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Post-Brexit UK News and Discussions


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#701
wjfox

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Frankfurt steps up efforts to lure €1tn-a-day euro clearing from UK

9 October 2017 16.32 BST

London’s dominance of the €1tn-a-day (£890bn) euro clearing market is facing a new threat after the Frankfurt stock exchange announced a plan designed to lure the lucrative business from the City as a result of the Brexit vote.

Clearing is at the heart of the financial system and has become a key issue since the referendum as the majority of transactions denominated in euros are handled through London.

The activity is closely watched by financial regulators around the globe because it is intended to reduce risk in the financial system. Clearing houses act as intermediaries between the complex derivatives transactions which, for example, help protect companies against interest rate moves.

Deutsche Börse is now setting up a scheme that would allow the big investment banks that channel trades through its clearing operations to share in the profits – a move regarded as a direct challenge to London.

https://www.theguard....-london-brexit


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#702
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#703
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#704
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Wjfox, so basically if these nightmarish scenarios (empty shelves at grocery stores, etc.) come to pass, that's your cue to move to another country, right?


What are you without the sum of your parts?

#705
Alislaws

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Food Riots

 

On the plus side, If things with Brexit actually do go as badly as they could we should hope to see a massive backlash against the sort of "sick of experts" anti-intellectualism that has been such a strong part of it. 

 

Young people especially already seem to have started getting more involved in politics since the vote, and the whole issue has been characterized by older voters voting very differently to younger voters, so once we start seeing high youth unemployment etc. (as more experienced people will likely hang onto their jobs longer in the economic slump) it could result in a serious shift away from these mindlessly nationalistic policies. 



#706
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Wjfox, so basically if these nightmarish scenarios (empty shelves at grocery stores, etc.) come to pass, that's your cue to move to another country, right?

 

Yes, exactly.



#707
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Latest video from  Mike Galsworthy –

 

 



#708
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Half a trillion pounds disappear from Britain’s coffers in stunning writedown that equals a quarter of nation’s GDP

Its supposed surplus up in smoke, the UK is in a much weaker position going into Brexit than anyone realized

 

Global banks and international bond strategists have been left stunned by revised Office of National Statistics figures showing that Britain is 490 billion pounds poorer than assumed and no longer has any reserve of net foreign assets, depriving the country of its safety margin as Brexit talks reach a crucial juncture.

 
A massive write-down in the U.K. balance of payments data shows that Britain’s stock of wealth — the net international investment position — has collapsed from a surplus of 469 billion pounds to a net deficit of 22 billion pounds. This transforms the outlook for sterling and the gilts markets. “Half a trillion pounds has gone missing. This is equivalent to 25 per cent of GDP,” said Mark Capleton, U.K. rates strategist at Bank of America.
 
Making matters worse, foreign direct investment (FDI) by companies is plummeting. It fell from a 120 billion pounds surplus in the first half 2016 to a 25 billion pounds deficit over the same period of this year. The apparent resilience of FDI flows shortly after Brexit was an illusion: the spending that took place in late 2016 had already been committed earlier. The big devaluation since late 2015 automatically improved the UK’s net asset profile enormously but clearly not enough. The supposed surplus has gone up in smoke. It implies that the UK’s underlying position going into the referendum was much weaker than anybody realized. The concern is that the external forces supporting sterling and gilts are all in doubt as major central banks tighten policy and drain global liquidity.

"The ice age is coming, the sun is zooming in

Meltdown expected, the wheat is growin' thin
Engines stop running, but I have no fear
'Cause London is drowning, and I, I live by the river"
 
The shitshow continues.

If the world should blow itself up, the last audible voice would be that of an expert saying it can't be done. -Peter Ustinov
 

#709
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Brexit: May offers more assurances to EU nationals

19 October 2017

 

Theresa May has vowed to make it as easy as possible for EU citizens to remain in the UK after Brexit ahead of a key summit of European leaders.

In a Facebook post, the prime minister insisted the application process for settled status would be "streamlined" and the cost "as low as possible".

She said representatives of EU citizens will sit on a "user group" which will iron out any problems in the system.

The other 27 EU leaders will assess overall progress in the talks so far.

At a meeting on Friday, at which the UK will not be present, they are expected to conclude officially that "insufficient progress" has been made on the status of EU nationals in the UK and British expats on the continent - and other separation issues - to move onto the second phase of trade discussions.

European Council President Donald Tusk said there would be no "breakthrough" at the two-day summit, but progress could be achieved by the next scheduled meeting of EU leaders in December.

 

http://www.bbc.co.uk...litics-41672097


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H. G. Wells

#710
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Airlines may not guarantee flights after exit from EU

October 18 2017

British airlines are preparing to warn their customers that flights booked after March 2019 may not take off and they will not pay compensation if planes are grounded.

In a stark response to the uncertainties of Brexit, airlines are drawing up contingency plans to update websites with notices alerting passengers purchasing advance tickets that their bookings cannot be guaranteed.

The move, which has been discussed with the government, would be introduced in spring next year if Brexit talks are still deadlocked. It would apply to all tickets sold to EU destinations and up to 17 other countries, including the United States, where British airlines’ legal flight rights are overseen by Europe-wide agreements.

 

https://www.thetimes...om-eu-x2s57r7c0

 



#711
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Brexit: UK will struggle to change UK borders in time, says watchdog

20 October 2017

 

The government will struggle to deliver the "huge changes" required to the UK's borders in time for Brexit, Meg Hillier, chairwoman of the Commons public accounts committee.

