As this edition of The Treasurer goes to press, disquiet around the lack of progress emanating from certain negotiation rooms is growing ever-more apparent. In a marked change of direction - and following a long period of general reticence - Airbus and BMW recently joined the mere handful of non-financial corporates that have been prepared to put their scenario planning into words, issuing statements as to how they will respond in the event that the UK exits the EU single market and customs union without a transition deal. Airbus COO Tom Williams was first in, putting a figure to the aeroplane manufacturer's argument - in this case, the potential moving of 14,000 jobs out of the UK with significant implications for the country's tax take and wider economy. BMW said it would need clarity by the end of the summer. Stark though the pronouncements were, these were not the only corporates signalling big operational change in the face of political shifts. Motorcycle manufacturer Harley-Davidson may lack the financial heft of an Airbus. However, its plans to move manufacturing out of the US and refocus it in India, Brazil and Thailand to avoid tariffs imposed on EU-bound imports is a decisive response to what increasingly looks like trade war. Harley's statement was, of course, sparked by President Trump's tariffs on steel and aluminium imports and the EU's response with levies on certain US-manufactured goods, including the famed Harley-Davidsons. How far the point-counterpoint will go is anyone's guess. Of course, Brexit negotiations and the politics around them lack the clear-cut character of the tariffs, which are a done deal at this point. And Airbus's move still only amounts to a statement of 'if x, then y' - although it has been interpreted as a threat. Many corporates have still to declare and perhaps determine their plans for different Brexit outcomes, operating very much in a 'wait and see' mode. In this issue, we bring you a round-up of key messages from the ACT Annual Conference, which took place in Liverpool in May. If you missed the event, turn to our write-up on page 14 for the key takeaways. As ever, with ACT events, thought leadership on Brexit, analysis and economic insights were very much in the foreground, with much more besides, including Open Banking, the future of risk-free reference rates as we transition from Libor, career development insights and green finance. On that very subject and showing leadership on this front is recycling business Renewi. On page 18, group treasurer Adam Richford explains Renewi's track record in green fundraising. We are also delighted to bring the Financial Conduct Authority's position on Market Abuse Regulations. The article, an edited version of the FCA's well-received presentation at the conference, explains what the rules mean for corporates and why they matter even to those not currently involved in capital markets. Read more about this on page 26. In the meantime, enjoy the issue and happy travels. -Liz Loxton, editor of The Treasurer
