"The tangible benefits of #Brexit." A thread.

For the EU, the tangible benefits of Brexit have been immense. Not just in the way it has galvanised support for the EU across the bloc, but in the way that the UK has made itself...

/1

...the least competitive advanced economy in the world. Don't forget -- we're no longer a trading partner of the EU, but its main trading rival, and considering both their population and economy is 7x bigger than ours, we don't stand a chance.

/2
(Remember Boris Johnson's famous mutterings about business...? Something that could only have been said by a man born into fabulous wealth and privilege...)

/3
But the big win for the EU has been in the sheer, gob-smacking, eye-watering amount of assets that have been stripped from the UK and moved to banks and financial institutions in Dublin, Paris, Frankfurt etc.

$1.6 trillion as of October this year.

That is an INSANE amount.

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I'll try to put it into perspective: $1.6 trillion is over half our entire GDP. It's 1/64th of the WORLD'S entire GDP. If you stacked it up in $100 bills, it would reach FOUR TIMES the height of the International Space Station.

/5
All gone. Handed over to the EU! I mean, cards on the table, I'd have much rather have stayed in the EU, but I don't love our European friends and neighbours *that* much!

https://t.co/6bOSSVJM4C

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And before somebody says "money moves all the time"... not like this -- Barclays had to go to the High Court to shift their €190 billion of assets from London to Dublin. That's over 100 times more than what the UK's entire fishing industry is worth.

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And that's just one financial institution.

(This matter doesn't get much coverage by Britain's Brexit press... I wonder why...)

For the UK, the tangible benefits of Brexit have shockingly few and far between.

/8
Making our own trade deals with "the rest of the world" sounds great on the surface, but dig a little deeper and you'll see we only really make goods and services for affluent people, and the developing world, God love it, just isn't that affluent.

/9
The IMF lists just 39 nations with an "advanced economy" on their website. 30 of them are in Europe. Of the nine that remain, there are none in the whole of Africa, Latin America or the Caribbean. There are only five in the whole of Asia & the EU already has deals with them.

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Many of the countries we're actively seeking new trade deals with are countries that we give aid money to. It's a bit like running a charity shop where your only customers are the people that require the charity.

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Furthermore, Scotland (62% Remain) is eyeing the door and the border down the Irish Sea has been a huge psychological blow to Unionists in Northern Ireland... expect to see a border poll sooner rather than later.

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No serious commentator believes the UK will survive to the end of the decade, so unless you regard the break up of our 313 year Union as a benefit, I feel most Brits will be sorely disappointed by how things play out.

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But for the privately-educated millionaires who pushed this on us: Cummings, Farage, Johnson, Gove, Rees-Mogg etc... they'll be laughing all the way to the bank. Disaster capitalism has never been so profitable... no advanced economy has ever been so potty as to try it.

/14

More from Brexit

1/ A challenge in parsing Brexit news is that businesses are facing overlapping types of challenges that can be difficult to separate.

The key questions are:
1⃣ Given the model of Brexit chosen, could this have been prevented, and by whom?
2⃣ Can it get better?


2/ To put those another way:

"If you knew everything you needed to know and did everything right, is your existing business and delivery model still viable and competitive?"

The answer to that question determines if for you the problem is Brexit, or how Brexit was delivered.

3/ Some of the challenges at borders could have been prevented while still having the exact same model of Brexit (No Single Market, No Customs Union, but an FTA).

That they're appearing is an implementation failure and you can fully support Brexit but still be pissed about them.

4/ Examples include:

1) Government guidance and IT systems being ready earlier and/or easier to navigate;

2) More support for businesses, and more affordable bespoke help;

3) More time to prepare and better government communication about what preparation actually requires.

5/ This thread you've all seen from Daniel Lambert the wine merchant (primarily) deals with problems in this category.

There's no policy reason he can't export his product, but the procedures are a nightmare to navigate and he's badly under-supported.
A further thread on the EU/UK musicians/visa for paid work issue (the issue is paid work: travelling to sing or play at eg a charity event for free can be done without a visa).


The position that we now have now (no relevant provisions under the TCA) is complicated. For EU musicians visiting the UK see


In essence the UK permits foreign (including EU) nationals to stay up to 30 days to carry out paid engagements, but they must (a) prove they are a professional musician and (b) be invited by an established UK business.

Either condition could be tricky for a young musician starting out and wanting to play gigs. And 30 days isn’t long enough for a part in a show with a run.

Longer stays require a T5 visa - which generally requires you to be in a shortage occupation (play an instrument not played in the UK?) or to have an established international reputation.

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