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$1T is leaving Britain because of Brexit

cnn.com

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Re: $1T is leaving Britain because of Brexit

#101

Post by Xylakant »

lazyjones wrote: post #70
gumby wrote: post #41

Earlier quoted context omitted.

> Perhaps they're just not trying to see only the drawbacks and ignore successful non-members in Europe like Switzerland and Norway. Norway and Switzerland are subject to almost all the EU regulations but unlike the UK have no say, much less veto, in the making or enforcement of those rules. Is that situation really what Brexiteers wanted?

These rules are subject to local legislation. Switzerland and Norway can renegotiate any time they want and occasionally do so. https://www.dw.com/en/switzerland-ignores-eu-deadline-for-tr... This is a much stronger position to be in and the UK is a much larger "adversary" in tough negotiations (and has always been even within the EU).

Switzerland is trying to renegotiate the full freedom of movement that they have accepted previously and while this negotiation stalls, the old rules stay in place.

There’s no reason the UK cannot negotiate their levels of access to the EU market like the Swiss or the Norwegians do, but the EU won’t grant full access without full freedom of movement. In fact, all of this is what’s happening now. How strong the UK negotiation position is can currently be observed.

Re: $1T is leaving Britain because of Brexit

#102

Post by justaguyhere »

myrandomcomment wrote: post #5

No surprise. Passporting (allow banks to operate in all members of the EU if they are licensed in one member) is a key to all of the banks operations. Every bank based in London for that purpose now has to open a regulated branch in an EU member. The next thing to kill the market in London will be the movement of Euro clearing to an EU member. Brexit is a self inflicted shot to the head. The number of people that sup…

I don't feel bad (much) for those who voted for Brexit - all they had to do was spend 15 mins googling and thinking. Even if they didn't understand the full impact of leaving the EU, it was plain then (and now) to see it is such a bad idea from any angle. I do feel bad for those who voted to stay - they're gonna suffer now, despite voting responsibly and sensibly.

I don't know how to take this - one way to look at it is democracy won and people spoke, the other way to look at it is we can't always expect the masses to make rational/sensible decisions.

Re: $1T is leaving Britain because of Brexit

#103

Post by matthewmacleod »

lazyjones wrote: post #60
matthewmacleod wrote: post #34

Earlier quoted context omitted.

Perhaps they're just not trying to see only the drawbacks and ignore successful non-members in Europe like Switzerland and Norway. That's a bit of a misrepresentation, because those "successful non-members" are members of the single market, which is currently something that the UK is actively trying to leave. Don't underestimate what's happening here – it would have been possible to execute Brexit in a relatively con…

> That's a bit of a misrepresentation, because those "successful non-members" are members of the single market, which is currently something that the UK is actively trying to leave. The UK is trying to leave the EU and stay in the single market. The EU is trying to deny the UK access to the single market.

No, the UK is not planning or attempting to stay in the single market. That is not government policy, it is not the basis of the withdrawal agreement, and it is not even the policy of the opposition.

Re: $1T is leaving Britain because of Brexit

#104

Post by [deleted] »

boudin wrote: post #25
lazyjones wrote: post #14

Earlier quoted context omitted.

> Every bank based in London for that purpose now has to open a regulated branch in an EU member. How many of them don't have one yet? Also, every bank based in the EU will have to open a regulated branch in UK in order to operate in this large market. > The number of people that supported leave and lacked understanding of all the ties of the businesses that operate in the UK but sell in the EU was amazing. Perhaps t…

Both Switzerland and Norway are part of single market with free movement of EU citizen. If Brexit happens with a no-deal or no single market access, it's unlikely that it can be compared with Switzerland and Norway situation.

[deleted]

Re: $1T is leaving Britain because of Brexit

#105

Post by growlist »

NicoJuicy wrote: post #97
growlist wrote: post #73

Earlier quoted context omitted.

You might find this of interest: https://www.qlts.com/blog/why-english-law-governs-most-inter...

> QLTS is the official fast-track route that enables foreign lawyers to qualify as solicitors in England and Wales. Not really an independent opinion so it seems. It would surprise me if they suggested something else, considering their business. Everyone can find someone to agree with on the internet :) International people have been judged in "Den Haag" a lot more than anywhere else. Here are my "opinionated" source…

Ad hominem.

