BC BREXIT
Saved by @Alex1Powell

"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.

/4
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

/6
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.

/7
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.

/10
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.

/11
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.

/12
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.

/13
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

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ScottishPanda
@PandaScottish
[thread] on the tub thumping jingoism of "best in the world"

Whether it be Gavin Williamson

or Jeremy Hunt

Why they need this amidst the shitshow of brexit and the disaster of covid?

Is a fascinating question


A reminder
BREXIT
David C Bannerman
David C Bannerman
@DCBMEP
Here is thread with few facts relevant to current drama on Brexit deal or rather more likely NO DEAL - FOR NOW!
1.) If we have to go to ‘no deal’ (/Australia deal) we will be doing what most members of World Trade Organisation (WTO - covering virtually every country in world) do.

2/ 2/3rds of trading in world is done under WTO rules. USA exports more than UK does to EU but does so under WTO rules; so does China.
2.) If tariffs have to be imposed under ‘no deal’ WTO rules, the EU will pay £12bn in tariffs a year and the U.K. £5bn (ref: Civitas) -

3/ (ref: Civitas) - because tariffs hit mostly agricultural EU goods, such as 40% on cheeses & 12% on wine;
3.) The £12bn income from tariffs will come to UK Treasury, not Brussels. Effectively these will be UK consumer taxes that could perhaps go towards reducing COVID debt?;

4/ 4.) 43% of UK exports do yes go to EU; but this is small proportion of our actual economy: only 7.5% UK GDP are goods exports to EU; 13.5% with services. Only 8% UK companies even trade with EU. (@BBCNews please show balance on this). Most of our trade is internal within UK.

5/ over 2/3rds (SNP take note!); so tariffs will effect a small proportion of UK exports (though some sectors will be hit hard;
5.) By definition, 57% of U.K. exports go to Rest of the World. Growth outside of Europe is forecast to be 90% of all growth over next 15-20 years.
BREXIT
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@davidallengreen
They have started in the Scottish case

Looks like a near-concession that the side letter is Padfield-compliant
BREXIT
Peter Foster
Peter Foster
@pmdfoster
NEW: 🚨🇪🇺🇬🇧🚛🚚🍤🐟🚢🇬🇧🇪🇺🚨 Building of Brexit border posts faces delays via...industry calling for delay to July 1 U.K. #brexit border roll out - my latest via ⁦@FinancialTimes⁩

This goes back to last year, when UK gov got £430m of bids for new Border Control Posts and only funded £194m worth - and those bids that won took a 33pc 'haircut'. Result, everyone unhappy - those that got nothing, and those that won, got not enough

The result is that ports looking to build BCPs to accommodate new border coming in from July 1 say they haven't got enough money. They want either delays to border on July 1, or flexible implementation. /3

So as @timgmorris of @UKMajorPorts group tells me: “We need urgent action from the government to show flexibility either on the July 1 deadline or what is required on that date....or accept potentially serious implications for traffic flows this summer." /4

@timgmorris @UKMajorPorts As @richard_bpa of @britishports says “There is now a real danger that customs infrastructure won’t be ready by July in some ports and we’re urging ministers to take a pragmatic approach to ensure that goods can continue moving at those locations,” /5
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Anand Menon
Anand Menon
@anandMenon1
IT’S HERE The new bumper @ukandeu report that tells you all you need to know – or at least all the questions you need to ask – about the UK after Brexit. https://t.co/S1lHP6TBJ1 1/27


A disclaimer. What follows is a selection of randomly selected highlights, nothing more nothing less. There’s far, far more in this report than I can possibly cover here. And the cricket got exciting so I ran out of steam. 2/27

It is made up of 70-odd pieces (I counted twice and came up with diff numbers) by an eye watering collection of eminent social scientists . Explaining the big issues from housing to dealing with China, from prospects for the economy to the prospects for the Labour Party 3/27


It’s intended as a guide to the key questions that will confront us over the years to come. Each contributor ponders,where we’ve come from, where we are now and where we’re headed. And because we’re really kind, we’ve divided things up into a number of sections. First: 4/ 27


And oh, my Lord do we have a stellar line up of people, including inter alia, @_Paul_Tobin_ @tcstvns @watsonjim2 @CharlieBEU @drsarah_hall @BD_Stew @AntovaIvanka @PRT1969 @IvanRajicUK @cartelsman
Download it, tell your boss your wifi has crashed, and have a read. 5/27
BREXIT

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