Nov 28, 2018

U.K. Treasury says any form of Brexit would hurt British economy

U.K. Chancellor Philip Hammond. Photo: Jack Taylor via Getty Images

The United Kingdom's Treasury released an analysis on Wednesday concluding that, under Prime Minister Theresa May's proposed Brexit deal, the U.K.'s GDP would be left 3.9% smaller after 15 years than if the country remained in the European Union, reports the BBC.

The big picture: If Parliament rejects May's plan and the U.K. crashes out of the EU without a deal, the country's GDP would be 9.3% smaller after 15 years, according to the analysis. Chancellor Philip Hammond, the country's top finance minister, admitted that remaining in the EU would be the best outcome in purely economic terms, but that Brexit has "political benefits" and that the government remains committed to selling May's deal to the British people.

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Morgan Stanley to buy E*Trade in a $13 billion deal

Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Morgan Stanley is planning to buy E*Trade Financial Corp. in a $13 billion all stock deal, the Wall Street Journal reports, with plans to restructure the company known for helping everyday Americans manage their money.

Why it matters: The deal, which would be the largest by a major American bank since the financial crisis, signals Morgan Stanley‘s desire to bulk up in wealth management.

Go deeper: Six of the biggest U.S. banks have weaknesses in their crisis plans

The new not-normal: The Trump state

Photo Illustration: Eniola Odetunde/Axios. Photos: Chris Graythen/Getty Images

Donald Trump changed how to run for president. Next, he changed the Republican Party. Now, he’s changing the presidency and the boundaries of executive power. 

In the past week, Trump has purged internal dissenters, imported loyalists, pardoned political and financial criminals and continued a running commentary on live Justice Department criminal cases — despite an unprecedented public brushback from his attorney general.

Bloomberg's rough debut

Photo: John Locher/AP

Mike Bloomberg was booed during his debut debate as a Democratic presidential candidate — indicative of a rusty outing where the former New York mayor looked unprepared to respond to obvious lines of attack.

Why it matters ... The debate underscored the Bloomberg’s campaign biggest fear: It's hard to hide to his prickly demeanor. Bloomberg had all the time, practice and forewarning money could buy — and still struggled mightily on the public stage.