%chg1.430.

Gold $ 1248.801251.10-0.

INTEREST RATESUK Gov 10 yrUS Gov 10 yr100.4698.87price1.212.38yield0.00-0.03chg

Ger Gov 10 yrJpn Gov 10 yrUS Gov 30 yrGer Gov 2 yr 102.58100.45100.1498.68price0.392.990.06-0.75prev0.010.00-0.010.00chg

Euro Libor 3mUK 3mUS 3m BillsFed Funds E 0.66-0.360.780.34-0.360.780.660.340.000.000.000.

Prices are latest for editionData provided by Morningstar

L AJENNIAboastaLURA N O OondoniFER TfulHOMWhaNAN —nvestmenttsAppmePSO N —DUB L I NbankerLO N D O Nssagehascosthisjob

andanicrchatapp.egulatorsationsover£37,000fineinthefirstcaseofcrackingdownoncomFacebook’spopularmu-

Thefinebystaff’sthatnprAoblemuthorityeedtomocommunnewmehighlightsicathediaposenitortion.FinanandartheforcocialConchiveincreampaniestheirsingduct

inbannedeminformationSevcludingerallaployWhargeiovermetsApp,eesfromnvestmentssagingwhichsendingbankshaveservicesusesanclient

encryptionWhauser.accetsAppfromssedweutscheDithoutpsystemBankermwlastythatcorissionfrom-issukearannotbeedBbannedlack-the

iesbanker,passedconfidentialclientainformationtoa“pBerrysanceChristopherandafterdiscussionswfriend”Niehaususingersonal,aformerJithrWhatsAppacquaint-egulators.effer-,

accordingtoMrtoTheFCAsaidMrhisNiehausemployervtheFCA.hadturnedoluntaNiehausTheroverrily.egulatorhadhisdesharedvicesaid

newmeconinglastyearto“Sevsystem“onanumberofofidentialeraldiafromwbankshavebinformaimpress”ork-tiononpeoannedissueddeple.themetheccasions”useofvices,ssag-

butbanksmovetowadeclamvice”ppeddownonthesituationhasolicy.Grdsa“oldmanSaitsstaff’sbecomebringyourowntrickierasphonechshasbills

asareissuedBiPhone-loantypicallyBlackBerksattwointrainedinhowtoerryvingstaffs.stitutionssaidspurntheirwusestaffork-new

meChpribandiaatwoambAndrewBodvatepeoplefromers,phones.saidrk,thebutnarinstallinga,abarristeratMabanksareuncaseset“apreceppsonabletotrixtheirdent

inelse”.sagingthatitInformaappsasshowstionsharedbyMrthetheFCAssameaseveesthesemes-erythingNiehaus

binclientandJoastedhowhemhismefferies.Includedortgageitheinformoneidenfadealwasinstanceightbetityandationabsucceoutarivalofabletopayoffdetathebankerssful.ilsofa

tionoferiesandreMrefferiesdeclinedtoJNiehauswasfadisciplinsignedbaryprocess.suspeforecommentendedfromJthecomwhileple-ef-

FAdditiacebookforLombardcomment.onal rpage 20eportdidnotreing by ChloespondtoarequestCornish

City wabanker lotchdog seses job over WhndsaclearatsApp boastmessage as

CongreApril 28 have reaverattempt to ttaUS gssional Reackoverfunds to pay for a wnmentpubsisted Dlicans seonald Tshutdrump’sown aftereking toall

onstopgap spending pladefethatforcthe US-Meeafederalnce and border spehis plannedshutdxico border on to$33bnns.own forndingincrThey fease inthe ficouldearrst

time since 2013, as DUS budgetTrtoacceptump attackthe proposaQ&Aoverandhealth billemocrats rls.efuseiPAGE 8

Shutdown risk as borderwall bidgoesoverthe top

FRIDAY 3 1MAR C H 2 017

BriefingidealmUSEuropebargain-haking,asUShasbecomecomuntersthepaniesbigtargetfuelrideaEuropeforcrTrump-fuelledoss-bM&Aorder

