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) -
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.) 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.) 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?;
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.
6.) Whilst UK has trade surplus with USA and most Commonwealth countries, we have massive deficit with EU in goods - £95bn a year.
7.) UK is 5th largest economy in world, the same sized economy as India with 1.3 billion population, & 20% larger than geographically massive Russia;
10.) Normally, only about 4% of containers arriving into U.K. are checked physically and this is mostly intelligence led
More from Brexit
On this, I think it’s highly unlikely to occur in the timeframe given. For several reasons, I don’t think it’s realistic for Scotland to secede, and then join the EU, in 9 years.
For that, thanks goes to Brexit.
A thread because why not...
Two important dates: March 2016 and January 1st 2021.
Firstly, prior to the 2014 referendum, the Nationalists proposed a date of March 2016 to secede.
Secondly, today - the end completion of Brexit five-and-a-half years after Cameron’s majority in 2015.
Brexit has demonstrated many things, primarily that splitting unions is not easy. The UKs membership of the EU was 47 years and by the end it was not at the heart of the EU. The Union has existed for over 300 as a unitary state.
Dividing a unitary state, like the UK, will not be easy. Frankly, it will make Brexit look simple. Questions of debt, currency, defence, and more will need to be resolved ... something not addressed with Brexit.
Starting with debt. Scotland will end up with its proportionate share of the UKs national debt. It’s not credible to suggest otherwise. Negotiating what is proportionate won’t be easy when both sides disagree.
It’s importance will be seen shortly.
For that, thanks goes to Brexit.
A thread because why not...
On the current trajectory, I think this is likely to be the map of Europe of 2030. pic.twitter.com/65i1A8CiP8
— Ben Judah (@b_judah) January 1, 2021
Two important dates: March 2016 and January 1st 2021.
Firstly, prior to the 2014 referendum, the Nationalists proposed a date of March 2016 to secede.
Secondly, today - the end completion of Brexit five-and-a-half years after Cameron’s majority in 2015.
Brexit has demonstrated many things, primarily that splitting unions is not easy. The UKs membership of the EU was 47 years and by the end it was not at the heart of the EU. The Union has existed for over 300 as a unitary state.
Dividing a unitary state, like the UK, will not be easy. Frankly, it will make Brexit look simple. Questions of debt, currency, defence, and more will need to be resolved ... something not addressed with Brexit.
Starting with debt. Scotland will end up with its proportionate share of the UKs national debt. It’s not credible to suggest otherwise. Negotiating what is proportionate won’t be easy when both sides disagree.
It’s importance will be seen shortly.
Another head-banging day for the £112bn UK creative sector that is starting to ingest how difficult #Brexit is going to make their lives - and how little the government is really willing to do to fix the lack of a 'mobility' chapter in the EU-UK trade deal. Quick update.../1
First Equity @EquityUK put out a letter to @BorisJohnson warning that #brexit was a "towering hurdle" (you'd want Brian Blessed reading that part) to UK actors plying their trade in EU - a double whammy with #COVID19 /2
https://t.co/mXjTAISqZk
@BorisJohnson One third of Equity members say they've seen job ads asking for EU passport holders: "Before, we were able to travel to Europe visa-free. Now we have to pay hundreds of pounds, fill in form after form, and spend weeks waiting for approval" /3
@BorisJohnson Worth recalling that all this goes back to the UK desire NOT to have a 'mobility' provision within the TCA - all part of 'ending Free Movement' and the professional services folk - including musicians, actors, fashion models etc -are all victim of
@BorisJohnson What's the government going to do about all this? Good question, which brings us to todays @CommonsDCMS hearing in which the Culture Minister Caroline Dinenage @cj_dinenage frankly pin-balled around the issues /5
First Equity @EquityUK put out a letter to @BorisJohnson warning that #brexit was a "towering hurdle" (you'd want Brian Blessed reading that part) to UK actors plying their trade in EU - a double whammy with #COVID19 /2
https://t.co/mXjTAISqZk
@BorisJohnson One third of Equity members say they've seen job ads asking for EU passport holders: "Before, we were able to travel to Europe visa-free. Now we have to pay hundreds of pounds, fill in form after form, and spend weeks waiting for approval" /3
@BorisJohnson Worth recalling that all this goes back to the UK desire NOT to have a 'mobility' provision within the TCA - all part of 'ending Free Movement' and the professional services folk - including musicians, actors, fashion models etc -are all victim of
@BorisJohnson What's the government going to do about all this? Good question, which brings us to todays @CommonsDCMS hearing in which the Culture Minister Caroline Dinenage @cj_dinenage frankly pin-balled around the issues /5
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I’m torn on how to approach the idea of luck. I’m the first to admit that I am one of the luckiest people on the planet. To be born into a prosperous American family in 1960 with smart parents is to start life on third base. The odds against my very existence are astronomical.
I’ve always felt that the luckiest people I know had a talent for recognizing circumstances, not of their own making, that were conducive to a favorable outcome and their ability to quickly take advantage of them.
In other words, dumb luck was just that, it required no awareness on the person’s part, whereas “smart” luck involved awareness followed by action before the circumstances changed.
So, was I “lucky” to be born when I was—nothing I had any control over—and that I came of age just as huge databases and computers were advancing to the point where I could use those tools to write “What Works on Wall Street?” Absolutely.
Was I lucky to start my stock market investments near the peak of interest rates which allowed me to spend the majority of my adult life in a falling rate environment? Yup.
Ironies of Luck https://t.co/5BPWGbAxFi
— Morgan Housel (@morganhousel) March 14, 2018
"Luck is the flip side of risk. They are mirrored cousins, driven by the same thing: You are one person in a 7 billion player game, and the accidental impact of other people\u2019s actions can be more consequential than your own."
I’ve always felt that the luckiest people I know had a talent for recognizing circumstances, not of their own making, that were conducive to a favorable outcome and their ability to quickly take advantage of them.
In other words, dumb luck was just that, it required no awareness on the person’s part, whereas “smart” luck involved awareness followed by action before the circumstances changed.
So, was I “lucky” to be born when I was—nothing I had any control over—and that I came of age just as huge databases and computers were advancing to the point where I could use those tools to write “What Works on Wall Street?” Absolutely.
Was I lucky to start my stock market investments near the peak of interest rates which allowed me to spend the majority of my adult life in a falling rate environment? Yup.