The Labour MP was responding to a report by the National Audit Office, the UK's spending watchdog.

The report warned of a significant increase in workload for border forces following Brexit.

The government said it would ensure border forces had adequate resources.

The border workforce has reduced by 4% over the past four years.

The NAO report warns that the land border between the UK and Ireland may require "special arrangements" and any changes would need "significant lead times" to be successfully implemented.

 

http://www.bbc.co.uk...litics-41693850


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#712
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Labour demands changes to Brexit repeal bill

 

22 October 2017

 

Labour will back Conservative rebels over Brexit unless the prime minister accepts changes to its repeal bill, the party's shadow Brexit secretary says.

Sir Keir Starmer wants six changes to the bill, which aims to transfer EU legislation into British law.

If these are not accepted Labour will back Tory rebels in an attempt to force a vote on the final EU deal, he said.

The government said it would listen to MPs about possible improvements to the bill but would not let it be "wrecked".

 

http://www.bbc.co.uk...litics-41711337


I want to go ahead of Father Time with a scythe of my own.

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#713
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Creative industries facing 'catastrophic' loss of talent after Brexit

21 October 2017, 23:48

Brexit could cause "catastrophic" damage to the UK's booming culture industry, according to a survey of over 1,000 creative companies.

The Creative Industries Federation report into the impact of international talent on Britain's thriving arts sector, suggests a severe skills shortage is only going to worsen when freedom of movement comes to an end after leaving the European Union.

The Government's most recent assessment of the creative industry's value is that it pumps £9.5m every hour into the nation's economy.

But the CIF says the sector - which includes film, music, TV, fashion and architecture - relies on a highly mobile and international talent pool, often hired at short notice.

Analysis in the Global Talent Report suggests 75% of all the UK's creative companies employ people from across the EU.

 

Read more: http://www.lbc.co.uk...astrophic-loss/

 



#714
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We must stop this tragic farce – Brexit can be reversed

Caroline Lucas

I believe we need to start thinking about how we can halt Brexit, and how a better kind of Britain could function within a reformed EU


Tuesday 24 October 2017 09.45 BST

Brexit is a disaster. We’re seeing consistent antagonistic leaks from the negotiating room, economists predicting extreme headwinds and continued delay of the withdrawal bill in parliament. A smooth transition of any sort was always a pipe dream – and we’re now facing the very real prospect of a “no deal” scenario. The prime minister might yesterday have been hailing progress in the talks, but the truth is that the whole process is a giant tragedy playing out as a daily farce – and it is young people who are likely to suffer its worst effects.

More than 70% of voters aged 18 to 24 voted for Britain to remain in the EU, as did 62% of those aged between 25 and 34 and 52% of 35 to 44 year-olds. Those who will live the longest with the country’s decision were – just – outnumbered by an older generation who have enjoyed the benefits of EU membership for many years.

Perhaps what’s most ominous for younger people in this country is the fact that Britain isn’t just set to leave the European Union but that the government’s hardline approach means we’ll do so on terms that are deeply damaging at best and catastrophic at worst.

Read more: https://www.theguard...ers-westminster



#715
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Michael Bloomberg: Brexit is stupidest thing any country has done besides Trump

 

Graham Ruddick Media editor

Tuesday 24 October 2017 19.12 BST

 

Michael Bloomberg, the billionaire media mogul and former mayor of New York, has said Brexit is the “single stupidest thing any country has ever done” apart from the election of Donald Trump as US president.
 
Bloomberg argued that “it is really hard to understand why a country that was doing so well wanted to ruin it” with the Brexit vote, in a series of outspoken remarks made at a technology conference in Boston a fortnight ago.
 

 

At that event, Bloomberg, 75, also warned that some workers at the financial media company that bears his name were asking to leave the UK and US because they think the two countries no longer like immigrants and are no longer welcoming.

 

 

https://www.theguard...e-besides-trump


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#716
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Brexit: EU bank may not fully repay UK until 2054

Billions of euros of British taxpayers' money could remain locked into an EU bank for more than thirty years after Brexit, the UK has been warned.

Alexander Stubb, vice president of the European Investment Bank - in which the UK is a 16% shareholder - said it would not be fully repaid until 2054.

He described Brexit as a "travesty" but denied the move was a punishment.

"The EIB has leveraged the economy of the UK many, many fold over the years," he told BBC Radio 4's Today.

The UK has 3.5bn euros (£3.1bn) of capital at the bank and a House of Lords report said the UK's investment could be worth 10.1bn (£8.9bn) euros taking into account reserves and profits.

 

http://www.bbc.co.uk...litics-41774817



#717
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==Deleted==


I want to go ahead of Father Time with a scythe of my own.

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#718
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UK 'wants to leave Common Agricultural Policy in March 2019'

27 October 2017

 

The UK is seeking to leave the EU Common Agricultural Policy in March 2019, Scotland Office minister Lord Duncan has said.

Speaking at a National Farmers Union Scotland conference, he said the UK was pushing to split subsidy payments from any transitional Brexit deal.

Lord Duncan said this would mean farmers being paid from a UK pot.

Scottish Brexit minister Michael Russell said the move could restrict the sale of farm produce to the EU.

UK ministers have said the level of funding to farmers after the UK formally leaves the EU would be guaranteed until 2022.

 

http://www.bbc.co.uk...litics-41775222


I want to go ahead of Father Time with a scythe of my own.

H. G. Wells

#719
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#720
Alislaws

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<...> Picture

Why is that picture rated 18? 

 

I don't see anything that looks like it would justify it, and now I'm worried to look closer! 






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