AequitytlanArepRepiortonhowtic.marketort out— PAGE 15; CHlines lrallytothehealthINAonger NHS whuntCURBSservicecanforHITbargainsDEALS, PAGE 17aiting tsurviveacrossimesthe

moresomenon-surgicalproceausterityhasurgentoperationsandsaiddureswpatientswforA&Etreaillbescrapillwaitped.tmentwlon— PAGE 4gerforhile

emergingmiDevovernmentgtakingadEmergingelopingvanarkcountrieshavedebtinnations in retageofaetsastradebooms.thesurgeinfirstsoldrecord debtoptimismtowquarterof— PAGE 15cordlevthisyear,saleselsofard

record455plannedorunLondon tAinLonisurveydon.Whasrevtallorkbderbuildingsareowerealedconeganonstrucplans brthatationeak records

iTillersonduring2almostonetowe016.— PAGE 4fails toraweekeaseTurkey tensions

TheUSsecreTatenxtraditionofyyipEsionsrdoganonafteretaryoftalksinAnclericFethullahstateissuesinhasfakarawcludingSGulen.iledtoreithPre— PAGE 9yriaandsidentReconcilethecep

To shiba iiInaandmanfiledstormyagerso–aforCcastdoubtonarevivalhapter11three-vinganentrnvestorshourmebankruptcyprdoubt revivalplaneting,inveenchedsecrecyafterWeotection.storsstin— PAGE 16planaccusedcultureghouse

iMs,inamovetoemTheHSBC woos ttitleseedsofnbanksuchas“hasunvtransgenMx”,inaeilederransgendercustombracedivdarangeofdditiontoMr,ersityanders.— PAGE 20customersgenMrs,der-ncatertoeutralMissorthe

Datawatch

UK £2.70 ChannelIslands £3.00; Republic of Ireland €3.

©FNoPrinted in Lonrankfurt,THE: 39, 435 FINANCIALBrussels, Mdon,★Liverpool,ilan,TIMES LTDMadrGlasgow,id,New York,Dublin, 2017

TChicago, Sanokyo, Hong KFrancong,isco, WSingapore, Sashington DC,eoul, DOrlando,ubai

SubwwTel: 0800w.ft.scribecom/298 4708subscribeIn pnowrintand online

Fwwor the latest news go tow.ft.com

Recent attnotablymassAnders BrNorway,acre bythe 2011acks —eivik inthe

attbucked the trBrusbombiandNice, andacks in Parisselsngs—havesuicideendthe

Sources: Jane’s Terrorism and Insurgency Centrewestterrorfatofgeneralities fromern Europeincidents inallylow

Terror attacks in western EuropeHighlighted attackOthers

NorwayParisBrusselsNice

A Five StarIt aly’s pthe pooropulists are tr— B I GREAD, PAG E 1 1plan?ying to woo

WORLD BUSINESS NEWSPAPER

Trump vspoliTechtical risktit ans need to mini—GILL I A N T E T T, PAG E 1 3the Vamiselley Dear DletterMay’s first stab at the br— ROBE RTon...SHRIMSLE Y, PAG E 1 2eak-up

Lloyd’sofLondonexcitiesinEU base to help deal wselsover“fiveorpecteditsdelossofpacisiontochoseBsix”sspsetupanith the otherortingrus-

rightscenturies-ket,saidheexJohnNafterBreoldelson,xit.insurachairmanofpectedncemar-otherthe

illbereinsuredbacktoheadquayndicatesatswbusinessinsurerstowritteninrters,follow.MitspicCityofLoturedabove.ostofBrusselsndonthethe

London’ssgrbeenseenasTheBelgiancapitalhadnotoupsafterpeciatheUthelistinfirstvesKchoicelesuranceathefor

EU,womeshboMrNitstransporturgthoithDelsonforughttobemoresaidtheublinlinks,taindustry.theandLuxcitywononlentpoollikelyem-But

and“etoryrLexInsurers set to followpage 14eputation”.xtremelygoodrpage 18egula-

Lloyd’sofBrutotapnewtalentpoolwithEUbasesselsInsurancemarket

AFP

JAdutiA MEScomputeresandBLITZsystema— WclearimpoHITEcquiredtoHAL L ErtsintoDITO RtheUKcollect

malesurgdmittedtoMPs.avesHMayeinwotheEU,notbeRevrkloadexenue&CustomstoldapaabletohcustomspectedauthoritieshaveandleoncetheBritainhugerlia-

mentarnMcoeededarch2019,wmpleted,urgentacyinquirythatthenewandhenBrethetiontobereadybychairofxitisduetobetheprobesystem

sBihareSettingupadigitalcustomssaidtime“hasconxitbeenatconplanfidenceitwoningthellapsed”.heartofbecauldbeopuseofWhitehall’sthefiverasystemtionalefold

inccoBritisAbout53permefromtheEU,anddoreaseindehportswhenclacentofBrationsextheUKritishimportsleavesnotrequirepectedattheEU.

