Business News

CCTV Script 15/08/16

– This is the script of CNBC's news report for China's CCTV on August 15, Monday.

Welcome to CNBC Business Daily, I'm Qian Chen.

Insiders told the Sunday Times that two new departments overseeing Brexit negotiations would not be ready in time, and that the process of setting them up was 'chaotic'.

In addition, next year's French and German elections were also given as a reason for delay.

Britain created two new government departments to handle Brexit and international trade, led by David Davis and Liam Fox, two prominent "Leave" campaigners in the referendum.

According to the newspaper, Davis has recruited less than half of the 250 staff he needs for the Brexit department, the Sunday Times said, while Fox has fewer than 100 of the 1,000 trade negotiators he is seeking.

Britain voted to leave the EU on June 23, but views differ over when it should invoke "Article 50", which sets the clock ticking on a two-year deadline to leave the bloc, with some senior politicians calling for a quick departure.

However, many are now suspecting that Britain could remain in the EU until late 2019 - almost a year longer than expected.

To the markets, this might signal a longer period of uncertainty.

The BOE has said inflows from abroad into U.K. equities, corporate bonds and especially real estate appeared to be slowing, while some foreign direct investment by companies-a critical source of funding for the current-account deficit-was being put off.

Meanwhile, fewer companies are saying they are willing to hire and invest in employees training programs.

At the same time, the U.K.'s decision to leave the European Union could make it harder for the country to sustain its large and persistent current-account deficit, which means it brings in less from overseas trade, investment income and remittances each year than it shells out to foreigners.

Therefore, some institutions are predicting that the BOE might keep its loose monetary policies longer to furthur depreciate the sterling, in order to attract foreign capital to the UK.

CNBC's Qian Chen, reporting from Singapore.

Follow CNBC International on Twitter and Facebook.