Re: $1T is leaving Britain because of Brexit

#106

Post by Symbiote »

minikites wrote: post #7
arethuza wrote: post #3

Earlier quoted context omitted.

Seems to have been fixed: "£800 billion ($1 trillion)"

Perhaps related to https://en.wikipedia.org/wiki/Long_and_short_scales ?

Unlikely, the long scale form has been obsolete in Britain for decades.

I've heard people say things like "thousand million", but I've never heard "milliard", and never heard "billion" to mean 10¹².

Re: $1T is leaving Britain because of Brexit

#107

Post by [deleted] »

lorenzhs wrote: post #84
pjc50 wrote: post #4

Earlier quoted context omitted.

When I looked at it they'd fixed it to £800 billion. I was wondering if someone had accidentally used the old UK billion meaning a "million million". (Whole article is very likely to get flagged off, btw)

I don't know why this was downvoted, but the UK officially used the "long scale" (million = 10^6, milliard = 10^9, billion = 10^12) until 1974, although the "short scale" (billion = 10^9, trillion = 10^12) had become increasingly popular before that: https://en.wikipedia.org/wiki/Long_and_short_scales#Use . In most of Europe, the long scale is still used today.

[deleted]

Re: $1T is leaving Britain because of Brexit

#108

Post by Xylakant »

lazyjones wrote: post #98
Xylakant wrote: post #86

Earlier quoted context omitted.

The UK could easily stay in the single market by officially canceling brexit. It’s even a unilateral decision. It’s just that you cannot pick the benefits of being a EU member while shedding the obligations. In that regard it’s no different from a good old fashioned British Club.

> It’s just that you cannot pick the benefits of being a EU member while shedding the obligations. Of course you can, it's a matter of negotiations. UK has/had plenty of exemptions as EU member and Switzerland for example is not part of Schengen but in the single market. It amazes me how people here think that the EU is somehow the entity that makes up all the rules. It's not, deals are bilateral.

Sure, deals are bilateral. Good luck trying to get the EU to give up one of its core principles to a country that cannot even get its government to agree on a consistent negotiation position.

Re: $1T is leaving Britain because of Brexit

#109

Post by cm2187 »

Loughla wrote: post #56
growlist wrote: post #51

Earlier quoted context omitted.

And property prices in London/South East become affordable again, Sterling falls benefiting inward investment, exports, and tourism. So not all bad news then! :) There's so much defeatism within the UK and anti-Brexit propaganda flying around from vested interests. It's all so tiresome. > Brexit is a self inflicted shot to the head. Money isn't the only thing in life.

>Money isn't the only thing in life. Disclaimer - I'm not trying to be hateful. That seems like a completely nonsense, garbage statement. Brexit is primarily about money and economics, from what I can tell on the outside looking in. So what was your purpose in writing that?

From following the debate on Brexit, I think it was rather (rightly or wrongly) primarily about EU immigration.

Re: $1T is leaving Britain because of Brexit

#110

Post by lazyjones »

Xylakant wrote: post #101
lazyjones wrote: post #70

Earlier quoted context omitted.

These rules are subject to local legislation. Switzerland and Norway can renegotiate any time they want and occasionally do so. https://www.dw.com/en/switzerland-ignores-eu-deadline-for-tr... This is a much stronger position to be in and the UK is a much larger "adversary" in tough negotiations (and has always been even within the EU).

Switzerland is trying to renegotiate the full freedom of movement that they have accepted previously and while this negotiation stalls, the old rules stay in place. There’s no reason the UK cannot negotiate their levels of access to the EU market like the Swiss or the Norwegians do, but the EU won’t grant full access without full freedom of movement. In fact, all of this is what’s happening now. How strong the UK neg…

> How strong the UK negotiation position is can currently be observed.

There's a lot of scaremongering going around. The "no deal" scenario is terrifying for the EU as well, especially if the Britons don't pay the 39b and shut down their market.

Unfortunately, the current EU administration has a track record of self-inflicted wounds (e.g. Russia sanctions), so this is the most likely scenario now.

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