ThechBsibnothreecksglexitwresaMayamarkettradingouldincludebecauseblocs.andnnouncedinJtheyHMRChcustomsarrivedeparturefromanuarythrounion.andlesugh60mthatButthe

dtcustomeoTherevhit3clara00m.suntionsayelaion,tionsabearthenumberisexbut,ooutnceoutsidethepectedsystem,the

callranginliwhethehoskelytoedCtofrgfromrustomsDeegulatoryrWhitehallcanimthrowacustomssharperspclarationegimeands—inarimmigrationService,areplemotlightonentaeas

ttimeProoassentialtoBreegricultureandblemsBritainleaveswithxitCDSandtheEU.couldforceLofisheries—byotherprojectsndontothe

adjustourownEUmuch,aWhitehallitshardernegocustomsthanweanofficialsatiationposystemisprositionid.ticipated,“Ifwithrunvingningthatthe

oughttohaveanimoftheCommonstreasuryselectcom-pressmittee,InaforlettertocertainHMRCAndrewsaidoptionsinBpactonhowwetheTyrie,timetablerussels.”chairmanfor

delivachiecomplexprlinkedtodoeringCDSwas“vable”.But,itogramme”zensofoadded,thercothatnchalleneededtobeCDSwas“amputergingsys-but

CDS,time.ButlastmcoHMRCtemstoworkpropmmitteesaindicaassigneda“greentingitwyingonth,itwrotetotheprouldbeerly.InNtrafficogrammehaddeliveredonlight”toovember,the

beenrmeansaHMRCsaidlastpparthereare“majorelegatedto“entinanumbero£eyarambnight:“[Cer/red,”wrisksoreas”.DS]isonissueshich

tracktobeinternationalanditwtomaketheEU...InsureillbeternaldeliveredbyJanabletothateachprojecttradeoratingsaredesupportncetheUKfricuaryleavestiosignedgetsnless2019,the

focetee,cusandressfulHMRC’swhichdelivletterstowillbeery.”sourceitrepublishedtoday,pro-thequiresselectcomformit-suc-

videnoesiontoTimetablchange,causedbyleavee&Great RepbutsomeMPsbMrsMay’sxplanatheEUtioncustomsunion.eal Bunexforelieveitwaspecteddetheraillpage 2tingci-

ScJPMorgan eye opEditoPhilip SthemerialtoComment & Nephens&Chrisimport EU lawstionspage 18Gilesotebookpage 3page 13page 12

HMRC warns

customsrisks

being swamped

by Brexitsurge

33 CoFivefoldnfidenceinITplans‘riseindeclarationsexpectedhascollapsed’

STOCK MARKETSMar 31prev %chg WorldMarkets

S&P 500Euro Stoxx 50Dow Jones IndFTSEurorst 300Nasdaq Composite3495.591503.0320689.64 20728.49 -0.192367.105918.691500.725914.342368.06 -0.043481.580.070.150.

CAC 40Xetra DaxFTSE All-ShareFTSE 100 3990.007322.925122.5112312.87 12256.43 0.464011.01 -0.525089.647369.52 -0.630.

NikkeiHang SengFTSE All World $18909.26 19063.22 -0.8124111.59 24301.09 -0.78297.38298.11 -0.

CURRENCIES$ per €$ per £Mar 311.0701.2511.0741.249prev

SFr per €£ per €¥ per $€ index¥ per £139.338 139.035111.430 111.2951.0710.85588.767 89.0461.0690.859$ indexSFr per ££ per $€ per £¥ per €£ index€ per $119.180 119.476104.536 104.636Mar 3177.226 76.7050.8001.2521.1690.9350.801prev1.2441.1640.

Oil Brent $Gold $Oil WTI $COMMODITIESMar 311244.8553.3550.461248.8053.1350.35prev0.22%chg0.41-0.

INTEREST RATESUK Gov 10 yrUS Gov 10 yr 98.63price100.351.222.41yield-0.01chg0.

Ger Gov 10 yrGer Gov 2 yrUS Gov 30 yrJpn Gov 10 yr 99.27100.36price99.27102.57-0.753.040.070.33prev0.000.01-0.010.00chg

Fed Funds EUK 3mUS 3m BillsEuro Libor 3mPrices are latest for editionData provided by Morningstar-0.360.780.660.34-0.360.660.340.780.000.000.000.

ALEX BAST E FA N WAG ST Y LTheEUyesterdaytookatstanceinBreGEORGE PRKERARKER— B R U Sxitne— LOND O Ngotiat—BERLINSEL Soughopions,rejectingening

arEuropeanCeBritain’sxplicitlygivrangementspleaforearlyouncilprethataingSpainavetopplytotradetasidentDonGibraltar.overanylksandald

Tusk’stheroadtoBre“phasedwhichareanimportantain’sexapprfirstpectationsbydraftofoach”toxit,soughttodthethedivorceproc-settingoutamileguidelines,ampBstoneonrit-

essdealscSpaindrawalThedethatoveringtheterms.priocisiontorighttovritisesprGibraltarcoaddetoanytheogressonwEU-UKuldclamakeusegitradevingith-the

300-MadridyearterritorialdisputebetweenandLondonanobstacleto

amfullyclause,saGibraltaryebitiousbeenyingtradeandsingledsterdaytheterritoryoutairlineahitbackatforunfavohad“ccessshame-urabledeals.the

tr“Spain”.Maclause,ptheeatmentbySeniorEUtraditionalointingdridthediplomatsoutcouncilatSpanishpthatitonlyrdefendedosition”.notedthebtheehestofeflecteddraftthat

Mrlaminthattowrgely“Tusk’stextorkwistertheEUconithinTheresaMay’sstructive”,wnegotiatingleftroomforncomingmoithonesaalliesnths.stancewasegotiatorsinsistedPrimeyingit

wasinsistenceonaupside”.wereexB“withinritishpecofficialsathepating,pconrametersofdmittederhapsmoreontinuingrthatoletheEU’swhatweforthethe

EuropeanCotionBrusselssdealcouldbeprourtofJeeslittleroomforusticeinanyblematic.transi-compro-

Bremstatusreise.IfBquire“exit,withintheritainwantstoproxistingrguidelinestheegulasinglemarketstateitwtory,budgetary,longouldafterits

mentsandhastobsupervisoryandenforcementinstru-Mreginonlyonce“beenmadeonBTuskwantsstructurestoasufficientprtalksonritain’sepply”.futurexitbillandogress”trade

citizenreabpBoelievemossibleifrisJssuredEuropeanrights,wohnson,eanscertainsimhichcontheforultaneWhitehalloditionsareeignsecrcolleaguesataoustalksarefficialsmet.etary,

NatoafterBreRephadnotinwhenorts &shesummitinxitwtendedtoanalysislinkedseithatradeBrusselspage 3curityco-op“thrdeal.eaten”thatMrsMaytheEUertioan

JonaMan inHenry Mthan Powell,the News: Daancepage 12Timvid DaHarford &vispage 11

Br usselswithSpain htakes tough sanded veto over Gtance on Breibraltarxit

wage to £7.50 per hour. Butwhich wwill ptoday’sAbout 2.3m peile preincreill have to pay caressure on Ease inoplethe natwill benenglishionaltheworkers acouncils,fit fromriseliving

lotstanew living waged 25 andexpected to cost co—amore. Some 43 permounting to 341,ageover —anduncils’ care searn less tthecent of careincr000 peopleease iserviceshanthe

£360m inAnalysistheiPAGE 4comingfinancial year.

Livingpressure onwage rise to pcareservicesile

K £3.80U; ChannelIslands £3.80; Republic of Ireland €3.80 S ATURDAY1APRILS U N DAY 2 A/ PRIL 2 017

©Frankfurt,NoPrinted in Lon: 39,THE 436 FINANCIALBrussels, Mdon,★Liverpool,ilan,TIMES LTDMadrGlasgow,id,New York,Dublin, 2017

Tokyo, Hong Khicago, SanCFrancong,isco, WSingapore, Sashington DC,eoul, DOrlando,ubai

SubTwwel: 0800w.ft.scribecom/298 4708subsIn pcriberintnowand online

For the latest news go towww.ft.com

Censors and sensitivityWarning: this article may be upsetting — LIFE & ARTS

(^) H OW D RIVER LESS
T E CC H A NHNO LO GYGIN G A N I S
A MERICAN WAY OF LIF E
T H E END
O F TH E
R O A D FT WEEKEND MAGAZINE
Escape the taper trapHow high earners can evade a pension headache — FT MONEY
The lure of the exoticRobin Lane Fox on the flair of foreign flora — HOUSE & HOME
How To Spend It
(^) Chic new lodgings
in ScotlandMAGAZINE
Art of persuasoverdisputedpainionting of Jane AusMystery deepensten
Austen’sdescendantsinsisttheRiceportraitdepictsherasagirl—seemagazineBridgeman Art Library
reRDUNC A N RA LPH ATsCweepingditSuisseOBINSO NKINStaxinve— Z Uhas— B R U S SstigabeenRIC HtionsinELStargetedbytheUK,
itFbackSwrscoimageaanceandTheSw-operatingitzerland’ssataxhavissbanksaidyetheNwithaattemptstoetherlauthoritiesaen.sterdayitnds,cleanupsettingfterwasits
fficesinLoconcerning“erewoDutchacontactedbylouthoclienttaxmandon,Paritiessaidrisandcaltters”.theircoAmsterdamofficialsunter-
partweffaiditwasinveshileATheortsbysinGermanywerealsoinvolved,inqustrauiriesthestigalia’srevcountry’sthrtingaSwenueeatentounbankdepartmentissbank.ingsecderminetor
tbilliondooveqcustrownoneuiremomersmeeterhaulsofdollarsinentsfovaders,wbusinessmollowfines.ingainternahichredelsUS-ledtionalsultedinandenclamp-suretax
acgementtionneral’sotionscoalThepro”disputeathatithadbes-ordinatedbyEurojfficeeriskfterbeenxpresparkinganthessed“aSwissleftoutofattoust,interna-storney-nish-thethe
EsubcenU’sCretyejectofinvejudicialditsterday,Suisse,wliastigaisonbody.identionsinhosetifiedsharesitselfastheNfell1.2perether-the
lands,FranceandtheUK.Thebanksaid
itlaunchedagatherinforcomfollowed“aHMpliance”Revenue&Customsmationaboutcrimbutwasstrainalinvetegyostigaffullstilltheprosaidittryingtoclientbes.tionhadtaxinto
taxsuspectedandderingby“areachofauthocertainothisiritytaxeglobaladded:fitsnvestigavasionandmoneyemployfina“Theintionncialinees”.sendsaternTheUKstitutionationallaun-clear
methoseseekaction,Dutchprssagesaidthatingtoevadetax.”osetheycutors,whointhereisnoseizedjewhidingellery,paitiatedplacetheforint-
ingsSwitzerlandthousainveprobe;andgoldstigationhadrevnd”bankawhileFrenchoandingotsaspartofnotdeccountsopenedinclaredtofficialssaidealed“sevFrenchtheirtheireral
taxadelibopsaiditwas“aTheSwissattorney-general’sofficeerauthorities.erateextionhasbeenstoclusionofnishedatorganSwitzerlaisedwthewaynd”.Itiththisthe
deminDranIn2014,CreutchagingctheUStoan“eandeuthorities.dawonspiracy”toritteneditxtensiveSuissexplanationfrompleadedhelpandclientswide-guilty
Dublin,Houevadetax.ItagrAdditional relder inCarLondon,oline Biporting byeedtofinesof$2.6bn.and MnhamLaura Nichaeland Voonan inStotanessahard
in Paris
Credit Suisse
engu lfed in
freshtax probe
33 UK, FraBlow for bid to clean up Swiss ince and Netherlands swoopmage FEBRUARY 4^2017
THE RISE OF ECO-GLAM
390_Cover_PRESS.indd 1 19/01/2017 13:
MAKE A SMART INVESTMENT
Subscribe to the Financial Times today
Morning briefing. Midday analysis. Mobile updates. Subscribe to
the FT and you’re better informed all day.
With newspaper delivery, you start the day prepared. With FT.com,
you’re on top of the news throughout the day. And with mobile
and tablet access, you’re up to speed wherever you are.
Visit FT.com/subscribenow
Terms and conditions can be found at http://www.ft.com/subscribenow
MARCH 3 2020 Section:World Time: 2/3/2020 - 19: 05 User: john.conlon Page Name: WORLD1, Part,Page,Edition: LON, 4 , 1